January 30, 2020
by DR. MARK T. WADE
#115: Virtual Summit Sales Strategies & Campaigns Made Simple
It’s time to talk summit profits and for you to learn the 3 specific sales sequences to generate major moolah on your next virtual summit. Get ready to see some dollar signs and to get a major profit boost starting now!
What Summit Hosts Think About Virtual Summits
👉 Building my list
👉 Making some money
3 Primary Offers
Early Bird Offer
Summit Live Campaign
Last Chance Sequence
Early Bird Offer
✔️ A special opportunity to purchase your summit offer before your summit goes live
✔️ Not to be confused with the one time offer
✔️ The early bird offer will start after they sign up for the virtual summit and typically ends the day before the summit goes live
✔️ Some options on how you position it: adding a special bonus or discounted price
✔️ Main purpose of this campaign is to create urgency around the offer
Urgency vs Scarcity
👉 Urgency is based on a time limit
Urgency is the most common tactic
This is when the time expires and so does the offer
The most common types of urgency is when the time expires
Either the price goes up or the offer ends
The price going up is the most typical type of urgency used in the early bird sequence
This keeps the offer valid as it doesn't lose any special bonuses
It drives more sales as the price will be increasing at a certain time.
This also gives you additional reasons to contact or email attendees and let them know about the offer as you don't want them to miss this opportunity.
👉 Scarcity is based on a number limit
Limiting the offer to a certain number of people
Scarcity isn't as common on digital products, but it can be used if you're offering something that can't be given to everyone
Examples: Free ticket to your live in person event, a one on one strategy call with you, a limited number of people get free access to a product or membership
Summit Live Campaign
✔️ Starts when the summit starts and go until the last chance sequence kicks in
✔️ This sequence doesn't have as much urgency or scarcity built into it
✔️ Primarily used as an awareness campaign to let the attendees know what they're getting and why it's important
✔️ It primarily gives the attendees all the information about the summit offer and the bonuses and why those are a value
✔️ The largest value is placed on maintaining access to the summit sessions once the summit ends
Last Chance Sequence
✔️ This has the highest sales conversions based on the highest level of urgency
✔️ This sequence can start on the last day of the summit and extend until the final opportunity to purchase the summit offer
Strategies You Can Use In Your Summit Sales Sequence
➡️ One time offer
A special one-time only discount off of the original summit offer
It's offered one time and one time only and that is immediately upon signing up for the virtual summit
As soon as your attendee registers, they would be presented with this opportunity to grab the summit offer at the cheapest price they will see
This is typically positioned on the thank you page immediately after they register
➡️ Diminishing bonus
A powerful scarcity tactic
Typically used during the early bird sequence before the summit starts
It could be used during the summit live sequence to drive up sales during the slow period
It can also be used during the last chance sequence
You will have a few extra bonuses that disappear over a period of time
➡️ Summit bonus
Used typically as a scarcity tactic
It's a one additional bonus that has a set number attached to it, such as the first 10 people or the first 100 sales
This would be a special bonus over and above what you offered in your summit offer
Once the number has been reached, the summit bonus is no longer available
Drives scarcity to the audience where if they don't act fast, they may lose the opportunity to get that bonus
Also used as a fast action bonus
➡️ Incremental price increase
One of the most common and one of the most effective
Typically used during the final last chance sequence
For a set period of time, the price will continue to go up until it hits a final price or is no longer available
The most common way it is used is on a daily basis
If your last chance sequence is three days, then each day the previous price goes away and the price goes up to a higher price
➡️ Offer ending
The most common and typically the most effective
When the final day or opportunity to buy the summit offer ends, the offer goes away and can no longer be purchased
Piece Of Advice
❇️ Stick to your word and set your promotions and offers
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!
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.