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Why Masterminds Are a Game-Changing Monetization Strategy for Podcasters
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A high-ticket mastermind could be the most profitable monetization strategy for podcasters! Did you know that, as a podcast host, you possess valuable knowledge and expertise that can easily be monetized in a high-value way for your listeners? In this blog post, Chris Williams explains why and how high-ticket masterminds are one of the best ways to monetize a podcast. Get ready to leverage your expertise in a that serves your listeners on a whole new level through a mastermind!
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Hey, Chris Williams here with group coach Nation. Now let’s just be honest about this. Most of us got into podcasting for one of two reasons. Number one, we have information, and we’re trying to monetize it, right? We’re trying to figure out a way to take what we know and get out there and make a living off of it.
Number two, we have a passion for something, and we want to get our message out there, and then we end up realizing down the road a couple of months, a couple of weeks, maybe a couple of years into it, oh my gosh, this is a ton of work. I got to get freaking paid for this. I got to be able to hire staff, pay for systems, or quit my job so I can do this full-time because I love teaching, sharing, getting stories out, and interviewing people. All those things, right? It always comes back to money.
The Sad Truth About Most Monetization Strategies for Podcasters
Now here’s the sad truth. I think the number is somewhere around 98% of podcasters don’t make any money. And most of us fail out of podcasting because we don’t make money. And it’s not because we’re greedy or just doing it for the wrong reasons. Because it costs money to do this.
It costs time to do this and to make it sustainable. We got to figure out a way actually to generate revenue. So let’s dive into generating revenue. Now here’s how this works. You can go down the path of generating very, very small amounts of revenue in tiny ticket-priced items and sell a ton of those things. If you have a large audience that works, it just takes a long time to create a large audience.
And the question is, can you sustain your current pace to build that large audience and be able to monetize that in time for you to be able to keep after it for a long, long time, make yourself happy, and make yourself actualize what you’re here to do, right? Actualize who you’re meant to be as a voice, give to the community you’re serving, who you’re meant to be as an interviewer, and how you’re impacting the world. Can you sustain that on your current track? I would stop there for just a second before we get into High Ticket Masterminds and all that. Just stop there for a second and look in the mirror.
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Financially, can you sustain your current track, your current growth rate, and how long do you think it will take you to monetize this thing at your current rate? So if you’re building a large audience and trying to build an audience and you’re going to monetize that audience, are you actually getting somewhere where you can make a sustainable amount of income on your current track? If you are fantastic, you’re in the top 2%. If you’re not, let’s build a plan. Okay, so here’s what I did.
When I started podcasting, I realized early on my first podcast I did not know this. The second podcast I did. When I first started podcasting, I was working on a passion project. But as an entrepreneur, I also knew I wanted to convert that into revenue because I knew I had to make it sustainable. I did it all the wrong way.
Fantastic podcast, a great experience, and it has incredible guests, but I didn’t do it correctly to make it sustainable. So we had to quit—option two. The second way I did it I built the high ticket program first. Then I created a podcast around a revenue source so that I could pursue my passion as a podcast or as a voice without actually having to go into push, push, push, push, push and trying to crank revenue out of a machine that wasn’t built for revenue.
Monetization Strategies for Podcasters: Building a High Ticket Mastermind!
So here’s—high-ticket mastermind building. Let’s talk about that for a second. If you’re someone who loves the microphone, you’re a podcaster. You could also be a great high-ticket mastermind leader.
If you like being on camera, you’re a podcaster. I get it. You could also lead a high-ticket mastermind. If you’re an expert in your field, you’re a podcaster. You could also lead a high-ticket mastermind.
And if you love to give, if giving is natural for you, then you can definitely lead a High Ticket Mastermind. And it’s one of the significant qualities of being a podcaster. Podcasters and high-ticket mastermind leaders are very, very aligned. That’s why this works so well for many people, including me. So here’s how you do it.
Here’s How You Do It
You must go after the highest ticket program or process you can stomach. Now, the reason I say it that way is because it’s tough for a lot of us when we’re used to something low cost or free like podcasting to make that switch and say, I’m going to start charging 10k, 20k, 50k to teach someone my expertise. That’s a big jump for many people to get their brains around. Well, I’m in this free or very low-cost model. How do I want to go after this? This is a whole different thing.
No, it’s really not. Because here’s the thing. People listening to you, people who are guesting on your show, and people you’re guesting on their shows hang around you because they like you. They want the information you have. They want to experience what you know.
What they want is to get ahead of the process! They want you to take them there. That’s why they’re listening. Now, there’s a slice of those people in the population listening to you, being your guest, or you being a guest on their show, who want to take a quantum leap forward and be where you are. With your success and overcome the hurdles right now.
Time or Money? (Which Is More Valuable to You?)
And time is more important to them than money. They’d prefer to get somewhere faster and spend money to get there. All of us have those two assets. We have X amount of money and X amount of time. Now, everybody has a different scale of what’s that worth to them, so we got to be careful not to allow our scale of money versus time.
Maybe you value money more than time right now. Perhaps you value time more than money. Whatever it is, don’t let your value set impact the people that you’re selling. They have their own value set, and many people would prefer to pay a higher price to get help from you directly in a very efficient way. Now, let’s talk about efficiency.
Did you grab your ticket yet???
Sure. You could say,
“Okay, Chris, I get it. This sounds like a great monetization strategy for podcasters. But I need to go out there and charge 10k, 15k, 20k, 50k, and $100,000 for consulting and teaching people what I know how to do. I can teach them if they want to know how I do it. Right?”
Price. Let’s go. That’s cool. But ultimately, you’re changing your hours for dollars. You will eventually become your worst nightmare.
You are going to change your hours for dollars. You’re going to sell $100,000 consulting gigs one on one. Eventually, you’ll have enough clients you can’t sell anymore, like, Chris. Awesome. Incredible problem to have.
I got five clients paying me 100K each. That’s half a million bucks a year. Let’s go! But you will realize it’s a problem when you grow to that space.
It starts to eat up your life and doesn’t give you the freedom you’re hoping the money will provide you with. So make one shift. Turn it into a mastermind. Just start where you are right now and turn this into a Mastermind. People, again, want what you know how to do.
Masterminds Are The Ideal Monetization Strategy for Podcasters Because You’re Doing More of What You Already Do
If you’re a natural giver and a great communicator, and you can help them overcome what they’re working on with your expertise, probably the expertise you’re talking about all the time on your podcast, then jump in there and help them. But instead of teaching one on one, invite people to a high-ticket Mastermind. All right, this is what’s cool about Masterminds. You don’t have to do this over and over and over and over and over again. Instead, you can teach 10-15 people all the same time.
You can have a two-hour session once a week with ten people learning from you and working together. Give them processes and problems to solve and homework, stay in contact with them and let them grow together. You know what? People change five times faster in communities and groups than with a one-on-one coach. I know you think, Well, Chris, I want to work with them.
“People change five times faster in communities, in groups than they do with a one on one coach.”
So specifically, I want to help them grow and help them figure out what’s going on. And I want to be right there with them, but I have to make sure that I work with them individually because it’s so particular and custom. Believe it or not, that’s not the case. People grow and change slower one on one than they do with a group. So please put them in a group.
If it’s five people at a time, that’s awesome. Suppose it’s ten people at a time. Good for you. Eventually, you get too many people in there and can’t help them effectively. So keep it a small group, 510, 15, somewhere in there. And remember, charge what this thing is worth.
What is your information worth?
When we think about monetization strategy for podcasters, we don’t think about our own knowledge and information. If you were to teach them what they want to know and they practiced it for an entire year? Not if they were in your Mastermind for a year. You don’t have to have a year-old Mastermind. It could be short.
But if they’re going to practice what you teach them and they’re going to do it for twelve months straight and commit to what you’ve told them to do, what kind of change is going to make in their life or their business? Can you put a price tag on that? Can you put an accurate value on that? If so, then charge them ten to 20% of that value. So let’s say you’re going to impact their business.
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In a way. It will bring a million, let’s say, a million-dollar difference in the next year. Great. Awesome. Good for you.
Then charge them ten to 20% of that. Yeah. $100 to $200,000, right? Oh my gosh, Chris, I couldn’t do that. Tons of people are you can if you’re like.
“Your information, your blood, sweat and tears, and years of expertise building that you’ve done is what people are paying for.”
Chris, I just can’t. Okay, then settle for $50,000 per seat like you can do this. Your information, your blood, sweat and tears, and years of expertise building that you’ve done is what people are paying for. They’re not paying you for the fix today.
They’re paying you to avoid all the pain you’ve been through. So they can jump straight to the front of the line. That’s why people pay for information and connection to you. Stop selling one on one. Start selling in groups.
Don’t go low ticket. Go high ticket; it’s the ideal monetization strategy for podcasters! Learn how to monetize your knowledge, processes, and information to be sustainable for the long haul. High-ticket group coaching equals sustainability. You don’t need to build the value ladder.
“Don’t go low ticket. Go high ticket. Learn how to monetize your knowledge, your processes, your information so that you can be sustainable for the long haul.”
You don’t need to start with a low ticket. It doesn’t have to be a funnel starting with a low ticket, then a course, then some summit, then a group, then all those things are lovely if they’re the right thing for you and your business model. But if you’re starting and trying to figure this out, or if you’re like an expert already and doing those things, you know what I’m talking about. Get this high-ticket Mastermind thing going. If you’re already building a High Ticket Mastermind and you’re struggling to see it work and see it grow and build, and you’re like, this is frustrating.
Chris, stay with it. Ask questions of people who are doing it well and figure it out. You will get it. And when you do, it will change your life. It’ll give you the financial and time freedom you become an entrepreneur to accomplish.
Chris Williams Explains How to Sell a High Ticket Mastermind: Why Selling to Podcast Hosts Instead of to Listeners May Be The Right Strategy
It’s the path many of us try to go down, and we get frustrated and quit. Don’t quit. You can build this thing that you want. You can have your time and your freedom.
“You can have your time. You can have your freedom. All while being a sustainable podcaster.”
It’s truly possible to be a sustainable podcaster! You can be someone who moves a market and shifts gears for so many people because you can influence them realistically. But to make that happen, we have to be sustainable. And to make that happen, we must have income and time freedom. Both of those things, financial freedom, and time freedom, create sustainable business models.
If you have one of those, you collapse. Either one, it is. If it’s only one, you collapse. If it’s neither, you collapse way faster. Sustainability comes with both.
High Ticket Masterminds are unique in this information space because they allow you to be sustainable and not collapse. This is the ideal monetization strategy for podcasters, but it takes work. Do the work. Change people’s lives. That’s why you’re here, right? That’s why you’re doing this fantastic project that you’re working on.
But make sure you can change their lives a year from now, five years from now, and ten years from now.
Do the work to get the results for you and them. Please do the right work!
About Chris Williams
Chris spends most of his time raising his five kids, exploring world communities, and trying his hand at adventures like shark diving, ice climbing, running ultra-marathons, and riding electric skateboards. He works with entrepreneurial and business experts, speakers, coaches, and leaders in his spare time, helping them market, monetize, and lead their high-ticket mastermind (or group coaching) programs. As the world shifts, many experts are trying to build high-ticket groups for additional income, lead generation, or impact. Chris teaches experts how to generate leads, close high-ticket deals, and create solid and transformational groups. He has his digital agency, leads two masterminds of his own, and has learned many of these lessons the hard way, so sharing his journey and offering strategies is why he is here.
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