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As usual I almost always do something myself before I try to teach it to someone else and this topic is no exception. I've had my mentor program for several years so I now have some experience to tell you about. And yes, even though this is not a physical product, it is a product.
What are the benefits to you?
· Mentor programs are a way to help more people in a cost effective manner, my consulting fee is nothing to sneeze at. This allows me to attract more participants to the program because it's a bigger bang for the buck
· It's an additional Revenue Stream for your business.
· You can multiply yourself. When you are on the phone with many people your knowledge is being sold at a cheaper rate, but in more volume. Similar to doing a speech with potential customers in the crowd.
· You create better results for people because you are with them over time. This in turn will create an ever expanding group of people who will promote you more enthusiastically and credibly because they actually got good results.
· A mentor program provides a group of people under your control for back end product sales -- They are a more qualified and ready group for back end product sales and recommendations. (You better be darn careful not to recommend something that is junk or you will lose their loyalty.)
Benefits for Mentees
· Access to a credible source that really cares about their success. Help with the hundreds of decisions that face them.
· Networking. -- Many mentees are making deals with other mentees because they have a complimentary idea.
· Synergy -- Part of the program to this point is that I talk to mentees while other mentees are listening. A tremendous number of ideas are presented in any one session. When I'm talking to Joe, Dan is listening. When I talking to Dan, Joan is listening, etc.
· Discounts -- on things they were probably going to purchase from me anyway.
· Pricing -- Corporate mentoring can command a higher price from $4500 per year to $15,000 a month or more. Small business mentoring can be $2500. Individual mentoring can be $1000 or more a year. All these figures are just made up but they are generally representative of the relative amounts you can get depending on your market. Your notoriety, the service you're offering and many others factors will determine how much you can charge.
· Pre-requisite Sales -- My mentees must have about $600.00 worth of learning materials before they are allowed into the program. This helps to insure their success and keeps them from being lost and wasting time with simple ideas they could easily learn on their own. Recently I've raised the price of the program and just include the materials.
· Back end Products -- Mentees are prime candidates to purchase other products and services from you and to recommend your products and services to others.
How to Get Mentees
· Recruitment -- Try to get the "right" kind of mentees. Here is my overriding principle- Your mentor program will help quality people get better and achieve more. It is unlikely you will take non-quality people and turn them around. (I'm not doing any kind of judging of people here. I just know that certain types of people have little chance of success in my program.)
· Put notice on your website http://www.GreatInternetMarketing.com/mentorprogram.htm
· Put notice in your Ezine
· Tell people about it in person
· Tell them about it on the phone
· Use affiliates to recruit for you (You must be careful that they don't recruit people that have little chance of success)
· Speak at events