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Since the beginning of the pandemic, more and more activities have transitioned to the virtual world, and this includes events and summits.

Why not host an event or mastermind for your niche?

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What are Events and Masterminds?

Events and masterminds are summits that take place virtually.

Unlike webinars, these events are engaging and interactive.

In many events and mastermind summits, there are multiple speakers covering a variety of topics, Q&A sessions with thought leaders, and hosted online gatherings.

How Do Events and Masterminds Work?

Usually, virtual events and masterminds are free to attend, but the attendees can only access them for a short period of time.

Then, an organizer can sell an all-access pass that allows the attendees to re-visit event materials whenever they want at their leisure.

An organizer sets up the event and invited vendors/speakers who want to attend.

In some cases, the vendors or sponsors will be required to pay a fee to present their material.

Ideally, the vendors will profit by raising awareness about their own brands.

Types of Events and Masterminds

We talked about Joseph Michael in our section about online courses above.

Michael’s online course took off when he started holding online webinars to promote his course.

Michael’s first webinar made him $25,000 in sales.

And that was just in one afternoon.

A few months later, Michael was making about $40,000 per month in sales just from his webinars.

For the last two years, an event for genealogy enthusiasts and experts called Roots Tech has had to move to be a virtual-only event.

In the past, this conference has taken place physically and sponsors helped pay for the expenses.

Because of the pandemic, the event has taken place virtually since 2020.

These are just two examples of the types of events and masterminds that can be held virtually.

How Much Can You Make With Events and Masterminds?

You can have sponsors at your event or mastermind and earn revenue that way.

However, there is also the opportunity to raise awareness about your blog or your brand.

For this reason, an event or mastermind can be considered a long-term approach.

However, keep in mind Joseph Michael’s webinar, for which he earned more than $25,000.

If you have a large audience, they will pay good money to have this type of access to you.

At your event, you can also sell merchandise that’s related to your brand.

How Easy is it to Create and Promote an Event or Mastermind?

While it helps to have a large following when planning your event, you can be successful even if you’re just starting out.

For example, Jon Schumacher had just 2,000 email subscribers at the time of his launch of Webinar Mastery Summit.

Even with this relatively small audience, Schumacher netted $26,000 in sales after only 10 days.

He also added nearly 3,000 new subscribers to his growing email list.

Additionally, with the recent rise of virtual meetings, there are now a host of inexpensive and easy-to-use virtual conference platforms that make this functionality quick and easy.

Why is Creating an Event or Mastermind a Great Monetization Method?

Anytime you can grow your email subscriber list, you’re going to enjoy a payoff in the long term.

If your event makes you a ton of money, that’s great, but even with a small following, you can grow your audience with good marketing.