July 1, 2019
by DR. MARK T. WADE
#027: The Summit Ascension (Multi-Million) Business Model
How losing a multi-million dollar business helped me discover how to use summits to build 3 new ones & help hundreds of entrepreneurs do the exact same thing!
Today’s episode could be that piece of information for many of you that could really be a game changer. I’m talking like finally seeing how you can move your business out of that daily “hustle” & grind into something way more scalable.
I want to show you my exact business model & how I’ve used this to build multiple 6, 7, & Multi 7-figure companies. It’s all been around this business model.
You have my permission to take it and model it as your own & finally start scaling to that next level.
👉 I started out in a brick and mortar business as a postural neurologist. Two doctorates and dozens of certifications. Luckily I heard my good buddy Pat Flynn over at Smart Passive Income talking about a Virtual Summit he had spoken on & I decided to give that a go.
👉 For a few years I had a bit of business schizophrenia. Every time I was in a tight spot I would run a Virtual Summit and it would save us.
👉 The first time I did an online launch it was to a list of 900 people that I generated from a small One-Day Summit. That launch did $136,000. Can you believe that?? That’s incredible.
👉 It did ok, generating around $250,000, BUT the problem was I anticipated it being one of our near 7 figures launches. So I spent almost $100,000 on ads, then I had affiliate commissions, plus all the extra bonuses and prizes we offered. That is when the empire almost came tumbling down. It forced me to look at our business model and see what was working and what wasn’t.
👉 I would generate a list FOR FREE from a summit, make some money then turn around and spend all that money on paid advertisements. WHY? Good questions, without any really good answer.
Summit Ascension Model
Essentially I identified 3 main things I needed to focus on in the business.
1. Was generating quality & engaged leads without spending a fortune.
2. Being able to monetize those leads, & generates recurring revenue.
3. Improving the process & making it as “automated” as possible.
It’s based off those three components above:
1) Summit - this is where we build that quality & engaged audience without spending a fortune on promotions.
2) Journey – this is the monetization strategy or the customer journey.
3) Scale – this is where & how we scale past the summit.
➡️ This is obviously the virtual summits component. This is how we build, find & grow our tribe. It’s how we generate an engaged list of people who are ready to take that next step with us.
➡️ We use the Summit Framework: Conversation, Collaboration, Empowerment, & the Turn.
➡️ This is where your customer or audience now moves into the stages of monetization. Which is what will allow you to grow your business from an income standpoint.
➡️ I break the Post Summit Profits Strategy into 4 components. Magnetization, Monetization, Maximization, & Multiplication
➡️ This is now where we scale past the summit. I don’t mean we don’t use summits, I just mean we now have to step back and evaluate everything.
➡️ This is where we focus on Analyzing, Optimizing, and Automating what we have just created. We need to start implementing some type of business framework that allows us to continue to generate leads into the customer journey.
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.