Nov. 30, 2020
How to Use Virtual Summits to Engage Your Target Audience with Dr. Mark Wade
In this episode, host Eric Dickmann interviews Dr. Mark Wade. From a brick-and-mortar business to an online multi-millionaire, Dr. Mark is an inspiring and entertaining speaker. Coming from the healthcare industry with two Doctorates, he created the American Posture Institute, which became an industry empire built on the strategy he created called the “One-Day Summit Formula.”
After his first successful venture, Dr. Mark created the Virtual Summits Software – which is the only software in the world designed to specifically host a virtual summit, making it possible to have a new summit up and running in under 10 minutes.
Shortly after, he founded the brand HustleAndScale.com where he helps side hustlers become six- and seven-figure “Scalers.” Using his knowledge of online business combined with his proprietary One-Day Summit Formula, Dr. Mark has helped thousands of online entrepreneurs build successful, scalable online businesses.
Eric Dickmann can be found on Twitter @EDickmann and LinkedIn at https://www.linkedin.com/in/edickmann and my website https://ericdickmann.com
Dr. Mark Wade can be found online at https://virtualsummits.com/ on Twitter @VirtualSummits, and Facebook @VirtualSummitsSoftware
Episode Summary: The episode summary can be found at https://fiveechelon.com/virtual-summits-engage-your-target-audience-s3e12
If you'd like to contact us with feedback or guest inquiries, please visit:
https://fiveechelon.com/podcast
For more information about Virtual CMO strategic marketing consulting services, visit The Five Echelon Group at https://fiveechelon.com
Episode #43
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WEBVTT
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The Virtual CMO podcast is sponsored by the strategic marketing consulting services of The Five Echelon Group.
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If you’d like to work directly with The Five Echelon Group and receive personal coaching and support to optimize your business, enhance your marketing effectiveness and grow your revenue, visit Five Echelon.com to learn more and schedule a free consultation.
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Welcome to The Virtual CMO podcast.
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I'm your host, Eric Dickmann.
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In this podcast, we have conversations with marketing professionals who share the strategies, tactics, and mindset you can use to improve the effectiveness of your marketing activities and grow your business.
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This week, I'm excited to welcome dr.
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Mark Wade to the program.
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From brick and mortar business to online multimillionaire.
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Dr.
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Mark is an inspiring and entertaining speaker coming from the healthcare industry with two doctorates, he created the American posture Institute, which became an industry empire built on the strategy he created called the one day summit formula after his successful venture.
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Dr.
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Mark created the virtual summit software, which is the only software in the world designed specifically to host virtual summits, making it possible.
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to have a new summit up and running in under 10 minutes.
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Dr.
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Mark Wade.
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I'm glad you could join us.
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Hey, Eric, super excited to be here.
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So I have to start, by asking anybody who's got a doctor in their title, there's a story there.
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So you started out in the healthcare profession and ended up as a, a software guru.
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Ah, how did this all happen?
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I like to usually just say I'm most likely the biggest nerd in the room when it happens.
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I actually have two doctorates.
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I started, I did start in the healthcare industry.
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I'm a postural neurologist by trade, ran a brick and mortar practice.
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One of the largest posture correction clinics in the country for about a decade.
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And wanted to help more people, but I didn't love the idea of opening up more clinics.
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as you're well aware, running a business, especially a brick and mortar business can, it can be challenging at times.
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So I started looking at other options and opportunities.
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this is now we're talking like seven, eight, eight, nine years ago.
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And at that moment, at that time, I heard about this strategy called a virtual summit.
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And that's what actually led me down this entire route.
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I didn't.
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Ever kinda.
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Think I would end up as a SaaS founder or software founder, but I've loved every moment of the journey and looking forward to the next part.
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No, you don't regret that decision.
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Do you now, because everybody's been sitting at home in front of their computers, hunched over watching zoom conferences.
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I bet pasture guys are in high demand.
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Yeah, I think on both sides of the business, we are primed for perfect real estate right there.
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So my business partner in the health side, so we did start an online company in the health space called the American posture Institute, which is still today, the world's largest provider post-graduate posture, online posture education for healthcare professionals.
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So we train the doctors essentially.
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And right now business is good over there as well, because as you mentioned, everybody's at home, they're needing ergonomic advice, postural correction, got the aches and the pains going on, but then on the other side of it as well, everybody in the business space is going, how can I go more virtual?
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So the virtual summit software company definitely has seen some uptick as well as we help companies take their expertise virtual.
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Hey, that's a great segway to where I wanted to go, because there are so many people now, whether it's because of COVID or just because of technology and what they want to do that really want to build their own business.
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Obviously we've got this whole phenomenon of influencers right now, but I look out and I see so many people really don't know how to build an audience.
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Do you see this as well?
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it's actually, I see it all the time and it's not without lack of trying.
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Building an audience is actually pretty difficult.
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it's, one it's hard just to build an audience.
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What do you do?
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Do you do a podcast?
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Do you do a live stream?
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Do you do a blog?
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Do you do a YouTube channel?
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what's your venue or method to build some type of an audience?
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But an audience in and have it by itself is not the end all be all.
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You also need a qualified audience.
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if you sell shoes, having an audience of people, looking for hats is not going to help you out very much, And then the third aspect of that.
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So now you have to have a qualified audience, but you don't just need a qualified audience.
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You need an audience that's actually engaged with you that looks to you as the expert or the authority in trusts you and is open to going further in their customer journey with you.
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it is a common struggle, no matter what type of business and no matter what type of industry we're talking about.
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That engagement is so important.
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I've been around far too many salespeople, but think you can just go out and buy a list of names and that's really an audience, but that's not an audience because there's no engagement there.
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You really have to build that engagement over time.
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Yeah, no engagement.
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And honestly, there's very little know or trust in a list that doesn't know you.
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Now you can build that up, but that's assuming they'll stay with you long enough to have that trust in that light.
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if we take a step back and we look at how COVID has changed things, trade shows were a big deal, especially a lot of industries that face to face networking, getting out, shaking hands, those steak dinners where you can wine and dine your clients.
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So much of that is changing.
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Do you really think that we'll come back at some point?
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Or is the virtual world, the world of the future.
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I sure hope it comes back.
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I love those steak dinners.
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I tell you what, it will come back, but it's never going to be the same.
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Let's put it like that.
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So there's always gonna be those of us who need and want that in-person connection.
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That let me be there.
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And those extroverts in the room like myself now, my beautiful girlfriend of 10 years, who is an introvert she's begging and praying that they never come back because she's just as fine staying at home.
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I'm handling it there.
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But I think where we've seen the biggest light bulb go off in most of the industries is from the owners going, do I really need to spend that amount of money?
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On this event, this venture, this, even like office space when my teams and my employees can get just as much done, if not more done from their homes.
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So that's been the biggest thing we've seen here, especially those in the event space.
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Here's the other side of the coin is those Indian event space.
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The trade shows the conferences they've converted to virtual.
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So most of them have done some sort of virtual component to fill that gap before the next one happens.
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that's their main source of revenue for a lot of them.
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And what they've actually found out most of those events.
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Did as well as their in-person the virtual component, as well as their in-person.
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Except at a fraction of the overhead, a fraction of the cost.
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So they're going okay.
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I can either spend five to$600,000 in venue costs and, coffee that costs$25 a person or whatever.
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And then, make maybe 10, 20, 30% margins on that or.
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I can do this virtually spin, maybe 20 to$50,000.
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It makes 75% margins, okay.
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Like where.
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From just a financial perspective.
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So when you ask the question, is it always going to be like, this is not always going to be exactly like this, but you are definitely going to see more virtual in your world moving forward, just because it's a smarter economic.
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direction for businesses and then two, you got technology.
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just because of COVID, as you had mentioned, we saw at least three to four new platforms popping up every month.
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It really, it was like, it was incredible.
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Now they're not all going to last it'll, the tee times will tell, but with that, what this has done is forced us to start honing those, like sharpening those acts is what's, how can we improve this?
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How can we make it better?
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And so technology is going to make this more, is gonna make this a better experience for people to be able to stay and do things virtually as well.
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I'm glad you mentioned technology and platforms, because for those people who haven't experienced a virtual summit before they might be thinking, I've been on a webinar, I've been on a zoom call.
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What's the difference between that and a virtual summit.
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Excellent.
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Excellent question and there's actually different components of summit.
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So first, a virtual summit is not a webinar.
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It's not a, it's not a course.
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It's not just a zoom call.
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As you've mentioned.
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and there's different types of aunt, let's say VR.
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So there's virtual events under virtual events.
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We have different types of virtual events.
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The ones most people are seeing happening right.
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This moment because of the transition that we've seen in the last, six to eight months.
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Is what's called a live streamed conference.
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So it's essentially just a conference that went online.
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So I still like the speaker speaks from eight to nine and then another one from nine to 10, you pay to attend it.
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So that's a live streamed conference.
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we have other types of virtual events too, like a virtual workshop where you can, you know, just like you would do an in person workshop.
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They've now gone to virtual.
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we've seen virtual retreats, virtual masterminds and every everything else in between, but a virtual summit is a little different.
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These have been around for awhile since about 2005 is when the first virtual they actually called it a telesummit happened.
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And that actually was an offspring of teleseminars if you get, I don't really remember them.
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It was a little bit before my time, but I'm a nerd like that remember biggest nerd in, so I've done my history lessons.
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Man tell us seminars where, people would hop on the phone and there'd be one or two people teaching a seminar to this group of people who are listening on the phone, like how cool.
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Is that like to think of that first off, back then, and then it got to the point when there was text messaging.
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So people would message their questions into the, to the speaker and the speakers.
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And then we went to a tele summit, which was not one or two people.
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It was multiple people over multiple days.
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And again, this was virtual.
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They, at the beginning, it was telephone.
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Now it's virtual.
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So a virtual summit is essentially.
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it is when we solve a problem or a series of problems for a specific audience by bringing together niche or topic experts who have the answer to those problems.
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And we release it over a set period of time.
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So two days, three days, etcetera.
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this is pretty cool.
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Cause historically or traditionally virtual summits are prerecorded.
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They used to be all prerecorded, which is great for those people who are like man of a livestream.
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Common seems like a lot of moving pieces.
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A lot of risk, a lot could go wrong.
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What if the speaker doesn't show up?
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What if the tech goes down?
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so this kind of mitigates a lot of that risk, but still gives you a lot of the benefit.
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Now we see now we actually recommend you have 15 to 20% of it live because it is so easy to do some live stream components.
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but that is essentially what a summit is.
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And mostly it's free to attend, which is wait, what, like I get to hang out with is a, there's guru is going to answer my problems and it's free to attend versus a livestream conference, which is essentially paid access.
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The point though, the reason we run summits is their incredible way to build your audience, which is what we were just talking about, which is one of the most difficult things to do.
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So when you can build an audience and we're talking most summits average between one to 2000 people.
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Now there's about 50% of the summits, which we'll go 5,000 to about 10,000 people.
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And then less than 10% of the summits are what we call mega summits.
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And they have over 10,000 people.
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Now with that being said, if we circle back to those in person events, we were talking about.
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A lot of in person events are lucky if they get to two to 500 people.
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Okay.
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And then you got big ones that are out a thousand or 2000, and then you have a handful across the country, depending on which niche, your industry you're in that ever reach.
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If they ever do reach 5,000 people.
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if I'm saying we can bring together five to 10,000 people, this is a, if you're a marketer or you've got a company that needs to be in front of people, this should be setting off some bells right now, because the other part of this is you don't have to travel.
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You don't have to send a team anywhere.
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And for the most part, it's relatively inexpensive to do so within a virtual summit, just to quickly clarify, the most common type of summit is what we call multi-day summit.
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So you see these a lot.
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They're typically three to five days.
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Although some people.
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Do what we call summit show, which means more than seven days.
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and then the other style is what we call a one day summit.
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So these are real, these are just like a sound one day, but it doesn't mean it's a full day in content.
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It just means your audience has one day to consume it.
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And the power of this is one, it overcomes that issue of attention span.
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we've seen that in recent years, attention span, decreasing.
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so it allows them to get a solution to their problem in a very short amount of time.
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So it increases conversions essentially.
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And.
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It's a lot less work to a one day summit has anywhere from about five speakers, upwards of maximum 15 with kind of eight to 10 being the sweet spot.
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Whereas a multi-day summit starts off at about 25 speakers and couldn't go up to her.
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80 speakers.
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So those are the different pieces to the virtual event.
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And then virtual summit, a ladder, if you will.
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So one of the things that they always talk about, With a paid event is that you've got a commitment, right?
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If somebody put some money on the table, they bought an airline ticket, they booked a hotel.
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There's some commitment there.
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And we still know that there are a lot of no shows, but for something that's free for something that's online, where the kids are running around in the background or the dogs barking, what do you do to make those micro commitments work so that people stay tuned?
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one of the things with a summit.
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So if we're talking like in person conference, and I know how those work too, I run an in person conference called summit Fest live.
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I know it's like.
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Wait, how, why do you run an in person conference for virtual events, but I love people.
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I'm an extrovert.
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I understand with that, you've got to start marketing that months and months out, right?
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You got to you, you're pushing hard.
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You've got early, super early bird and then early bird offer.
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And then it's still a, no matter how hard you try.
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Most of the sales come 30 to 60 days from the event.
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your heart's beating the whole time, a lot of stress, etcetera, but we thrive for that.
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If we're being honest there now with a virtual summit, you would never start advertising it.
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Six months out or three months out, or even two months out with a virtual summit, you're actually primer.
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You could, and we have other promotional strategies that we recommend, but they don't directly relate to promoting your summit directly.
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Primetime for summit promotion is two weeks before because this is when the conversions increase.
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Even if people did sign up for your summit, let's say.
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Three months before they've forgotten about it, by the time it comes.
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So you need to have a lot of, that communication sequence from then till your summit starts.
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But two weeks before it's still on their mind, you still need a communication sequence.
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But actually we see it like a hockey stick curve, anywhere from around 10 to 20% conversions, two weeks out.
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By the time it gets to the summit, we're looking at 40 to 50 to even 60% conversion.
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The closer you get to the summit, the hotter and the higher your conversions are going to be.
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Now does a virtual summit work better for, individual companies.
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So what I'm thinking of is the difference between something like what we think of as a traditional trade industry conference, where you've got a number of keynote speakers, but you've also got vendor presentations, you've got trade show booths and things like that versus something that may be one company is putting on, on a certain topic area.
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But obviously they're factored into most of the content.
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Does this work for both?
00:15:12.585 --> 00:15:14.894
Is it more geared toward one or the other?
00:15:15.554 --> 00:15:18.375
It definitely works for both the ladder.
00:15:18.404 --> 00:15:21.524
The first one you mentioned is going to be a lot more work moving pieces.
00:15:21.524 --> 00:15:23.085
You've got a lot of different people in it.
00:15:23.355 --> 00:15:27.794
You're satisfying the needs in the interest of all of the companies involved, all the booths.
00:15:28.034 --> 00:15:29.115
But we see that happen.
00:15:29.215 --> 00:15:31.455
I wouldn't say a lot, but it does still happen.
00:15:31.754 --> 00:15:35.865
And again, one of the benefits to that is you can do a lot of it in advance.
00:15:36.254 --> 00:15:41.115
And for those companies that you're bringing in, if it fits into their schedule, because they don't actually have to be there.
00:15:41.115 --> 00:15:52.215
Even if they're, let's say they're speaking or they're at a different trade show, let's say if it was, back to where everybody was having in person events, they could be at a different trade show in person and still participate in your virtual one.
00:15:52.455 --> 00:15:54.404
So we see this with a lot of speakers.
00:15:54.404 --> 00:15:59.955
They love it because they're like I can be on multiple summits at the same time and still at home with my family.
00:16:00.284 --> 00:16:01.634
So it will work.
00:16:01.664 --> 00:16:04.875
Now we see it a lot more commonly with an individual company.
00:16:04.995 --> 00:16:13.654
Or an individual brand or an individual, for example, even entrepreneur, reason is because we can get a lot more honed on what's the purpose of that summit.
00:16:14.014 --> 00:16:23.524
So when we talk about creating a summit, it doesn't matter industry, business corporation, whatever it is, you always have to start with the end in mind when you're creating a summit.
00:16:23.884 --> 00:16:25.054
Is what's the end goal.
00:16:25.325 --> 00:16:30.605
Cause if your summit is about bringing together an audience, remember we want to qualify and engaged audience.
00:16:30.845 --> 00:16:36.904
We have to then make sure that this qualified and engaged audience is aligned with whatever our next part of our customer journey is.
00:16:37.095 --> 00:16:39.164
what is the next thing you're planning on selling?
00:16:39.495 --> 00:16:39.674
Let's.
00:16:39.674 --> 00:16:44.384
If you had a weight loss program, you don't want to beat bring people in because they're looking for hair growth, right?
00:16:44.434 --> 00:16:46.475
There's a, the conversions just aren't gonna match.
00:16:46.715 --> 00:16:54.754
So if we do have, a company that has a weight loss supplement or something like that, then we can bring people in who have the challenge, of I would like to lose weight.
00:16:54.784 --> 00:16:56.495
I'm trying to lose weight, for example.
00:16:56.914 --> 00:17:01.144
So that now aligns with what happens after the summit, which is where the monetization is.
00:17:01.144 --> 00:17:02.044
So this is a key thing.
00:17:02.404 --> 00:17:05.315
A summit is re is not your monetization strategy.
00:17:05.585 --> 00:17:05.914
Yes.
00:17:05.914 --> 00:17:10.115
You'll make money on your summit, but the summit is the relationship building strategy.
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