A couple months ago, as I was considering offering a program about how to create a lucrative virtual mastermind, I conducted a snap survey of our community.
I was blown away by the level of response – so first of all, thank you!
Honestly, the results were a little all over the board, which is typical given the sample size and where you might be along your entrepreneurial journey.
The more time I took reviewing the answers, I began to wonder how in the world I could share my true thoughts with everyone… without offending some!
I considered two approaches.
- Nice guy “Coach Jim” simply says “thank you” and shares the positive highlights, leaving everyone with a warm and fuzzy feeling. 😊
- Deliver the findings straight up, unvarnished, and when necessary, in my trademark “tough love” manner that Cap’t Jim Palmer – The Dream Business Coach is known for.
I’m choosing the second approach because, well, life is short and you deserve the truth.
Here we go:
Major Finding #1: Most respondents said their mastermind (if they already had one) was going well and that their rate of retention was good.
What surprised me was how few entrepreneurs said they use their mastermind as an ascension ladder to other programs or additional revenue streams!
A solid mastermind program can be a great revenue stream by itself, but it can also be a huge door that leads your members to other programs.
You might be surprised (or maybe not!) that over half of the Dream Business Mastermind Members who initially join my program at the entry level, end up moving up to higher level coaching programs, often within the first few months!
Many of them end up deciding to write books, which is absolutely something I have an entire line of business about!
This is not by accident, and I’m going to show you my process for upgrading Mastermind members into higher levels and additional services.
Major Finding #2: Only one respondent said that they have a steady flow of new applicants who want to join their mastermind.
If that was you – congratulations – well done!
Honestly, from all of the answers provided, my impression is that most people are just stumbling through, almost as if their mastermind was a box that got checked, on to the next thing.
Having been a coach for over 13 years, my guess is that the majority are super busy with other priorities that are keeping them from marketing and growing their mastermind to be the profit center it could be.
I started the Dream Business Mastermind and Coaching Program in 2009, and believe me when I tell you that there is a science to getting more people interested in your program, and an even more important strategy to get them to ask you to join.
While I still run a few businesses, such as No Hassle Newsletters, Concierge Print and Mail, How to Sell from the Stage Like a Pro, and Success Advantage Publishing, it is my Dream Business Mastermind that has made my dream lifestyle possible.
Hmm, I wonder what it would be worth to you to get your marketing funnels and client attraction house in order, pronto?!
Major Finding #3: Regarding what lead generators you have in place to help drive membership, the vast majority replied that they use webinars and Facebook challenges.
If you don’t already know, both of these strategies, while somewhat useful, have lost much of their appeal, and it’s getting harder to gather an audience.
I’ve shared with one of my VIP Coaching Members, who I helped set up a highly profitable virtual mastermind group, how to keep his mastermind closed, only “opening the door” to new applicants a few times a year, with a very specific and targeted promotion.
What really floored me about this question what was the number of people who have or want to start a virtual mastermind, yet, they do NOT have a podcast, a book (or books), a signature talk, host an event, or appear as a podcast guest on other shows.
My friends, this is a HUGE self-inflicted error.
Leading a profitable mastermind is more than getting a conference line once a month and running a round robin of idea sharing. The leader is the LEADER and as such, should lead by example.
It is imperative that you do everything possible to be seen as a thought leader, a mover and shaker, and someone worthy of running a paid mastermind group.
This is seriously important work and must be done, if you’re serious about running or growing a profitable virtual mastermind.
If you are serious, I not only can help you with this, I’ve included all of this in what I’ve put together for you.
Major Finding #4: When asked what improvements you’d like to make to your virtual mastermind, here are some of the answers.
- Get more prospects, without having to sell
- Figure out ways to keep the group fresh
- Have members state their goals, and keep them
Most of my previous answer can be applied here.
However, I will add, as the leader, it is up to you to hold your members accountable and help them achieve their goals.
It’s also your job to keep the group fresh.
The expression, “you’re only as good as your last hit record” applies here.
Believe me, if members are dropping out and new members aren’t joining, you have a major problem that needs (and is now going to get) immediate attention.
Major Finding #5: I ended the survey with a question about you!
What is your preferred mode of learning?
- On-demand – log into a website and watch recorded videos (45%)
- Live remote learning – sessions on a platform like Zoom (22%)
- Hire a coach and work with them 1-on-1 to get it done (22%)
This was easy.
With that in mind, I’ve created a unique, one-of-a-kind program on how to create a lucrative virtual mastermind that contains all three of these elements.
Creating a lucrative virtual mastermind NOW is a great idea, no matter what the current (or future) situation is – for the economy in general, or your business specifically!
For starters, it will do five important things for you:
- It creates an additional revenue stream for your existing business
- This additional revenue stream is produced virtually – so there’s no added expense of travel, no need to rent meeting space or provide meals, and – these days especially – you can deliver from the comfort and safety of your own home
- It gets you out of the “dollars for hours trap” meaning you can powerfully deliver results for a large group of people by simply helping them replicate the results you’ve already achieved for your own business
Launching your lucrative virtual mastermind gets you two key benefits faster than you’ve likely achieved up until now – and lets you have more fun than you ever have doing it:
- It grows your Celebrity Expert Brand by positioning you as the Number One “Go-To” Expert in your market, niche, or industry who creates success for others; and
- You get more repeat and referral business – a typical Mastermind Member stays at least three years, plus they refer you to more ideal-fit clients who want the same results you create for your current clients!
How To Create A Lucrative Virtual Mastermind is for you if you are someone who has so much to offer, is ready to help others, and is ready to create the conditions and environment that transform your clients into superstars!
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