October 16, 2019

by  DR. MARK T. WADE

#072: Post Summit Profits Strategy

Description  

Why are you settling for $15,000 summits when you could turn them into 6 figures with this four-step process?  Never again will your summit be barren & dry.  Get ready to rake in the cash with our post summit profits strategy! Let’s bring it in- Cha Ching Cha Ching!

3 Major Areas Commonly Done Incorrectly

1. Messaging

          👉     If your messaging is not correct no one even signs in your summit.

          👉     Typically the issue when summit host says my summit didn’t work

          👉     Could be the issue with speakers not promoting

2. The Summit Interview Session

          👉     Most hosts have never had any training on how to do an impactful interview

          👉     Essentially bores the audience to death

3. Post Summit Profits Strategy

          👉     Doesn’t really affect the summit specifically but it affects the outcome of the summit

Misconception About Summits

          ❇️     The summit is the monetization strategy

2 Problems For Unprepared Summit Hosts

1. It causes disappointment and financial struggle 

2. They will end up losing much of that new audience, as they don’t have something to sell them

2 Perspectives To View Your Summit

1. The first time it launches

          ➡️     This is an important moment

          ➡️     Capitalize for this

          ➡️     Make sure you are primed  for your monetization strategy

          ➡️     Launch something to this audience after the summit ends

          ➡️     Could be an online course, coaching program, membership program, or anything

          ➡️     Best time to launch this is 7-10 days after summit ends (after encore weekends or bonus day)

2. When you turn it into an Ever-Summit

Maximizing Your Monetization Strategy

          ✅     Push your audience to a webinar (masterclass) immediately after the summit

          ✅     Offer an opportunity to have a one on one consultation with you after the masterclass

          ✅     Show your normal fee for a consultation

          ✅     Give them a discounted rate if they sign up during the webinar

          ✅     Move client towards the high ticket program ($10,000 - $15,000)on the consultation call

          ✅     Offer a downsell to those who say no ($3,000 - $6,000 depending on the program)

          ✅     For everyone else, offer an online program ($1,000-$2,000) with an upsell to a group coaching program

          ✅    One final downsell to a smaller priced program (around $197-$297)

          ✅     Last thing we’ll offer is a membership program for those who still haven’t purchased

          ✅     Membership can be anything from $9/month to $97 a month depending on the audience

4 Stages Of Ever-Summit Monetization Strategy

1. Magnetization 

          ✔️     Is your summit

          ✔️     Pull new audience and build a relationship with them

          ✔️     Creates know, like, and trust

2. Monetization

          ✔️     Focused on monetizing the new audience

          ✔️     Offer them something to move along the customer journey

          ✔️     Single solution to that same problem they had on the summit

          ✔️     Typically this is like an online course

3. Maximization

          ✔️     Create the transformation for our audience

          ✔️     Solving all the problems that revolve around getting the audience this transformation

          ✔️     Coaching program or certification

4. Multiplication

          ✔️     Recurring revenue stage (i.e. Membership)

          ✔️     Audience trusts you at this point

          ✔️     You are the place they go to for the answers

          ✔️     Connect them with the experts who have the ongoing answers to their other problems

Dr. Mark's Warning

          ❇️     If you don’t have recurring revenue you are just one bad month away from going out of business

MY REQUEST

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

Join the Summitology Masterclass: https://www.virtualsummits.software/summitology-masterclass-signup

Resources you can get in the show notes at http://virtualsummits.software/resource

    ✔️   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!

LINKS MENTIONED IN THIS EPISODE

   🔗   One-Day Summit Training

   🔗   Virtual Summits Software Free Trial

   🔗   One-Day Summit Starter Guide 

   🔗   Interview Like A Pro

   🔗   The Summit Story Arc Training