The Details Everyone Wants to Know about Virtual Summits
Okay - finally getting around to doing a little recap about my client’s virtual summit. I want to highlight this event because I know some people are curious what all happens during a virtual event like a summit or conference. So, if you’re wondering if this might be something to consider for your business - read on!
To give you some background:
This was a 3 day virtual summit with daily presentations & live sessions.
New presentations were available each day for 24 hours for viewing for free attendees
Live sessions were completed in the event Facebook group and then available in the group until the following day as well to re-watch if unable to attend live.
Upgraded attendees had access to all presentations prior to the event days, replays of live events are uploaded to their pass library, and they have ongoing access to all these videos.
Attendees were able to ask questions to speakers and sponsors, as well as, to engage with each other in the event Facebook group
All attendees had various freebies and offers available to them from speakers and sponsors. Upgraded attendees received bonus freebies and offers as well.
Now onto the GOOOOD stuff. This summit was AMAZING. Sharing some stats for this client to showcase the possibilities for you. Of note, this is this client's second virtual summit - the first being approximately 6 months ago. So, I’ll be sharing the growth stats for both.
Holding a virtual event like a summit gives hosts an unmatched opportunity to do the following:
GROW YOUR BRAND & REPUTATION
Events like this help to establish you as an expert BIG time. As the host your face and brand is everywhere on the event. Big opportunity to grow your know, like, trust factor.
Email List:
Pre (either) virtual events: ~3K
Following 1st virtual event: ~10K
Following 2nd virtual event: ~17K
Social Media Reach:
Pre (both) virtual events: ~6K accounts reached
Following both virtual events: ~33K accounts reached
COLLABORATE & CONNECT
…with other professionals and brands in your community.
I really have to commend my client on gathering an amazing crew of speakers who presented on a variety of different topics. The evidence was clearly in the feedback from attendees (but more on that later).
Connecting with other professionals in your community is amazing all around. When invited to participate in an event like this speakers are also getting:
Increased brand awareness & reputation
Opportunities for revenue via offers to attendees
Revenue for promoting the event via commission of upgraded passes
Connecting with the audience throughout the event
And likewise when it comes time for these speakers to identify affiliates for their products or programs or to refer for something that isn’t quite in their wheelhouse - who do you think they’ll reach out to?
This client has had the opportunity to join multiple other summits and be an affiliate for their existing & new product/offer launches
Establishing relationships with brands who sponsor the event. Sponsors can benefit from involvement in virtual summits much like speakers do with increased brand awareness, as well as, sales from that increased visibility & special offers or promotions during the event. For my client they reported:
Following both events - multiple (5+) sponsors (repeat & new!) have reached out to inquire about or ensure sponsorship spot for future events
Opportunities to try out new products before release and be an affiliate for all products (hey, what’s up more income)
Sponsors reporting excellent return on investment from their involvement in virtual summit
CRAZY, AMAZING REVENUE
Okay here is the big one that I KNOW everyone is wondering about. Promise you won’t be disappointed either. Virtual events can make you some seriously big money.
Upgraded passes were sold before, during & after the event ended. Price points vary based on when purchased, ranging from just below $50, just below $70 and just below $100.
Without revealing too much BTS of my client’s finances… I’ll let you do the math yourself knowing the lowest price point of these upgraded passes
1st event: approximately 1,100 upgraded passes sold
2nd event: over 2,000 upgraded passes sold
Additionally, there were other offers available to attendees at checkout and throughout the event. Soooo more $$. Each of these offers were around a $20 price point.
Bump Offer Conversion Rate: 20.1%
Upsell #1 & #2 Offer Conversion Rates: 10.6%
LAUNCH OFFERS WITH A HOT AUDIENCE
Like literally steaming hot. If you were impressed by the stats you just read about revenue for the event, it doesn’t (and shouldn’t!) stop there.
Both events my client was able to launch a new offering. The first a (low ticket) monthly membership and the latest a (higher ticket) guided program. With the most recent virtual summit the day after the event she (with another speaker she’s collaborating with) held a bonus webinar teaching attendees some basic skills and within that webinar launched their individual and joint offers. From that (and again, remember this is a higher ticket program):
They had over 100 attendees sign up for their joint offer and about 20 each sign up for their individual offers.
HELPING OTHERS GROW
Now this one is truly priceless. I don’t know about the rest of you, but as nice as money is most of us went into the work that we do because we are passionate about it. What’s better then sharing that passion with others?
I don’t think there’s much more I can say about this other than just showing you some examples of attendees' feedback. And these are just a few of hundreds of similar comments.
Pretty cool to be making such a significant impact for these people along their own journeys!
SOO.. WHAT’S NEXT?
How do you know if a virtual summit is right for you?
Well, if all the above benefits sound appealing to you I’d recommend taking a look at what you offer and how you can collaborate with other professionals in your community or adjacent fields to meet a need for your [joint] audience. Do some good old market research. And just remember - even if it’s been done there is still room for your voice & your approach and likewise people who are drawn to that.
RESOURCES
Sara Sovie Tech Services
I mean it’d be pretty silly if I didn’t mention myself, right? I love providing support to virtual summit hosts. There is so much that goes on behind the scenes to prepare for a virtual summit or online event that having someone on your team can make a huge difference. From setting up content collection systems to gather information from your speakers and sponsors, designing website pages to promote the event and sell tickets, processing payments, setting up your upgraded content and connecting all the pieces to your email marketing program for delivering information and nurturing prospective attendees. I offer a variety of different packages based on your needs from tech consultant to full tech support professional.
Check out my offerings at www.sarasovie.com/virtual-summit-tech-support and/or reach out to me on Instagram @sarasovietech with any questions!
Summit in a Box
The client referenced above participated in a program that taught and guided her through planning and developing her summit. Krista Miller, the founder of Summit in a Box, developed this program after hosting many successful virtual summits to be able to support other business owners in doing the same. They offer a variety of free resources, as well as, their paid programs. Check them out some of their offerings here (*affiliate link) or follow them on Instagram @summitinabox
