227: Expert Secrets To Masterclasses That Convert

Melissa [: 00:00:00

Hey, hey, hey, I hope you guys enjoy these what I'm calling podcast shorts for my burnout to all out community. This is just a little peek behind the curtain of the coaching that goes on inside of my programs. We're bringing to you some of the best nuggets and coaching I'm giving, within hot seats of all of our different programs, whether it's our LinkedIn Method Academy, our Mini Mastermind, Business Basics, all the way up to our higher level Mastermind. If you're hearing some of these questions, and you're like, man, I wish I could get my burning question answered by Melissa. Hey, guess what? You could be featured on my podcast. If you've got a question that you want answered and you submit it to my team and we pick it, we will bring you here to the podcast for our podcast shorts and, do a hot seat with you. Where can you submit your questions? Send them to team burnout to all out.co. We'll make sure we drop that in the show notes for our podcast shorts.

Melissa [: 00:01:02

And I hope that you guys find as much value in the shorts as our clients do inside the program. Need some effective tactical advice that actually helps you get results and makes a real difference in your life and business? You've come to the right place. If you're finding yourself here today, it means you're getting ready to gain serious traction in your business, rapidly multiply your income and impact, and you're ready to make it happen while living all out. Guys, I'm Melissa Henault, your trustworthy corporate dropout turned 6 figure business burnout turned happy and healthy CEO of a multimillion dollar online business, and you're listening to the Burnout to All Out podcast. On this show, we're serving up innovative growth strategies, simple implementation methods to put them into practice, and action stimulating inspiration tailored specifically for the modern entrepreneur. Let's dive in. Todd, how's it going, my friend? Are we getting clear with our avatar and our brand on LinkedIn?

Todd [: 00:02:19

We are. I'm still playing around with it. I'm trying not to, like, overthink it, but I really wanna get to some pain points and stuff like that. So I'm working on it. I'm due to do my profile assessment this week, and I've definitely kind of the wind of the week is I'm kinda looking at my about section and really kinda looking at it from a perspective of standing kinda above the noise with burnout. Like, everybody talks about burnout, but, like, not a lot of solutions on it. So I'm really working on that, and that's a win. But my question was is I did a webinar, and it wasn't related to my avatar, and it was great.

Todd [: 00:03:01

And so my question to you is I'd like to do, like, a master classes to really bring awareness. And I know, like, for you, you gave so you talk about so much value free. Like, you gave, like, what, 8 days of, like, insane amount of content. Right? Now do like, I see people like, hey. Do this math for class for, like, $12. You know what I mean? Like, what's a your strategy on kind of the steps? Should you do, like, a 3 day master class for free? And if you do it for free, do people show up? That's you know, going around in circles on this. And then what do you link it to? Because, eventually, I would like to do probably, like, a 6 weeks paid class, and then a group coaching is, like, kinda where I like to end. And 1 on 1 as a result of group coaching, but that's something you have conversations with offline.

Todd [: 00:03:59

You know what I mean? That's kinda where I'm at. So what your kinda strategy on getting started just to get some awareness and bringing people into that?

Melissa [: 00:04:09

Yeah. So this may surprise you guys, but I'm 4 years in, and I've never done a paid master class. It's all been free. And since I launched my coaching business 4 years ago let's see. 1 1. We've done 6,000,000. We'll have done 6,000,000 at the end of this year in revenue, and I've never charged for a master class ever. So I'm biased you're asking 1 person whose strategy has they really stuck to their guns.

Melissa [: 00:04:46

Here's my thing. Like, there can be some debate around, well, if they even charge just a little bit their skin in the game, But you're also only going to have people sign up who are willing to pull out their credit card and give you money. And my whole premise of a free masterclass is an opportunity for me to prove value that you wanna invest further. Right? Don't let my 9 day master classes overwhelm you guys. You don't have to do 9 day master classes. Part of it depends on the price point. So there's a lot of psychology on anything over $3,000 If you're gonna run a masterclass to a totally cold audience, your conversion rates are gonna drop significantly if you don't spend more time on them. Meaning, if you spend 2 days with them and then try to pitch them on anything over $3,000, you haven't earned the right for them to invest yet.

Melissa [: 00:05:46

So it's very strategic that we do 9 days because we wanna make sure you are really comfortable and confident in your investment. And our price point is $5,000. Right? We also have an evergreen funnel up in the air, like, I'm proverbially, like, it's a evergreen. It runs all the time, And it's a 60 minute masterclass. But it's a $999 investment. And people just buy it. And I don't have to show up or do it right. Totally different target audience totally different in product.

Melissa [: 00:06:20

They don't get this interactive live coaching. So it's kind of a tiered approach, like the people who want the intimate coaching, they want to be supported, they are in it for kind of a longer game. And the price point's a little bit higher. You gotta earn that right with them. That's my experience, and that's how I was coached by my mentor. I would argue though that depending on the product, even at a 5 to $8,000 price point, you don't have to do 9 days. So our business basics accelerator, don't hold me to it, because I can't remember exactly. But I think our price points like 698, like 6000, close to $7,000 We've actually never done a public webinar on it.

Melissa [: 00:07:07

We always just internally, our clients, like, ascend through it. But we are working through a business plan for next year to actually publicly launch it and it will not be 9 days, even though it's a higher price point than LinkedIn Method Academy. Because if you guys think back to your master class with me with the particular product we sell on LinkedIn, a lot of people aren't familiar with LinkedIn. And we have to spend a couple of days building our confidence that LinkedIn is even the right platform to be on before we can even get into the content that brings value and change and get early breakthroughs and wins with us streaming live. So we believe that the psychology of what we do with LinkedIn method really takes 9 days to sell. Because if you go back to our masterclass, 1st 2 or 3 days is like how LinkedIn is different to the other platforms. Right? How the market landscape looks different. Like, we have to get your buy in before you're willing to listen to the rest of it and actually make changes.

Melissa [: 00:08:02

Right? But your end product or service may not need that runway. Like, with our business basics, it is like lockstep the 6 core projects to turn on and scale an online business. Most business owners already know that they either need us or they don't. And then when they come into our masterclass, we're also gonna be leveraging the fact that we're a proven product of what we do on the back end and the results that we're getting. So we're not having to get the the buy in on the core components of an online business. They already know they need it. We're gonna just gonna be coaching through a couple of preliminary breakthroughs, like, for instance, an opt in. We're looking at one of the big things they'll do with us in the masterclass is build their opt in.

Melissa [: 00:08:49

Right? But at the end of the masterclass, it's like, what are you gonna do with that? Right? Do you have an email sequence put together? Do you have your offer ready? Have you priced it right? How are you creating conversion events? Right? And so we can give them an early breakthrough in a master class, but still sell people into our program because they get a breakthrough with this one thing. But then what are you gonna do with that? Let me show you the path of how you can take that and execute flawlessly with our support. Right? So I don't want you guys to be afraid to give away some good stuff during your free classes, but you have to have a game plan of how you hinge on that. Give the breakthrough, give the value, but know that you have 10,000 times more value on the back end. But getting those early breakthroughs for free are a lot of times what win people over. I mean, how many of you started running your analytics in the masterclass class, and within the first couple of days, you're like, holy cow. My impressions are going up. Oh my gosh.

Melissa [: 00:09:47

People are messaging me. Oh my gosh. Yeah. Like, Melissa's right. Right? Like, you're all here, and it was free. So I could talk about this all day long, but I do think that price matters on how long you do it. How much you need to create buy in on whatever it is you're selling may matter with the link. But if you're offering something under $1,000, you can do a 60 minute webinar and close people that day.

Melissa [: 00:10:17

Okay.

Todd [: 00:10:18

That was helpful. I'm gonna just keep it simple and and play around with it for sure. Cool. Thank you, Melissa. I appreciate it.

Melissa [: 00:10:25

You are so welcome. And I was trying to think there was something else I wrote down. No. I guess that was it. Yeah. Have fun with it. And, yeah, just have fun with it. I think the biggest mistake or lack of clarity that I see with people who attempt to do master classes is they don't understand their numbers, meaning they don't understand how many live human bodies you need on screen to convert to your sales goal.

Melissa [: 00:10:57

Right? So let's say your sales goal is 20,000 in revenue and your price point's 5,000 per sale. Right? So that's 4 people. Well, typically, a conversion rate is between 25%. Right? And those of you who listened in a little bit earlier today heard me kinda talk about this. But then you have to reverse the engineer the numbers. Right? If I want 2 to 5%, if 2 to 5% is what's gonna purchase and I wanna hit a 20 k mark at a 5 k per sale, now you gotta reverse engineer those numbers. Right? It's simple math. Right? So if you have a 100 registrants and 5% purchase, that's 5 registrants out of those 100, then you do a 25 k sale.

Melissa [: 00:11:42

Where the reason I bring this up is I'll have clients in our business basics program, and they're like, oh, I've got a launch next week, and I'm hoping to crush $100,000. And I'm like, how many registrants do you have? And they're like, 12. And I'm like, what's your price point? And they're like, $10,000. And I'm like, you don't have a big enough runway, and you don't have nearly enough people sitting in seats to present to realistically get those numbers. Right? So I'm just sharing this with you guys because I want you to be business owners and not, like, hobbyists. I think there's a lot of power in knowing your numbers. I know that for us, it's very formulaic and lockstep now. And it doesn't happen overnight, but over time, you can get really comfortable with your numbers and then know exactly the amount of bolus like audience you need to meet that conversion rate number that you're looking for.

Melissa [: 00:12:33

Thanks guys so much for listening in on today's podcast episode, And I can't wait for you to see my upcoming guest in the next episode. You are going to love this keynote speaker. Hey, here's the deal. If you like this, please subscribe and leave a review. And you want the latest online business growth strategies and exclusive LinkedIn pro tips sent straight to your phone? Text the word update to 704-318-2285. That is text the word update to 704-318-2285. Can't wait to see you guys. Come find me over on Instagram, LinkedIn, Facebook, wherever you like to hang.

Melissa [: 00:13:19

Cannot wait to hear how you are enjoying and applying what you're learning. You guys reach out to me over on social because I love hearing what's resonating with you. When you reach out to me and you send me those personal DMs, they really do impact the content I continue to bring forward to you. So again, come find me, melissa_henault over on Instagram, Melissahenault over on LinkedIn and Facebook. Can't wait to see you guys over there.