Virtual Event Success

I was asked a rather intriguing question on Twitter by themediamaven. It was so intriguing, her question prompted my video response below.

First, here are her questions:

And:

Hmmm….how do I answer themediamaven?

[...]

Ever since they moved Star Trek: The Next Generation from midnight to 3am, I’ve had to tune into other late night programming to put me in a relaxant state. So, I’ve started watching David Letterman who, surprisingly, is still so very funny.

At the end of each show, he features a musical act. I don’t really pay attention to who’s playing, but this band caught my eye. I snapped a couple of pictures of the lead singer.

Based on the pictures above, can you spot what’s so unique about the lead singer compared to other bands? Leave your comments in the comment section below.

I’ve blogged a few times about my feelings against hosting a free telesummit. That’s the one where you get all the sessions after you input your email address and first name in a sign up box.

Telesummits and virtual events cost money to run. You have to pay money to:

• rent a bridge line service
• get your assistant to help you with the administrative tasks
• buy materials to send to attendees
• get a graphic designer to design the creatives
• get the recordings transcribed (the most expensive virtual event task)
• and more…

I conducted a survey asking those who have organized telesummits how much they spent to produce it. Close to 76% of respondents spent between $500 to $2,500 to produce their telesummit or virtual event.

Some telesummit hosts and organizers “cheap out” by not paying for some of the tasks above and instead, do it themselves. If you put sweat equity into producing your telesummit or virtual event, the stains of mediocrity will show through your sales page like sweat marks on a blue, button up cotton shirt.

This is NOT the solution.

My friend, Shannon Cherry, has convinced me that you can host a free telesummit only if you do one simple thing.

Want to find out what that is? I’m hosting a 60-minute call at 8pm Eastern on October 13, 2010 called:

Using Shannon’s tips, I was able to generate close to $60,000 using the free telesummit model and I’m happy that Shannon has agreed to share this info with you.

Register for this no-cost call by clicking here. I’ll be using the refresh model for tonight’s preview call, so if you want an example of how to do your preview calls differently, sign up as well.

Of course, if you can’t make the call live, register anyways because only those on the list will receive the access to the limited time recording.

Looking forward to sharing Shannon’s tips and advice with you.

Update: You can get the recording by clicking here.

I was reading Shawn Driscoll’s blog post called The Innovator in Each of Us. She was documenting her experience attending TEDxDetroit, watching speaker after speaker talk about innovation.

She wondered to herself how she could innovate, or be an inspiration to others rather than impressed by others.

Shawn said that there are 5 sources of innovation within each of us – your story, your stand, your special skill, your system and the space you naturally occupy. When I read it, it got me thinking about how this applies to me, especially when it comes to telesummits and other multi-speaker virtual events. So here goes.

1. My Story

I’ve been conducting virtual events since 2001. It was quite by accident. The small software development company of 200 was swallowed up by a global software company of 30,000. Actually, it’s probably better if you just watch my story in the video below.

2. My Stand

I believe that the telephone is really all you need to produce a powerful & profitable virtual event. Unless your topic is visual, eg. graphic artists, architects, sewing, then using anything other the telephone is overkill.

I also believe that offering your telesummit for free is a waste of time. You must collect money from those who attend your event. See my blog post called Why a Premium Telesummit Model Beats a Freemium One Any Day.

[...]

There are 7 words that I’m getting really tired of hearing, which is:

“Why are you doing Telesummit Refresh live?”

In other words, why am I crazy/stupid/dumb enough to plan an in person event in a hotel conference room when so many are having a hard time filling their events due to the economy/terrorism/elections/other-events/blah/bleh/you-name-it.

I heard this from my dear ol’ mom (God bless her), one of my Virtual Event Managers, one of my power affiliates, even from one of my mentors. I know each mean well. I do. They don’t want to see me NOT succeed.

I get that.

But they also don’t understand why deep down, I have to do this.

Failing is not what I fear.

It’s living with regret that scares me the most.

I can think of all the things that have happened recently that I “wished” I did, for example:

• When I went to England for a conference in 2006, there was this cute guy who was on my flight. I noticed him when we were in Toronto while we were waiting to board. He would steal glances in my direction and as soon as I looked, he’d look somewhere else. To think, if I had just given him a smile, that would’ve been the invitation he needed to talk to me. I regret not opening the door.
• Earlier this year, I attended a wealth building seminar with my mom. The presenter asked for a volunteer. None of the attendees had any idea what we were volunteering for, but I was ready to run to the front. My mom touched me and said no. Another lady beat me and she was given $100 for being so daring. I regret not following my feet.
• Not taking the swim test at the indoor swimming pool so I could jump off the diving board into the deep end. I stood at the side, scared of the deep water below and told the life guard that I’d try later. I never did. I regret not jumping off.

I don’t live with alot of regrets, but the ones I do have, they just eat me up inside. I’m constantly reminded of what I didn’t do and forever wondering what would’ve happened had I done it.

It’s better to have tried and failed, then not to have tried at all.

Believe me – I’m not hosting an in-person event to fail. That would be an expensive failure. I’m going into this to succeed. To go beyond my expectations. To prove something to myself.

To live regret-free.

I know – hosting an event shouldn’t be about me. I should be answering the question:

“What’s in it for you?”

Right? Of course.

However, it’s important that I share why I’m doing this. That if you see my cards on the table, you’ll feel better about putting yours out there. That if you decide to invest in yourself by attending Telesummit Refresh, you’ll know that I’ll take your investment seriously.

That because I’m putting everything on the line – and sharing it publicly – that that should release your own apprehensions about coming to Atlanta in November.

So, this post is all about the many reasons why I’m hosting Telesummit Refresh. Yes, it is about me. But in my post tomorrow, I’ll share with you why you must attend Telesummit Refresh in November. At the end of the day, it is about you.

I just released a 5-part video series teaching you how to refresh your next (or first) telesummit. Each video is about 10-minutes in length and here’s what you’ll learn:

• Why the telesummit model is flawed today even though they’re so popular.
• How hosting a telesummit in 2008 pulled me out of debt and what you can expect a telesummit to do for your own business.
• What Pat the watergirl taught me about refreshing my telesummit model.
• Why telesummits are just like dying plants and what you can do to rejuvenate them if you plan to host one.
• How to use the A.L.I.V.E. model to boost your business using a telesummit.
• Why a workshop trainer cancelled all classroom training after hosting a virtual summit.
• The refreshed strategy a leadership consultant used to earn 5-figures hosting a career virtual summit.
• How a burnt out therapist used a telesummit to earn almost 6-figures.
• How you can easily produce your own telesummit for financial, personal and professional success.

BTW, I’m hosting a 60-minute interactive preview call on Wednesday September 29, 2010 and only those on the list will get info on how to sign up for this preview call. So, click here to view the videos and get details about the preview call.

This week, I had a conversation with a client. Even though she made 5-figures on her virtual event, she was bummed out because after calculating her expenses, she would only pocket about 10% of her revenues.

She’s the most cheeriest person I’ve ever met, but her email was dripping with unhappiness. She defined her virtual event as unsuccessful due to the amount of money she would take home.

I’ve met many people who have hosted telesummits and virtual events that fared worst than my client’s. A colleague of mine spent $5000 to produce her telesummit and earned just $500. I met someone at an event recently who has given up on the telesummit model altogether after her first – and only – one made her max out her credit card and line of credit.

When your telesummit or virtual event fails or fizzles, we often look at the money as an indicator for success. However, there are quite a number of other factors that will tell you if you’re successful or not.

I call this the L.A.M.P. Factor. There are 4 keys you should use to measure your telesummit summit.

When you enter a darkened room, you can’t see where you’re going. The first thing you do is turn on a lamp. Why? Because a lamp helps guide your way, leading you where you want to go.

When you use the L.A.M.P. Factor in your virtual event, it helps guide your way. What does L.A.M.P. stand for?

• L = List. One factor in defining your telesummit success is to build your list. You may decide that you want to double it or triple it. Or, maybe you simply want to build one in a new niche or start your very first one. If building your list is one of your goals, you should use this to measure your telesummit success once it’s over.
• A = Attention. Another success factor is whether or not people recognize you as an expert. In my client’s case, she now has the attention of high profile people in her industry. Prior to her virtual summit, no one cared who she was. So, if the number of tickets on your help desk is increasing or if the number of people wanting to do joint ventures with you has gone up, then the attention you’re getting is a key indicator of your telesummit success.
• M = Money. Of course, the amount of money you make is an obvious – and often only – barometer people use to define telesummit success. There’s nothing wrong with doing so, however, understand that if you do, you may set yourself up for disappointment if you only make $1 after spending $5000.
• P = Products. When you host back to back sessions over consecutive days, you create a mountain of information products in a very short period of time. It would take you a year or two to create the amount of information products via a telesummit compared to a monthly expert series. So, pat yourself on the back for creating information products that you can now leverage and sell through future programs and services.

As I was told once “You are not defined by money.” Keep that in mind the next time you are tempted to say your telesummit or virtual event failed because you failed to break even.

Interested in joining me November 3-5, 2010 in Atlanta, GA for more refreshed ideas? Click here to learn more about Telesummit Refresh.

Following on Michael Port & Scott Stratten’s video on what people are doing wrong with telesummits, my buddy Lou Bortone interviewed me about my views on telesummits.

In this 10-minute interview, Lou asked me:

• Why are telesummits so popular?
• To define telesummits so everyone understands what they are.
• Why the telesummit model is flawed today even though they’re so popular.
• Why templates for telesummit are both a good and bad thing.
• And what are some of the ways the telesummit model can be refreshed.

Interested in joining me November 3-5, 2010 in Atlanta, GA for more refreshed ideas? Click here to learn more about Telesummit Refresh.