How to Improve Your High End Mastermind Renewal Rate
Do you have a highly successful high-end mastermind but you’re struggling to get renewals?
What does that mean?
Why would that happen?
What can be done to change that?
Are you really good at “selling” but don’t have an effective system in place to ensure that your members can appreciate all the help you’re providing them?
There can be many reasons but primarily it suggests that you don’t have a system in place throughout the year to make sure everyone is on target.
10 Quick Ideas on How to Get your High-End Mastermind Clients to Renew
1. Provide great value all year long.
2. Reach out personally to each client at least once/quarter via email or schedule a quick 15 min chat on the phone. This will keep you in the loop as to who needs more help.
3. Make the renewal conversation yourself. Your mastermind clients probably signed on because of you, and your greatest opportunity for renewal is a live conversation.
4. If for some reason you can’t personally make the call to your high-paying mastermind client, for the renewal, at least make a personal call to say goodbye and ask if there’s any last thing you can do for them?
5. Be sincere when you have the final conversation.
6. Create lifetime products that they are automatically invited to: Could be free event tickets, live stream of masterminds, call replays of current group calls.
7. Hire them to be your new coaches. Who better to understand the huge commitment it takes when someone chooses to “go big”?
8. Clearly identify who your program is for and who it is not for. Putting beginners and long term coaches in the same room and offering the exact same program might not be in the best interest of all parties.
9. Have successful members to mentor new mastermind clients.
10. Create a step by step plan for new high-end clients on how best to use and access all the materials you provide.
11. Create a system to track how far each client has come weekly and what their successes/struggles are. Document both and provide backup to see where your clients are struggling to integrate your material.
12. Create a system of milestones for each member to accomplish BEFORE progressing on to the next step.
13. Offer lifetime access to the materials.
14. Create special alumni gatherings that are just that. Simple gatherings NOT SALES events to remind them how much they enjoyed the interaction with you and your team and each other.
Ok, that’s more than 10 quick ideas, but perhaps you see the point.
Lifetime customer value is the key.
Don’t ever forget that.
What can you do today to help improve your renewal rates?