Nothing is more of a disappointment than when you set unachievable goals for your summit.
In this episode, we are going to cover how to set realistic summit launch goals so you can achieve success and not get disappointed.
It is easy to set big, crazy summit income goals, especially when you see others success.
Our advice is to reign it in a little bit.
Don’t set these crazy, high goals that are unrealistic, especially for your first summit!
But also don’t set to small of goals because then you won’t have that motivation to push yourself to achieve those goals.
We like to set a good goal, a better goal, and a shoot for the moon goal.
Your efforts have a HUGE impact on the success of your summit.
You need to consider the following:
- Are you going to be running Facebook ads? If yes, how much money are you going to invest?
- How many speakers are you going to have?
- Are you going after big speakers with big lists, or are you going after smaller fish?
- What is your own promotion strategy going to look like?
There is a lot of things to think about when you are setting you own goals.
Don’t read too much into other’s numbers shared online.
We love to see other people share their summit numbers online.
However, we want you to proceed with caution before using that as a benchmark.
Are they sharing the total income generated from their summit OR are they sharing the total profit?
Those are two different things.
You also don’t always know the efforts that they put forth. They might have dropped a ton on Facebook ads to get to their registrant and income goal.
So it is unrealistic to expect the same results as someone who is putting more effort and more money in terms of promotion when it comes to their summit.
Industry benchmarks when it comes to summits
A typical registration conversion rate is about 20-25%.
So if you are in this range, you are doing good!
You can use this to determine how many landing page visitors you need in order to hit your registered attendees goal.
A typical upgrade conversion rate is only 2.5%.
We like to shoot for a 10-15% upgrade rate though.
This is where having an incredible, value stacked offer comes into play.
You can use these benchmarks to play different scenarios and see what numbers you need for registered attendees and landing page visitors.
Be sure to also keep track of your personal conversion rates for the event to make sure you are on track or if you need to make some adjustments.
Don’t get discouraged if your numbers aren’t where you want them to be!
As we mention above, use this knowledge to play out different scenarios.
What happens if you increase your opt-in rate?
Could you go all out on promotion and get more landing page visitors?
Figure out where you can make these tweaks and changes to increase your numbers.
The main thing is to have fun with it!
Remember the success of your summit isn’t just measured by the income generated or how many new leads you receive from the summit itself.
Remember your summit is just the starting point for the new people on your list.
Now is the time to nurture them and continue the conversation with them.
Who knows? Some of your new followers could turn out to be your next biggest fans or biggest customers.
So tell us, have you ever set summit goals only to be disappointed?
- Take our fun quiz “Is hosting a virtual summit right for you?” to discover is a summit should be in your future!
- Download our free Summit Planning Blueprint to learn more about our signature 5P Summit Planning Framework™ today.
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