December 10, 2020
by DR. MARK T. WADE
#189: Part 3 Summit Talks Debrief: Let's Lessons Learned
Description
In the Final part of the Summit Talks Debrief series we look at what lessons were learned from this Mega 6-Figure Summit. While hosting the Largest Most Impactful Virtual Summit ever, we learned a few things in the process. Let’s talk about what worked, what didn’t and what we would do differently.
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.
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3 Part Summit Talks Debrief
- Overview, Strategy & Prep
- Performance, Engagement, Revenue & Sales
- Take A Ways & Lessons Learned
Part Three - Notes, Thoughts, & Improvements
Notes
✔️ Sales (different types of sales, order bumps, upsales) 30 days into group coaching worked well
✔️ Testing: High ticket mastermind offer did not work well
- Summit is taking a cold audience to warm, not raving yet
- First pitch was 2 offers which is confusing
✔️ Opt in conversion - good but should be better
✔️ Sales conversion - great
✔️ Upsales, prefer bump, and high tier - 50% of revenue
Things That Stood Out
➡️ High production value
➡️ Lives with nice setups and backgrounds
➡️ Opening and closing ceremony
➡️ Celebrity cameos
Activities
👉 Speaker panels, fireside chats, hot seats, mastermind session, ceremonies
👉 Speaker panels were the best, most engagement
👉 Fireside/ you liked, but less people
👉 Mastermind had most with most positive feedback, but most risky
👉 Special recognition: good to do awards
👉 Sales - VIP all access pass worked well
👉 Sales - Virtual Event revenue class worked well - nearly 100 people live the whole time of a Saturday (wrong offer, great class)
Not Going To Do Again
✔️ 2 lives/day
✔️ Would not promo more than 10 days in advance
Current State Of Summits
➡️ Speakers aren’t promoting & less leads on summit
➡️ But still effective. Just be conservative with your time and money.
➡️ Don’t try to go “all out” just do enough to do well.
➡️ Ended well, started slow, really nervous
Some Issues/Problems
👉 Issue with affiliate links, speakers gifts issues, email deliver ability
👉 Problem with production - DSLR camera was huge files. Took 2 editors work 70 hours/wk for 4 weeks
👉 Too many posts in attendees group: Do 2 vs 4 posts. FB throttled notifications
👉 Referral Parrot didn’t work well for us.
Improve
✔️ Engagement beyond the post summit offer- have more planned items inside of the group
✔️ Good ROI on ad spend, until throttled. Once got up to $2500/day it was poor returns. Scaled back down. Wouldn’t spend that much on ads again
✔️ Sponsors: waited too long. Next time ask what they want and what they think it is worth then negotiate from there
✔️ Should have done a survey about attendees to see who they are and what they wanted
Some Feedback
➡️ Panels and VIPs are risky, if zoom doesn’t work there is no alternative. Got around it with 2 computers at same time
➡️ Promo clip and super summaries done right after interview for everyone
➡️ Free day Friday was good - instead of encore weekend
➡️ Marketing - ads guy said that having that many speakers converted well, high impact video converted well, image with all speakers converted well
➡️ Recommend selling on back end - $1000-2000 product or membership program
➡️ Recommend one annual mega summit
➡️ Worked: speaker application forms and batch recording. Worked that you had hard stops to keep everyone in their times so it didn’t drag out. Didn’t work: having 2 forms - just do one form
➡️ Won’t do that many speakers again
➡️ Hard to keep up with FB group members. Couldn’t check if they were spammers.
➡️ Worked: the VIPs all became friends, they didn’t want it to end, your crew you want to get to the next step
➡️ Every other customer will have another time to buy after they go through material. Don’t push, but be there for them
➡️ Everyone else: another track with different opportunities to go further with you. Test waters if they want.
➡️ Speakers: be prepared, you’ll be surprised who shows up for you and who doesn’t. As important to have an engaged speaker as a speaker who sends leads.
➡️ Audience having access to speakers was a huge success
➡️ Connecting speakers to speakers was a huge success
➡️ 1 mega summit - can’t do this on every summit. Don’t be so extreme and know it won’t be your big blowout
➡️ Gifting one free summit tier to speakers worked well for promotion.
➡️ Get emails collected 400 leads that wouldn’t have counted.
➡️ Proof was beneficial.
➡️ Split testing was important.
Speaker Feedback From The Call
👉 Single opt in with a CTA to confirm the ticket which becomes a double opt in.
👉 Have them reply to the email when they opt in.
👉 Words: VIP, Access, All Access, Login, are all getting spam/promo filters.
👉 Cameos were brilliant.
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!
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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