High-Ticket Masterminds Can Take Your Business To The Next Level

is, and more specifically, what is a high-ticket mastermind? Chris Williams is here today to explain that. He is the founder of Group Coach Nation, and we're going to discuss all things high-ticket mastermind. Chris, so great to have you on Cash In On Camera. I think there's a lot of confusion, and maybe myself included. I've heard so many different definitions of what high ticket really is. I'd love for us to start this conversation with what is the definition, like where is that price point What is considered high ticket to begin with? And then we'll talk more specifically about masterminds.

First of all, Cheryl, oh my gosh, I am so thrilled to be here. Like, thank you so much for having me on. What a fun time.

I'm glad you're here. I'm glad you're here.

All you fans of Cheryl, just lean in. She is like a, just a wealth of information on how to monetize your podcast, your show, your voice, your, your information. Like, lean in. Okay, let's talk high ticket. I love high ticket because it's just as hard, as you've heard so many times, to sell a $10 thing as it is to sell a $1,000 thing, or $1,000 to $10,000, or $10,000 to $100,000. Now, high ticket kind of has its own zones depending on the product or service we're talking about. So if we're talking smartphones, $1,000 is pretty standard. $3,000 is a pretty expensive smartphone. That's a high ticket smartphone. But now because of Apple and Chrome and everybody else, there's a higher mark for what that phone used to cost. All right, in the coaching consulting space, which is the space I'm in because I teach experts how to build high-ticket masterminds, typically they're all coaches and consultants. They own done-for-you agencies, but they're also coaching, that kind of thing. $5,000 is kind of the mark, and, and most people in the coaching consulting space kind of agree to that term. And here's why. Here's what makes it high ticket versus low ticket. It comes down to how much time and effort does it take a coach or a salesperson to close the deal. So if it can be closed in a funnel, a free plus shipping book offer, or a course that you watch a webinar on and it goes from, you know, a $79,000 value down to $1,500 and it's got a 5-pay option, right? That can be sold via a funnel, a webinar, an email sequence. A sales page. But once you start getting around $5K, typically above $3K and around $5K, you're really going to start committing to a sales call. And that is when it becomes high ticket.

Can I ask you something? Because in my experience, and I have really only ever sold predominantly only ever sold what I would have considered maybe prior to this conversation high ticket, and I have dabbled a little bit with the low-ticket stuff and I just realized it really wasn't my jam. Okay. Um, but, um, I've always sort of found that anything over $2,000, $2,500-ish in that range is really more difficult to sell when without getting on a call. So I guess, and I have heard other definitions of high ticket being over $2,000, but on the other hand, I have seen funnels and very effective funnels, people making making millions of dollars a year who are selling a $2,000 thing through a funnel. So your price point that you just described is $5,000, which seems way different than that range. So why is it so difficult to be able to sell something in that $2,500 range with a funnel? Is it just because the funnel is not optimized? Is there a reason behind that?

Well, there's always 3 moving parts. One of them, and honestly, the most important one, is what's going on between our own ears. It's me as the entrepreneur. How much do I actually believe that this is worth? Let's say $5,000. That comes through in the copy and the video and everything. All right, that's one piece. The, the next piece is the actual tool itself, the funnel, the fun, the, uh, the webinar, the, the copy, whatever it is. That's probably an issue of optimization. To the original audience, which is the third piece. I'm going backwards. You think audience, then the sales pitch, and then the coach who delivers. But it has to start with the coach. Where's your belief about money hanging out? There's a lot of mindset issues there. Not for you, just saying, in that space. There's the tool set that's used to actually close the deal— the webinar, the funnels, whatever. And then there's the audience selection. And that could be through direct outreach on social and organic, or it could be ads, whatever. But there's, there's a significant piece of the audience pie that will not buy a $2,000, $3,000, $5,000 product because they've already advanced past the e-course stage of their career. They know that the mastermind or the offer or the coaching situation they want to be in, they know the good ones are going to charge them $20,000, $50,000, $100,000. They know that. And, and you might or I might disagree with Goodwin's only being able to charge that price, but it doesn't matter. What matters is they believe that the price has to be $20K, $50K, $100K to be worth what they're going to get out of it or put into it. That belief is So important because the coach and the client are the bookends, and then the method of delivery for that sale is just where they meet because they're of the same mind. Does that make sense?

Yes, yes, it does. And so really, depending on a lot of different factors, you may well be able to sell something in a $3,500, $4,000 range through automation potentially. Yeah. But after about that $5,000 mark, then it is definitely, definitely going to be on a call.

You know, definitely in, in most cases. I have friends who sell— I have a friend, her name is Molly, she sells a $36,000 offer all through direct messages. So wow. Yeah, because again She knows what her product and service is worth, and it's worth way more than $36,000.

With— without ever getting on a call?

Without ever getting on a call, yeah. And, and she knows what's worth, and her market selection is so dialed in. She knows what these people want and what they're burnt out on. They're burnt out on low-ticket stuff, and she just puts the connection together. We think so often and so much about the funnel, the webinar, the the page, the color, the button. We spend a lot of time as entrepreneurs messing around with what's on the screen. That, that is like the smallest piece of the puzzle. It's what do you know you got and what does your audience know they need? And putting that together is where it's at.

Yeah, I agree. Yeah. And so the mastermind, the high-ticket mastermind, is that the same as a high-ticket group coaching program? Are those terms synonymous? Or because, no, I think about a mastermind, it's used in a lot of different ways. Maybe it's been bastardized to some degree, you know, because, um, you know, a mastermind can also be, you know, a group of 5 high-level people getting together and there's no exchange of money or anything. It's just smart people getting together to mentor and, and be a support system to each other. What is your definition of mastermind per se?

I'm a purist, and for a reason, and I'll explain that. So a lot of people reference Napoleon Hill and they start talking masterminds because he kind of popularized the idea in the book. Yeah, this concept's been around for thousands of years, long, long time. I was reading the history of China recently, really great series on Audible, and I was like, oh my gosh, they were doing masterminds like 3,200 years ago in China. It's a great idea. Here's the bottom line. A mastermind is a small— it has to be a small group of people. Small is relative. It could be 5, it could be 20, but it's not going to be 200. It's got to be a small group of people who all want the same outcome and are willing to trust and work together with a guided process to get there. Now, you could have a mastermind of 5 people who are just sharing ideas and helping each other out, but Even then, they've, they've pre-written and laid out sort of a syllabus or a direction that they're going together, and that's what they're agreeing to meet. So they've made that choice to go a direction. In our current modern situation, usually it's a coach or expert in some area saying, hey, I'm going to bring 10 of you together and we're going to do this for the next 90 days, 1 year, whatever. That make sense?

So in our program, which is called Profitable Podcast Accelerator, It's a 3-month or a 12-week program, but it's a rolling enrollment. And it's not necessarily, even though there is collaboration, it's not necessarily maybe the definition of a mastermind in the case of how you've just described it. It's really more people coming in and learning what they need to learn for the outcome and then, you know, moving on to other steps. So a mastermind sounds to me more finite. It's like beginning and an end, and we're all on this journey at the same time together.

Yeah, and what you're doing, by the way, is super cool. I'll define maybe that in a minute in a group coaching context. That the Mastermind start finish is very much like going through— I'm not a military person personally, but I got lots of family in military and got several friends who've been in the SEAL program. Like, it's, it's a lot like what I see they experience in boot camp or in Navy SEAL training program where they're going in and coming out together. And the bond that they build, the trust that's built, and leaning on each other is what makes them superstars in their world. Not the fact that they read the information, watch the videos, and had a group call with a drill sergeant, right? It's the, it's the start-stop living it out together. That's a pure mastermind. That's what they're doing. Okay. A group coaching program sounds like what you have, which I freaking love the model you have because—

Me too.

Yeah. Because if I'm your client in your group coaching program, all you people like figuring out— oh, what's up folks watching? It's so great to see everybody. Ask your questions here if you got any. I'm happy to answer them. If I'm your client and I'm listening to you right now, I'm like, oh my gosh, I want to figure out how to monetize my podcast. Well, obviously you're the person, but I don't want to wait 3 months to start. I want to, I want to do it now. So you have a process where they can start today and, and then jump in on some learning and then be live and answer, ask questions from you on a group call. That group coaching model is very fluid and reaches somebody right when they need it.

I tried, I, I've tried, I have done that other model which was a launch model, right? It's like there's a beginning, it's a cohort, you know, you're starting at a certain date. But I have found that that didn't really work for me. It'll work for other people, certainly. See a lot of people doing launch model. But for me, I like the rolling enrollment because people who come to me want help right away. You know, they want to get started immediately. And so I love that. Um, Chris, I'd love to know from you, you know, what are some ways that people can start to utilize high-ticket masterminds? Like, how do they— how do they get started with high-ticket What are the first steps? Are there prerequisites that need to be in place before they start venturing to do high-ticket masterminds?

Yeah, there, there are a few. And let's think of high-ticket masterminds and group coaching programs together just for a second, because ultimately they're moving— and this is the critical thing— when you start a group, high-ticket, middle-range ticket, low-ticket, a group, you're going from one-on-one. Typically it's people who are going from one-on-one, like done-for-you services, or one-on-one coaching and consulting. You've realized, oh my gosh, I have maxed out my time and my life and my resources. I'm getting depleted. I need to do something that brings in the same or more revenue in a lot less time. That's where the shit turns into, to doing group work. That step requires that you already have an expertise. You got to show up ready to lead a group knowing your stuff. And you and your community, Gerald, obviously you do. You're the expert These people desperately need your help and they get your help in a really clean, clear way. I love that. People listening in, you guys are like trying to figure this thing out. Think through what are you an expert at? You're listening to Cheryl right now. It's because you got expertise. You want to share your information. You want to get on more podcasts. You want to monetize that model. You are an expert. You're the perfect person to have a group coaching program. Because not only do your free listeners out there want to hear what you got going on, but some people, me included, want to say, you know, I don't have a lot of time and I got kids and I got a life. I don't want to listen to your podcast for the next 20 hours and then try to stumble around the dark figuring it out. I'm going to call you up based on your website. I'm going to say, do you have a program that'll get me from point A to point B, and I want to get there by March 30th. You got that figured out? If you say yes, I'm like, we can talk more. There's a lot of us out there like that. Have a program, but have one that doesn't require you to do one-on-ones. Put them in a group and teach them together.

You know, I think it also is one of those things that you mentioned this earlier about mindset. I think there are a lot of coaches and consultants who, if they've never sold a high ticket group coaching program, a mastermind, or ever put an offer like that together, it's one of those things where they don't know what they don't know. They don't know what's possible because they've just never done it or been exposed to it. And that's your specialty. And I just love that you help people to do that. I'd love for you to share how people can get in touch with you as well.

Oh yeah, super easy. Groupcoachnation.com. Groupcoachnation.com. There it is on the screen. Hey, do this for me, Cheryl. Go to the reviews tab over there on the top right-hand corner.

Okay.

I think it's so important for all of us to know that someone like me can do this. So we have a ton of reviews, testimonials, case studies, stories of people like starting their own group coaching programs, because you need to see that it's, it's not just someone like me or Cheryl who's doing this. You can do this. You've spent the blood, sweat, and tears to figure out the thing you're an expert at, and you probably have friends and family saying, Hey, you are really good at that. Tell me how you got there. If you are hearing those comments, you got this. So, go to groupcoachnation.com. We have got a ton of stuff there for you and you can sort out how to get started.

When you see examples of other people who have done it, now all of a sudden the possibility is open to you. I think also for Coaches and Consultants who, you know, let's just do the math. If you figure out I want to make X number of, you know, this is the revenue goal that I have set for my business on an annual basis and whatever it is. You know, just do some simple math with a calculator and figure out, okay, well, if I'm charging at this price, I'm going to need this number of clients for me to reach that number. You do the other opposite side of that, which is to calculate it based on a high-ticket offer, and that number is significantly reduced and becomes much more doable. And you and I both are of the same belief that you never— you don't want to start with a low ticket. This is what Often people do. They start with the low ticket because they want to serve everybody, want to make it accessible to everybody. That is not how you want to build your coaching practice. You want to start with a high ticket and then you build the funnel later. Once you've, once you have a high converting offer, you've gotten people results like yours, right? You can see that there are people who get results and then you work backwards. This is a fundamental shift that a lot of coaches need to hear.

That's so true. There are two things, Cheryl, and I— we can talk as much as you want, but there are two things here that most people struggle with. One is believing that the thing you're selling is actually worth a whole lot more than it is. Yeah, it's, it's our job to help people figure out what is the offer that's actually worth 5 times, 10 times, 3 times, whatever, more than I'm currently charging. That's number one. The other thing is It's so easy to find 10 clients at one time who will join a group program at your new price. Or imagine this, at the same price you're already charging. Let's say I can't convince you to charge more, but I can just convince you to get 10 people into a group at once. You just simply increased your hourly rate by 10. Yeah, it's so doable. It's just a matter of getting your brain around it, seeing how the process works, and understanding How to get a prospect, how to join, how to get them to join a group, and then how to change their lives in the process.

And leveraging your time, which I love. Chris, this is great. You know, I think a lot of people in my audience will really benefit from hearing from someone who specializes in helping people build these types of offers and these high-ticket masterminds to know that this is a real possibility. Hopefully this helped them shift their mindset around that. What is the value of the thing that you're offering and is probably undervalued? At the moment. One thing that we do on Cash In On Camera, Chris, is we have a segment called Stop Marketing Like It's $19.99. So I would love to know what is a tip, a tool, a tactic, or technique that helps you or Group Coach Nation to market yourselves. It might be related to masterminds. It could be related to health because I understand you're an ultra marathoner. Whatever it is, do share.

I will share. I have on my screen right now this slide of— sorry, Cheryl, I'm gonna cry saying this— is my, uh, my 5 kids and Jill. And in 1999, I was working my ass off in an office, not doing my passion, and I was just trying to get ahead and grind it out. That's what was happening in 1999 for me. And I made a shift I don't know, 12 years ago, to focus on only the things in my entrepreneurial journey that would allow me to spend time with these people on my screen. I got this thing on my screen right now. It's pictures of me and the kids at beaches all over the world, going through subway tunnels, our feet on the front porch of major capital buildings around the world, sitting in the Grand Canyon, out on paddleboards, whatever. That is what shifted me. So to answer your question, stop marketing like it's $19.99. I market like I want to do this because that— the marketing is kind of the start of the process in, in getting a client through the system, right? I don't want to just have the workflow that gives me freedom, time, and money. I don't want to just have podcasts that do that. I want to have the marketing that does that. So when I'm out there marketing, I'm actively talking about This is my life and this is the life I've built. And if you want a life like I've built, you can follow the same pattern because I only want to attract people who care about this kind of freedom because they're going to see what we've done, see the systems, processes, and be like, oh my gosh, thank you for just opening the door for me.

Yep, I love it. Being selective. I mean, I think more of us could benefit from that that thinking.

And be authentic.

Be yourself. Be authentic. Be real. Just be real and be real and authentic. And I love that. So, Chris, thank you so much for coming on. I think, not only I think this is beneficial to our audience, but beneficial to me as well as someone who is a big believer, has built pretty much my entire business on high ticket. You've helped me, I think, see high ticket maybe in a slightly different way. And that's really helpful to me. So personally, want to thank you for that.

Cheryl, it's been a privilege.

Thanks. Thank you.