Amazon Masterminds – Are They Worth It?


Paul Harvey joins to discuss Amazon Masterminds, the big ones, the key to setting one up and keeping it going.

What is a Mastermind?

  • Horrible pretentious term but no replacement for it
  • Bias: Danny is in a Mastermind that he setup in the UK which is not paid for
  • There are upgrade ticket sales to attend some public speaking mastermind sessions that Danny is in
  • You can stretch a mastermind to 2-3 days etc,
  • Or you can do speed-date tables where the Big Sellers can move around tables to share with lots of people all at once on a more intimate basis

Mastermind experience

  • Paul is in the group with Danny
  • Paul has paid for Masterminds in the past
  • 100% of the reason for Paul’s success is down to Masterminds
  • The best ones are the ones you setup
  • It’s the networking in the Mastermind that you go to and groups and connections after that is so important
  • First one for Paul was on ASM1 and when ASM2 came up he thought he needed to up his game and so setup his own Mastermind group
  • The people in the group are all 6 and 7 figure sellers
  • Paul made sure that every two weeks they got on a call on Skype

Danny setup his own Mastermind

  • Danny setup his group as a physical meeting as the on-line stuff fizzles out
  • They meet in London at a venue with food
  • Sometimes they do hangouts
  • Two guys in the group pay $25k to go to the  States to attend paid-for Mastermind
  • Danny doesn’t charge as he wants to keep the purity of the group and wants it to be people helping people

Setup your own Mastermind

  • You can go and setup your own Mastermind
  • Danny started out with 4 people and others rejected him
  • Now it’s working very well and has people in the group doing £500k per month

Balancing the Group

  • People want to be in Amazon Masterminds but are not yet to the point they need to be
  • Costs too much for people to pay to get into the group
  • Danny has rules for who can come into the Mastermind group
  • Needs to ensure whoever joins, people can learn from them
  • No good having people in the group who sell a lot but can’t work with the other members as it will damage the dynamic

Keeping it going

  • The person who setup and manages the reigns of the group are so key
  • Most groups die-off after a year or so
  • It needs to keep its energy and benefit to the members
  • If people come in that want to learn but can’t give, then the more experienced members might get fed-up and leave
  • Difficult to keep the balance

Your time in the group

  • Did Paul make money off his groups?
  • If you setup your own group – you have to be an equal and help out
  • Pick the attendees with different skills to ensure there is cross-polination and everyone excels
  • Paid Masterminds are usually around an event and so peter-off after a while after the event
  • Most of Paul’s day in running the mastermind group is spent helping others out
  • The ones you setup on your own and put the  work into they are a lot more beneficial
  • Paul will be flying from South Africa to the UK every 2-3 months to spend with 10 of his colleagues to share and learn in a mastermind

DIY event

  • If you have no budget you can do things
  • Just arrange to meetup with others at a suitable venue
  • If you have lots of budget then by all means consider a paid-for event
  • But do think about what you want and what you’re paying for
  • Are you going to ‘look good’ or are you really going to attend it and build connections and learn

The £25k Masterminds

  • Paul has attended £25k Masterminds
  • If you join one of these, what are you ofering
  • Spending the money does not make you successful
  • The relationships are the key, and if you can share tactics of your own that are worth the £25k then others there will reciprocate and your success will grow
  • You have to like the people that you’re joining
  • You have to get over the idea of ‘what’s in it for me’
  • Paul’s new bot software is coming out of the discussions and relationships built in Danny’s Mastermind

Collaboration and Networking is the  Value

  • Some of the group have started businesses together and are collaborating
  • Danny had a significant problem in his Amazon business and he went out to the group and asked for support and the advice he had back was phenomenal
  • Having a Mastermind being able to talk through the mistakes made openly with the group saves the other members from making those mistakes – very valuable

How to pick a good Mastermind?

  • Danger of paying, turning up and getting a sales-fest of trying to upsell you
  • Monthly thing or a trip to abroad
  • Is there an affiliate link in their ad?
  • How many pitches are there going to be – warning sign
  • Big sellers go off and do their own little Mastermind on the side – you’re paying for their trip and not benefiting from their knwoeldge
  • Are there Amazon Masterminds near you – helps with the networking afterwards if it’s close
  • These trips to Bali for only sellers doing $10m per year with only 10 seats – it’s a higher level Mastermind and very limited and that’s fine
  • Paul has talked about a Mastermind where people live in the House for 2 weeks and in the day you work through things and in the evening you relax

Closing

  • Pick your Amazon Masterminds wisely
  • Go for the right reason
  • Do the background research to avoid pitchfests and snakeoil – avoid screaming value ad long sales pages with affiliate links
  • Will people in the group tell you what their product is – warning signs if people are being secretive is a warning sign
  • If you can’t get into a group, look for another one or setup your own
  • Spend some of your time everyday just helping people with no strings attached – people get to know you are a good guy and doors open

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