My First Million #213 - How to Build a Community
23 snips
Aug 25, 2021 Dive into the fascinating world of community building as strategies for profitable community ownership take the spotlight. Discover the law of reciprocity and how it influences business relationships. Explore innovative social tokens and their potential impact on membership models. The conversation shifts to how technology will reshape construction sites. Plus, get tips on spicing up your Instagram feed with must-follow accounts!
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Law of Reciprocity
- The law of reciprocity makes people return favors, even unequal ones.
- Offering a small gift like a pizza can increase the likelihood of someone granting a larger favor.
Friends with Benefits Overview
- Friends with Benefits is a digital membership club accessed by buying the FWB token.
- The token price has increased, making membership expensive, similar to Soho House.
Communities as Businesses
- Communities can be profitable businesses, generating millions in sales.
- However, scaling communities is challenging due to exclusivity-growth tension.
