DeepSummary
The episode discusses a New York nightclub, Garcon, that requires men to show a minimum bank account balance of $50,000 to gain entry. Dan Fleyshman examines this marketing strategy, arguing that it has gone viral and encourages businesses to think creatively to stand out. He compares it to membership clubs like Soho House and his upcoming club, Gravitas, where people pay for exclusivity and networking opportunities.
Fleyshman explains the financial model behind membership clubs, where revenue comes from annual fees before selling any products or services. He shares details about his own paid masterminds and events, ranging from free networking nights to $100,000 masterminds for high-net-worth individuals. These events cater to different levels of access and allow like-minded people to connect.
The episode encourages businesses to consider unconventional marketing tactics, like special high-priced products or experiences, to generate buzz and social media attention. Fleyshman suggests that even temporary gimmicks can lead to increased visibility and potential business opportunities.
Key Episodes Takeaways
- Consider unconventional and creative marketing tactics to stand out and generate buzz for your business.
- Exclusive membership clubs and masterminds can provide valuable networking opportunities and potential clients.
- Understand the financial model behind membership-based businesses, where revenue comes from annual fees.
- High-priced, limited-edition products or experiences can attract attention and social media sharing.
- Study consumer psychology and motivations for paying for exclusive access.
- Look for opportunities to create buzz-worthy moments or gimmicks, even if temporary.
- Think beyond your own business and consider unconventional strategies for friends, family, or business partners.
- Offer different levels of access and pricing to cater to various audiences and budgets.
Top Episodes Quotes
- βMaybe you own a restaurant that makes cupcakes and you make a $1000 cupcake. What would happen? Everyone would go nuts. And by the way, you'd sell a lot of $1000 cupcakes.β by Dan Fleyshman
- βPaying for the access works extremely well because it filters out and just focuses you on people that are in that same category or world as you. That could be potential clients, referrals, business partners, investors, just friends for life, etcetera, by paying for access.β by Dan Fleyshman
- βBut what you can do is learn from it, study it, find out why would people pay for access? Why would people pay to join a restaurant? Why would people pay to join a club or a mastermind or a group?β by Dan Fleyshman
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Episode Information
The Money Mondays
Dan Fleyshman
5/27/24
Learn how to make your business stand out and increase your income. In this video, we explore the impact of unique marketing strategies and the importance of networking through membership clubs and masterminds. Find out the potential and limitations of novel business ideas, such as exclusive nightclub memberships, and gain insights on leveraging high-value networks and experiences to boost your business success and financial growth. Like this episode? Watch more like it π Build Your Network the RIGHT Way & Make More Money This Year: https://youtu.be/aY4xTq9tZ8s How to SELL OUT Live Events & Make MORE Money Doing It: https://youtu.be/DAXz4aeHU1E Make More $$ with These Easy Side Hustles in 2024: https://youtu.be/o7k6gJQq-p4 Watch ALL Full Episodes Here: https://www.youtube.com/playlist?list=PLs0D-M5aH-0IOUKtQPKts-VZfO55mfH6k --- The Money Mondays is a business podcast here to teach you how to make money, invest money, and donate money by showcasing some of the world's most successful people and how they do the same. Hosted by serial entrepreneur Dan Fleyshman, the youngest founder of a publicly traded company in history, this money podcast gives you an exclusive behind the scenes look at how the wealthiest celebrities, entrepreneurs, athletes and influencers make, invest and donate money. If you want to learn more business and investing while you work to improve your financial life, you're in the right place! Subscribe: https://www.youtube.com/@themoneymondays?sub_confirmation=1 Dan Fleyshman, The Money Mondays Learn more here: https://themoneymondays.com Watch all the podcast episodes: https://youtube.com/playlist?list=PLs0D-M5aH-0IOUKtQPKts-VZfO55mfH6k Letβs Connect... Website: https://themoneymondays.com Podcast: https://podcasts.apple.com/us/podcast/the-money-mondays/id1663564091 Twitter: https://twitter.com/themoneymondays LinkedIn: https://www.linkedin.com/company/the-money-mondays/about/ TikTok: https://tiktok.com/@themoneymondays FB: https://www.facebook.com/The-Money-Mondays-110233585203220/