{"id":7991,"date":"2020-08-28T20:37:10","date_gmt":"2020-08-28T20:37:10","guid":{"rendered":"http:\/\/blog.growthtools.com\/?p=7991"},"modified":"2020-09-04T17:02:16","modified_gmt":"2020-09-04T17:02:16","slug":"product-idea-paid-facebook-group","status":"publish","type":"post","link":"https:\/\/blog.growthtools.com\/?p=7991","title":{"rendered":"Product Idea: $5 Facebook Group"},"content":{"rendered":"

Ran across an incredibly simple yet brilliant product today.<\/span><\/p>\n

Here is the gist:<\/span><\/p>\n

Name<\/span><\/strong>:<\/strong> Facebook Ad Creatives Only<\/span><\/p>\n

How it works:<\/span><\/strong><\/p>\n

    \n
  1. Pay $4.99 per month<\/span><\/li>\n
  2. For access to a private Facebook group<\/span><\/li>\n
  3. Each day 10-20 Facebook ads are posted<\/span><\/li>\n
  4. All community driven<\/span><\/li>\n
  5. Moderators curate for quality<\/span><\/li>\n<\/ol>\n

    The group has just over 5,000 members. At $4.99 each. That\u2019s $25,000 per month.<\/span><\/p>\n

    Insanity.<\/span><\/p>\n

    \"\"

    4 things that make this product work<\/span><\/h2>\n

    1. It solves 1 very specific problem<\/span><\/strong><\/p>\n

    It helps media buyers and creative directors come up with new concepts for their Facebook ads. It does this by showing them ads from other similar companies. It\u2019s a giant swipe file.<\/span><\/p>\n

    2. It focuses on 1 very specific type of person<\/span><\/strong><\/p>\n

    The best fit client of this product is direct to consumer companies. Think Shopify store owners who don\u2019t rely on Amazon or wholesale for distribution. They do all the heavy lifting themselves. Thus, they run their own ads and have in-house marketing teams.<\/span><\/p>\n

    3. It keeps the deliverable simple and predictable<\/span><\/strong><\/p>\n

    Every day there are 10-20 new ads posted. Nothing else. No FB lives. No other types of posts. SUPER simple. And predictable. You know exactly what you are going to get every day. Easy to consume and easy to produce.<\/span><\/p>\n

    4. It\u2019s a no-brainer impulsive purchase that\u2019s silly to cancel<\/span><\/strong><\/p>\n

    I\u2019m generally not a fan of cheap products. But this one is amazing. It\u2019s $4.99. It\u2019s a no brainer. And cancelling seems inconsequential since the price is so low. Seeing 300 curated ad ideas every month has an easy 10x return on investment.<\/span><\/p>\n

    \u2026<\/span><\/p>\n

    So, what is the best way to start and grow a paid FB group like this?<\/h2>\n

    The first 2 approaches that came to mind are:<\/span><\/p>\n

      \n
    1. Build an email list<\/span><\/strong>\u00a0around the broader topic associated with the paid FB group you want to start. Use the list to launch and feed the FB group.\u00a0We have many strategies to help you with this.<\/a><\/span>\u00a0\ud83d\ude42
      \n<\/span>
      \n<\/span><\/li>\n
    2. Start the FB group for free.<\/span><\/strong>\u00a0Get members in the door. Make the experience awesome. Do everything you can to drive high-quality engagement. Then either spin off a paid version or just switch the whole thing to paid so you can dedicate more time to making it even better.<\/span><\/li>\n<\/ol>\n

      Thanks to one of our coaching clients, we learned that the Facebook Ad Creatives Only group went with approach #2.<\/span><\/p>\n

      It started out free, they built up the member base, and then switched to paid.<\/span><\/p>\n

      But obviously you can\u2019t just start a FB group and expect people to join because it\u2019s free. There are millions of them!<\/span><\/p>\n

      You still need a plan to attract attention and build engagement.<\/span><\/p>\n

      If I were going to use approach #2, here is how I would do it.<\/span><\/p>\n

      Phase #1: Get your first 300 members<\/span><\/h2>\n

      Time: ~7 days<\/span><\/strong><\/em><\/p>\n