But let's, let's back up just a little bit for just a second.
Why should podcasters care about virtual summits?
Why should they even be having that on their radar?
Well, first of all, I'm a big proponent of virtual summits, not just because my buddy's
GLD, but because they've been very successful for us in our company as well.
You know, over the long haul, we've had a lot of people come in, listen to the virtual
summit podcast to get knowledge, to get information, and at some point come into the software,
virtual summit software and run their summit through that.
What I can't do very well, and I'm not an expert at podcasting by any means, but I'm
a big proponent of them.
What I wasn't able to do is speed that process up or scale it on my own terms.
Now with a virtual summit, I have power and control to be able to make it as big as I
want.
I know that I could do other things to push it bigger, but I know for sure I can get that
information, which is a big thing.
We have a lot of strategies in the podcasting space for trying to get people to go from
the earbuds into the email, but a lot of times it is the challenge that we're trying to overcome.
With a virtual summit, they're not getting access to the information unless they give
you their information.
So it's a big way to collect that information, collect their email, their name, and be able
to communicate with them afterwards, which puts that monetization opportunity on your
timeline versus just their timeline.
Well, speaking of which, you said that you're giving value.
So how exactly, I kind of know this, but just for our audience, how exactly are you making
money from it if you're giving away three tickets to a virtual summit?
How does that work?
That's a great question.
I'm glad you asked that.
I always leave that to see if people are even paying attention.
They're like, wait, you said it was free.
How'd you make 30,000 or 36 or 100, whatever?
So it's free to attend, right?
Just like, you know, you're giving them the opportunity to have access to these thought
leaders, these amazing people and get this content for free.
But it's during this period of time, the summit, if you're doing a multi-day summit is like,
let's say Thursday through Sunday and they can show up and they can get access to those
sessions.
But just like any conference or any summit, when those end, when that day's over, those
sessions close down and they're no longer available.
However, we usually offer a summit offer or like an all access pass for a nominal fee,
like 47 bucks or 97 bucks.
And it gives them access one to keep those sessions on demand.
But we also throw in some cool bonuses or other things as well.
So the people who are like the attendees who are like, this is amazing.
Like I want to come back to this.
This is great knowledge or, you know, I didn't get a chance to get through them all.
I want to come back to them.
You know, they'll gladly pay $47, especially if they see the value in it to have access
to those ongoing.
And so that's where the revenue from a summit comes.
Now, I always say your summit is not your monetization strategy.
Your summit is your relationship strategy.
That's where you build to know, like, and trust your monetization strategy comes after
that.
It's what you're going to do after the summit is where you're truly going to be able to
monetize most of our summits.
You know, we see anywhere from 10,000 to 50,000.
We have had a couple hundred thousand dollar summits, but those were 10 to 20 to 30% of
the revenue we were able to generate after the summit because we've built the relationship
with them and then we bring them into our next promotion or offer.