A (23:53)
Okay, so now here's where things get fun. Drop in the chat. What do you think the difference is between vehicle two, which is a low ticket somewhere in the ballpark of 99 to $350, and vehicle three, cohort based experience 350 to 999? What is the difference between these two vehicles? It is that vehicle three is inexperience. It is not different information. In most cases, it is the same information. It's the exact same information. The only difference is, yeah, it might be a little more expanded. Like in ship 30, we. We would give like 30 days of templates, for example, you know, so we created that just for ship 30. Right? Like, yeah, you Might expand it a little bit. It's not, it's not like I'm gonna teach some completely different thing. Most of the information is the same, but you're expanding it a little bit for the context of the thing. And then it's really that it's experiential. Now experiential could mean, it could mean accountability, it could mean community. But generally speaking, it really is like, just to simplify it, it's just the difference between asynchronous and live. Again, you hear it differently. It's one thing to read it, it's another thing to read it and watch videos of it. And it's another to read it and watch videos and show up live on zoom and hear it there. I mean, look at what we're doing here. Like every, everything that I am walking through here, this is, this is already inside digital writing school. Whether you've gone through it yet or not, it's all the information is already there. The reason that you're here is because hearing me articulate it allows you to learn it in a different way. That's the value, right? And then also there's some interaction. You could ask questions, right? But like, really, that's the value. And so I'm pointing that out so that everyone here, if you want to build some sort of cohort based experience, realize that it's not about reinventing the wheel, it's about doing the thing that you did in the vehicle below it, live. Okay? And when you do this, this is why the price point changes. Because if you think about it like the val, of course you're going to charge more because you're using and you are giving your most valuable asset, which is time. Right? So the price point goes up because the level of experience goes up. Okay? And this is the order in which you should pursue these digital product vehicles, by the way. Okay, so does that make sense? Vehicle three, cohort based experience. It's, it's essentially the same thing as a low ticket digital product. Now what's cool before I move on, what's really cool about these is I would actually think of them as being paired together. So you will see us do this this year because we're gonna, we're gonna execute this with digital writing school. So if you, if it's kind of meta, but if you want to like really see how this works, just pay attention to what we do. Okay? Creating the low ticket digital product is really the forcing function for you to crystallize all of your thinking. How do I explain to someone how to do the thing that I want them to do, how do I help this person solve this problem? How do I help this person unlock this outcome? When you build the digital product, it's the forcing function for you to make all those decisions and create something. Once that thing is created, you can double monetize it by going, and now I'm going to create the opportunity to teach it live. It's the same content, but it's a different experience. Okay, so when we create digital products, when I sit down for a month, two months, three months, and I work on a new digital product that I think is going to help people solve something, I'm going to put it inside digital writing school and you can go through it. But then at some point in the future, I'm also going to go, hey, do you want to do this live with me? Great. The live component is a different product. It's a different experience. Okay? And the value is that you get to hear it in a different way. It's going to hit you in a different way. You're going to learn in a different way and you probably get the opportunity to ask questions and power level your own knowledge. But these two things work together and so don't, don't view them as I have to make a decision, I have to do one or the other. You should view them as vehicle two is what leads to vehicle three. And you can and should do both. Okay, now here's where things start getting a little advanced. Vehicle four is community. Communities are typically in the range, I'm going to say anywhere from $10 a month all the way up to about 199amonth. But the real answer, I would just default to around $99 a month. Okay, what's so interesting about communities? And this took me and took us a long time to learn, Communities are actually one of the hardest business models. We have a little saying internally, which is everyone loves the idea of recurring revenue until they realize that they've just signed themselves up for recurring work. Okay, so why are communities so challenging? Well, the reason I'm walking through these, in order, why are communities so challenging? Because a community is actually the culmination of the three vehicles that come before it. Because in a community people expect information, which AKA is digital products, whether it's entire courses or mini courses. If you notice inside digital writing school, there's a reason why we have both of these. We have full blown digital products and we have these cartridges that are like these mini products. What are those? That's vehicle one. Low, low ticket, that's Vehicle two, low ticket digital product. Right. So they expect some sort of information. They also expect some sort of live component. We are doing this right now on Zoom, right? It's like, yeah, great, I want the information, but I actually want to learn it in a different way. Right? Third, Sometimes, but usually there's some sort of expectation around Q and A. Great, we talked about this. We're going to be doing this as well. People want there to be interaction. And then fourth, you want some sort of community so the ability to meet other like minded people, which is great. This can happen inside of school. We built something really cool when we were doing this with ship 30 that allowed people to meet up that we're going to, we're going to build inside DWs as well so that you can connect with other like minded people. But these four things, if you notice, are really just the combination of low, low ticket with low ticket with a cohort based experience. The community is really just the evergreen version of that. So instead of running cohorts, like we would run a 30 day cohort once a quarter, basically. So instead of running cohorts, a community is just ongoing, but because it's ongoing, you almost want to think about it like a cohort based experience that never ends. So the same way that a paid newsletter is a book that never ends, a community is just a cohort based experience that never ends. So the reason why I say that this is more advanced is, well, look at, look at all the different skills that you're combining. It's very hard to actually jump to this as a vehicle. You should just do these in order. You should build a low, low ticket product, then you should expand it and build a full blown low ticket product. Then maybe you should run it as a cohort, maybe run it as 10 cohorts and then learn and iterate, learn and iterate, learn and iterate and then maybe launch it as a community. Does this make sense? Is this clicking? Is this helpful? Have you ever heard it articulated this way before? Awesome. I'm glad. I mean these are all things that we've learned over the past, you know, five years at this point. So that's my goal here, is just open source all of our learnings and pass them along. Okay. Which leads to vehicle five, the most advanced, which would be high ticket group coaching. So the example here is this is basically what PGA is. PGA is all of these things plus usually some sort of one on one coaching component, AKA increased accountability. And it's anchored to some sort of. Financial related skill or outcome. So for example, inside of PGA we help freelance writers reposition themselves as ghostwriters and build the skills, packaging and pricing to sell premium services. What is the point of that? The point of that is to help writers generate more income for themselves. Right. Most high ticket group coaching programs are somewhere in the ballpark of around $3,000 to upwards of. I'd say the average is probably like $10,000. Okay. They're usually flat, flat fee and they last anywhere from four weeks to, I mean six months, could be, you know, maybe even a year. But usually they fall within this range. This is by far the most difficult and most operationally complex business model. I would not recommend jumping here at all. The only reason I'm sharing it is just so that you get a lay of the land. The amount of resources that it cost us to run ship 30 for 30 or for us to launch digital products and do hundreds of thousands of dollars in revenue in like five days or seven days, it's like almost nothing. These are extraordinarily lucrative vehicles. 80, 90, 95% margin. High ticket group coaching is a completely different beast. We have 30 full time team members for PGA. We, we have, I forget what the number is, but we run something like 2 million zaps a month. We, it is extraordinarily complex and very, very difficult. And so there's a reason why most people stay in this range because these, these are very easy business models, relatively speaking. And the Last 1, vehicle 6, is really the advanced version of high ticket group coaching, which is some sort of mastermind. Masterminds are typically in the range of $10,000, all the way up to $100,000. Okay. And so a mastermind is really all of these things plus value of the network of people in the mastermind. Okay. So when you join a really high ticket mastermind, you want some sort of education. You want to be able to talk to an account rep or like someone that you can ask questions with. You want to be able to show up to maybe a monthly zoom call. You want all of the things that come from all of the vehicles before it. And, and the reason you pay a premium is because then once, twice, three times a year, you go and you're in the same room as a specific group of people that you want to be in. So for example, I'll just share with everyone three years ago, and then two years ago we didn't this past year, but three years ago and two years ago we joined a mastermind specifically on building and scaling sales teams. This mastermind was $68,000 for the year. That's not a small amount of money. And we paid for it two years in a row. Okay, so that was upwards of $130,000 in the, for this mastermind for, for two years. What did we get? We got lots and lots of small, low, low ticket products that we could look at and reference and that were helpful. We had a bunch of digital products and courses to help us with individual things that we wanted to learn. We had some sort of live component. It wasn't structured as cohort, but we had a live component where we could show up to zooms and ask questions. The guy whose Mastermind, it was like once a quarter or something, we, we got to do a call with him. There was also a community component. We were inside of a group with lots of other people at our stage of business. So we got to connect with other people, made some friends, got to see inside other people's businesses. And there was a high ticket component in the sense that we had a csm, a customer success manager, an account rep that we could talk to. We would do like bi weekly calls with them. They would review some of the things that we were working on. And then on top of all of that, once a year we went to an event. Like one year we went to Cabo and we went to this big convention center and we connected with a bunch of other entrepreneurs. And you know, we got to be in the same room as people doing the thing that we were trying to do. So a Mastermind is just all the things we talked about, plus and this specific group of people. And was that worth it? Yeah, we joined that Mastermind right when we started pga and that Mastermind helped us tremendously grow PGA into what it is today. So these are the different vehicles. So whenever people are like, I want to get into digital products, the vast majority of people, they don't even know what the vehicles are. They don't even know what game they're playing. And they don't know the different price points associated with each vehicle. And if you don't know those things, then how are you supposed to be successful? Right? And what happens, what happens more often is people think, you know, they think a paid newsletter is a community or they think a community is a digital product. They use these words interchangeably, not understanding the expectations the customer has at each level. If a customer joins a Mastermind and you give them a low, low ticket digital product, they're going to be pissed. Right. And so it's really important to understand what, what are the expectations the customer has so that you can deliver on them? And, and also from a pricing perspective, one of the biggest mistakes that people make is they pick price points that aren't related to the vehicle they've chosen. So they're like, I'm going to start a paid newsletter that costs $300 a month. It's probably not going to work, right? Or I'm gonna, I'm gonna do a cohort based experience, but I'm gonna charge five grand. It's probably not going to work because at that price point, people are expecting something different. They're expecting something more like high ticket group coaching. So does this make sense? Does everyone get this? I felt like this was a really important topic to cover is you have to understand what game you're playing, what, what expectations the customer has and what expectations you're setting. When you pick the price point that you are, the price point reinforces the vehicle, which sets the expectations.