How to Turn Your Expertise into a $1 Million Income Stream

Introduction to the Concept

• Matt introduces himself and outlines his goal: to demonstrate how experts can generate over $1 million annually without traditional methods like coaching or consulting.

• He emphasizes that this method does not involve courses, digital products, or complex marketing strategies, making it accessible for anyone with expertise.

The Promise of Cohort-Based Courses

• Matt claims cohort-based courses are beginner-friendly and can quickly lead to significant income, potentially scaling to seven or eight figures.

• He believes cohort-based courses will become a leading educational product by 2026 but are currently underutilized, presenting an opportunity for early adopters.

Proven Success with Cohorts

• Matt shares his personal success: generating $2.1 million from six live cohorts and achieving over 400 five-star reviews.

• He highlights the effectiveness of cohorts in delivering student results compared to traditional one-on-one coaching.

Why Traditional Courses Are Failing

• The video discusses the decline of traditional information products and courses due to changes in learning preferences post-COVID and AI advancements.

• Matt notes that people are overwhelmed by static content and prefer interactive formats that provide real-time feedback.

Market Changes Affecting Education

• He explains how consumer behavior has shifted; individuals now seek clarity and execution rather than just access to knowledge.

• The rise of AI tools like ChatGPT offers personalized learning experiences, making it difficult for static courses to compete effectively.

Conclusion on Educational Trends

• Matt concludes that the education market is evolving rapidly, necessitating new approaches like cohort-based learning models that focus on engagement and practical outcomes.

Cohort-Based Courses: A New Approach to Learning

The Importance of Experience Over Content

• Cohort-based courses focus on delivering an experience that enables students to execute their work effectively, rather than just providing information.

• Traditional digital products often fail to engage customers in meaningful ways; cohorts aim to change this by fostering active participation and accountability.

Engagement and Success Rates

• Cohorts significantly enhance student engagement, with completion rates ranging from 26% to 46%, compared to traditional courses which see only 1% to 5%.

• Higher engagement leads to better outcomes and allows for increased pricing due to the perceived value of the cohort experience.

Crafting a Successful Cohort-Based Course

Step 1: Focus on Transformation

• The primary goal of a cohort should be achieving a tangible outcome within a short timeframe (4-6 weeks). Examples include running a first 5K or losing weight.

• Successful cohorts are built around simple, achievable goals that resonate with many people. Examples include "Ship 30 for 30" which helps participants publish online writing consistently.

Step 2: Structure of the Cohort

• A well-defined structure is crucial; cohorts should consist of live content totaling between four and ten hours, ensuring participants remain engaged without overwhelming them with information.

Cohort Structure and Best Practices

Importance of Cohort Design

• A successful cohort should focus on a single problem or goal outcome to avoid confusion among participants. Mixing different objectives, like weight loss and muscle building, can dilute effectiveness.

• Keeping cohorts small (2-4 features) is crucial to prevent overwhelming customers. Information overload is a common reason for course abandonment; thus, simplicity leads to better completion rates.

Example of a 30-Day Cohort

• An effective structure includes eight live sessions over four weeks, with two sessions per week. Each session should be accompanied by resources that aid implementation.

• Homework assignments (4-8 total) are essential for reinforcing learning. They can be structured as one assignment per week or per session.

Live Session Structure

• A recommended format is a 90-minute block: 60 minutes for teaching followed by 30 minutes for Q&A. Scheduling at 12 p.m. Eastern time accommodates various time zones effectively.

• Alternatives include shorter sessions (60 minutes total), focusing on instruction one day and feedback the next, which can enhance engagement and learning outcomes.

Common Mistakes in Structuring Cohorts

• Avoid extending cohorts beyond five weeks; four weeks is ideal for maintaining participant interest and effectiveness.

• Limit live sessions to no more than two per week to ensure attendees can absorb content without feeling overwhelmed.

Homework and Execution Focus

• Homework should directly contribute to achieving the promised outcomes of the program. If students complete all assignments, they should realistically attain the desired results.

• Emphasize actionable homework that drives execution rather than busy work; this ensures participants feel progress towards their goals.

Creating an Effective Learning System

• Develop a clear system that simplifies learning processes for students. The focus should be on delivering results rather than just information retention.

• Provide tools such as templates, scripts, checklists, and AI prompts that facilitate easier execution of tasks related to the cohort's subject matter.

By following these guidelines, you can create an engaging and effective cohort experience that maximizes participant success while minimizing overwhelm.

Gamification Strategies for Cohorts

Importance of Gamification in Learning

• Gamification enhances cohort programs by incentivizing students to engage, achieve results, and enjoy the learning process.

• A community prize, such as a $1,000 Amazon gift card for the most helpful member, encourages active participation among students.

• Completion bonuses can motivate students; options include group coaching calls or free access to future cohorts.

Community Engagement Techniques

• Establishing a "wins channel" allows participants to share progress and celebrate small victories, fostering a supportive environment.

• Implementing leaderboards can create friendly competition among students, showcasing their progress in real-time.

Accountability and Recognition

• Forming accountability pods helps smaller groups meet weekly to discuss progress and challenges, enhancing peer support.

• Creating a "Hall of Fame" displays student achievements and testimonials, serving as motivation for new members.

Celebrating Milestones

• Recognizing milestones with rewards (e.g., free calls or gift cards for achieving revenue goals) reinforces positive behavior.

• Contests like "win your money back" encourage commitment by rewarding early achievers who complete program requirements.

Tracking Progress and Results

• Measuring student progress through pre-course surveys helps assess effectiveness before and after the cohort experience.

• Offboarding surveys allow comparison of results across different cohorts to improve future offerings.

Creating Urgency and Scarcity

• Implementing urgency (e.g., enrollment deadlines) encourages prompt action from potential participants.

• Scarcity tactics (limited spots available in each cohort), enhance perceived value and individual attention for each student.

Social Proof and Authority in Cohort Launches

Importance of Social Proof

• The eighth step in launching a cohort is establishing social proof and authority, which is crucial for convincing potential participants of your ability to deliver results.

• If you lack product testimonials before your first launch, consider gathering character testimonials from industry peers or past clients to build credibility.

Gathering Character Testimonials

• Reach out to friends, clients, or loyal readers for character testimonials that affirm your capability as an instructor, even if they haven't used the product yet.

• Aim for two to five character testimonials to effectively kickstart your marketing efforts.

Types of Testimonials

• Video testimonials are more impactful than text-based ones; they provide authenticity as viewers can see real people sharing their experiences.

• Ensure video testimonials include full names and photos for credibility; anonymous quotes can appear disingenuous.

Case Studies and Success Metrics

• Conduct interviews with students who provided strong testimonials to create case studies showcasing how they applied your material successfully.

• Include metrics such as student count and completion rates in marketing materials to demonstrate trustworthiness and effectiveness.

Showcasing Achievements

• Highlight key metrics like total revenue generated by students or media appearances that enhance your credibility within the industry.

• Share personal achievements related to the domain you're teaching, including any awards or recognitions received.

Endorsements and Incentives

• Seek endorsements from respected figures in your field; these can significantly boost your program's perceived value.

• To encourage testimonial submissions, incentivize students during live sessions by explaining the importance of their feedback and offering rewards like gift cards.

Incentives and Structuring Your Cohort

Incentives for Testimonials

• Offering incentives can encourage participants to provide video testimonials. Examples include Amazon gift cards ranging from $100, bonus group coaching sessions, or free access to the next cohort.

• Custom feedback through a Loom video on homework assignments is another effective incentive that requires more effort but yields valuable testimonials.

Creating an Outline for Your Cohort

• Before marketing your cohort, create a structured outline detailing session content, duration, and frequency (e.g., two sessions per week over four weeks).

• An example structure includes eight core course sessions plus an orientation video and a live graduation session, totaling nine live interactions.

Orientation and Graduation Sessions

• The orientation video should be 5 to 10 minutes long, outlining expectations and necessary preparations for participants.

• A live graduation session lasting about 60 minutes allows participants to share their experiences and provides an opportunity for collecting testimonials.

Session Content and Homework Assignments

• Each session's content should be outlined with bullet points detailing what will be covered. This helps in organizing thoughts before creating slides post-enrollment.

• Homework assignments are crucial as they facilitate execution of learned concepts; these should also be included in the outline.

Goals and Completion Criteria

• Define a realistic goal outcome that participants can achieve within the program's timeframe (2 to 6 weeks).

• Establish clear completion criteria for graduation which may include attending all sessions, completing homework assignments, and participating in community introductions.

Building Anticipation Before Launching Your Cohort

Importance of a Waitlist

• Building anticipation through a waitlist is essential; it serves as an indicator of potential launch success. Aim for 3% to 10% of your email list to join this waitlist.

Strategies for Growing Your Waitlist

• Start promoting the waitlist at least two weeks prior to launch via social media teasers and dedicated marketing emails encouraging sign-ups.

Selling Strategy Pre-Cohort Launch

• Always sell your cohort before delivering content; this pre-sale model ensures commitment from participants before the program begins. Enrollment should close just before the first session starts.

Marketing Process for Live Cohorts

Initial Steps Before Launching a Program

• Prior to the start of a live cohort, only an outline and an orientation video should be created; no additional program materials are necessary.

• The speaker recommends scheduling three to four cohorts annually, ideally in January, April, July, and October.

Marketing Timeline Development

• A marketing timeline is established that includes identifying the cohort start date and enrollment deadline (usually midnight before classes begin).

• The marketing period spans 30 days:

• Days 1-14 focus on building a waitlist.

• Days 15-19 involve exclusive sales to the waitlist.

Sales Strategies During Marketing Period

• From days 20-25, live webinars are conducted to sell to a broader audience.

• Exclusive early bird offers are provided to waitlist members with strict deadlines for these offers.

Engaging Potential Customers

• Live webinars include special bonuses for attendees who purchase during the session; this strategy encourages immediate purchases.

• Recordings of webinars are shared but expire within 48 to 72 hours to ensure viewers engage promptly.

Final Enrollment Phase Insights

• Enrollment opens publicly from days 21 through 30 with multiple marketing emails sent out during this time.

• The final day often sees increased sales activity as reminders and follow-up emails target interested individuals specifically.

Conclusion on Cohort Marketing Effectiveness

• Many purchases occur right before enrollment deadlines; thus, strategic email reminders can significantly boost last-minute sales.