Since I stumbled on the term ‘grandfathering’ in the book ‘The Membership Economy’ by Robbie Baxter, it has given me a lot of confidence that I understand how to build strong communities; because prior to knowing what that term meant, I had used this strategy so many times.
What is grandfathering, in Business?
It is the term used to ‘transfer’ old beneficiaries or subscribers or customers into a new policy regime without having them subjected to the new policy regime.
How have I implemented this before?
I had a group called Money Spinners Tribe (MST) then I founded Octopus Speakers Pool (OSP). MST cost 150K to join. OSP cost 250K to join (for Members, 450K for non-members). All MST Members were given the ‘option’ of joining OSP for ONLY 10K. All rights transferred!!!
This also happens with price changes in business. When you are raising fees or prices, your old customers/buyers can retain former prices for perhaps a period (say 1 year); after which they can become buyers at the new price.
THIS IS WHAT MARK ZUCKERBERG HAS DONE WITH THREADS BY INSTAGRAM.
Every existing Instagram account owner AUTOMATICALLY has a Threads account waiting to be activated. Isn’t this how every Gmail account holder AUTOMATICALLY owns a YouTube account waiting to be activated? This is how to auto-populate your new platform and service.
Lessons to learn:
- Build a WANTED (ATTRACTIVE) PLATFORM/SERVICE.
- Build a SOLID, LARGE, and ROBUST Database of Buyers, Prospects, Subscribers and Enthusiasts.
- Get them to become ADDICTED (INVOLVED) by implementing a DYNAMIC COMMUNITY MANAGEMENT SYSTEM. For more information on this, go to https://samobafemi.com/communitymanager
- Once 1 to 3 have happened, you can DO AND UNDO with the ASSET in (2) above. Once you have this database, you can do ANYTHING on the surface of the earth. Let me give you examples:
A. DonJazzy: built Mo’Hits, then Mavin Records, then opened Jazzy Burger and now he has Drips Soaps. Same man, same clout, same audience (database), different platforms, services and projects.
B. Emeka Nobis: left his job, built a cult following on Facebook; writing strong content and convincing pitches, then he becomes a Brand Ambassador for a Real Estate Firm then goes on to co-found a real estate company and recently, a men clothing company. Same man, same clout, same audience, different services and products.
Grandfathering and Community Management are Siamese Twins. Don’t trivialize them.
If you need help building a sustainable Brand Community that can pivot you to any kind of product or service success, talk to CERCA AFRICA. We are only an email away: firstname.lastname@example.org or via WhatsApp: +2347035953367
CEO, Cerca Africa