30 Ways To Monetise Your Expertise
In this week’s episode of 30 Ways To Make Money Online I am going to share with you a strategy that has become hugely successful in the last 12 months and give you tips on how you can leverage this exact same mentoring or coaching model in your business in 2019. Perfect for those wanting to have a steady stream of income… watch the video to learn all about it.
What’s an Insider Circle?
It is usually a group of people who get together in some form of mastermind format to support one another to grow their business with a mentor facilitating the mentoring.
When they first became popular about 3-5 years ago they were mainly for high-level programs of 10-15 people maximum starting anywhere from $10k-100k per year depending on the industry and positioning of the mentor.
In the last 12-18 months bigger group inner circles have become popular and this is the type that I think many of you would find perfect for your industry if you are a coach, knowledge professional or running a membership program.
Volume Based Inner Circles
With the popularity of online courses and platforms like Udemy in the last few years many high-level programs have struggled to survive and that is where I believe this hybrid volume based inner circle came about.
Mentors who had been charging $1997 – $5,000 for their 6-8 week mentoring programs were finding that numbers were dwindling and they started implementing 10 mth payment plans which turned out to be a huge disaster.
In reality, the solution was right under their nose all along.
With the growth of live video and people getting access to their mentors absolutely free, people no longer wanted to do the short term access to the mentor courses, they wanted ongoing accesses… and that is how this new insider model began.
What’s working as of October 2018
With the catapult of volume based memberships and inner circles I have seen a clear trend happening in the last 6 months with 7-8 figure marketers going after monthly reoccurring income versus short term bursts of income [product launch courses].
Here is an example of a monthly insider circle with live access to the mentor that is hugely popular right now:
- Run a facebook ad campaign and give away 2-3 videos of valuable content
- Create a membership program inner circle at a price point under $147 per month [many under $67]
- Have a scarcity of when doors open and when they close [usually every 6 mths depending on industry]
- Give away a high perceived valued programs e.g. upwards of $500-$1997 free for joining the new monthly membership
- Access to the high level expert usually once per month for Q&A or mentoring
- Can leave at any time [usually have an expert vault for content and they lose access to that content and the group when they leave]
- If they leave and want to come back, they must wait like everyone else for doors to re-open
- Those who missed out have to go on a waiting list for the next open
- Private facebook group for networking
Why it’s so popular with customers
- Low risk upfront
- High ticket reward for joining
- Access to a mentor that has always been beyond most people’s reach
- Ability to try before you buy a higher-end mentoring program
Why all the top marketers are implementing this strategy
- Conversions are high
- Regular monthly re-occurring income
- Facebook Ads are paid with the first month membership and then every month after that is profit
- Pre-qualifies clients for their higher level programs without having to do any more marketing
- Long term value of a customer
- Referral marketing [people hear about it and can’t wait to get in]
- Warm waiting list every time doors re-open
- Very easy to deliver on content
Watch the video to learn how you can use this in your business in 2019
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