To continue our topic on monetizing your online summit, in this episode we'll break down how to increase your all-access pass sales with limited-time offers.
We'll cover what a limited-time offer is and what it can look like, why they work, how I use them in my summits, and the tool I use to make it easy.
Hey there. Welcome to the Summit Host Hangout podcast where you learn how to plan, strategize, and launch your profitable online summit, no influencer status necessary. I am your host Krista from Summit In A Box, and we are currently in a series about monetizing your online summit. Today, in episode 10, we are breaking that down to chat about increasing your all-access pass sales with limited time offers, which I'm so excited to talk about. We're going to cover what a limited time offer is and what that can look like, why they work, how I use them in my summit, and the main tool I use to make it easy. I do want to mention that this is one of the strategies I use that has a big part to play in how successful my summits are and the high conversion rates I get.
I've got some more secrets to share with you and I've put the best ones together in a free PDF that you can download summerhosthangout.com/secrets.
Let's start with what a limited time offer is and this limited time offer relates to your summit's upsell, not registration to the summit. When I'm talking about a limited time offer here I am assuming we were talking about people who are already registered. We're also going to refer to the upsell in this case as an all-access pass in this episode. If you're getting creative and you are selling something other than an all-access pass through your summit, you might have to tweak these strategies to kind of make sense with what you're doing. But most of it will still apply.
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 look a few different ways.
First, it could be limited time or prices, so you would have price increases throughout the length of your summit. This can also be limited-time offers to bonuses. Bonuses can be things like products, services, or workshops. Maybe co-working sessions, bonus interviews, presentations, or physical products that you're sending out for a limited amount of time. Then those bonuses go away, which would make it a limited time offer.
Then also another way to make it a limited time offer is to like take the all-access pass away after a certain amount of time. Maybe once the summit is over they can't get it anymore. And that's another way to make it a limited time offer. 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, which ultimately makes them decide that they're just not going to purchase it. Giving them deadlines, having limited time offers, forces them to make a decision and they don't want to miss out. You're going to get a lot more sales doing it that way.
For my summits, I presented limited time offers in a couple of different ways.
First is the price. The way I do it is after someone registers, they get a 15 minute like a super discount. For my first summit, it was like 75% off. For this last, it was about 50% off. So it's a very big discount for 15 minutes if they buy, and you are going to get a ton of sales coming in when you do it that way. Then I also have a special offer that runs before the summit starts. If someone does not take me up on that 15-minute offer, they can still purchase at a lower price before the summit actually begins.
Then once the summit starts on day one, the price is going to increase. I have previously raised the price again after the summit is over. That's like three price increases. In my last summit, I took that last one away. It just seemed like a little too much. But that's something you can play with. You can have as many praise increases as kind of feel natural to you. The reasoning I give them for that is that before the summit started to, no one knows how great these presentations are going to be, so the prices lower. But once it starts and you can see how amazing it is, I'm going to raise the price. I mean that's true. Once people start seeing how great the presentations are, they're like, oh my gosh, I need to have lifetime access for this. But that's just an idea of the positioning you can use if you want to give a reasoning for why the price is increasing.
The second way I have had a limited time offer in my summit is that I actually take away the all-access pass a few days after the summit goes away. My summits usually run Monday through Friday and the all-access pass is available until the following Wednesday and then it's gone. I do hide it and have it available for people to go through a specific funnel. But as far as the summit audience is concerned, it's gone. Actually all of the products I bundle in from my speakers do go away. Those aren't available anymore cause you can't offer cheap access to people's products forever. That's another way that I have limited time offers.
You can think about what you're offering, what feels good to you, and find different ways to infuse those kinds of offers into your strategy for making money in selling your all-access pass.
Let's quickly talk about tools to make limited-time offers easy. You can definitely do some of the options we've talked about manually as long as that offer expires or changes at the same time for everybody. In the example I gave with the 15-minute offer, you couldn't do that manually, but you could do price increases and add or remove bonuses or make the product go away manually if you have to. For example, maybe you are giving free access to a live workshop you're going to host, but it expires the day your summit starts. At that 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 either.
So you can do it manually. I, however, recommend an easier option. There's enough for you to worry about with the summit. You don't need to be manually going in and doing things that can be automated. I recommend Deadline Funnel. You can check that out summithosthangout.com/deadline, but this is going to take care of all of those limited-time offers for you and it works for offers that expire at the same time for everybody and offers that depend on when someone registered for your summit like that15 minute offer I mentioned. Right now I just checked, it's $37 per month. You'd probably need it for maybe two months, one month like for the setup and prep and testing and then one month for while your promo period and summit are running. But that 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.
For example, you'll go in and say when people land on this page, a timer is going to start. It's a 15-minute timer. Once that timer expires, redirect them to this page and then the page you redirect to is a higher price offer and it's really simple to set up. Again, you can learn more about Deadline Funnel and subscribe to that by going to summithosthangout.com/deadline.
Really what we have 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.
I want you to 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.
What we talked about in this episode is a secret to success you do not hear much about, and guess what? There's more, in fact, I've put together a PDF with my 12 best summit hosting tips, and you can get it today at summithosthangout.com/secrets.
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.