Last week we talked about the three types of offers that work best when launching through a virtual summit, but if you've got multiple offers that perform well in your business - how do you know which one to launch with your event?
In this episode, we'll cover the biggest misconception people have when it comes to choosing which of their offers to launch through a summit, along with 6 questions to ask yourself to identify which of your offers will get you the best results.
We get these questions about which offer to launch quite a bit from clients in our Launch with a Summit Accelerator program and this is something we work with them on. They know they're going to launch through their summer in some way, but they want a little guidance in choosing exactly which offer to go with.
And I want to offer that guidance to you as well.
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I want to talk you through the process we follow when coaching our clients to help them choose the right offer to launch. If you have several offers that convert well and perform well for you, there's really not going to be a wrong answer for you. But there are still things to think about to help you get the best results possible.
A lot of people assume that you should pick the cheapest offer that you have that works well, and that's what you should launch through your summit. I think that comes from the belief that summits don't work well for higher-price programs. I've talked about that before on here, and that is absolutely not the case.
The lowest-priced offer I've launched through a summit was $2,000, and the highest price I have launched through a summit was $6,000. So, I do not consider pricing a whole lot.
If you can successfully market and sell a $2,000 offer, a $6,000 offer, or a $10,000 offer in other ways, you can also do that with a summit.
Don’t choose which one's best for you based on the price.
Now that's out of the way, I’m going to walk you through six questions you should ask yourself when you’re choosing which offer you’re going to launch through your summit. Ask yourself these questions to help you narrow down which one to choose.
#1: Which is the best fit for the audience with where they’ll be or what they’ll have learned at the end of the summit?
The first thing to look at is which of your offers is the best fit for your audience based on where they'll be or what they'll have learned through the summit.
For example, I used to run a summit for designers to help them simplify and streamline their business. If I sold courses at the time, which I didn't, a course for creating their dream design process would have done better than a course I did actually offer about how to collaborate with the developer. The one about collaborating with a developer, even though it's what I did and related to my business, just wouldn't have been as smooth of a transition.
You want it to feel natural to talk about during your summit. You don't want it to feel like a stretch. So, ask yourself which of your offers is going to be the best fit for your summit attendees, based on where they will be at during the summit, or based on what they will have learned through it. If you look at your offers from that lens, and there's a clear answer, that's all you have to look at. You don't have to worry about these next things.
#2: Does one perform significantly better to a colder audience than the other?
Next, I want you to look at your offers and think about how they perform with a colder audience. Does one of your offers perform significantly better to a colder audience than the other? This shouldn't be a single deciding factor, but it's something for you to consider.
If you know that one of your offers performs significantly better with a cold audience, that's the one you might want to launch through a summit. You will have both warm and cold audience members throughout your summit, but the goal is to have a lot more audience members who are new to you.
Your summit will do a really good job of warming up new leads quickly if you've put it all together well, but you should have the majority of your summit audience coming from your speaker promotion and ads. So if you have an offer that performs better with a cold audience, that's definitely something to consider if you're trying to decide between two offers.
#3: Is one of your offers a membership?
The third thing I want you to consider might not be a surprise after some of our recent episodes, but memberships are where we see some of the biggest opportunities when launching with a summit. If one of your offers is a membership, you have your summit positioned well, and your summit-to-launch strategy is solid, go with a membership.
I'm saying that based on my experience and based on the results we've been seeing with our membership clients where they're adding literally hundreds of members to their membership, and that's ongoing revenue you're earning rather than a one-off purchase.
In a lot of cases, I would lean toward a membership, if you have a membership that performs well.
#4. Does one naturally lead to the other?
The fourth thing to look at is if one of your offers naturally leads to the other. If you have two offers where one is the next natural step after completing the first, it might be a good idea to launch that first offer through your summit.
#5. Is one more profitable overall?
The fifth thing to consider is if one of your offers is more profitable overall. If nothing else here has really stood out to you, and you don't have a clear answer yet based on the questions above, then look at which one is more profitable for you.
Maybe the price point is higher, or the conversion rate is higher, or maybe it's more profitable because it's easier for your team to deliver one over the other. But if you look at any of these factors and one is more profitable for you, I would say go with that one.
#6. Are you more excited about one than the other?
Maybe you still are thinking, “I've got nothing! I do not know which of my offers to launch.” In that case, go with the one you are most excited about. Which one sounds fun to launch? Go with that one.
And if you still can't decide, then flip a coin. You can always ask me for some feedback if you want, but I'm guessing the majority of you had something in there that stuck out to you.
If you want the step-by-step of how to launch one of your core offers through a virtual summit to bring a flood of new members, DM me LAUNCH on Instagram and we’ll talk about what that could look like for you.
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.