December 3, 2020
by DR. MARK T. WADE
#187: Part 2 Summit Talks Debrief: Let's Look At The PROFIT!
Description
This is the second part of the 3 part Summit Talks debrief series. In this part we take a look at how the summit performed, what worked for engagement and how we generated over 6 Figures in revenue from this summit. Plus what specific items we tested and which ones worked, and which ones bombed.
About Dr. Mark T. Wade
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.
Reach Out To Dr. Mark T. Wade
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Facebook
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3 Part Summit Talks Debrief
- Overview, Strategy & Prep
- Performance, Engagement, Revenue & Sales
- Take A Ways & Lessons Learned
Part Two - Performance, Engagement, Revenue & Sales
Goals For The Summit
- Audience build
- Revenue generation
- If we did 5,000 leads on the summit, we would be happy
Performance
✔️ Total Leads: 7,749 total leads
Promoting
➡️ 69 Speakers ( 55%) 125 total
- Only 11 brought in more than 100 leads
- Only 40 brought in more than 10 leads
- 48 made 1 or more sales
Conversions
👉 32% opt in conversion
👉 3.9% sales conversion
To Ensure They Promo
- Application
- Speaker agreement
- Emailed everyone to ensure they knew promo
- Virtual event for speakers in advance
- Google calendar invites
- All speakers materials ready
- FB group
- 2 video messages
- Emailed them and called them out in the group
- Leaderboard contest - raffles and challenges (everyone who participated could win)
- Summit madness worked good
- 4 sets of copy, 3 rounds of images, and individual speaker pages
Engagement
✔️ Great for those who were on. Would have liked to improve the number engaged.
✔️ Averaged 50+ people live
✔️ Opening & Closing ceremony 100+
✔️ Final webinar: 100 live
✔️ Email open rates were 13%
✔️ VIP’s were the most engaged
Revenue & Sales
➡️ 421 total sales: $45,000 ($44,812)
➡️ Order Bump: 5% of Revenue: $2,220
➡️ Upsells: 18% of revenue: $7,926
➡️ High Ticket Tier: only 26 sales: 30% of rev: $13,225
Tested Two Items
👉 High Ticket ($10,000 offer) after the summit – it didn’t work
- We had one sale, (we returned it)
👉 One month free into a membership
- Sold 46. Only had 13 refund: which leaves 33 x $300: $9,900/month
👉 Downsell was a $4,997 offer (Summit Accelerator)
- Sold 5 ($25,000)
Post Summit Offer Downsell
✔️ Summit Genesis Workshop: $2,500 x 10: $25,000
Ad Spend
➡️ Spent $30,000 on ads.
- Brought in more than 50% of leads, and paid for itself
- But I could have made more revenue on the summit.
Overall
👉 Summit: $44,812
👉 Recurring members: $9,900 / month
👉 Post Summit offer:
👉 Mastermind: 1 x $10,000
👉 Summit Accelerator: $25,000
👉 Summit Genesis: $25,000
👉 Total Summit Gross Revenue: $114,712
- Minus Affiliate Payouts; $12,000
- Minus Ad Spend: $30,000
👉 Total Summit Net Revenue: $72,712
- Minus team expense & my time…
Still The Biggest Reward/Benefit
✔️ Speaker Relationships & Exposure/Authority
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 https://www.virtualsummits.software/resources-v2
✔️ 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.
LINKS MENTIONED IN THIS EPISODE
🔗 Virtual Summits Software Free Trial
🔗 One-Day Summit Starter Guide
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