Skool Games | How I Grew my Skool MRR to 24k/m in 17 days
Summary of "Skool Games | How I Grew my Skool MRR to 24k/m in 17 days"
Short Summary:
This video focuses on the benefits of transitioning from a high-ticket coaching business to a model that incorporates monthly recurring revenue (MRR) through a "school" community. The speaker, Brandon Forbes, highlights the advantages of MRR, including increased stability, predictable income, and the ability to scale a business without relying solely on high-ticket sales. He details his experience growing his MRR to $24,000 per month in just 17 days using Skool, a platform for online communities. He also shares various strategies for attracting members to the school, such as running ads, hosting challenges, and utilizing email marketing. Forbes emphasizes that a school community can be a valuable asset for coaches, providing a consistent income stream and a platform to nurture relationships with clients, potentially leading to future high-ticket sales.
Detailed Summary:
1. Introduction and MRR Benefits:
- Brandon Forbes introduces his success in the "Skool Games" competition, where he achieved a #3 ranking by generating $24,000 in MRR within 17 days.
- He emphasizes the benefits of MRR over solely relying on high-ticket sales, citing increased stability, predictable income, and reduced reliance on human resources like closers and setters.
- He argues that MRR allows for a "profit first" model, where income is more consistent and predictable, leading to less stress and more freedom.
2. Implementing MRR with a School Community:
- Forbes outlines his current coaching business model, which includes a high-ticket offer, a core offer, and a lower-priced "school" community called Kingdom Coach.
- He suggests that coaches can create a school community by taking elements from their existing high-ticket offer and repackaging them into a more affordable, monthly membership.
- He emphasizes that the school community should provide value and help clients progress, setting them up for potential future upgrades to the high-ticket offer.
3. Marketing and Selling the School Community:
- Forbes details his marketing strategies for Kingdom Coach, including:
- Running ads targeting lookalike audiences on Instagram.
- Hosting weekly online challenges.
- Utilizing email marketing.
- Running ads directly to the Skool checkout page.
- He highlights the effectiveness of these strategies, particularly the direct-to-checkout ads, which have generated new customers quickly.
4. Skool Platform and Benefits:
- Forbes expresses his enthusiasm for the Skool platform, highlighting its ease of use, secure payment processing, and transparent payout dashboard.
- He emphasizes the platform's stability and reliability, particularly in the event of unforeseen circumstances like a personal emergency or social media account suspension.
5. Offer Ideas and Audience Targeting:
- Forbes advises that coaches should create a school offer that aligns with their high-ticket offer, providing a stepping stone for clients to progress and potentially upgrade.
- He emphasizes that the school community should target a different audience than the high-ticket offer, focusing on those seeking a more affordable option or those who may not be ready for a high-ticket commitment.
6. Case Study and Conclusion:
- Forbes shares a story about Brooke Castillo, a life coach who successfully used a lower-priced membership offer to generate significant recurring revenue and build a loyal customer base, eventually leading to high-ticket sales.
- He concludes by encouraging viewers to consider implementing MRR through a school community, highlighting the potential for long-term success and stability.
- He offers a special bonus for those joining Kingdom Coach before the end of April, including access to his training on how to launch and scale a school community.
Notable Quotes:
- "MRR is incredible. I still do high ticket, I love doing high ticket. If you're brand new, you should do high ticket, but you should start adding on MRR to your model if you're not already."
- "You're not even distracting people from your high ticket offer, you're just missing out on the part of the market that does buy $50 things, $250 things, right, $300 things."
- "What you focus on, you win at. So if you're not in a season where you can take a little bit of your focus and implement this new thing, it's probably not right for you because it could be a distraction."
- "Most people think about their business in the sense of how can I make a lot of money today or this week or this month, but you don't think about how can you still be around in 10 years."