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Should I Join A Mastermind Group? 2023

As the owner of a small independent insurance agency, I try to bounce ideas off of some of my colleagues from time to time. I enjoy finding out how they handle certain situations or use their marketing budgets (if they even have one). Recently I was on the phone with another agent and sharing some prospecting tips someone had shared with me. (We like to "show off" our knowledge sometimes.) That's when it hit me. "Would you be open to doing a three-way call, maybe once a week or so?" I asked her. She thought it would be a great idea. 

After discussing it with the third agent we agreed on a day and time to meet. He already had a Zoom account set up so we tried it as a "trial period" just to see if we would get any productive information out of it. Three months later we are still meeting on a weekly basis and our group consists of about 4-6 people, depending on their schedules. 

Even though we all sell insurance, there are a few facets of this group that I think are worth sharing, no matter what industry you are in.

  1. We come from different backgrounds and experience levels. I am the senior member of the group as I have been selling for longer than the others. I've worked with all sorts of carriers, but that does not diminish the others in that they are stronger in some products, such as Medicare, than I am. One is more tech savvy than me and has shared some great marketing ideas. We all complement each other.
  2. We are in the same industry. That sounds redundant but some mastermind groups like to have people from various industries. I understand the logic but for the purpose of our group I need people who have been in the trenches like I have. Plus it's nice when you can complain about the job to people who understand.
  3. We are not competitors. Even though we all offer the same products, geography has set us apart. One of the agents is about two hours south of me while the others are about seven hours away in the other direction. 
  4. We don't charge anyone to be in the group. I have had people invite me to join their mastermind and then drop the "Of course, we have dues" crap. No thanks. We do this on our time with the understanding that we are sharing useful information. Adding money to the mix would definitely alter the DNA of the group. With that in mind, I seriously doubt we need to add anymore people for now. 
Honestly, it has been a great experience. Instead of an hour of coaching or having a manager ask for numbers we have open an frank conversations. We have settled into some sort of a routine where we discuss how our week is going, if we have been busy, what we have sold, etc. Keeping the group small allows us to interrupt each other (I'm rude like that) and ask questions of the others. For instance, if one of us is discussing a new marketing plan, I may jump in and ask one of the others "Didn't you try that last year? How did it work for you?" I can't imagine doing that with more than four people.

Towards the end of the hour we do our "accountability" part, but no one's feet are held to the fire. If the previous week someone said they were going to send out ten mailers, but this week they said they only got out five, that's okay. Just acknowledging that it didn't get done is better than making excuses. 

In the beginning of this exercise I kept my expectations low, but I have gotten so much more out of this weekly conversation. If you are not part of a mastermind group, consider creating one like we did. Find people you know and trust (so they won't steal your business) and try it out. 

Chris Castanes is a professional speaker who helps sales people succeed through workshops and humorous presentations. He's also the author of "You're Going To Be Great At This!", a humorous look at sales. For booking information, click here. He's also the president of Surf Financial Brokers selling life and disability insurance in several states.

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