April 30, 2020
by DR. MARK T. WADE
#141: How To Maximize Your Monetization Of A Virtual Summit
Would you prefer $30,000 dollars or $160,000 dollars? Yeah a no brainer right? Well then let’s talk about how to truly monetize your virtual summit. Hold on to your ear lobes because this is going to get wild!
👉 You are providing incredible value
👉 You are talking about the problems the audience has and helping them solve them on the summit
👉 Afterwards you simply say, “You know if you liked that, then maybe you’ll like this as well.”
👉 You are giving them the option and letting them decide if they want it.
Higher Priced Option Post-Summit Strategy
✔️ It can be anywhere from $500 to $10,000
✔️ This could be an advanced online certification or a one on one coaching program
✔️ It might be an offer into your high end mastermind, or your group coaching program
✔️ It could be a done with you workshop, or maybe this is your done for you strategy
Monetization From The Higher Priced Option
➡️ First off, know in advance what this item is you are going to be selling
This needs to align with the topic of the summit
➡️ We usually start with the program we are selling, and build our summit around it
➡️ Start off by identifying the problems your high ticket program solves
➡️ Pull out one or two of those problems
That is what you want to design your summit around
➡️ Think about how you can highlight, or foreshadow that program
➡️ Not sell, simply create awareness
That could be through a case study or testimony
It could be with a simple mentioning of it on the different summit sessions you are doing
It could be simply having your program as a sponsor on your own summit
High Ticket Offer
👉 This can be done in several ways, but three of my favorite, are:
Going into a masterclass right after the summit that sells the program
Including a short one on one call into the top tiered summit offer in the summit, and then using that call to upsell into your higher priced offer
A straight forward launch style promotion right after the summit
Who Do You Send The Offer To
When Do You Do This
➡️ Right away
➡️ Within 7 days, or sooner, of your summit ending
What Happens After The Post-Summit Offer Launch
👉 Some people will buy, some people will not
❇️ For the buyers:
You should have an immediate upsell opportunity to purchase something additional
Remember these people are your best, and most interested customers
Let them tell you when they’ve had enough
❇️ For the non-buyers:
Don’t let them go
Give them a downsell
Give them something super appealing, that is still on point with the topic of what they would want, but at a greatly reduced price
Not the same thing cheaper, something different but is still on point with the topic of the summit
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.