July 17, 2019
by DR. MARK T. WADE
#033: Here Is The Summit Success Model To Plan Your Successful Summit
Description:
The Summit Success Model is the difference from coming out thinking “virtual Summits don’t work” and walking away with an ultra successful summit. It all comes down to planning it out and that is exactly what we are going to cover in today’s episode on the virtual summit podcast.
The Success Summit Model
What Is It
This is the model or formula that you can use to determine roughly the outcome of your summit before it ever even starts.
Here’s the key, most summit hosts go blind into their summit with good intentions & high hopes. Some, not all put in the necessary amount of time & energy to host a good summit, but a majority leaves the outcome of the summit up to chance.
Why You Should Do It
Instead of just plowing forward with good intentions it’s best to strategically prepare for a victory.
We talk about this when crafting your summit theme & topic. Start with where are you wanting to take the audience after the summit, pluck a problem from your program & create a summit around that. Start with the end goal and work backwards.
How To Do It
Summit success model is focused primarily on how to plan your summit to ultimately hit a certain number of leads. And then subsequently what type of revenue that might generate.
This all ultimately falls down to your reach of your summit, which the most effective way to generate those leads comes from your speakers promoting the summit to their audiences.
Important Reminders
- Select your speakers based on their zone of genius and that aligning perfectly with your topic,
- Selecting speakers with an audience that is that is appropriate for your summit, &
- Selecting speakers that will be willing to promote your summit.
List Potential
List potential is the total potential audience that you have an opportunity to reach through your speakers. Specifically talking about email audience or other wise known as a “list”.
How do you know what your list potential is? Simple it’s the total combined lists sizes of all the speakers on your summit.
How do you know that? Well you can either ask them specifically for the size of their list, which I know some summit hosts who do this or you can estimate.
Revenue
This is even more tricky and unpredictable for a lot of reasons.
Most common factors are:
- What niche or industry are you in. Some niches just convert higher than others.
- Speaker support or emails during the sales sequence
- Overall Size of your summit
- Quality of your offer.
- Price of your offer matters. If it’s too high it will reduce conversions & if it’s too low you will leave money on the table.
The Equation
Total List Attendees X 2% Sales Conversion X Average Offer Value
Average offer value is what ever offers you have on your summit, early bird, low price, high price, averaging those together is your average offer value.
So you take your total anticipated attendee size times the 2% sales conversions to get your estimated sales and then multiply that by your average offer value to get your estimated Summit Revenue.
Post Summit Profits Strategy Revenue Prediction
Averages in the Post Summit Profits Strategy Are the following:
- Monetization Phase – 1-5% (to your engaged audience)
- Maximization Phase – 1-5% (to your engaged audience)
- Multiply phase – 1%-5% (to your engaged audience)
Briefly, your Monetization Phase is your info or digital product usually a course that is a medium priced product.
The maximization phase is your transformation phase where you have a higher priced offer, and the multiply phase is your recurring revenue like your membership platform.
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
Resources you can get in the show notes at Podcast.VirtualSummits.com/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.
Table of Contents
📄 The One-Page Summit Plan
📄 The Linked In Success Summit
📄 Technology Preferred
📄 Overcoming The It's Too Hard, It's Too Difficult Concern
📄 Timing Of Your Summit
📄 Re-running Your Summit Or Starting New
📄 Words Of Wisdom
LINKS MENTIONED IN THIS EPISODE
🔗 Virtual Summits Software Free Trial
🔗 One-Day Summit Starter Guide
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