Here on the Membership Masters Podcast we interview some of the most successful entrepreneurs anywhere online and today’s guest is no exception! Let's welcome Cole Humphus to the show!
Cole Humphus built a membership site that was making $400K/month and had an 8-figure exit from his membership sale!
On today’s show we talk about:
Cole used to work in corporate finance. He began listening to Pat Flynn’s Smart Passive Income Podcast and decided he wanted to start getting into photography.
Cole began making tons of content but nobody knew who he was in the photography community. His first business, Cole’s Classroom grew to $135K in the first year selling courses and products. The next year? He grew to $1.3M and then doubled that the next year! (Still no membership at this time).
He began feeling the burnout in his life and in his team as they constantly had to create new content! His ROI was dropping and he had to increase his LTV. What happened next? His membership!
Cole’s secret hack to membership acquisition is a one-penny order bump - Cole’s last membership, Cole’s Classroom grew to 10,000 members paying $49/month this way!
(The order bump actually out-performed having a separate offer page to take a $1 trial)!
When he implemented the order-bump he got a conversion rate of 25% or more for people who added on at the $1 trial. But, when he “rounded up” the penny at the end of his offer as the order bump - 30-40% of the people converted!
Like Cole said, having answers to all the questions in your membership is extremely important! You want to make sure you’re serving your members at all times. No member should go without having a question answered.
Cole says to have your team scan the forums for 2 hours a day and make sure every questions is answered with relevant links to content from your membership.
In Cole’s membership, he began removing himself from the business by incentivizing his mentors to create their own products and trainings. Cole paid them to do it, cut them a profit-share deal on a new product launch- and it allowed him to have new content without creating it himself!
Cole remembers the days long before he ever sold his membership and was working his corporate job listening to Pat Flynn. He was dreaming about the day he would make a quarter of Pat’s income report.
It reminds him of how powerful it is to not be afraid of putting yourself out there! When you scale fast, like Cole said, you will have internet trolls. Stay focused on helping and serving your members - no matter what. By serving your members you change your life and theirs!
One-off sales will cause burn out over time, because constantly having to create new content and finding new people every few weeks is a lot! This is why we chose the membership model!
Cole says the confidence that comes with memberships isn’t just in the numbers but the reliable knowledge behind the metrics. Memberships allowed Cole to know his LTV and his data so he could stay ahead of churn!
Cole’s 3-Prong Approach is:
The key to keeping people long-term is to push them to work for those results - if they’re only staying for the community they will leave after a short time. The dream only works if they do!
Cole says the rapid scale system is all about creating business that gives you control over growth, leverage to pull, and lets you take back your time!
When you don’t have social media and the business running your life - you can truly operate as a business owner.