3 Things I’ve Learned From a $45k Mastermind Program

This year, one of my clients joined a $45k/yr group coaching and mastermind program led by a successful entrepreneur who specializes in teaching his method for creating courses and growing a leveraged online coaching business. And he let me join too. 

After more than 6 months in the program I’ve learned some important business lessons, some of which are the opposite of what I’ve learned from other marketing and business gurus. And I want to share some of the top takeaways with you. 

1. There is no one right way: If I’ve learned anything from being a part of several high-level mastermind and coaching programs is that there is more than one way to approach building your business. I was taught for a long time that the best way to build your business was to start with low price offers to cold traffic, then try to ladder them up to higher and higher ticket items. This approached has worked well for many of my clients, any my own businesses, for a long time, but it’s not the only way to build a business. Recently, I’ve tried the opposite approach and created funnels that drive people to get on a sales call to join a $6500 program, and if they say no, you downsell them to the lower ticket items. This approach has worked tremendously well for my clients and also means that you can recoup ad costs much faster than the other approach.   
2. Don’t sink your money in ads: Running a business is expensive and a huge cost is customer acquisition (aka advertising). In theory, good advertising means you put $1 in and get $2 dollars out (or more, I’m being reductive here). But the time it takes to turn that $1 into $2 or $3 is very important. Many small businesses can’t last by spending a ton of money each month in advertising without seeing a return on that investment for 3-6 months. It becomes a serious cash flow issue. This is why the approach of selling a high-ticket item works so much better than trying to sell low and ascend to higher value over time. 
3. Get people on the phone: The more time a customer spends with you or your business, the more connected to you they feel. That means they get to know like and trust you, which helps lead prospects towards making a purchase. If you’re not utilizing sales calls in your business, there’s a chance you’re missing out on sales. 

Hopefully, these tips help you improve your own business. And if you don’t have a high-ticket offer or product that’s 10x your average product price…create something. People will buy it.