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What Is A Virtual Summit?

Posted by Gary Henderson on May 8, 2020 3:45:00 PM

Virtual Summits are events carried out by different people on an online forum, bringing people from all over the world together.

The idea of a virtual summit is similar to a conference hosted in an auditorium, but the only difference is that this is carried out on online portals where people present their work and talk about certain topics to the online audience.

Since everything in commerce is transferring to eCommerce, virtual summits are considered to be a great business strategy to attract more clients.

Whether you are an experienced entrepreneur or are new to the industry, using virtual summits as your marketing strategy could be a powerful engagement tool to attract more potential clients.

Virtual summits invite speakers who talk about important topics, conveying noteworthy information for the online participants. The audience can benefit from these summits as a number of them are free of charge and can be booked quite easily.

Providing attendees with this easy access to attend a virtual summit is an effective way for lead generation, attracting a large pool of clients without spending too much on an actual physically-hosted event.

Top 5 Benefits Of Virtual Summits For Entrepreneurs

Virtual summits can be one of the best ways of attracting customers and traffic to your website, eventually increasing the chances of these viewers becoming your potential clients.

There are several ways in which you, as an entrepreneur, can benefit from hosting a virtual summit for your business.

1. Helps With Lead Generation

The first and the most important benefit of hosting an online summit for a virtual audience is that you have a chance at lead generation.

You can catch the attention of so many potential buyers through such virtual summits. You can influence them through the content that you plan to share with the help of guest speakers and make them transform from just a viewer to a buyer.

This is why you need to make sure that the content you create will give out more information on important topics for your attendees, making them take more interest in your brand.

2. Increases The Size Of Your Network

Global

Through these online summits, there are more chances of increasing your network as more attendees join your virtual summit every time. More people get to know about your brand, which means more mouths to talk about it.

All this leads to word-of-mouth marketing for your brand. And that is exactly what you want to improve your sales.

3. Builds More Authority And Credibility

This is your chance to show your attendees that you know about your industry, and you can teach them more through these summits. And because it is an online summit, you need to make sure that the audience believes what you or the guest speakers are saying.

You have to use content that is accurate and authentic so that you have a long-lasting impression on all the people attending your summit.

Since it can also be recorded for future references, you need to make sure that you are gaining their trust by giving out the correct information.

4. Helps You Acquire More Customers

As an entrepreneur, the sole purpose of your virtual summit would be to attract as many consumers as you can. And through effective virtual summits, you can actually achieve more customers by giving them the right information at the right time.

The way you or your guest speakers present the content, and how helpful they appear in clarifying any ambiguities faced by the audience attending these summits can really get you some real clients.

5. You Can Earn More Revenue Through Virtual Summits

While some virtual summits are free of cost, these are probably the first few virtual summits that you host. After building a real audience that is highly interested in your content, you can actually start charging people to attend your next virtual summit.

There are also entrepreneurs who sell these recorded online summits to those who were unable to attend them, generating revenue for themselves.

Besides these, the kind of content you create and spread through these virtual summits are bound to get attention from real buyers, making your attendees become your clients, and increasing your sales and your revenue.

How Does A Virtual Summit Work?

There are two types of virtual summits.

You can choose to host a live one, where you will be talking to the audience live without any edits. Or, you can opt for a recorded virtual summit, where you can edit the unnecessary parts, making your recording flawless.

Here are a few things that you might want to know about virtual summits:

  • A large number of summits are carried out over a duration of days ranging from 3- 10 days.
  • A virtual summit can have as many as 80 or more speakers, virtually enhancing your knowledge about important topics.
  • The most commonly seen number of guest speakers in virtual summits is between 25 and 30. Here’s an example:
  • As there are usually more speakers to talk to the virtual audience, these summits are divided between all the speakers equally, giving them equal opportunity to spread their knowledge and talk to the live audience (if it’s a live session).
  • Most of the virtual summits are more like an interview, where the host interviews the guest speaker, asking them questions that they have collected from their audience, or questions that they thought would interest the attendees.
  • Some summits can be in the form of presentations that are made by the guest speakers, showing facts and figures, or relevant content to keep the audience engaged.

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Not all guest speakers agree on presenting their presentations to the virtual audience as it increases their work. Therefore, the interview-type virtual summits are more commonly seen, while the presentation format might show better results in comparison to an interview session.

Virtual summits can be free of cost or can be bought. Out of these two types of summits, the free version is most common as it helps in generating leads for the company as not everyone likes to pay for virtual summits.

While the paid virtual summits are not very common, but they can be more fruitful for the entrepreneur as people will be purchasing their spot to attend the virtual summit, creating revenue for you.

A virtual summit can be a great source to turn your free attendees into paid attendees by attracting them with your content to upgrade to another level.

An upgraded attendee will be able to have an access pass to all the things that can add value to your summit, for instance, presentations, important fact sheets, and other documents that could be helpful for them.

Who Should Consider Hosting A Virtual Summit?

How to host a virtual summit

All the new entrepreneurs who have recently started their venture and are looking to attract a larger audience, generate leads, and create a reputation in the market, should definitely host a virtual summit.

This will help them achieve all of the above-mentioned goals at a cost that might be very low for an initial investment in new business.

However, this does not mean that only the newbies in the industry can make the most of it. Experienced and established brands can also use these virtual summits to connect with their already large audience so that they can multiply the number.

Whether you are a big name in the industry or are still struggling to make one, a virtual summit can aid you in achieving your goals of creating an audience, which can later become your potential buyers.

Let's take a real-life example to see how virtual summits can help you.

Jess Krieger is one of the many entrepreneurs who used virtual summits to attract a more promising audience, driving him to attract more leads for his business, and making ‘Lifestyle Entrepreneurs Press’ a living example of a success story.

Tips on How to Make Your Virtual Summit a Big Hit

A virtual summit is a way to connect with your audience and create a long-lasting impression. It is something that you need to pre-plan, and design content ahead of time so that at the time of delivering your content virtually, you don’t create any glitches.

5 Tips For A Successful Virtual Summit

1. Choose Wisely Between A Recorded Version Of A Virtual Summit Or A Live One

As the names suggest, a recorded version for a virtual summit will be recorded with your guest speakers and posted after your virtual discussion has taken place.

On the other hand, going live means that people will be watching you as you talk, which makes it riskier, especially when you face some technical difficulties during your virtual session.

While the recorded version might seem safer as you can cover up any mistakes before putting it online, the live version has more chances of better engagement from your audience.

Therefore, prepare for a live virtual summit, recheck your technical resources and try to have a backup plan in case things don't go the way you planned it.

2. Keep It Simple

You don’t want to complicate things for your audience, making them search the internet to finally find you, or take them through different procedures to finally get an access pass.

Make it super easy for them to access so that they don’t get annoyed before even joining the virtual summit.

Also, make it easy for them to share it with their friends and family. Keeping it unlocked at times can actually help you reach out to more people through word of mouth of those who attend your summit.

3. Keep It Fun And Engaging

Virtual summits can be long enough to bore your audience. This is why you need to make sure that the content that you plan should not only be informative but also fun and engaging for the attendees.

They should not be yawning throughout the session, listening to a serious and boring style of conversation between the host and the guest speakers. You need to add subtle humor or any activity for the viewers so that they are mentally present throughout the summit.

You can add a few jokes in between your questions to give your attendees a little laugh, or plan an activity where your live audience can submit their answers virtually and feel like a real part of the summit.

Healthy engagement is what you need to make your virtual summit a huge success.

4. Make It A Win-Win For All

You being the host, the guest speakers and the audience are all in the summit together. And because so much effort goes into creating your virtual summit successful, you need to make sure that your content makes the attendees feel satisfied.

Offer them actionable content that they can take and use immediately.  Serve them with content or service them in a way that you already know they want and need. 

As a result, it will be an advantage for you and the speakers as your attendees will be coming back again to hear you speak more in your next summit.

The Bottom Line

Whether you are a newbie or are already an expert in the industry, using a virtual summit to gain an audience and potential buyers could be a great marketing tool.

Have you ever wanted to reach out and begin a conversation with somebody in your niche who is well-respected, but you had no idea what to say?

Hosting a virtual summit gives you the perfect reason to make that initial contact, and offering them an opportunity to speak is a brilliant way to add value to their business before you ask for something in return.

While creating an impactful virtual summit is not a piece of cake, you can always put in all your efforts to make it worth the try.

If you would like to have more conversations like these check out The Entrepreneur Cooperative.  It's a one-time payment lifetime membership where we serve content specifically dedicated to you every single month. 

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