How to Make Money from Your Virtual Summit in 2022
How to Make Money from Your Virtual Summit in 2022
Virtual summits are an excellent opportunity for you to profit from an online event, grow your following, and increase your expertise.
What is a Virtual Summit?
A virtual summit is a conference that you hold online where you and other experts in your niche share your expertise with your audience. Hosting a virtual summit can be beneficial to you in a few key ways:
o Grow Your Audience
o Grow Your Email Subscriber List
o Earn Money Directly
o Save Money on Conferences
o Connect with People in Your Industry
o Build a Relationship with Your Audience
If you wish to pursue this idea to grow your sales and expertise, it is vital to start planning your summit about 3 to 4 months in advance.
Do you want to host a successful virtual summit but don't know how? The first thing you need to ask yourself is the purpose of the summit. What do you hope to achieve? Some businesses hope to earn money directly through their summit. Here are five ways you can do that.
Charge for Your Virtual Summit
Many businesses offer a free virtual summit to attract many participants, but if you do enough marketing and promotion beforehand, you can charge for attendance and earn money this way.
One way to increase participation in a premium virtual summit is to offer different levels of attendance. For a smaller fee, people can join one session or one day of sessions. If they pay more, they can attend the entire event.
You can also boost sales by offering extras and bonus material that come with the price for attendance. These can be inexpensive items for you, such as information products or resource guides related to the virtual summit's topic.
Offer a Paid Upgrade
It can be challenging to charge for a virtual summit if your competitors are offering free ones. Another way to earn money on attendance is to provide a free portion and a paid upgrade.
Your participants can attend the whole event 'live' for free and then purchase a lifetime access pass if they want to listen to the recordings again. While they're enjoying the free summit, you can continue promoting the access pass and get them to join.
Promote Products and Services
During your virtual summit, you can promote products and services related to its theme. This works great because you're discussing an issue your audience faces and teaching them how to handle it while also offering solutions they can buy.
Offer Upsells and Cross-Sells
Rather than promoting products directly through your virtual summit, another idea is to offer upsells and cross-selling related to the content.
Usually, these events work best when they're primarily non-promotional and focused on providing value-add information to the audience. But you can offer things like transcripts of the event or downloadable versions of the event for a small fee. Another idea is to provide one-on-one coaching or consulting to participants at a special rate to further help them with issues they're facing.
Become an Affiliate for Your Speakers
You can earn money through your virtual summit without pitching anything at all by becoming an affiliate for your speakers. For each speaker who shares expert information with your audience, you'll offer a link where your audience can find more information. You're sending traffic to your speakers. If your virtual summit participants buy anything from your speakers, you can get a commission.
Related post: 21 Ways to Get More Sales in 2022 - #4: Increasing your sales through an affiliate partner
Like any event, you can get sponsors for your virtual summit. They pay to add their logo or get a plug which can be hard to do if your event isn't popular. But it can be very profitable for both if you do your targeting well.
Put together a proposal emphasising the unique value of advertising on your event and send it out to businesses that would be a good fit.
Whether your goal is to grow your audience, build an email subscriber list, make money, save money, or purely connect with people in your industry. The first step is to clarify your goals and decide what you want from your summit.
If you want to make money, we've offered five ways in this post.
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