Summits have been a buzzword in the online space, but many are still left wondering about their true potential and how to leverage them effectively. In this enlightening episode, Igor sits down with the remarkable Sophie Riley, an expert in the world of summits, to unravel the mysteries and reveal the hidden treasures they hold. Get ready to gain invaluable insights into how summits can take your ventures to new heights, paving the way for extraordinary success and profound transformation.
Guest: Sophie Riley is an enigmatic summit expert who is about to deliver an unexpected and extraordinary message. While her expertise lies in the world of summits, she brings a refreshing perspective that sets her apart from the conventional experts in the field. However, Sophie Riley is no ordinary summit expert; she possesses a unique insight that challenges traditional notions.
[00:00] In this episode, Igor is joined by Sophie Riley to explore the fascinating world of summits including the significance and impact of summits in various industries, such as coaching programs, information marketing, and self-improvement.
[02:00] The True Impact of Summits:
- Summits are often presented as the new “black dress” or the shiny purse that everyone should have, but in reality, it’s just hype.
- The truth is, in the marketing of summits, there’s a lack of honesty about what it really takes to create one and the actual results you can expect from diving into the summit game. People don’t seem to be forthcoming about the process or where your business should be to run a successful summit.
- The organizers want you to promote the summit and get people to attend. But in most cases, I haven’t seen much impact or traction.
[04:20] Saturation of Summits:
- One of the reasons is that they are overdone. When you’re doing a summit, you’re inviting a certain number of people to participate as experts.
- Most of the people doing summits only care about two things: the size of your email list and, to an extent, your expertise.
- So, the goal of these summits is to collaborate and have 100,000, 200,000, or more collective email subscribers, and we’re all going to email them. We can expect around 1% of the collective subscribers to sign up.
- But the reality is that most likely only 5% of the people you invite to participate as experts are going to promote the summit to their lists. And if I was to participate in all of them, my list would get tired.
[07:13] The Big Mistake of Jumping into Summits:
- Some people teach that it’s a great way to launch your business quickly by rapidly growing your email list.
- There are critical problems with this approach. If you don’t know who your target audience is, you’ll end up reaching out to random people to fill the slots, solely focusing on the impressive numbers they told you to aim for, such as 25 speakers with 5,000 subscribers on their email list – the magic number within the industry. However, this may lead you to connect with the wrong people, which defeats the purpose.
- Additionally, if you’re new to the industry or starting a business and haven’t established products or items that generate revenue, creating a summit can be a complete waste of time.
[08:35] Advice For Beginners:
- Summits are not a quick fix or band-aid solution; they require hundreds of hours of work, involving various technical aspects like managing Facebook groups, Zoom, and video editing. If you’re just starting, chances are you haven’t tackled these tasks yet, and jumping into a summit may leave you feeling utterly exhausted and overwhelmed.
- As someone who has been behind the scenes of over 100 summits, I can attest to the burnout participants experience. Even with me handling 90% of the workload, people still feel drained and unable to launch anything afterward. The mental, physical, and emotional toll is significant, leaving little energy for other ventures.
- Your experience with your first physical seminar echoes the sentiment. It took you about five or six days of recovery time, despite it being a two-and-a-half-day event.
- After the summit, having a clear strategy to monetize your audience with product launches or other offerings becomes crucial. Otherwise, the summit’s potential benefits may be lost if you’re too tired to take the next steps.
[11:00] Pitfalls of Hosting a Summit:
- If you have nothing to sell, chances are you might tell yourself that you’ll figure it out along the way. But that approach won’t be as effective.
- A summit is a list-building activity, but it’s also 100% a launch item. So, if you’re not prepared to launch you’ll need a landing page, emails, and a comprehensive marketing plan.
- A standalone summit is not as powerful as it could be if you had something ready to launch. Often, when people have nothing to launch after the summit, their list goes cold, and they find themselves having to rebuild it all over again before the next launch when they are finally ready.
- In reality, this extends the timeline for making money, essentially leading to procrastination. When you throw a summit without having a business yet, you’re merely procrastinating.
- If you’re just getting started, creating a summit might seem like a three-month timeline, giving you an opportunity to procrastinate, and avoid the hard questions or challenges you need to face.
- You could do a lot in those 100 hours – record a compelling VSL, start multiple ad campaigns, run promotions to your email list, and more.
- If you just started, focusing on creating an epic freebie, pitching yourself in Facebook groups, and being a guest on podcasts could lead to more sales and a bigger email list than creating a summit.
[15:17] Which Summit Performs Better?
- Summits on specific topics like ADHD for businesses, moms, or children tend to perform better. Established businesses with established relationships benefit from summits. Inviting people with whom you already have a relationship, especially if they have an affiliate program for VIP sales, leads to more engagement and promotion.
- As an affiliate marketer accustomed to promoting high-ticket products and making substantial commissions, participating in summits with lower returns might feel like a wasted opportunity.
- So, considering how you will make money from the summit is a crucial question to ask. Many summit creators overlook this aspect, focusing solely on the platform and free publicity without quantifiable benefits. It’s essential to ensure that your participation in a summit aligns with your financial goals and business objectives.
[23:13] Growing Your Business Beyond Summits:
- The relationship you create with someone during a summit can be exceptional, going beyond just showing up and talking about your expertise. However, it’s crucial to consider the low percentage of people actually watching the interviews.
- Spending hours of your time and sending multiple emails to reach a small audience may not be the most effective collaboration strategy. It can start feeling like a selfish endeavor focused solely on growing your list.
- Instead of solely relying on summits, there are better ways to collaborate and grow your business. Start by building the foundation of your business with a lead generation funnel. Collaborate on evergreen content like YouTube, podcasts, and blogs, where the content remains relevant and valuable over time. This way, you can establish your presence and expertise without the overwhelming pressure of a summit.
[29:46] Connect with Sophie Riley:
- Visit The VIP Hub by Sophie Riley, an all-in-one marketing solution.
