Takeaways
- Mark says that a virtual summit is having industry and niche experts (for whatever summit you’re hosting) where they dive into whatever message you’re trying to get out.
- Different types of summits:
- One day summits: 5-15 speakers (very versatile, used to build awareness, also used to monitored pre existing audience / increase conversions, used for a launch such as a promotion or book launch.
- Livestreaming summit: live-streamed, especially used for product launch
- Hybrid summit: pre recorded with bits of live-streaming throughout
- Multi-day summit: over the course of multiple days, 20-30 people, solving a variety of problems and topics.
- Summits overall benefits: building your list, establishing yourself as the authority figure of that niche, and building strategic partnership.
- The whole point of a summit is to solve a problem for your ideal client. You need to niche down and really solve that niched problem.
- To set up your summit for success you have to start with your END GOAL. (The Post-summit strategy). You have to have a next step for your people. Don’t let your list go cold, have something that you’ll want to lead traffic to right when the summit is over–and THAT is what you will begin to build your summit around.
- When you are hiring people to speak at your summit ask these two questions:
- 1. Who is the person who is going to give the best speech for your clients?
- 2. Who are you looking to build a relationship with?
- The quickest way to grow your business is to partner with people who you want to have a relationship with–someone who will promote you and you’ll benefit from working with down the line.
- If you want your speaker to promote without being pushy, you should personally ask them their best day and times for promoting your summit. This will be a verbal agreement and you can get them to commit to that agreement. It will allow you to remind them to promote your summit.
- The Decoy Effect: Create multiple offers. Have a low price, then have 2 other options (both are the SAME PRICE) except the one in the middle, will have ONE EXTRA COOL BONUS in it. This increases 60-70% buying the higher offer.
- Mark says to give yourself time to theme and plan out your summit. Make sure to get the right speakers and really niche down. Mark says spend 60 days and really plan it all out. The more you do it, the easier it can get!
- Unique Expert Position (The Hedgehog Concept): What can you be the best in the world at, what can you make money doing, and what are you passionate about? Mark says where these three things collide, that’s your UEP, your Unique Expert Position.
Highlights
- (2:10) A little more about Mark.
- (3:55) Mark’s timeline: when he started, when his first summit was, etc.
- (4:42) What is a virtual summit?
- (5:51) Different types of summits.
- (8:41) How Mark dominated his affiliate launch.
- (12:10) You don’t have to have a huge list to be successful starting out.
- (12:44) How to find the RIGHT people to speak at your summit.
- (17:22) What to expect out of the speakers you hire for your summit.
- (22:30) How to pick out your topic for your summit–how to niche it down!
- (27:11) Post-summit profits: how to monetize your profits!
- (31:24) The decoy effect: increase your profit with the same amount of customers.
- (36:14) Post Summit Profit Strategy: After the summit, what do you do?
- (42:39) Recap of the process!!
- (42:58) Virtual summit software.
- (48:06) The best books Mark has ever read.
- (48:59) What does it mean to Mark to make an impact?
- (49:31) Where you can connect with Mark?
Quotes
“Don’t worry about the size of your list, it’s all about how qualified and engaged they are.”
“Always ask yourself what your audience needs. Always start with what’s the end goal.”
“The summit is the beginning of your customer journey.”
“To grow a company–you need partners.”
“The more you can make your speakers look like champions, the more likely they’re going to promote it, and promote it harder.”
“Marketing and promotional strategies need to just be like relationship strategies.”
“Your message absolutely matters…you just need a little bit of help getting it out there. Don’t give up, you are so close.”
Resources
Connect with Dr. Mark Wade:
Virtual Summit Software: virtualsummits.com
Instagram: @hustleandscale
Books Recommended in the Episode:
Watch Full Interview:
