A virtual summit is an effective way to increase brand awareness and generate revenue. A virtual summit can be monetized in various ways. Let’s discuss 5 ways to make money from your virtual summit.
1. All-Access Pass
An all-access pass is the most popular way to make money through a virtual summit. During your virtual summit, you will be streaming the entire set of live or pre-recorded sessions. It is almost impossible for attendees to digest the entire content of the virtual summit the same day.
After the summit, make the video recordings available for attendees and others to watch. Considering you have created valuable content, the aim is for people to pay and access the recordings at a later date by making an all-access pass available for people to purchase. The pass gives the subscriber lifetime access to the video recordings.
2. Affiliate Commissions
Earning from the virtual summit affiliations is another monetization strategy. For example, you’ll need a platform, microphone, and webcam for your virtual summit. The fact that your virtual summit will potentially gather large audiences is enough for you to propose affiliate partnerships to these companies.
Consider approaching these companies and explain that you are hosting a virtual summit and ask if they would like to be involved. Being able to bring new customers to their business, you, in return, will receive a commission. It is simply a way to generate more revenue.
3. Sponsorships
A virtual summit isn’t complete without sponsors. Sponsorship is a core component of a successful revenue-based summit. Even better, top brands are always on the lookout for more ways to publicize their products and services.
Let these brands understand the benefits of sponsoring your virtual summit. Sponsors may offer money, resources, or equipment. In return, you advertise their products and services during and at the end of your virtual summit.
4. Product or Services
A successful virtual summit can go a long way by creating long-term relationships for you and your business. A virtual summit is a way to showcase your products and/or areas of expertise. Treat attendees as potential clients. These are warm leads that will more than likely turn into your customer.
5. Offer new products and services
A virtual summit is an excellent medium of advertising new products and service offerings to the public. We’re not recommending a sales-filled summit, but adding sales information at the end of a Summit is key to higher conversions. Keep it informative and classy.
Organically, your virtual summit topic should resonate with the product or service you’re offering.
Not sure which strategies to use for your summit? Give us a call. We’re here to help.
