In the all-access pass for my most recent virtual summit, I offered over $3000 in speaker bonuses. This is how I've always done it and it has a huge part to play in why the summit strategies I teach have a 3-5 times higher conversion rates than industry standard summits.
The best part is that this strategy benefits not only you, but also your speakers and attendees.
Read on to learn how to get your virtual summit speakers to contribute bonuses to your all-access pass, what those bonuses include, and how to make the process easy.
Let's start by covering why you'd want your speakers to contribute a bonus to your all-access pass. In short:
Let's break each of these down.
If you're looking to create an incredible, no-brainer offer for your attendees, including bonuses from your speakers will do it.
Not only will your all-access pass have ongoing access to presentations, like the normal all-access pass everyone is used to seeing, but it will have a ton of incredible targeted offers that aren't just freebies. It creates a really powerful offer.
The attendees who upgrade probably won't use absolutely everything that's included, but it converts, and they love it.
When you have a great offer, your conversion rates will be higher. This is a big part of why industry standard summit conversion rates are 3-5%.
The average for people who use my summit strategies get more like 15%.
We more than triple the average conversion rates using this method.
Having your speakers contribute a bonus to your all-access pass makes it easier for your speakers to share. They can say, "Here's this free thing I'm a part of, it's really awesome. If you upgrade, you could also get access to this thing that I offer".
It just makes it so much easier for them to promote your summit.
It's also a great way to let them grow their email list since they'll get the email address for anyone who buys the all-access pass and then claims their offer.
Setting up your all-access pass with speaker bonuses increases results for both you and your speakers.
Like we just covered, when your speakers contribute something that is usually paid, they'll get the email address for anyone who claims their offer. They do this by creating a 100% off coupon code for the bonus they've provided. That way, attendees will still need to enter their email address to complete the checkout process and claim the bonus.
Everyone benefits from doing it this way and that's why I love it.
The summit I hosted in 2020 was my fourth time having an all-access pass with speaker bonuses.
And just a reminder, these bonuses are not freebies; I'm not making a freebie vault.
These bonuses can look like:
I do specify absolutely no one-on-one services. We had 550 people purchase the all-access pass at my last virtual summit. No one wants to be doing 550 free calls.
For my latest summit, I wanted to test how much value it did add and how much of a part to play it did have in my higher conversion rates.
So to test, I created two tiers of all-access pass offers.
The price difference in these two tiers was:
I was really interested to see how many people went with a higher price offer and was pleasantly surprised to see that 80% of customers chose the higher price point to get the speaker bonuses.
First, I'll say that I recommend that a bonus contribution be completely optional for your speakers. It shouldn't be a requirement for them to basically give away something that they usually get paid for. But, all you have to do is ask.
The first place to bring up the optional bonus contribution is in your initial pitch.
I like to do it in the section of my pitch that lists out their requirements. The way I word this is, "An optional resource to include in the all-access pass, which you can make a X% commission on".
Once you've mentioned it in your pitch, you can use your Speaker Information page to provide more detailed information.
You can talk about:
Keep it really simple and don't make it sound like a big deal and they won't think it's a big deal either.
As for providing examples, this is what I suggest they include:
It's helpful for them to see examples, so they know the kinds of things you're looking for.
Also let them know that they can create something new, or include something they already have if they want to.
Consider increasing the affiliate commission for anyone who contributes a premium (paid) resource.
You can also include fields for speakers to provide their bonus information on in the other questionnaires you'll be sending - whether it's the questionnaire to collect their basic information or their presentation material.
Include a section description that says, "If you've decided that you'd like to contribute a bonus to our all-access pass, fill out the information here. If you decided not to, no worries, although we do recommend it so you can get extra email addresses and higher affiliate commissions".
The things I asked for in this form include:
With these strategies, I had 24 of my 33 speakers for my 2020 summit contribute a paid offer, which added $3000 in extra value to my all-access pass.
The attendees loved it and the speakers loved all the extra email addresses they were able to get.
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.