Over the past few months, I interviewed and listened to over 115 people, asking them about their mastermind groups. I’ve synthesized everything and here is The State of Mastermind Groups for 2023:
Overall, mastermind groups are still popular with small business owners and managers/executives. In addition, people are building mastermind groups around expanded personal and professional development interests, everything from parenting to personal finances, and from handling communication in the workplace to creating a plan to uplevel your career. There are mastermind groups for restaurant owners, and mastermind groups for people planning their next vacation.
The last time I did a similar listening tour, mastermind groups were mostly in the USA, Canada, Western Europe, and Australia. By 2023, people tell me they are spreading the mastermind idea internationally to countries that never heard of them before. I’ve had people in my own mastermind group from the above countries, plus Mexico, Lithuania, United Arab Emirates, the Bahamas, and Brazil. Thanks for spreading the word! We need more mastermind groups on the planet.
While people sometimes call them “peer advisory boards” or some other names, 90% of people worldwide use the term “mastermind groups.”
People are hearing about mastermind groups from conferences and workshops they attend, as well as books they read and podcasts they listen to. The word is spreading organically.
As the pandemic ebbs, many groups are now returning to meeting in person. However, because people got comfortable with video-based virtual groups using tools like Zoom, 67% of groups are remaining all-virtual which were once in-person groups. This allows for more diversity as you can attract people from different regions.
An interesting trend is “hybrid” groups where some members sit around a conference table while others join them via Zoom. This makes it convenient for all members, depending on their needs.
Speaking of post-pandemic changes, people tell me that Chambers of Commerce and professional associations are reconstituting their mastermind groups after a long hiatus.
One big shift is the growth of “internal” mastermind groups within corporations and organizations. These come in two forms: either coaches and consultants bring mastermind groups to their corporate clients, or employees lead mastermind groups for other employees. This second type is usually initiated by the HR or Talent Development departments, and some groups spring from a leader seeking a new way to share knowledge. I’m also hearing about mastermind groups within higher education.
While the typical mastermind group might meet weekly or monthly, people are playing with different designs for their groups. For instance, some meet only once a quarter for a full weekend. Others meet monthly except when the group does a 30-day challenge: then they meet daily for 10 minutes. Be as creative as you can be to create a group that’s perfect for your members.
What’s new with your groups? I’m all ears and would love to hear your story!
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