Welcome to episode 10 of the VSM podcast. Today is an episode that has a slightly different perspective on virtual summits. And it is tailored more to those who have a technical background or have done the summit already and are looking for a high-profile high ticket income stream.
The topic of today’s episode is: should you launch a done-for-you summit service?
So as I’ve said, if you have already done the summit and you have all the parts that you need in place, you have everything. Starting from the summit website, over email automation, over graphics, to the launch process. You have all that under your belt already, and your team can execute all the steps involved in running a successful virtual summit.
And that delivers results. Why not offer that as a service to other people who could benefit from running a virtual summit but don’t have the time to execute it or don’t know how to execute it. Is that interesting for you? I want to dive deeper into this topic in this episode.
First of all, a summit as a service usually starts around $15,000 and above, from my experience. You may find people selling it for less, but I would doubt the quality. All the excellent summit services I’ve seen start from around maybe 12,000 to 15,000 us dollars.
What do “Done-For-You” Summit services offer?
Essentially, you handle everything except for recording the interviews – that remains your customer’s job, who serves as official summit host.
You arrange the speakers, schedule them, find them onboard them. You build the summit website, and you build the email sequences. You handle the promotion and the launch. Your customer gets all the benefits of being a virtual summit host and running this summit. And the only thing your customer has to do is to do those interviews.
And of course, you can help them with that as well. You are coaching your customers on how to do a good interview and build a recording studio. In this video, you can see my personal home studio and alternatives for lower budgets:
Now that we’ve covered the basics let’s talk about selling points for Done-For-You virtual summit funnels.
Why is it that somebody would pay you five figures for hosting a virtual summit for them? First of all, a virtual summit is a digital asset that earns money before it even starts by setting sponsorships.
We’ve talked about this and other episodes already. You can monetize a second. Before you even sold the first ticket and got the first attendee. This is why I love virtual summits. Then, of course, the elephant in the room is that summons grow your customer’s email list like crazy. If you do an event properly, you can add thousands or maybe tens of thousands of targeted leads to your customers, email lists, and you can earn them revenue for years.
And lastly, a virtual summit helps your customer be seen as the go-to person or company in their space.
So those are three selling points, a digital asset that earns money before you even start by setting, by selling sponsorships. That money would even pay for your agency’s services in most cases.
Number two is that you can grow your customer’s email quite quickly with targeted leads, and you bring them revenue for years.
And the third selling point is that you help your customer establish thought leadership and become the go-to person or company in their space.
Objections against virtual summits
But of course, where they are selling points, they’re also objections. And I want to talk you through three of them. To number one or objection, number one, I’m a business owner. I’m not a summit host.
Let’s see how we can debunk this, and it’s pretty straightforward. Summit hosts are building relationships for the brand and business.
That’s essentially what you’re doing as a summit host. And that is what business owners should do as well. I mean, they go to networking events. They go to all sorts of fancy round tables and discussions and panels and stuff to build networks. Why not do that in the scope of a virtual summit? You can teach them how to record interviews online.
That’s relatively straightforward to do essentially. You just tell them to have a natural conversation about a topic you’re passionate about. And the other person also is passionate about the topic. So the conversation flows naturally after your customer has done the first two or three interviews. And lastly, business owners need to demonstrate thought leadership and build Goodwill in their industry.
And summits are one of the fastest ways to do just that.
When you’re approaching your customers to sell summits as a service, maybe they’ll say something like, “I don’t know how to do interviews.” And that is another objection that you can get out of the room quite quickly. First of all, you teach them how to prepare for an interview.
You take out all the fear of I’m blanking on words, or I don’t know what to say. I don’t know how to respond to a particular statement from the speaker. Teach your customer how to do those interviews properly. And essentially, they are just recording an interview with somebody passionate about the same topics as they are.
And you, as their agency partner, show them how to set up a recording studio that fits their budget. You show them how to network online. Maybe you take on the editing for the sessions. That’s probably a bright idea. And also, what you can do is you can join them on the first few interviews until they get comfortable with the process.
And maybe you handle the tech, join them on every interview, and just do a 10 to 15 speakers summit. You handle all the tech. Your customer just leads the conversation during the summit sessions. It is pretty straightforward to get the objection that they don’t know how to do interviews online out of the room.
And the third objection I commonly hear is that the costs of organizing the summit are too high. Remember those 15,000 and 12,000 to 15,000 us dollars. I’ve talked about it earlier. People will shy away from that number. And then it’s your job to explain to them how they can recoup that investment and make some profit even before the summit starts by selling sponsorship packages.
How Coaches, Consultants, Experts, and Speakers Are Using
Our Proven System to Build Wildly Profitable Online Businesses With Virtual Summits
While Making A Bigger Impact On Their Audience, And Adding Targeted Subscribers To Their List.
In most cases, even for first-time summit hosts. I see sponsorship packages grossing five figures in sales, even for the first event. And that is on top of all the Alexis passes. So there’s much money to be made. And in most cases, the sponsorship alone will cover your costs as the agency.
And that is something that your customer needs to understand. So you have the sponsorship covering your costs for running the summit, and then you have the Alexis past say it’s ended the backend funnel.
And the backend funnels that add to that. So from my experience running VSM, even first-time summit hosts regularly earn five figures. If they have a good team and have experience in online marketing, they can earn six figures following the Virtual Summit Mastery Method.
So far, we’ve talked about selling points and objections. What’s left to talk about in this episode?
How do you deliver a “Done-for-you” virtual summit?
How do you make sure that you have a process in place that gets results for your customers repeatedly and that your team executes efficiently? So, first of all, this is the essential step for delivering a virtual summit is that you need to have a proven process to organize successful summits reliably.
For example, You could sign up for the agency program of VSM at virtualsummitmastery.com/agency. If you have a virtual summit under your belt already, you can leverage what you’ve done there and turn that into processes for your team to execute. Or you can sign up for the regular Virtual Summit Mastery program, do one of the summits yourself, and then upgrade to the agency program to become a licensed agency partner.
What you then do in that process, you organize all the speakers, research them, make sure that they are the real deal, that they are the right influencers for your customer’s event. You schedule the interviews, you help your customer record the interviews, and then you edit it.
You build a website, which is very straightforward with the templates inside virtual summit mastery. You set up the email sequences. Again, we have templates for that in VSM you onboard the speakers as affiliates for the super important launch, your affiliates and the speakers will be, in most cases, the main driver of traffic.
And that is what you want to achieve. You want to have speakers who introduce your customer as the summit host to their audience. So that your customer immediately gets authority, attention, and trust with the audience of the speakers. That is important. Then you, of course, do the launch.
You deliver the summit using an email automation sequence and maybe a Facebook group, a Slack group, or whatever community is relevant in your customer’s market.
And lastly, you upsell your customer. Upselling is a great point. You upsell your customer on post-summit growth strategies. Inside Virtual Summit Mastery, we have various strategies to earn money and leverage a summit even after it ended.
And that means that you can upsell your customer on retainers. You could sell them on content, repurposing retainers. We show you how to do this week. Sell your customer on email marketing retainers. We can say your customer on relaunching your vitreous summit. Every quarter you could sell your customer on turning a summit evergreen. There are so many ways that you, as the agency owner, can benefit from a virtual summit that you’ve organized once for 12 or even 24 months. The sky is the limit in this situation. And remember, the price point for selling virtual summits usually is around 15,000 USD or higher.
That sets a good baseline for how much you retain us can be. And if you’ve delivered results with the first summit, guess what, your customer will happily jump on a retainer with you, and you earn recurring revenue through that virtual summit, just as your customer does, which is what I call a classic win-win scenario.
So again, apply for the agency program if you want to become a licensed agency partner.
Let me know if you have any questions about this process or if this is interesting for you, and that you would like to hear more episodes on in this podcast. Maybe I do a mini-series about this. If you haven’t already subscribed to the VSM podcast and leave a review on iTunes or Spotify, or Stitcher, that will help us out immensely.
This is a brand new podcast. We are just ten episodes. And so every review counts. I would highly appreciate that.