and some ways to change things to make it successful!
Ya'll I was getting really frustrated, like SUPER frustrated lately. I was asking myself, why isn't anyone enrolling in my Mastermind! I thought by this point I would be booked out, especially because you know that good ole marketing background should have helped!
What I realized though, is that it isn't that my expectations were too high, or that my pricing was off, but it was something completely different!
Have you ever launched something, did everything that you were told to do, checked off the to-do list, emailed your marketing list, posted on social like crazy, only to hear crickets? Well guess what SO HAVE I, I am not kidding you! In the last year I have had 2 launches that nothing came out of. One was a course and one was a group coaching program. I do not deem this as failures, but rather learning experiences to help build better launches for what is to come.
So with the mastermind enrollment closing date fast approaching and while I have some really AWESOME ladies signed up, I haven't hit my numbers, and it got me thinking, what did I miss. So instead of doing research on marketing tactic and whatnot, I took my question to the people, the audience itself and they gave me some really great insight I want to share with you. These answers are not specific to me but in general to anything that you launch too, and these will hopefully help you consistently having successful launches in the new year:
I asked them "what your hesitation's are when it comes to signing up for things like courses, masterminds, group coaching and the like?!"
Here are their answers, dun dun (Law & Order anyone?)...
1. The know like and trust factor is HUGE - I am not kidding 66% of people when asked "What are your hesitation's when it comes to signing up for courses, mastermind and group programs?" answered with they need to know you, like you and trust you (KLT Factor for short). This means they have seen you provide value that is inline with what you are launching, they have actually seen your face and the relationship has been built, even if it just means they have stalked you online and read your blog. One participant even said:
"Sometimes I find a new course or mastermind or coaching etc, and it seems very interesting or beneficial, but I may not know the person running it, and I often worry about what the content will be in the course."
That is a bold statement but one I think we often over look. Even if we think we have built the know, like and trust factor, I still think we can do better! So I will challenge you to do more FB live's provide the value you know you can give and then do it with heart and personality.
Another factor to play off this tip, is also people really want to know if you are a good fit for them, so showing who you are will help them decide quicker and it build this a lot faster too!
2. Time, its what they do not have - Time is something that is finite and for the busy working women/moms, there is even less of it. We all know we feel the need to do #allthethings but that need was just truth-ified in the research I did. Since time is another important factor, make sure you not only communicate how much time it will take them, but clearly state if they are able to go back and re-watch things or if it is a one time shot. This helps not only bring clarity to what they are getting but gives them time frame of what needs to be blocked out of their schedule. One lady put it great:
"I find the online realm of business is tends to pull you in every rabbit hole and when selecting a course or workshop to participate in you really have to be intentional and ensure that you will have time and that you are saying YES to this development by saying NO to something else."
So to wrap up time, make sure your sales pages clearly state the commitment level up front, that it is not confusing to follow, and that you show them the value of the time they are willing to "give-up" for you!
3. Free content and results from it matter: Ya'll have you ever been sold to without any indication of whether or not the person can get you the results? I am totally guilty of this and I am sure you may be too. I actually have been so much better at this in the year's since it was pointed out to me, but it can get lost when we are hustling and all we want to do is SELL SELL SELL! Someone who recently really embody this is Stacy M Tuschl! She hosted a challenge in her FB group where everyone not only learned but saw shifts that needed to happen. Once the challenge was done with she had no problem converting because the value she provided fo' free showed that she would deliver, probably over deliver if you bought her services!
A lady who was asked the question that started this blog even said:
"How do I know before I pay (and sometimes a large amount) that I will connect with this group or gain anything valuable from it?"
Especially if the KLT is not quite their yet, showing a sneak peek of what they will learn from you will not only increase the KLT, but it will also show them you are a serious business owner who understands that the free stuff can really help others, but that the really awesome stuff is "inside" the program!
Dana Malstaff from Boss Mom I think said it best "Give them the Ah-Ha moments, but keep the strategy/execution behind it all until they pay!"
4. Money, it needs to be priced right - We all know we are worth a lot, and if you are shaking your head, I promise you, you are worth more than you think. However we have to know our audience for this. Just because I think that I am worth $900 for a 6 month mastermind, realistically once I understood my audience, I saw that between $500-$700 would be a way better price point for them over the course of that time. Not just because money is an issue (as it always is a factor and there is a ton of energy around it, new blog about this coming soon), but also because your audience not only needs to see value in it, but they need to afford it without being so uncomfortable with giving it away. You can find more information about my theory of investing in your business here! I do not have any quotes for this one expect "Money" ha, but it really is important to price it right for your audience, do not let Ego get in the way but still know your worth! :)
5. Bonus - COMMITMENT, both from the people involved and from yourself! A lot of people said that they really worried about not just the other people in the programs, slowing them down because they do not show up, but that the person in-charge needs to be 110% committed to it! One lady had a really great analogy:
"Remember at school when you did group projects and there was always someone who didn't do the work and someone who picked up the slack?! I'm that person who always felt disappointment in group projects because I worked harder than everyone else! That's my concern about masterminds."
All of these are valid points, if you are just in it because the "money will be good" but do not plan out what it would take to pull it off, you can risk losing/pissing off the clients/customers because expectations may not be meet. You should always plan it out (which can help with pricing) and be really clear on what the commitment level needs to be from them and from you in order to really make it work. I have heard a lot of people be turned off by this because they felt they go swindled out of money for a program that did not perform. Case and point:
"I've been part of a group program and individual needs were not accounted for. If you didn't have your question answered on the call, it didn't get answered. Put me off group stuff."
You do not want to be THAT person for your group programs. Always under promise, over deliver and really make each individual person feel like they matter, because that will be how you successfully continue to get people to know, like and trust you!
Ok, another bonus for this awesomely long post, but timing of when you launch is super important. You do not want to be a fish trying to swim up stream when everyone else is launching too. The best advice I ever got was to look at when you sold the most over the course of a year. Whenever those months are, that is when your market is looking for things, so always try to launch then because your reach and ROI will always be hirer than in the months when it historically did not do this! :)
That is all for now, so much good information and I am so grateful for the insights these women provided me on their hesitations in joining group programs in the like. I can tell you that they opened up my mind to a few changes I will be making to make sure I do NOT make these mistakes for my mastermind and for future launches.
If you are still looking to join a mastermind and this post helped you with my KLT factor, I would be so happy if you checked out and signed up for the Honest Action Mastermind! I am also here if you have any questions at all, not just about my mastermind but successful launches in general!