I didn’t launch a mastermind that costs $10,000 per person to make money.
When I tell people that they think I’m nuts. Why would I bother to do it then? Well, launching a high-ticket product online does one thing:
It changes your mindset.
If you can even partially succeed and achieve the goal, the way you think will forever be changed. And the mindset shift I’ve got from doing this has already bled into all other parts of my online business.
Anyone can sell a $20 product online. I’ve learned a $10,000 online product/service takes a different approach.
Creators have an orga$m when they get followers.
Or if their website goes bonkers with traffic they think they’re gonna become the next Jeff Bezos. None of this matters. I’ve seen creators with 100 followers make 7 figures. My friend Dakota has $100K months with his online business and he only has 9400 email subscribers.
Vanity metrics are useless.
What makes a difference is whether you’ve built a community or become an internet marketer. Marketers bring in one-time transactional customers who focus on price and will likely never spend more than $200.
Community builders do it differently.
- They play the long game
- They’re leaders in their niche
- They give 99% of their stuff away for free
- They host webinars to solve community problems
- They have a regular conversation with their members in a group chat
This is the foundation you need to sell a $10,000 product. Community members can’t wait to buy from you.
The average person that bought my mastermind product had already spent between $3000-$5000 with my academy.
Not a single person saw my offer and said yes who hadn’t already spent money with me. I found that stat bizarre but it makes sense when you think about it. A $10,000 purchase requires trust.
People have to believe you can deliver on your promise and that you’re a practitioner who can level up their life or business with a mastermind.
This is why amateurs fail.
They launch high-ticket products, make zero sales, and then get an unpaid job calling every product/service online a multi-level marketing pyramid scheme. They love to knock NFTs, crypto and AI on their weekend too.
Rule: never listen to losers.
It’s possible to sell a $10,000 product when you have offered lower-priced products before, typically in the $50-$500 range. If you can make sales at those price points, you can gradually sell high value offers to the same customer segment.
Think of a $100 product sale as validation a person is serious about what you do and have to offer.
Many creators fail or sell nothing because they solve a problem that doesn’t exist. Took me 9 years online to understand this.
You can’t just chuck up a $10K offer and expect people to buy.
What I did was run a series of surveys with different segments of my ConvertKit email list. I then read every response. My business partner grouped them in an Excel spreadsheet and put them on pie graphs.
We thought we knew what problem people wanted solved, but we didn’t want to be wrong. So we asked, and asked, and asked.
Eventually we learned people wanted a concrete action plan to either start or grow their online business. So we made that the core part of our offer.
$10,000 is a lot of money.
For products at this price point you have to get on a Zoom call with a pre-vetted prospect and talk them through the offer. I had 98 applications for my mastermind and did about 50-something calls.
Many people didn’t qualify. But the fun part was getting to know them anyway. I got to hear so many interesting stories which inspired some of my writing.
We wrote out a 2-pager of our offer which I had in front of me the whole time. I also had a blank Apple Note open to write down what parts of the conversation resonated with people.
The more calls I did the more best practices I came up with for selling this exact $10K offer. So the calls got easier. The first calls were hard though, because I felt like I had no idea what I was doing.
I had massive imposter syndrome and doubted myself. There were multiple times when my brain just said “refund everyone and walk away ya big dummy.”
But I didn’t.
And I ended up filling up the mastermind and doing better than I expected. Mindset, mindset, mindset. It’s the key to sales.
For the people who did qualify, I sent them a written version of the offer via email with a link to enroll. After 2 days I followed up with anyone who hadn’t decided yet.
What I found interesting is that whenever I felt like I had to push people, I stopped myself. A $10K offer is either right for someone or it isn’t. If you have to get all salesy it’s usually a red flag.
Those who understand what I do said yes to the mastermind without an issue. Those who spent a lot of time focused on the price or debating the offer bought nothing.
High-ticket offers convert better without all the monkey games.
I had a set time which people had to join the mastermind by but I didn’t pressure them or use scarcity tactics. They’re red flags to intelligent people who would pay for a $10K mastermind.
Less is more with high-end customers.
As we started to fill the mastermind our confidence grew.
The natural progression is to ask people who’ve already joined and love your offer to refer others. One member referred two more high performers to us who were not already on my email list.
High-end customers know other high-end customers. Don’t be afraid to ask for referrals and increase your success with no extra effort.
All of this sounds piss-easy.
I’ve left out a huge detail:
I’ve been doing what I do online for 9 years. Many of the people on my email list have been along for the ride since the early days.
Tony Robbins taught me the average person needs to see a product or brand nine times before they’ll buy it. The fact I’ve seen my email subscribers so many times makes it easier to sell products like this.
Posting on social media every day for 9 years builds trust.
So the lesson for you is if you want to make money online, start by posting content regularly and building a reputation through an email list. Then when you’ve been in the game long enough the sales part will be a lot easier.
This realization might piss you off. Perhaps you want results faster than a few years. Just remember the average person goes to university for 4 years to get a job which the college doesn’t guarantee them of.
If we can wait 4 years for a degree we can definitely wait a year or two to build an audience and start a business that’ll eventually change our life and set us free.
The best part of this journey has been the mindset shift. I now believe I can help people at any price point. I didn’t believe this before the $10K experiment.
Build an email list. Email them for years. Then one day you can easily sell a $10K product without being salesy or selling your soul.