In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the founder of The Success Alliance, Karyn Greenstreet.
The Success Alliance educates people about what mastermind groups are and how powerful they can be when executed properly. Karyn shares what a mastermind really is; it’s a group of likeminded people who share the same goals. The topics are endless and they meet to advise one another and get to their goals faster through the power of combined, great minds. The facilitator isn’t the center of attention, either. They’re there to offer ideas, focus, and guidance. Workshops and classes aren’t masterminds; what makes a mastermind group is that the participants help each other and are the main focus.
Coaches, consultants, business owners, B2B service providers, and more should leverage mastermind groups. Karyn shares that she’s seen them utilized in two ways by business owners; it’s either to bring their clients together to overcome challenges and build community, or it’s the next logical step as a product offering. Karyn shares she wanted to operate something deeper than just teaching a class when she founded The Success Alliance.
Karyn also describes how to frame your mastermind group; it should be your highest tier offering. Yes, some business owners will actually set their masterminds at the lowest tier, but that’s simply not scalable. You can’t deliver the intimate, tight knit experience to a couple hundred people. The mastermind group should be your highest ticket clients and be a high ticket experience for them.
You want to keep track of your clients’ progress, Karyn explains. In an intimate mastermind setting, you can actually pay attention and offer that support when needed. A classroom setting doesn’t offer the same level of awareness on your part of how they’re doing when they stumble. This is another unique benefit of hosting a mastermind group.
What about the finances behind it? Karyn and Josh talk about how you need to first find where your mastermind will fall into your funnel. Your pricing needs to match your brand’s vision and purpose. Where does it fit into the ladder of what you’re offering? You can also offer various levels or tiers of masterminds if you want to make things more sophisticated. The sweet spot with pricing? Somewhere between $350 to $1,500 monthly, according to Karyn. You have to know exactly what value you’re providing as well as the type of experience. The price has to match what you’ll deliver, so a high ticket price needs a white glove customer experience.