What are the Pros and Cons of having a Niche Mastermind Group?
In determining the type of Mastermind Groups that would be the best fit for you as a moderator, consider specializing in a type: a Niche Mastermind Group. A niche group has members with a common thread between them.
Examples of niche groups are:
Construction: common thread is dealing with laborers, contracts, bonding, general contractors, bidding, estimating, etc.
Family firms: common thread is the difficulty of succession, legacy, separating family and business, poor performance, treating everyone fairly
Manufacturing: common thread is the supply chain, production, material handling, enterprise systems, certifications, warranties, etc.
Technology: common thread is highly compensated talent, product/service development, go-to-market strategies, etc.
Woman-owned: common thread is women running a business in a male-dominated environment, work-life integration, etc.
Function-position based: HR, Sales, Marketing, CFO's: common thread is reporting to the CEO, then specific challenges based on their field.
Next in line CEO's: common thread is being the heir apparent to take over the company
If you have a background of expertise or a passion for one of these types, then considering supporting your passion even further by creating a niche mastermind group. But, there are pros and cons to the members participating and you moderating a niche group.
Pros:
👍🏻 A higher level of conversation will exist between members because of common industry language. Example bonding with construction-related firms or manufacturers talking about cycle time or downtime.
👍🏻 Sharing of industry-related resources
👍🏻 Sharing of financial metrics are more meaningful as a benchmark if the same industry
👍🏻 Deeper understanding and appreciation of certain challenges (example: woman only CEO's or family firms)
Cons:
👎🏻 Groupthink: tackling the same problems the same way
👎🏻 Some problems don't get solved if everyone has the same problem
👎🏻 No diversity of real out of the box thinking, ideas, or perspectives
👎🏻 Can be fewer "aha" moments
👎🏻 Harder to see overall group blind spots due to so much similarity
👎🏻 Can limit the number of companies participating in the market is limited or the niche is too narrow or more areas for conflict of interest
Another positive consideration in choosing a niche group is it may be easier and faster for you to put a full group together. If you are in that industry or have contacts already, knowing who to reach out to can be faster and easier. For example: if construction were your niche, you may already know the best electrician, plumber, roofer, concrete paving, architect, etc. in your area. Making calls to them can be an easier sell as they know there is only one membership seat for their profession. Or it may appear more attractive to them because of associating with and already having something significant in common with each other.
Another plus is if you have strategic partners associated with your groups, then your strategic partner would need to be aligned directly with your niche. For example Construction: a strategic partner could be an accounting firm specializing in construction companies.
Overall, a niche mastermind group can be very fulfilling to the members and to you to moderate. The key to success is to minimize and offset the list of cons and maximize the list of pros. This type of market research or target can be an important differentiator for you in the marketplace.
