Do Members Get Enough Value from Your Leadership?
How to Become the “Best Investment Someone Can Make”
Today, I’m going to give you a simple framework. As you read, you should get a better idea of your fitness for leading online mastermind groups.
Before we dive in, I want to congratulate you on getting through the first two months of 2021. Hopefully, things are looking up for you, and you’re in the driver’s seat! After the complexity of 2020, I think we all could use some simplification.
Our mastermind groups are diving into simplification with a book by Donald Miller called “Business Made Simple.” Did you chuckle when you read the title? I have to admit, I did at first. Like anything in business could be simple, right?
Well, this book isn’t so much about simplifying business as it is about simplifying things within yourself. When you keep yourself simple, business challenges tend to follow suit. Get ready to do everything you need to do with confidence and enthusiasm.
Are you ready for the simple framework? Here it is:
You have to begin to see yourself as an economic product on the open market.
Talk about an ego killer, right? This goes against a lot of the “visualize yourself to success” stuff you hear. It shows that when it comes to your offer, it’s the market, not you, who decides whether it’s valuable to them.
If that’s the case, why run from it? Why not use this to your advantage, and maximize effectiveness? If you know you have something your market wants, you don’t need to spend eternity persuading them.
The Mastermind Playbook is a surefire way to increase your value as you lead mastermind groups online. It’s your administrative and strategic “right hand” to start, grow and scale your own mastermind business.
Why an “Economic Product” Viewpoint is Essential
Miller asks (and answers) a great question in his book. “How do we succeed in life and business? We prove ourselves worthy investments.”
I can’t think of a clearer way to look at it. Whether you have a boss, run a company, or live in a healthy marriage, your job is to continually prove you’re a good investment. People will trade money or time in exchange for what you have to offer, but only if they believe they’ll get more in return.
Some might think it’s rude to judge people’s value based on what they can do for us. I hate to bust your bubble, but the truth is we make decisions like that every day, and there’s no shame in it.
Think about all the products you see in a store. Some are useful to you, and others aren’t. Do you buy everything in the store, because you want the store owner to feel important and valuable? Of course not. You’re selective about your purchases.
In the same way, you don’t hop on Google and look for in-home service providers if you don’t need what they offer, simply because they do business in your community. That’s absurd. You call them when you need them.
If you ask me, that gives a mastermind facilitator a huge advantage - because if you know the value of a group, you need it year-round! For every season of life, surrounding yourself with a group of trusted advisors is a good idea.
That’s another good reason to invest in The Mastermind Playbook … you need to be prepared, on a strategic and administrative footing, to help members grow and thrive.
How to View Yourself as an Economic Product
If you’ve never viewed yourself as “a product,” it might be hard to wrap your head around how to do so. Luckily, there are a couple of practices Miller discusses in his book. Let’s take a look and increase our value!
- Give a 5X return of your mastermind group fee
People buy things because they feel the return on investment outweighs the cost. It’s the same when they consider online mastermind groups. To continuously earn new business, aim to give people a 5X return on what they pay.
If you do, word will get around that your mastermind is “the place to be.” Providing more value than your fee is particularly beneficial when it’s time to renew membership. People will always move more resources to those who give them the greatest return on investment.
- Accept that you’re “a business of one” and operate accordingly
Even if you have a team, I still want you to view yourself as a business of one. This puts you in the right mindset to continually improve. If you see yourself as a business of one, you’ll never become complacent.
A person in a constant state of self-improvement tends to have a “ripple effect.” You become more valuable, enriching and enjoyable as an “investment.” As you look outwardly to grow your business, don’t forget to look inwardly for areas to improve.
Always seek to become the best investment. This attracts new business, greater responsibilities and higher compensation. The Mastermind Playbook is your guide to ensure your mastermind is a wise investment decision for current and future members.
