Ways to make money from a telesummit

If you are interested in building your list, you might consider hosting a telesummit.

What is a Telesummit?
It is a free virtual event where you invite colleagues to speak (via teleseminar) about one of their areas of expertise. A telesummit usually take place over 5-10 days, with 7-12 speakers.
To get a feel for how this works, I wanted to share an example. One of our clients, Alexis Logan, just launched a telesummit. Click here to view her registration page.  
Alexis has done a phenomenal job putting the telesummit together. I recommend you register so you can see first-hand how she engages the participants with emails and the telesummit website throughout the event.
How do telesummits help you grow your list?
They are basically a big Joint Venture partnership between you and the other speakers. You promote the event, increasing the visibility of the speakers. And the speakers each promote the telesummit to their list. When people register to participate in the telesummit, they get added to your list. 
Running a telesummit does require an investment, but if you do it right, you can recoop your costs and get a return on your investment sooner rather than later.

3 Ways to Make Money from a Telesummit

1. Invite speakers who reach the same market
You want to invite speakers who offer something complimentary to you, but serve the same target market.  For example, if your market is moms in their 40s, you want to have a speakers that also specialize in working with women in the same age range. This is crucial because it will allow you to build a TARGETED list of people who are interested in what you have to offer.
2. Sell a “VIP Pass”
When you host a telesummit you will want to keep the replays of the live calls available for only 24-48 hours. Then, you can sell a “VIP Pass” that gives purchasers unlimited access to all of the recordings. Pricing for a VIP Pass is typically $67-97.  This allows you to make some money, and cover most (if not all) of the expenses of running the telesummit.
3. Make an offer at the end of the Telesummit
I recommend that you have a program or information product ready to sell at the end of the telesummit. You can present this as the “next step” for participants who want to go deeper. You’re striking while the iron is hot, meaning that you are making an invitation while they are engaged and interested in receiving support. 
Your Action step:  If you are considering hosting a telesummit, start by brainstorming a list of people you would like to invite to speak.Have fun with it and stretch yourself and include the names of people who have a significantly bigger list than you do. 

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