One thing that really grinds my gears is when I see or hear people mis-appropriate programs, especially the creators of those programs and products. I’ve seen people call books courses and called Masterclasses coaching.
The biggest misappropriation I see, is confusing Masterclasses, Masterminds and Memberships. Allow me to clear the air and highlight the differences.
MASTERCLASS
A Masterclass can also be referred to as a workshop or a seminar (if it’s online, it’s called a webinar). However, Masterclass are taught by Experts on the particular subject and there is just ONE objective being taught. Masterclasses can run from 1 – 3 hours and are usually mid-ticket programs. My $1000 in 30 Days program is a Masterclass.
MASTERMIND
A Mastermind is like a group coaching program but with a very specific set of results. There are different types of Masterminds, depending on the objectives and the members of that Mastermind.
Peer-to-peer Masterminds are Masterminds that involve a group of friends or peers coming together to solve each other’s problems for a period of time.
One-to-many Masterminds are masterminds that involve an expert helping a group of people achieve certain objectives. They usually include regular trainings, live calls and feedback on assignments or challenges.
Masterminds can be 1 month, 2 months, 3 months, 6 months or 1 year, depending on a number of factors. My School of Influence program was a 3 month Mastermind.
Masterminds are a great way to ensure sustainable income because the launches are planned well in advance and there is time for marketing.
MEMBERSHIP
Memberships are like ongoing Masterminds but with less hands-on approach by the founder. They usually last about a year or more and come with special perks for members.
There must be a specific objective for the membership as the founder provides ongoing support for members as they achieve this objective. My SPA Program is a membership.
Memberships are also great for sustainable income but you must be ready to launch every single month and be mindful of attrition rates.
I’ve loved Memberships so far this year and my Membership program has contributed to my income for the year.
