MBA1454 Does Sponsoring a An Online Summit Work?

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Welcome to the hundred dollar MBA show. Sharing business truths every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's lesson you will learn. Does sponsoring an online Summit Work? Online summits have become very, very popular in the last few years. Bringing the conference world where people would attend a two, three day conference in person, and bringing it online where people can watch speeches and interviews from their favorite speakers, thought leaders in the marketplace. They've become so popular that there are many people that have made it their business to run online summits and thousands of people attend them live as well as watch the recordings. In fact, they sell the recordings for money. So with a captive audience, is it worth being a sponsor for these online summits? We've been approached several times to be a sponsor for an online summit and actually sponsored one in the past. I'll share with you what we've learned, the costs, and if it was worth it for us and our business. Is this a new marketing opportunity for your business or a big waste of money? You'll find out today in today's lesson. So let's get into it. Let's get down to business. Before I share my experience of sponsoring an online summit, let's really break down what an online summit is. It's very much like a real conference that you would attend in real life. There's a schedule of speakers every day and sessions that you can attend. Most online summits are live and this allows you to ask questions from the speaker and have discussions. But there are many as well that are not live. They actually record the interviews in advance and then paste, you know, the video of it during the days of the summit. They show it, you know, during those times. And then once that is over, once that session is over, that time is over. You can't watch it again. Now, whether the first showing is live or recorded, if you want to watch or have access to the recordings later, you're gonna have to pay a fee, which is how they make their money. Now, what's good about online summits is that they often attract really good speakers. Why? Because speakers don't have to travel. They can do it from the comfort of their home or their office. Also, online summits have become very, very focused and niched. Something. You can attend an online summit specifically about writing a book or starting a speaking career or starting a yoga business, and they'll bring on experts in that area to speak about it throughout the day or days. Now, as a sponsor, you will get exposure on their sales page. Usually it's at the bottom of the sales page and there has different tiers of sponsorship. And you know, the typical platinum, you know, gold, silver, bronze. They may also include email newsletter mentions where when they send out reminders about the actual summit, your business, your link is shared with that email. They might even open up the summit or open up a session of the summit mentioning you on the video. There's a lot of things that can and cannot be included in the online summit package. Now, there's two things that you need to understand or that I really want to highlight here. Number one, online summits are fairly new, and the idea of sponsoring one is even newer. Right. It's like a very new concept. So it's actually a pretty good time to experiment with it because it's a little bit like the Wild West. You know, there's no real hard and fast rules. Everything is negotiable. You know, I negotiated our online summit sponsorship to include the things I wanted to make sure it's worth my money. And for many of these summit organizers, they're pretty flexible because they're learning as they're going along. There's no industry rules for this yet. So, for example, if you have a budget, you could say, here, here's my budget. This is what I want for this budget. This is kind of exposure I want. Can you do this? And you can negotiate and meet somewhere halfway. But the point here is that, you know, they may present you some packages, but Everything is negotiable is what I found. The second thing I want to highlight is the most important thing is the email list. Okay, how many people actually register for this summit? Now this is hard to find out if this summit that you're going to sponsor is the first time they've run it, so they don't really know what happened last year because they didn't do it last year. They may give you some estimates and that's helpful, but it's not an exact science, you know, and they haven't done it before. I like to sponsor events that have been done before, so I can at least have some rough numbers of what happened last year. I could basically off last with the hopes that it does the same or better. So the question you really need to ask is how many people will register for this summit? Whether they watch it live or later on they buy it. I want to know the total number of eyeballs will be seen, my logo, seeing my message, seeing the email with my, you know, mention in the email newsletter, all that kind of stuff. So that's the number you really need to find out. Now, in my opinion, if I can get my cost per lead to $3 or less, it's worth it. And this is how I reverse engineer or get the math for that equation. Now, first of all, why $3? Because that's a pretty good price for a qualified lead for somebody who is would be interested in what I have to offer. So when we sponsored, we used Webinar Ninja as a sponsor, our webinar software. So the actual event with small business owners, it was perfect fit. So if you have a great audience in front of you, if the summit's about or four people that are a perfect fit for your product or service, that is a great audience and a great audience to try to attract leads from to get their email addresses. Now why $3 again? Well, that is a really good price for a lead. If you ran Facebook ads or any kind of paid ads, it's actually a very good lead in my marketplace for marketing and business. You know, that lead price hovers around $4 5, so $3 is a steal. It's a great deal. So basically what I want to find out is am I going to be paying more than $3 a lead? If you. If so, I'm going to have some reservations. If I can hit that $3 mark, I'm happy. So I'm looking for numbers to show me if I can get that number. So say, for example, the sponsorship package is $3,000. That means I need a thousand leads If I want $3 per lead. And this is really what I'm trying to find out from the organizer. In the past, when somebody has shared a link on your newsletter or on your website, or if you ask to be a speaker at the summit and you share a link from the thousands of people that register, how many in I need that number. What's your conversion rate? If I can get a thousand, and, you know, the example sponsorship package is 3,000, I'm getting $3 per lead. That's amazing. I got a thousand people on my email list now that I can nurture, that I can build a relationship with, that I can convert them into customers. And for me, it's worth it. So you got to find out your number. How much per lead are you looking to spend? And a good way to find out is to run a Facebook ad. Run a Facebook ad for a week and spend $100 and find out how much does it actually cost you to get somebody to go to a page and give their name and email address for some sort of piece of content, a video, an ebook, some sort of content upgrade, some sort of premium content that they can get in exchange for the name and email address. You can run a test and you can find out how much is your cost per acquisition. If you can get it lower than that through a summit, it's a good deal. Now, one of the things I like to ask for as part of my package is to be a speaker at the summit because I want to be able to give as much value as possible. I want to be able to add value to the conference. And if I can build a relationship with the people on the summit and say, wow, this person actually gave me a lot of great tips and a lot of great insights and changed the way I thought about certain things, they're going to look me up, I'm going to be remembered, I'm going to make more of an impact, and my sponsorship will go a whole lot longer. So for me, that's a must. I have to be in the summit. Also my product, my website, where I'm driving traffic to the opt in where I can get the lead has to be on the website. There's got to be a backlink. The actual link has to be there. I also want that link on my actual page for the session I'm running. I want them to do the promoting, not me. Next, I have to create in my business a dedicated page for this link. So when I give the, you know, the summit here, this is the Link, I want you to drive traffic to. This is where you want to link my logo to. It has to be a beautiful design page catered for this event. If this is an online summit for product hunt, I'm going to say, hey, product hunters. I want to introduce them with a headline that's catered to them. I want to give them some really good value. Whether it's a video course, whether it's a free month to my product or whatever it is. I want to give them something that makes them say, yep, I'm going to give my name and email address. So this whole page is just dedicated to grabbing their name and email address so I can build that relationship later on, nurture that lead, educate them about my product and services and tell them why they should choose us so then I can eventually turn them into a customer.

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Online summits can work for your business and be a great sponsorship opportunity. But you have to cater it and make sure it works for you. You got to do the numbers. You got to make sure that you're prepared for it, that you create the dedicated page, that you give them a great opt in and you negotiate what works for your business. You know, when you sponsor any kind of thing, they may give you a package that you may not really need. They may give you things like, hey, we're going to do this, this and this and this. And you're like, well, I Don't really need the first three things, actually. What I want instead is this. So don't be afraid to negotiate. You know, people are looking to earn business. They're earning sponsorship dollars. They want to know what you need. So just tell them, hey, thanks for the offer, thanks for the outline. How about we do this for this much? The worst thing that's going to happen is they're going to say no. They're going to say, we can't do that. Or how about this? Give you a counteroffer, but at least you have the discussion, get the ball rolling and you know what you're dealing with. I also want to mention that online summits are actually underpriced at the moment. Like, in terms of sponsorship. They're new, and they're a whole lot cheaper to sponsor than an actual live event. Most live events, major conferences, sponsorship deals are, you know, between 7 and 10,000 just to get started, and online summits are a fraction of that price. You can probably start at 1000 at some summits. At the end of the day, you just need the lead, and that's what you're looking to do, whether you're in a physical space, at a physical conference or an online one. Thank you so much for listening to the 100 Long Bay Show. If you love you here, hit subscribe right now. By hitting subscribe, you get access to all our archive episodes. That's over 1400 lessons. And the only way to have access is to subscribe. So make sure you hit subscribe right now. It costs nothing to subscribe. It's absolutely free. And you can do it on whatever you use to listen to podcasts, whether it's Stitcher Radio or Apple Podcasts or Spotify, we're on them all. And don't forget, if you have a moment, leave us a rating and review. We'd love to hear what you think of the show. Before I go, I want to leave you with this. Sometimes in business, we forget that most things are a negotiation. Most things you can reach out, you can email, you can get on a call, and you can work out a deal that works for you. When you're sponsoring an event, you are the customer, okay? They want to earn your business. And as long as they're getting what they need and you're being fair, they're happy to oblige. They're happy to give you what you need. Now, some events are going to be very, very strict, and you might find this is not worth it. That's okay. It's okay to say no. It's okay to give a pass and try something else or try a different summit. And I've done that before. I've been offered to sponsor other summits. I just said, you know what? Just not worth the dollars. And then later on, a couple weeks later, I found another summit. That was great. Perfect fit. And the numbers worked. Thanks again for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care.

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