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Business Lunch Podcast Episode Notes
Episode Title
Cultivating Success: Navigating the Speaking Industry with Kane Minkus Host: Roland Frasier Guest: Kane Minkus Release Date: [Insert Date]
Episode Summary In this episode of *Business Lunch*, Roland Frasier converses with Kane Minkus, an accomplished speaker and entrepreneur. Kane shares his journey from obscurity to becoming a prominent figure in the speaking industry. The dialogue covers the complexities of responsible selling, the importance of delivering value, the challenges posed by the COVID-19 pandemic, and adaptations required for virtual events.
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Key Concepts and Discussions
Kane Minkus' Journey
- Background: Kane and his partner Alessia have created a successful business that conducts events across multiple countries, aiding early-stage entrepreneurs.
- Focus: They primarily help businesses grow from less than $500,000 to over $1 million in revenue.
The Speaking Industry
- Value Delivery: Kane emphasizes the importance of providing substantial value to audiences and simplifying presentations to enhance accessibility.
- Promoters’ Role: The conversation highlights the dynamics of working with promoters, revenue splits, and the necessity for partnerships.
Adaptations During the Pandemic
- Transition to Virtual Events: Discussion on the frustrations and challenges faced when moving from live events to virtual webinars and the subsequent need for a professional online setup.
- Building a Studio: Kane invested in a dedicated studio to improve the quality of online presentations, elevating the audience experience.
Event Pricing and Engagement
- Pricing Strategy: The pricing for online events is adjusted compared to traditional live events, with a preference for larger audiences to maintain energy and engagement.
- Mentorship Programs: Kane targets higher attendee volumes to identify suitable candidates for mentorship and investment programs.
Business Model Evolution
- Partnerships and Investments: Discussion on diversifying their business model to include investments in services, physical products, and an upcoming tech venture.
- Shift from Education Sales: Kane's business model now focuses on partnering with businesses rather than selling educational content, emphasizing mentorship and collaboration.
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Episode Highlights
- Engagement in Virtual Events: Importance of creating immersive online experiences to capture audience attention.
- Revenue Model Changes: Adjustments made to monetize virtual platforms through sponsorships and premium content packages.
- Investment in Quality: The necessity of investing in technology and production quality to stand out in the virtual event space.
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Key Takeaways
- Hustle and Opportunity: Seizing opportunities and hustling is vital in any business, especially in the speaking industry.
- Value Creation: Delivering value is fundamental; presenters must focus on teaching while simplifying their messages for clarity.
- Adaptability: The ability to adapt to changing environments, such as the shift from in-person to virtual events, is crucial for success.
- Community Engagement: Building and engaging with a community enhances learning experiences and business opportunities.
- Mentorship Importance: Having mentors and advisors is essential for accelerating growth and overcoming challenges.
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Timestamps
- 00:00 - Introduction
- 05:23 - Identifying Partners
- 13:21 - Delivering Value
- 19:34 - Closing The Deal
- 21:58 - Live Events & The Pandemic
- 27:23 - Virtual Summits
- 34:25 - Challenges Of Planning
- 43:54 - Take The Leap
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Conclusion Join Roland Frasier and Kane Minkus for an enlightening discussion that traverses the complexities of the speaking industry, the importance of adaptability in business, and the evolution of a successful business model. The insights shared in this episode are invaluable for entrepreneurs and speakers alike.
Connect with Kane Minkus:
- [Industry Rockstar](https://industryrockstar.com)
- [Facebook Page](https://www.facebook.com/IndustryRockstar)
Join Us Next Week for More Insights! Subscribe to *Business Lunch* for more conversations and strategies with successful entrepreneurs.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00I understood how important it was to have world-class thinkers on your team. So I wanted that for small business owners because they typically couldn't afford it. And so, you know, having gone through about a dozen different world-class mentors in my 20s, I wanted to bring that. So that was one thing I was obsessed with, and I recommend people get obsessed with world-class quality stuff. How much more successful would you be if you had lunch once a week with insanely successful entrepreneurs who shared their biggest secrets on how they think and achieve success? Grab your seat at the table, because this is Business Lunch with Roland Frazier and Ryan Dice.
0:37Welcome to another episode of Business Lunch. And today's a snackable episode with Roland where he's going to get into some more tactical strategies that you can start using to live a rich and happy life. If this is the first snackable episode you're hearing, I'd encourage you to go back and listen to some of the other episodes that Roland has put out. And if you want to get notified every time we release a new episode, go to the new businesslunchpodcast.com website and we'll send you detailed notes along with every episode. That's businesslunchpodcast.com, www.businesslunchpodcast.com. And you can sign up for the free email newsletter where you'll be able to get all the highlights and resources from the episodes.
1:12Hey, everybody. Roland Frazier here. Welcome to Business Lunch. I am excited today to have my guest and friend, Kane Minkus. Kane, welcome to the show. Hey, Roland, thanks for having me. Lovely to be here. It is wonderful to have you here. So I would love to, you guys have built an amazing business that has events across like three to four dozen countries and tens of thousands, if not hundreds of thousands of attendees every year. And I just, again, and then you had this big pivot that you've been making as a result of the challenges that happened with the shutdown and things like that. Would you just kind of give people an idea of like, you know, who you guys are, you and Alessia and what you've built up?
1:55And then let's talk about the story of kind of how you're making changes to the model and everything going forward. Does that sound cool? Sounds perfect. So who we are. So we're both serial entrepreneurs and we started many, many companies that I'd say were from micro to small. So our largest company, Alessia's largest company was 30 million a year. My largest company was 20 million a year. But we started many, many of them. I started about 24 different companies throughout my 20s for different reasons with different partners and things like that. I'm from the States. She's from Europe. And although we only met eight years ago, when we met, we realized we were almost like the same person cutting into two different bodies.
2:30And luckily, she was beautiful and smart, but didn't speak any English when I met her. We'll talk about that story later on. But anyway, she was a serial entrepreneur in Europe. She'd started seven companies where she was 30. And so we have this passion for working with early stage entrepreneurs, helping them get things either launched or scaled in that early stage. Usually our students at our events are, let's say, under half a million, and we look to help them get up to, let's say, a million plus in their revenue. That's kind of our focus. So I actually started this company 15 years ago, and we've had about…
3:01My company is… My company is Industry Rockstar. Thank you. Yeah. And we've had 3 million people go through our stuff, whether it's online or offline. and we've had about 550 ,000 go through our conferences throughout the years. We do it in 32 countries. So we've touched a lot of lives. We've been around a lot. And what's most interesting is we really get to see what's working and not working globally. And we hadn't just done it off the internet. I say hadn't because the virus has certainly changed everything. But we actually had been circulating 200 days a year to 30 different countries personally.
3:30So really getting to sit down with these business owners all over the world and say, what's working here? What's trending? What's not working? and really just bring these great techniques to people across the world. I would love to explore that before we get into kind of how you've pivoted. How the heck do you serve 3 million people in all the different countries that you're in? I mean, and really, you did it from a cold start. What does that process look like? And then how would you adapt it knowing what you know now about events? It's just not taking the pandemic into consideration. Yeah, yeah.
4:07So prior to all that, I mean, you know, we focused, so let's go back to how did we do it all? We really focused on, I'd say we focused on sales. We actually, we never had a challenge with sales at our business, meaning I never had any issues with sales. And I always felt that sales was a pathway to having people commit to bigger games in their lives. So we really focused on that early on. So when I started this business, my original business partner, his father actually started a company called Odesk, which is now called Upwork. And so we had both had significant kind of backgrounds in entrepreneurship, and we really wanted people to engage and learn, and we want to work with them.
4:44We work with them holistically, so we work with them on what they have to do. We work with them on their mindset. We kind of combine this together like a systemic look at their whole leadership of their business. So because we were so focused on sales, funny enough, and I think this is a little bit of a different story than how a lot of these guys, you know, get us. We actually didn't focus on marketing at all and didn't care at all about marketing. We really just look to leverage people's groups and communities. And we look to just say, you know, Hey, we had absolutely no real good marketing skills at that time.
5:13In fact, especially the internet stuff. And so we just continue to look for other people we could partner with. So partnerships were a huge deal at our company. They still are to this day. We look for lots of partnerships. and how do you go about that? Like, like, how do you, so, and, and cause this is for people who, this is us kind of giving back to the entrepreneurial community. And there's some people who are looking to start in businesses or add something. And so let's talk about that partnering. So, because you're, you're starting from a cold start and you're not marketing. So this is great.
5:42How do you do that? Like, how do you identify who you want to partner with? And So we worked pretty diligently on what would make us different. So we wanted to be able to really understand what differentiated us so that we could approach people, whether they were well-known leaders or influencers in the marketplace or whether they were not. Didn't make a difference. We wanted to make a list of like your target, your ideal 100 or something like that. We absolutely started with a wish list. And some of that wish list was outrageous. We had Richard Branson on that wish list. And we had big names, Tony Robbins.
6:15And then we just had local people like meetup groups. And we just made a whole wish list saying, here's who we need to be talking to because they have great communities. So community. Where did you start in terms of geographically? We started absolutely locally. We're from the San Francisco, Silicon Valley area. So we just started right here. And we started calling, literally, I mean, if you want the mechanics, we started picking up the phone, calling and emailing people that had meetup groups that had communities, rotary clubs, anybody that had a local group. There was a lot of women entrepreneurship stuff going on, networking groups.
6:45I mean, we even found ourselves in groups that we should not have even been in. We would go and speak at places where they were looking for jobs, and we were teaching entrepreneurship. That's great, right? An entrepreneurship better than a job. And what were those calls like? Like, what do you offer them? Is it just to come and speak or to speak and sell, or how did that work? Well, yeah, so this would have been back 15 years ago or 17 years ago when we started. So we would literally call or email. I think we used to meet up a lot at that time, which I think is not bearing as much fruit for people these days, but it certainly was at that time.
7:18And we would email a leader of a group or call them, however we could get their information, and we would say, this is what we do. We'd kind of share a value proposition right at the top. So we'd say, here's what we do. Here's who we focus on. Here's what we do. Here's what makes us different. We would love to come speak at your group. So we were very direct about it, a lot of hustle. And we said, we'd love to come speak at your group. What do you think? How can we add value? And this was an important question that we'd always ask them is how can we add value to your group? So it's something a little different than I think how a lot of people say, set your presentation and go out and just tell people what you do.
7:50We actually didn't do that at the beginning. Nowadays, of course, we've done it so much. I know kind of how to position and what we should be doing. But at the beginning, we would say, how can we serve your group? And sometimes they'd say, well, we just had somebody in on sales. So could you talk about negotiation? Or we just had someone in that's done all that kind of stuff in business. could you guys talk about NLP or influence skills? And then we would say, sure, because we'd always say yes, whatever it was. Sure, we could talk about circus clowns and wine. No problem. And we would then say, okay, let us – well, and then we would say, let's book a date.
8:24So real specific, we'd say, yeah, we could do it. Let's book a date because the calendar is the most complex part. And assuming that it works out, assuming that this works out, we'd come. At least we have a date in the calendar. So we'd get a little commitment from that call. and you know more more often than not they say okay well here it is march 15th that's probably our next one it would also give us a sense of how far away their opportunity was right and then we would go and we'd create a little proposal which we did have start to become kind of the standard proposal on our laptops and we'd send a proposal that would give a little cover letter it would say what the presentation is that we were kind of creating for them give some bullet points a little description as to what the takeaways and then uh you know a little bit of our history who we were what you know the value we were going to provide and you know that kind of stuff and then we just sent it to them via email, PDF, boom.
9:06And we would follow up with them a couple of days later and say, I hope you got that. Let's lock it in. And that started the flow of presentations. And within probably two or three months, we had booked three to five days a week. We were speaking all around the San Francisco Bay Area. We live in a good area where there's a lot happening, a lot of groups, a lot of boroughs and things. I think most people that live in major cities can get the offline thing happening relatively quickly. Yeah. And what's cool about that, that I think people should take away from this is that you don't have to travel to 200 cities and multiple countries.
9:41You did that all initially in just that one area and you were speaking four or five days a week, right at different groups. Cause there's so many songs. Yeah. And we actually have a little technique I teach as part of it. We teach a speaker training where we teach people how to speak all over the world. And there's a tip that I actually share, which I normally don't, but I will for your group, which is there, there's a great tip that when, when we would present, whether we would sell something or not. And we kind of got into the selling thing early on because we didn't have a brand. So we weren't going to get hired as keynotes.
10:06Nobody knew who we were. So we said, look, if we want this to be a sustainable, interesting thing, we need to sell something. So after we would do some sort of pitch, whether it was for an online product or for a live seminar, which was our focus, we would come back up to the front of the room and we'd say, hey, who here really enjoyed the presentation and put their hands up and say, great. Who here is in another group or community that meets once a month, once a quarter or once a year that's got at least 25 or more people in it. And invariably, a handful of people would keep their hands up. And they would say, if you'd be so polite, take your card out of your pocket or your purse or whatever, hold it up in the air and our assistant will connect with you and see, you can connect us to the leader of that group and we'll see if it's good for us to come add value to that group.
10:50So smart. And invariably At every single presentation, we would pick up another five to seven cards. Two or three of those would turn into another presentation, and it would just keep rolling like that between our hustle and that request. We were book solid within months. How did you turn that into money? Well, so naturally, we had to decide what we were going to offer. And like I said, we had seen – I actually knew nothing about this world. I came out of B2B businesses, B2C businesses. You came out of real business, as we like to say. I had never seen this world where people were like, I've got my five tips.
11:23I'll show you two and then buy my program. I had never seen that before. So I started to see some of that. And of course, I had actually never seen Tony Robbins either. I mean, I was really green in this whole world of speaking. But when we did start to see the options, we noticed that there were keynote speakers, people who were getting paid flat fees, and they had brands and books and things like that. And that was not us. And then there were people who were offering training programs. And we felt pretty comfortable that we could put something together. So we started with putting together a three-day training.
11:51And I actually had done a lot of work with a company called Landmark Education in my early 20s. So we noticed that Tony had a similar model, a three-day-ish event. I think it was Unleash the Power Within. We started to notice what people were doing. And it was kind of that three-ish, four-day kind of thing. So we said, all right, we'll create a three-day event. And we just gave it a title. It was called Mastering Wealth Through Relationships. That was our first event. And we made some bullet points. We put them up on a slide and we said, we're going to do an event. And, you know, it looked like we knew what we were talking about and said, here's the title and here's what you're going to do.
12:25Here's the takeaways. And we slapped the price on it. And we made it. We made an offer. Now, to be very honest, for anybody who's listening or getting started, we knew absolutely zero about what we were doing. We were just trying to watch people and we were making lots of mistakes. And this was prior to getting, you know, advisors or mentors in this area, which later we realized were absolute gold to help us accelerate. But initially, we were just throwing stuff at the wall. And, you know, occasionally something would work and people would buy. But obviously, I was going to say, you know, obviously, we realized there had to be a structure and a whole, there could be a whole professional world to this, which we worked on later.
13:01Okay. And so then you started selling those events and just basically kind of grew using that same rough model, you know, different partners, maybe better partners as you networked more and that sort of thing. We did sell it. And I'll tell you what, what, uh, what we were obsessed with, I was obsessed with two things. One was absolute, uh, world-class delivery. So I had had great business mentors and advisors in my companies in my twenties. And it was not the, you know, it's not the Brian Tracy's and the, and the Les Brown and wonderful people, but I was working with Silicon Valley, uh, coaches who were, you know, coaching, uh, Oracle and, and, uh, you know, Apple and Microsoft and things like that.
13:37And they were, they were used to coaching world-class executives. So I really understood what it meant to have somebody that was extraordinary of a thinker. Yeah. Like yourself, for example. This is why I'm talking to you because I love the way you think. And I understood how important it was to have world-class thinkers on your team. So I wanted that for small business owners because they typically couldn't afford it. And so, you know, having gone through about a dozen different world-class mentors in my 20s, I wanted to bring it. So that was one thing I was obsessed with. And I recommend people get obsessed with world-class quality stuff.
14:07I think there's too much noise in the marketplace, whether it's a live event or online. The second thing we were obsessed with was continuing to refine the process, refine the sales process. Every time we got done, I went back and I would say, which slide worked? What didn't? Which joke worked? Which story worked? And I was obsessed with fine tuning it to really understand what was working, not working. And I do this to this day. Every presentation I've given two and a half thousand presentations. We've been on stages next to Tony with 12 ,000 people. We ran an event for Doty in Israel with 12 ,000 people.
14:40We speak in huge stadiums. Every event, my business partner, Alessia, who's my wife, knows 24 hours before, I'm still sitting with the slides going, should we move this here or move that? I'm very OCD about every little thing that goes on. And so those two things, I think, really helped it work. So from there, obviously, we were creating results, right? And I'll say the other thing that made a huge difference is we started to get mentors and advisors and hire people that could really help us. I'm a huge fan of that. Of course, that's what we do. I know you do some of that as well. And that's a key to acceleration.
15:11So we got great people in our world too. You put those three things together, brilliant people that are ahead of you, a real obsession with fine tuning and a real obsession with world-class delivery. And it just, it was working. So that's a great format. Yeah. So people wanted in. So we started getting invited quickly to work with people and that started creating a role, a rolling of partners and marketing partners and things like that. How did you make the leap from the United States to international? I think a lot of people would be curious as to how to do that. So for me, it was a very, it was a very natural.
15:45So I grew up split between America and France. I went to my parents sent me to school in France when I was 10, mostly because my dad couldn't deal with me. He wanted to get me out of the house, the third board. He didn't want to have a third. And so my second language was French. And I think I quickly fell in love with the exoticness of something totally different. I mean, I went to school in Versailles. Paris was just a beautiful experience as 10 years old. And it did make a huge impact. Also, my father was an executive, a CFO of a multi-international company. So he was traveling a lot as a kid.
16:19So I think that initially there was a comfort level. And what I would recommend for people that want to go international is pick an area that they feel related to or comfortable, maybe because they have some family background, maybe because they have friends there, they have a community, somewhere that would feel like a simple pond to jump into instead of saying, oh, I always wanted to see, you know, Siberia. So let's go put an event there. Like, that's not probably the best way to get started. I often recommend because our students are very interested in internationalizing going global, and it's so easy today.
16:48And so I often say, where do you have community? Where do you have friends already with Facebook and our social media? It's so easy to have friends in different countries. So where was the first place we went? The first place we went, I'll say that also in my early years, I had other companies where I had contacts internationally, not in this industry. But what I started to look at was I think, where is, first of all, English totally comfortable, right? So we looked at those, the UK, Australia, Canada, things like that. And then where do we have contacts? And oh, I remember we first started. We were speaking at an event in Los Angeles and there was a gentleman named Christopher Howard.
17:25I don't know if anybody remembers who he was, but he was a well-known American speaker in Australia. And his promoters were there. We were speaking at an event and they watched us present and they came up to us and they said, you guys are amazing. Now, let me give you a little background of this presentation. We were supposed to be selling in a room. There was about 800 people there. And we ended up doing a deep dive NLP, you know, like a whole mindset thing where I don't think we sold anything because it wasn't, it wasn't a proper pitch at all. But the whole audience got up and they were, they were cheering because it was just, it was, it was, you know, well, everybody was pitching them all day long.
18:03Although we were supposed to pitch them. We didn't, we did a very deep dive discussion into like human behavior and who we are. And so people appreciated so much that everybody got up and they were cheering and it was a big, fanfare and these organizers these event organizers from australia happened to be in the audience so they came up to us at the end and they said would you like to come to australia we can book rooms all over and fill up rooms uh all over the world uh for you and uh or it's all over australia rather for you um not all over the world and uh we can actually um you know help you get in front of audiences and we said sure and so that was the first leap was over to australia okay nice and um And then was that done compensatory wise with the promoter person?
18:48How did that, how did those things work? So they were the organizers and the promoters, and they were running a pretty large event company in Australia. And they just saw promise in us to be, you know, speakers to be, let's say, you know, bigger speakers than what we were. And they started booking us all around Australia. And so we started running events literally every weekend. we were running events for 500 or a thousand people that they were booking. So great. And so it was, you know, it was hustle. So we got that opportunity because we were hustling, we were in front. But the important thing I like to tell people is we were not that great.
19:23And we were actually not closing well enough to be being supported by event organizers. And at some point they sat down and they said, look, you guys, you know, you got to be able to close more if this is going to keep, you know, going on. And that's a big deal too, is you teach, but teaching doesn't close. So you have to figure out how do you teach and deliver great value and get them to, because when you start, I had this too, and I'm betting you guys did, is people would run up to you after you do your thing and go, that was the best thing I've ever heard. Best speaker here made the whole thing worth it.
19:53And then they don't buy anything. And you're like, oh. Yeah. Yeah. And of course, we work a lot with our students on that because I was in that same thing. My business partner used to call me the professor on stage because I would teach like a professor. and that's not, and what I've learned is that, you know, when you format a presentation, you're teaching different things at different stages, right? So that first pitch might be about teaching people about the opportunity that's available, the way that they can capture those opportunities, the things that get in their way. If you start teaching them all the how, you know, many times they actually just get overwhelmed.
20:26Yes. And you know, the reality is my experience has been that most speakers on stages that I've met around the planet, their stuff works. It's worked for them, it's worked for others. But there's that art is about translating it in a way that is responsibly selling it. And this is what I talk about, because I think a lot of people get on stage and say, this is easy. It's a piece of cake. You can have all that. And that's not very responsible. There's a certain amount of work that goes into everything. But if you make it systematized and simple enough, people will say, okay, I can do that. And then you get the right clients because you get people that say, I can do that, but I get that I have to step through the emotions.
21:01Yeah. Yeah. That's, that's, it really is. Okay. So now you start doing that. And then what was the transition into doing your own events? Basically, just kind of you saw what was going on? Oh, I did want to ask. So on the promoter thing, is that like a 5050 split on revenue? Is that how that generally worked? Yeah, well, so it would, it's it's a moving target over the years. You know, it's it is a YouTube typically, yes, when we would speak on stages for promoters, we would give them 50 % of what we sold there then we would move them into another training that we would do and then there would be some other split and that split has shifted from 10 to 40 percent all over the board and those are typically more expensive longer term integration programs right mentorship programs and things like that that's typically the split now then so then going from um do you still use a lot of promoters or are you primarily doing your own events and and i don't mean your own events but i mean are you primarily marketing and everything yourself for a lot of the international stuff these days?
21:59So now it's mixed. So certain territories in the world, we work with partners and certain territories we don't. And many times when we go into a new territory, at some point you're expanding and you start to get to places where you feel very foreign. When we went into the UAE, for example, we went to Dubai, I had no connection to the culture. I'd never been there. I didn't know anything about it. And this was about three years ago. We got asked to come and speak on an event with Lisa Nichols. And we went there and the deal was they were going to represent us there. And sometimes when you, you know, at the level you get to with us, they want to sign you like an artist, right?
22:35So we get signed in for a three-year deal or something. So that if they're going to put you in front of a big audience and pay for that, they're going to want a piece of the action from you for several years. And then of course, you know, we worked with other major global promoters like Success Resources, which is a big global promoter. And the same thing, They signed us to Asia and Europe at some point, and they saw speaking at an event in Australia, a big event with 8000 people. So the point is, is that you create opportunity by showing up to the events and getting yourself out there. And what I would love to relate to everybody listening is that there are opportunities.
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23:08Promoters are looking for speakers constantly because now we are promoters as well. We're always looking for great speakers who have a unique angle and a great product and a great presentation. and so the more you speak and present the more you get yourself out there and podcasts and webinars and live events the more opportunity you have because people are in the audience watching you right and then um now doing all these events uh 200 and some days a year and then the world decides it's going to shut down what happened since then what'd you think and how have you dealt with that so um so you know my background is in performance i was a record producer uh for Sony music.
23:45I was a performer. I was trained as a comedian, as an actor. You know, I grew up in Chicago in improv. So I love live. Love your performance, by the way, in front of that crowd. You were singing a U2 song in front of like twenty five, thirty thousand people. That was pretty amazing. That's right. When we did the event with Tony, we brought him in and we had some extra time. And so I decided to sing because it's what I do for whatever. So so I love live and our company had been very oriented around live. And we did so well at it. The question was, is why would we do something else? We were doing well, it was our thing.
24:20The problem is the universe decided that it was no longer gonna be our thing or anybody's thing. And so we did a conference in Singapore and we had about 500 at, and then I went to Orlando and we had another 400 there. And then I came home in March and two days later, the lockdown happened. And so like, I think every company, we pivoted to webinars and we started on Zoom and we started delivering our events in here. and I started sitting at my desk four or five hours a day delivering webinars. And I would walk out of my office and I would say to my wife, I absolutely hate webinars. Absolutely.
24:52Can I get you to hang on one second? I've got somebody ringing the doorbell like crazy. Just one second. I'm sorry. I'm going to pause it. I'll be right back. All right. So I'd come out of the office and I'd say, I hate webinars. I was not a webinar guy. And I absolutely, I hated them. Like I was exhausted at the end of them. I would feel my voice would get really rough. In order to look like you're looking at the audience, you got to look into a little circle. A little green light, right? Yeah. So I hated them. So the opposite of a theatrical presentation live where you're engaging. So I didn't know what to do because we knew that this was going to be a significant thing.
25:31So what we decided to do was we had to build ourselves a studio that I felt would allow an interactive component. And when it comes to live events, I'm absolutely obsessed with a couple of things. One is the live experience. I like people to have a very live experiential thing going on. And our events are very experiential with music and lights and the whole thing. In fact, 12 years ago when we were running this, Tony Robbins sent down a couple of his guys. And they ended up, as far as we understood, basing business mastery off of what we were doing. I don't want to take credit for his stuff. That's great.
26:04But they loved the fact that we were taking business and entrepreneurship and merging it with this concert and this whole thing. And that was just my background was concerts and performance. So that's what we were doing. And then, you know, he invited us to come to Business Master and that whole thing. So that was similar. So, and of course, he's taken it and, you know, taken it to another level as he always does. But that was that was the feel was this experiential thing. Well, how are you going to create that when you got your laptop in a Zoom room? Right. So we started going to work on that.
26:30So I took probably about, I don't know, 10 or 15 grand and I built a studio here. And I know not everybody can do that. But today we teach them how they can get it done for, you know, at different levels of production quality for, you know, maybe a thousand or 2000 bucks. Sure. It will require a little investment. It does require some gear. But at the end of the day, if somebody is actually looking to create a higher class production value, they can do it today. And we got a little video mixer. We got a couple of nice cameras, you know, a monitor. And then I got some, you know, headphones and some, you know, in-ear monitors and a real microphone.
27:01And then we put a TV behind us. You know, it just now when people see it, they feel like it's coming out of a TV production studio. Right. Right. And so that actually allows me to stand, which is a big deal for me because I hate sitting and teaching for hours. So I get to basically what I did, I built an environment for me that suits my ability to deliver my message and my education in a way that feels right for me. And I think each person can do that with their studios today. So now you had a whole bunch of events booked, I'm sure, that had to get postponed or canceled or whatever. So how do you, what are you doing to kind of, so you've got the, obviously you've set up your studio.
27:38How do you convert that and how are sales going? And what, if anything, are you doing different to keep things flowing in terms of revenue and profits? Totally. So we are running virtual summits. And basically what we're doing is we took our offline experience and just looked to create it. Initially, I thought, okay, there's a virtual world and you have to do that stuff. But actually, as we've continued to test and refine, because we've done about eight virtual summits now, we realized that actually, if we just take our offline summit, exactly what we were doing, and we put it online exactly the same way, that actually it works great.
28:12Are you selling the same way? Are you marketing and filling the events using the same channels and the same prices? So price points are definitely cheaper online. Our experience is that it's cheaper online. It's probably so so offline, I'd say and we're, you know, everybody's new to this right now at the level that we're doing it. Everybody had been doing virtual summits and live events occasionally or webinars. But now we're doing them almost on a daily basis. So we are still getting more data. So you're catching us early on that. But right now we are finding that we were selling our offline general admission seat for$297 and our VIP seats for around$600.
28:49What were they normally selling for before offline? That is offline. Sorry, that was offline. Yeah, that would be great. That was online. I see. Okay, all right. Online, we're more at like 97 and 197 at the moment. So 97 for general mission and 197 for VIPs. Have you tested using those other prices? So we've tested at 147 and 300. Sales were not, we are looking for a certain volume for the energy and the engagement. And the way we work is, some people, they're okay with 30 people in their in their three-day events, we're not. We actually look for three to 500 paid. So we go for a little more volume and that's because we are ultimately not really selling education.
29:29We're really looking for businesses to be partnering with over time, mentoring and advising and really investing in them over time. So we're looking, we need a big pool so that we can see what's the right fit. We only take on 20 students out of every summit online. And that means we really need a pool of, you know, 300, 400, so forth. And I have a couple ideas for you. If we don't get a chance to talk about on the on the show, I want to chat with you. I think we can get you those people at that at those old prices. But the other thing I wanted to talk about for sure was your business model, which is unique in how you work with those students.
30:05Would you share that a little bit? Because I think that'd be a really cool thing for people to understand. Yeah, so. So a long time back between Jay Abraham and Tony Robbins and Robert Kim Kiyosaki, who I was close with throughout the years, you know, doing tours and different times with them. They all recommended that we stop trying to sell education. So about about nine years back, we stopped selling education. And that actually was great, because I think education is great, but it's become oversaturated. Now you can get, you know, seven bucks a month, you can get Netflix of education, right?
30:35Fairly commoditized. Yeah, it's totally commoditized. So we stopped that. And what we focused on was actually finding business owners to do bigger projects with partner with and invest in is what we say. And so we've got essentially two major tracks and our third track is coming up here. We've got services. So we do a lot of service businesses. We've had hundreds of thousands of experts and coaches and consultants. And then about two years back, we launched our physical product division with Kevin Harrington and my sister, who's been in physical products for 25 years. And that is booming as well.
31:05And then we're slowly inching up tech. So that'll be the third arm. And so the idea is that they come through. We spend the first three days. We teach them really everything we know. And the nice part about the model that we built is we don't we don't have to make money off them educating being educated. So we don't have to hide certain things in order to sell them to them. That's so nice. Yeah, it's very nice. Even from a from a from a trainer perspective, I can say anything. I can show them anything. I can show them what we're doing in our business. I can teach them everything. I can say, OK, I'm going to pitch you and then I'm going to go through the mechanics of the pitch and pay attention to everything I'm doing.
31:34It's just very, very authentic. Right. Because we don't need to sell them on there's a mystery curtain and you get education behind it. So we do that in the three day and we just we just pile as many systems as we can while keeping it chunkable so they don't get overwhelmed. And then when we offer the mentoring programs, our mentoring programs are literally practically zero profit for us as well. Essentially, they are just the cost of what it costs us to fulfill on the program. So they get this world-class advising team. They get five of us advising them over two years for essentially what I would consider peanuts.
32:07And that's awesome as well for them. And the whole idea is that during that, it's a vetting period to see who is the best businesses to partner with and invest in over the time. So, which is kind of interesting. So you don't partner right away and you're not selling some super expensive package right away. But it is a two-year program so that you have time to develop. How do you do that? So if you're not making that much money on the front and you're not making that much money in the beginning, then I'm sure just like a venture capitalist, you're looking for the big hits to make up for all the others.
32:42Is that kind of how that works? So we've done over the years, we've done about 1 ,800 partnerships on different projects and things. And those turn into – so let's say when you say not that expensive, actually our packages are probably considered expensive for people. It's$10 ,000 to$50 ,000. I should say not particularly profitable then. How about that? Yeah. No, they're not particularly profitable, especially as we scaled to trainers and coaches. I mean, you know, my wife and I were doing, we'd say, yeah, okay. The funny thing that we discovered, which is a little bit of a comedy, is the profit in our business is 30%.
33:11And it's 30 % because 30 % of them pay us and never show up, which is unbelievable. So it was a byproduct of the fact that the profit in our company, which is literally 29.7%, was a byproduct of people actually paying and not showing up. I mean, we have people that pay$50 ,000 or 50 ,000 euro or 50 ,000, whatever, you know, pounds, and they literally don't show up to a single thing. And they, they were, for whatever reason, they, I don't know, they're happy or they disappear. I don't know what happens to them. We follow up and everything. I don't know too. I think it's, I think it's like therapy.
33:40It's, it's that they feel good about having made the investment in themselves. And even if they're not ready for it now, they want you on the shelf for that period of time to be able to do it. Right. Yeah. And some of them wonder, but I like to say, you know, I like to say to myself that they got so much value out of the three day event that they felt it was worth 50. I like it. I love it. and they they paid for what they got and i'll tell you a lot of people do they take they take this i mean we have no governor on the quality of education so whether you spend 20 minutes with us or 20 hours with us it's all going to be real stuff that needs to get done you know in your business so i mean we have people that invest 50 grand and all they do is go through our online university and they triple their company because they just apply it you know yeah so what do you see is is the um going from here then back to opening how are you gauging that because in the events business, it's difficult because you have to plan so far in advance, particularly for large events and their deposits and things like that.
34:32How are you guys approaching that? So very, very carefully. We are in zero rush to get back to live events. We are working on and refining our virtual world. We're building a virtual live streaming theater and site online. We're going to get very invested in the virtual world. We don't have actually a very vested interest in going back live at the same volume that we were at at all. Isn't that funny? It's kind of nice not having to travel quite so much, right? Even if you love it. Yeah. Well, and I think that the main gap that we got forced into, because we always said, oh, we got to go more virtual and we got to travel less.
35:04And we have three kids. We have a one-year-old, right? And my wife speaks with me on stage and she teaches and you do it together. It's not even like I go off and she takes care of the kids. She's like, so I'm going to be, when are you going to watch the kids so I can record the podcast so we there's a lot of balance stuff going on and at that level it was uh it was tough we did it well but it was tough so we we this forced us to cross that chasm where we created a world that we actually feel excited about and i'm more excited about it now because now i mean on on sunday night i get on i do a training for 400 people in dubai and then you know the next day i get on and i'm in asia and then the next day we're in the states i don't i get to walk of my office.
35:43I did a, I did an event for our students in Dubai on a Saturday morning, 10 AM to noon. And then I walk out of my office and I pick up my daughter and she says, you know, where were you? And I said, I was in Dubai and now I'm back. And so then we went off to the park and I don't have to go through a week of jet lag and everybody telling me how much they miss me. And, you know, and all that to change the world. Um, and it, it really is setting yourself up in an environment where I think you're really able to deliver the experience with your message. Yeah, I think that's awesome. You can reach so many more people too, because you're not, it's not just those people who are able to be out of their house and have their kids babysat or whatever during that time in that one specific geolocation on that one specific set of dates, you get so much more reach.
36:25There's one other thing too that I think is really important for people who are building their brands or building their workshop companies or seminars is that there's a difference between walking into a room where nobody knows you or you are there because you're the seller. You're not the brand. You're not the Lisa Nichols or the Les Brown or the Kevin Harrington or the Tony Robbins, and then you show up on that stage. And it's exhilarating for several years, but I've kind of gotten to a point, and I think many people are getting there, where you want to walk into a room where people know you, like you, and trust you already.
36:52and they're there for you instead of there for somebody else and you happen to be there right so where we'll go back to live events is we are now offering you know we're doing all the training online the skill set training and then they'll get their tickets into the live event so they can all travel in and that way we can walk into a room of 500 to a thousand people that have already spent time with us and you're smiling because you knew these things a long time ago but you know it's no it's it's to me it's it's been very educational going through this uh this time What I wanted to share with you that I think might help because I do know several people who are selling their tickets at the same price as they were before and getting the same amount, if not more, of people attending.
37:33And one of the ways that they're finding that to be very effective is to really have a pre-selling event that's paid at the lower level and then sell into the live event following that. So that basically they're doing a challenge before, a five-day to 30-day challenge before. That's inexpensive,$17 to$100. and then those people see the value, achieve the result that you promised them at the end of the challenge and then feed those people right in at normal prices, 700, 1 ,000, 1 ,500, 2 ,000 for VIPs into the live event, which then is done as you say you're doing yours, which is you're standing up and it's not just you looking into the box like that.
38:20It's actually the production, but that's been working really well and also selling into those via webinar is very effective so that you don't communicate that the value of the virtual event is less or that the experience is any less because it's not. We know that, right? But people have to be pre-sold, I think, now. So it's more of a two-step, not just the ad to come to the event, but the ad to come to the pre-event that then has a lot of people in at a low acquisition cost or a low cost to them. And then you put them in at the regular price into the other events. That'd be something that would be fun for you to take a look at.
39:03That's great. So we typically do add to free, let's just call it, we call it web class now because I can't use the word webinar without wanting to vomit. So we do an add to this free web class, which is a couple hours, two to three hours. And then we offer from there. We'll try, we're gonna try these different price points based upon that suggestion and see if we can get it balanced. I've always had this belief that there are people in the room that have the value of what you're doing. They get it, whatever it is. And then there's those that don't. And if you price it to try to hit the middle, then you miss where the real value is.
39:37I agree. Yeah. And so then the webinar, the other thing I would test is test the webinar being paid. Even if it's$7 or$10 or$12, test that being paid, just like the challenges that are paid are working way, way better than the challenges that are not because people commit to it, they show up and it's not, you definitely don't make any money. You do. However, like, you know, we do ours right now at$55 and we're in our third one, have been very, very, very successful in converting those people into significantly higher end programs that, that are the value that we sold the live event before. Cause I went through exactly what you guys did, right?
40:16We were selling$3 ,000 events and people would come and then, you know, we couldn't do that anymore. So went online, did the five-day challenge model at$55. That liquidates our ad cost. Our average order value right now is right at$100. So we can pay$100 to acquire a customer before we go negative at all. And then those customers are worth, you know, over, you know, about$1 ,500 because they're converting into the higher end training so be worth thinking about that's great that's great i love it um and i think we could do that internally working with our partners externally they actually look to utilize each event as a database builder so i think the the challenge when you work with partners um is that they are less interested in actually monetizing because just pooling in as money leads because then they're going to retarget them with lots of different speakers and opportunities well see so that's why this is great too because the your front end isn't selling an event that you're trying that you've got to get 200 300 700 for you're doing you know five dollars seven dollars would and if they're promoting make it as low as you want for the challenge but make it something because they need to commit a little something but then they build that database so we have an affiliate relationship for the people who are promoting for us so they get all of the leads that they generate on the front end uh lead generation thing, which is the challenge or the webinar.
41:40And then they've got all the data, plus their affiliate commission rides through to everything else that we sell. And so it works out. It works out well. It's worth exploring. Totally. Totally. I will definitely, pretty much everything you've ever told us gets in the queue and then gets done. It was, ah, he was right. So a few things before I want, I definitely want you to tell people how they can get a your events because i highly recommend everybody that's listening or watching go to one of these events um what um what would you say are your um your biggest your three biggest things you'd like to leave people with as far as moving forward being successful in their business um so three biggest things well the the first one is i think that um so we we although we look to take a very different angle on uh business systems so that when people come to the events they think there's you know it's not like oh yeah you know regurgitated i heard this or there's 20 000 people teaching branding or whatever um although we try to do that i think the biggest ahas for people that we have experiences we've been steeped in human behavior uh work for basically my whole life my father had a patent uh on brain development human development um he had a company where he had patented a process where parents could identify their children's learning preferences and then match them up with toys books and games from around the world to accelerate their their learning properties wow that is so cool so he was called kids dads moms and he ran that as i was growing up and he worked with um uh howard gardner from um harvard who was one of the founders of multiple intelligence theory and you know ken wilbur and these guys so i've been steeped in this since i was a little kid that's what i grew up in they would test mensa games out of me as a kid at the you know kitchen table and that's why i always say i'm so weird um but so so what i've Sure.
43:30Well, what I've really learned is that the big shifts that come for people is in thinking, the way they're thinking. And there's a deeper level than the kind of the classic, you know, and I hate to use Tony's example because he does great work. But there's some deeper levels that I think people need to get engaged in. And they need to be willing to get engaged in them. So what I'd say is that if someone wants to have a real leap in the way they're running their businesses, because there's a lot of smart people that have nice systems and things. But you hear somebody learns a webinar system, like a Russ Ruffino webinar system, and they say, oh, this worked or it didn't work.
44:05And Russ's system worked. And it's never really about the person or the system. It's really about the way you're thinking. And what I encourage people to do is start to track and take a look at their beliefs. Start to, I don't know, keep a journal, write things down. I mean, this is some of the things that my coaches had me do in my 20s was when I discovered a thought that was holding me back. for example in my early 20s i discovered that i was more interested in being friends with my team than making sure things got done well right and that was a very big discovery around leadership for me so i literally it was almost embarrassing and these are blind spots these are reasons you work with coaches you don't notice you're doing that it's the it's the fish swimming in water going where's the water and so um i really want to encourage business owners because that's what's cool about our events is it doesn't matter what level they come in at we're not talking about just do this, do that, do this.
44:52It's how you relate to branding. It's how you engage in sales. It's how you think about negotiations. It's how you relate to technology and leveraging yourself. This is why we love working with you. You think at that level too. It's more of a systemic approach. One thing I'd say is stop looking for tactics and start looking at the whole system of how you're thinking and what you're doing and question everything. Hard to do totally by yourself, but it's a start. What I did is I took a poster to put it up on my desk. It said, I prefer to be friends with my team instead of get things done right. And everybody that walked in would see that at my desk.
45:25And I had, you know, I live with that reality until I continue to let it evolve because awareness is of course really important to start. So that's one thing. Um, to, uh, get around people that challenge you. I think it's very, very important. Even just like that, that little tip where you said, you know, charge for it. Why? And I say like, oh, you know, resistance, like are people going to buy and, you know, I can start to feel that. And I think, okay well i like that i like that where roland says something to me and then i say i don't want to you know i said well that's where i got to go right right there i got to figure out what's what's that resistance what's going on this guy's smart i need to like what does he believe one of the first lessons that i got from my coaches in my 20s was find people that are successful that believe things differently than you and then align yourself with with their beliefs so i think it's very important to be around people that challenge you.
46:14That's a big one. Oh, I guess the last thing would be use your community more. I think that the people that are most highly successful, they're not islands. They're engaging with each other and they are really engaging the community. They're contributing to it. They're taking from it. It's a give and take thing where they're working. And I see a lot of business owners and entrepreneurs, they have the hero syndrome where they think they're going to, you know, that they're, they're better if they figured that on their own. And, and I think that that's exactly the opposite of what really works, which is you're better when you figure it out in a community.
46:48And then that community is there because the best advice I ever got when I was in the record industry is be, be really great with people on the way up because you're going to need them on the way down. Absolutely. I love that last, that last tip too, because it is true. You and Alex and you know, who I think introduced us and, and Tony and all of the, even, you know, the people at success resources, all, all of us tend to talk and we aren't an Island and we are always sharing. And so we are collectively raising the, the tide for all of us. And, and you do, when you first get involved, especially in entrepreneurship and speaking, any of those things and events and e-learning and just even a coffee shop or whatever you decide you're going to do, you're so focused on the product and the thing that you ignore the community and the community will help you not only make the product better, but just make everything better because they've all that like that tribal collective knowledge that they all have is so much greater than yours could ever be.
47:51And so much greater than you could remember, because even if you may say something to me and I'm like, ah, yes, I know that. And I just haven't been doing it Because, you know, it's not, there's so much to think about. So even just having a reminder network of things is really helpful, right? So, you know, we got a chance, there was a time period where we're spending a lot of time with Vishen from Mindvalley. And he, and of course, we were both in this mission of evolving education. And, you know, that's where we're really passionate about education. We don't care about selling it. We care about people getting it in their bones, right?
48:23And so one of the discoveries that I think he either made or reminded us of, which I thought was really, really valuable. and I share this a lot is learning actually happens the best when you're in a community of people at different levels. I think people are always saying, I got to get to the top, but I want to be around just the top people. And that's actually not the best way to learn or grow. It's great to have people that are behind you, that are at the same level, that are ahead of you. I mean, when I have conversations with our students, which are miles and miles behind us in terms of experience, I have discoveries by how I'm teaching them or sharing that I say, oh, we should look at it like that next time.
48:59Yeah, it's very important to be in a tribe where you've got people at all different levels. That's how we learn. Love that. Yeah. It's also, you should always teach because when you teach, you learn. And when you are teaching, you refine. And you'll see from their perspective, a thing that confuses them that you got crystal clear. But then you're like, man, I could explain this so much better, even to my team and the other people that I'm working with. So it's really, yeah, I love that. That's a really good one. So you gave us four, which is super cool. I like that bonus. And when you look to extract value out of every experience, I could be talking to a student who's got zero business experience for Ackman, and they say one thing, and I'm like, actually, that's a great idea.
49:41We call it the beginner mind because many times the beginner mind looks so freshly at something. You've been doing it your way so long, and then they say, I did it this way, which is totally silly. I'm going, actually, that's frigging brilliant. I just love it. I love being around people, and I think just use your community and be around people and engage as much as possible. So, well, thank you for taking the time to be with us today and share all the cool things you shared. What is the best way for people to come to your events, find out more about you, connect and all that kind of good stuff?
50:07So probably social media is just, if you go to our fan page, you go to Industry Rockstar on Facebook, you go to our website, industryrockstar.com. You can go look up Kane and Alessia. I mean, we're everywhere. So just like everybody today, you just go drop us in Google and you'll find a pathway to learn about where we're going to be and how to engage with our stuff. Awesome. Well, dude, thank you so much for taking the time. I really appreciate being here and look forward to talking to you about how successful all the cool things we've talked about today are as you go forward. That's great. Thank you, Roland.
50:35I appreciate it. It was wonderful.
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From the publisher
In this episode of Business Lunch with Roland Fraiser, he engages in an insightful conversation with guest Kane Minkus. Kane shares his journey from being relatively unknown to becoming a successful speaker on stages worldwide. Together, they delve into the intricacies of the speaking industry and the art of responsible selling.
Kane emphasizes the importance of hustling and seizing opportunities, even when closing deals might not come naturally. He highlights the significance of delivering value while learning the art of effective selling. Kane emphasizes the need to teach audiences while simplifying presentations for accessibility.
The discussion shifts to the role of promoters in the speaking industry, revenue splits, and partnerships with global promoters. Kane sheds light on their experiences and the strategies they employed to navigate the challenges brought about by the COVID-19 pandemic.
They delve into the initial frustrations of transitioning to virtual webinars and the subsequent process of building a professional studio for a more engaging online experience.
The episode also explores the dynamics of pricing online events and the adjustments made to adapt to the shift from offline to virtual. Kane reveals their preference for higher volumes of attendees to foster energy and engagement, enabling them to identify suitable candidates for mentorship and investment programs.
The conversation further uncovers Kane's unique business model, which focuses on partnerships and investments in various industries, including services, physical products, and their upcoming venture into the tech industry.
Join Roland Fraiser and Kane Minkus in this episode as they provide valuable insights into the journey of a successful speaker, the challenges of adapting to virtual events, and the evolution of a business model that transcends traditional education.
TIMESTAMPS
00:00: Introduction
05:23 Identifying Partners
13:21: Delivering value
19:34: Closing The Deal
21:58: Live events & The Pandemic
27:23: Virtual Summits
34:25: Challenges Of Planning
43:54: Take The Leap
HIGHLIGHTS
"The virtual event landscape has forced us to reimagine the way we engage with our audience, and it's crucial to create an immersive online experience that captures their attention and keeps them coming back for more."
Transitioning from live events to online summits required us to rethink our revenue model. We had to find new ways to monetize our virtual platform, such as exploring sponsorship opportunities and offering premium content packages."
"Building a dedicated studio for our online presentations was a game-changer. It allowed us to elevate the production quality and deliver a more professional and captivating experience to our attendees. Investing in the right technology and infrastructure is key to standing out in the virtual event space."
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