Virtual summits bring a powerful opportunity to make money and limited-time offers for your all-access pass can increase that impact 10 times over.
This strategy is a big part of what makes my events so successful. It helps me bring industry standard 3-5% conversion rates to 15% or higher.
To break this down, we'll cover:
When speaking of a virtual summit, a limited-time offer will refer to the pricing on your all-access pass once someone has registered for your event.
Summit registration is free throughout the entire time you're promoting the event. But once someone registers, there will be multiple limited-time offers for your all-access pass. This limited-time offer can work a few different ways.
One way you can make a limited-time offer is with price increases. When someone registers for your event, you can give them a limited amount of time to get a steep discount. You can also raise the price once your summit begins or after it's all over.
You can also offer limited-time bonuses.
Bonuses can be things like:
Really, anything that relates to the topic of your summit will work! Then those bonuses go away, which would make it a limited time offer.
The last powerful way to incorporate a limited-time offer into your event is to only make your all-access pass available for a certain amount of time.
For example, maybe once the summit is over they can't get it anymore.
This strategy works because it forces people to make a decision and that's the thing that's going to keep most people from buying. If they don't have to make a decision, they're not going to.
Providing a deadline forces them to make a decision and many won't want to miss out!
For my own summits summits, I present limited time offers in a couple of different ways.
First are price increases. My price increase schedule looks like this:
The reasoning I give for this (because yes, you will get emails) is that before the summit starts, no one knows how great the presentations are, so the price is lower to account for that. But once the event starts and you can see how amazing the value is, the price goes up.
The second way I use a limited time offer in my summits is that I take away the all-access pass a few days after the summit is over.
My summits run Monday-Friday and the all-access pass is available until the following Wednesday . Then it's gone.
Let's talk about tools to make limited-time offers easy.
You can certainly implement some of the options we've talked about manually as long as the offer expires or changes at the same time for everybody.
In the example I gave with the 15-minute offer, you couldn't do it manually, but you could do price increases, add or remove bonuses, and make the product go away manually.
For example, maybe you're giving free access to a live workshop you're going to host, but it expires the day your summit starts. At the time that you advertise it's going away, you can go into whatever platform you're using to host your summit and update your sales page to remove that workshop and then change however your product is set up so no one else will get access to it.
I, however, recommend an easier option since you don't need to manually be doing things that can be automated. I recommend Deadline Funnel.
It works great for offers that expire at the same time for everybody and offers that depend on when someone registered for your summit like that 15-minute offer I mentioned.
As of writing this, it's $37 per month. You'd probably need it for maybe two months, one month like for the setup and testing and then one month for while your promo period and summit are running.
And let me tell you. It is so worth it. You will make your money back if you use it and implement deadlines the right way like we've talked about and it really is so easy.
What we've covered here is that sometimes people just need encouragement to make a decision and having limited time offers in your sales strategy will do that. And it will massively increase the results you get from your summit.
Consider the types of limited-time offers we've talked about today and brainstorm what you want to do for your summit. I don't want you to be limited by my examples though. Consider your audience and what you have to offer and then make a plan to put it into action.
Learn how much time to set aside for planning and launching your profitable, stress-free online summit and use my calculator to set the due dates for you.