Your small business has been going great: steady income, returning clients, your email list is now considerable, you have an interactive and large social media following. Great! However, in the last few months you noticed a decrease in growth. You’re not losing, but you’re not gaining either. Everything was growing rapidly. So, what gives?
It’s not uncommon for businesses to hit a plateau. The good news is, there’s a few things you can do to get out of this rut! One of the best ways I’ve found is to host a virtual summit. If you don’t know what a virtual summit is, it’s essentially an online conference. The host is the one who organizes and brings experts together for interviews. The catch, however, is that the summit is only broadcasted for a certain period for online attendees to watch and learn from.
Live streaming and limited-time broadcasting is a great tool to add to your marketing tool box. The limited aspect of these brings urgency amongst your potential attendees which make them more likely to act on it. Television has been using this tactic for ages! How often have you heard someone say, “I have to be home by 8pm to catch the season finale of -insert tv show here-!”
Here’s five ways you can use a virtual summit to increase your income in under 90 days!
#1 All-Access Pass
An all-access pass is to your virtual summit as Netflix is to tv shows. This is the most popular way you can increase your revenue via virtual summits. Some people will not able to attend your virtual summit during your limited broadcasting event due to a busy schedule, sickness, or anything else life throws their way. However, these customers still crave the information!
Free ticket holders can view the broadcast for a limited time, which in turn peaks interest in an all-access pass, which is a membership area containing all the video content, so that they do not miss a single interview! Another tip is to use price-increases for all-access passes. By increasing the price when your summit starts and when it ends, you can encourage more people to buy.
To further increase urgency and to encourage purchases, you can try offering a limited quantity of all-access passes.
#2 Order Add-Ons
An order add-on is an offer asking the customer if they would like to add an item to their cart prior to check-out. Another wonderful way to increase your income with virtual summits are add-ons. This can be a product you already have that is relevant to their interests, or a product exclusive to the virtual summit. You might want to consider offering a small discount for orders over a specified dollar amount to encourage order add-ons!
#3 Sponsorships
In essence, your virtual summit is an event. This is an amazing opportunity for companies to financially support you in exchange for publicity. There’s a few ways in which you can implement this, either by displaying their logo on your home page or making mention during your interviews.
#4 Physical Products
I can’t express enough how important branding is! Branding your virtual summit and producing and selling items like t-shirts, pens, hats, or other merchandise will help build brand awareness for both your business and virtual summit. Loyal customers will be happy to rock your swag which doubles as free advertisement!
#5 New Product/Service
After your summit is done broadcasting, you will have a shiny, new, email list of followers! They will be enthusiastic to learn more about your topic and seek more of the content you offer. This is absolutely a great opportunity to influence this email list and launch a new product or service for them. A great idea is to create your virtual summit around new products or services you wish to incorporate so that you continue to build interest and grow your audience!
Ready to try a summit? Give us a call and we will be happy to help.