How Can “Lowe’s” Crush “The Home Depot” With a Virtual Summit?
In the consumer world today, it is all about influence, attention, and the opportunity to engage with your audience. Whether you are a big company or a brick-and-mortar store, you can position yourself very effectively ahead of the competition by providing engaging and valuable content.
First and foremost, think of your business as a media company. If your company can produce attention-grabbing content, it will in turn enable you to offer valuable products and services to your audience.
In the current state of content marketing, there is no better way to leverage high quality expert content for your own brand than by producing a Virtual Summit.
Take Lowe’s and Home Depot, for example. Both are behemoth household names that spend a heck of a lot of money on advertising. You’ve probably seen their informational brochures promoting products in categories such as woodworking, gardening and home improvement.
The big question then becomes, in this hyper competitive environment, how can either company stand out and gain an edge over the other?
Imagine this. What if Lowe’s invited 20 woodworking experts to share their techniques, mistakes, and favorite tools with Lowe’s customers?
If you were interested in woodworking, you would probably be very interested in hearing what the experts have to say.
In doing so, Lowe’s is helping its customers first, and I believe there is a VERY high chance that Lowe’s will attract more customers to its stores than Home Depot. Lowe’s can then present these customers with the opportunity to achieve similar results by using the company’s products and services as the solution to their projects.
The expert information mentioned above can certainly be sold as a value-added service. However, a Virtual Summit can also be done free of charge. The exposure you receive from organizing a Virtual Summit is just as valuable.
In other words, it’s a win-win situation. Lowe’s will benefit from producing a Virtual Summit whether it sells the expert information on woodworking or provides it for free in exchange for exposure to its desired audience.
Hosting Your Own Virtual Summit
You don’t have to be a megabrand like Lowe’s in order to leverage the power of Virtual Summits and fast track your growth. Hosting a Virtual Summit is a GREAT way for entrepreneurs, service providers, and small businesses to stand out from the rest of the crowd.
Here are the top 5 benefits of hosting your own Virtual Summit, even if you’re a small brand:
1. Grow Your Email List
There are different one-time ways to grow your email list, including offering freebies, hosting joint-venture webinars, or conducting podcast interviews. These methods take some time and your list won’t grow overnight.
By hosting your own virtual summit and targeting affiliates and partners who already have their own email lists, you can potentially capture a good portion of their lists.
Just imagine having 20–30 speakers and partners in your Summit and 100 people from each email list signing up to your list!
2. Bring in Revenue
Your Virtual Summit can bring in significant revenue, both through your own sales funnel and via related offers outside of it. This can be achieved by offering up-sells, down-sells, order bumps and all-access pass upgrades from free tickets, which may include bonus content, exclusive materials, PDF notes from interviews, etc.
On top of that, people may even want to hire you as a speaker or coach!
3. Bolster Your Online Community
If you have an online group on platforms like Facebook, you can guide your Summit participants to join your group and engage them from there. Having a lively and active online community is essential. Let’s face it. No one wants to join a quiet group.
4. Build Relationships with Influencers and Guest Speakers
Rather than just connecting and leaving things as they are, you are much more likely to get positive responses from influencers to speak at your Summit if you are able to offer them value. Many experts would love to have the opportunity to share their messages with your audience.
You can also foster and grow your relationship with speakers by dedicating a private Facebook group for them to connect with each other, or communicating with them through email about your Summit and other events.
Who knows? You may even end up becoming friends with your speakers beyond the business relationship.
5. Seize New Opportunities in Your Niche
Hosting your own Virtual Summit gives you exposure through video, which builds the trust factor. Your audience becomes comfortable seeing your face, listening to you, and talking with you.
When you present yourself as an expert in your field, people may reach out and invite you to be a speaker in their own Virtual Summits, podcasts or affiliate launches. All of these opportunities are great ways to continue growing your business after your Summit concludes.
You may be asking yourself — Is a Virtual Summit something I should be doing if I don’t have a huge network of people to draw from as guest speakers, or a big email list?
The answer is YES! Virtual Summits are perfect for beginners!
When you leverage relationships with huge influencers, you are fast tracking and growing your business quicker. Furthermore, you can do it all from home without in-person networking. As a result, you will make only a minimal financial investment compared to attending in-person conferences or taking out print ads.
How will you leverage the power of Virtual Summits?