May 03, 2019
by DR. MARK T. WADE
#003: What are the Different kinds of Virtual Summits?
How to Determine Which Type of Summit to Run:
Not All Summits Are Created Equal, and how one single factor could be setting your summit up for massive failure. Plus how to decide what type of summit you should run. All that and more inside this episode of the Virtual Summit Podcast.
Did you know there are more than one type of virtual summits and each produces a much different type of result. See which type of summit you should host & what to expect in this episode of the Virtual Summit Podcast
Multi-Day Virtual Summit - The Whole Army
Overview: A major event over a period of days or weeks orchestrating a large group of influential experts to talk on a variety of solutions to an overarching topic to create massive awareness & excitement while greatly building a list.
- Lead Generation
- Awareness of you & topic
- Networking – Lots of speakers
- Summit Cash – Large intake but most of it from the summit is paid out. (Affiliates)
- Post Summit Profit - Large List Gives
- 20 – 30 speakers (ideally the more the better)
- 4 – 6 months prep time
- $3,000 - $10,000 in ad spend
- Team/help – Customer Service, Dev Team (100’s of pages), Marketer, copywriter,
- Minimum 90 - 120 hours of YOUR time invested
- Email Leads 5,000 – 35,000
- Summit Cash: $15,000 - $50,000
- Post Summit Cash: $25,000 - $150,000
- Productize – upsell, downsell, flashsell
- On going lead generation
- Setting up your high end offer
➖ Used up all your connections – have to wait to ask again
➖ Not Immediate Cash Generation
➖ Need support & assistance
➖ Need A Software (or someone who can do it)
➖ More of a one time – one use event.
➖ Most of the traffic is going to come from paid ads & speaker promotions (no ever-summit)
➖ Requires a large amount of time, focus & energy
➕ Generates a massive amount of awareness, attention & authority
➕ Has the potential to generate a large amount of leads
➕ Can jump start a business into success
➕ Can be a game changer for an entrepreneur & their business.
***Get my Virtual Summit Framework in the show notes at Podcast.VirtualSummits.com/003
One-Day Summit - A Ninja Assassin
Overview: A quickly obtainable solution to a very specific problem that your audience is acutely searching for, provided by either a single host, or a few experts executed in a short amount of time.
✔️ Lead Generation
✔️ Monetization – Premium Summit
✔️ Priming an additional promotion or campaign
✔️ Summit Cash – Self Liquidating Offer
✔️ Post Summit – Start Of Your Customer Journey
✔️ Relationship Building
- Can do it with ZERO Speakers
- 5-16 speakers (ideally less can be better)
- 30 – 60 days prep time
- $1,000 - $5,000 in ad spend
- No Team Needed
- Minimum 10 - 30 hours of YOUR time invested
- Email Leads 500 – 7,000
- Summit Cash: $5,000 - $30,000
- Post Summit Cash: $10,000 - $50,000
- Customer Journey Cash: $50,000 - $250,000
- Remains A Lead Generation Machine (Ever-Summit Protocol
- Productize – upsell, downsell, flashsell
- Setting up your customer journey – keeps the journey going.
Plug & Play Frameworks:
✔️ List Builder - Free
✔️ Monetization – Premium
✔️ Membership Primer
✔️ Affiliate Promotion Success
✔️ Product Launch Priming
✔️ Physical Products Selling
✔️ Live Event Recruitment
✔️ Fill Your Mastermind
✔️ Book Launch
✔️ Brick & Mortar Business Building
➖ Generates less overall leads, income & awareness
➖ More difficult to get the same level of exposure & outcomes as a MDS
➕ Ongoing options to generate MANY ODS every year. (Didn’t use all your connections)
➕ Steady ongoing growth
➕ Versatile: multiple uses to increase outcomes on a variety of campaigns
➕ Can use more long-term permanent promotion strategies (blogs, podcasts, etc)
➕ Do not need a team, or large budget or resources
➕ More tactical & effective, obtainable (less risky) wins
➕ Can quickly build a business that can scale
***Get My One-Day Summit Starter Guide in the show notes at Podcast.VirtualSummits.com/003
Live Streaming Summit
Overview: Taking a summit and adding in part or in total a live streaming of the interviews & presentations so that the information is being presented in real time.
- This is going to be the same concepts for Multi-Day Summits and One-Day Summits with the only real exception being that the sessions are actually being done in real time versus pre-recorded.
- Overall if done for a Multi-Day Summit due to the complexity and tech risks most fully live streaming summits generate less leads & income comparatively.
✔️ Adds an interactive component which greatly increases engagement and ultimately relationships
✔️ Can be done through Facebook which allows for greater options of virality as Facebook gives preference to live streaming especially longer running live streams
➖ Huge risk for technical (or personnel) issues and problems
➖ Very difficult to get ALL speakers to align their schedules to the exact time frames needed for a live streaming event
Overview: Running a Multi-Day or One-Day Summit while adding live streaming activities.
👉 This is the most commonly done method. The actual presentations throughout the summit with the speakers are pre-recorded. However, at some point through out the summit the host will incorporate a live streaming aspect.
👉 Typically run either as a “live webinar or zoom meeting” or as a live inside a Facebook group.
👉 This gives the major benefits of the live streaming aspect while removing most of the major technical risks.
👉 The exact components and how to build these summits will be covered in an upcoming episode.
I’m going to give away all the best insights and knowledge but just need YOUR help!
- First - subscribe & leave a 5 star review on this podcast
- Second - share this podcast with anyone you know who has done, or wants to do a summit
That’s all I ask...
How To Get In Touch:
✔️ I am always looking for feedback
✔️ If you have questions send them to me. (I’ll start doing a special Q&A monthly episode)
✔️ If you want to be a guest reach out and let me know
✔️ If you know someone I should interview please put me in touch with them.
Email me at: Podcast@VirtualSummits.com
✔️ One Day Summit Guide
✔️ Virtual Summits Framework
✔️ Plug & Play
✔️ Free Trial Virtual Summit Software
I want to end this episode by saying,
"I believe in YOU & YOU can do this."
Summits are by far one of the most powerful ways to quickly grow your list, launch your platform & make more money! (Even if you are just getting started).
Don’t get caught up in Analysis paralysis, because the world needs to hear your message & there are people who are waiting for you to help them.
So just get started. Imperfect action is always better than doing nothing!
Thank you and see you on the next episode!
Dr. Mark T Wade went from brick & mortar to multi-million dollar online business using a strategy called the "One-Day Summit".
Having created 6, 7 & Multi 7-figure businesses in the Brick & Mortar, Online (Education) Business, & Software As A Service space (Virtual Summits Software), Dr. Mark now helps entrepreneurs scale their online businesses with proven strategies such as the One-Day Summit Formula.