BROADCASTS.com

Steve Olsher. He\u2019s the chairman and founder of Liquor.com. He\u2019s a New York Times best-selling author of What Is Your WHAT?: Discover The One Amazing Thing You Were Born To Do. He\u2019s also hosted the number 1 radio show, Reinvention Radio, and is a national keynote speaker and creator of the New Media Summit.

Famous Five:

• Favorite Book? \u2013 The $100 Startup
• What CEO do you follow? \u2013 Giovanni Marsico
• Favorite online tool? \u2014 io
• How many hours of sleep do you get?\u2014 7-8
• If you could let your 20-year old self, know one thing, what would it be? \u2013 \u201cI wished I would have trusted myself more\u201d

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Time Stamped Show Notes:

• 01:10 \u2013 Nathan introduces to the show
• 01:35 \u2013 Steve was in Episode 342
• 02:02 \u2013 Steve is still in the process of selling Liquor.com
• 02:14 \u2013 Liquor.com is on ad revenue but is moving into the monetization strategy in Q3 and Q4
• 02:20 \u2013 Monthly impression is currently $3M
• 02:32 \u2013 There\u2019s nothing in the bottom line revenue because it just goes back to the business
• 02:45 \u2013 Gross margin varies
• 03:51 \u2013 The company\u2019s valuation
• 04:07 \u2013 Average open rate
  • 04:14 \u2013 Depending on the promotion, the click rate varies
  • 04:41 \u2013 People are more interested with contests than new products
• 05:26 \u2013 Steve has been doing events
• 06:24 \u2013 Liquor.com was like a family business
• 07:04 \u2013 New Media Summit does live events for different types of viewers
  • 08:00 \u2013 The idea is to connect with people who have high-visibility platforms
• 08:34 \u2013 New Media Summit is bringing in icons and influencers to events
  • 09:06 \u2013 Most people are podcasters
  • 09:25 \u2013 The people in New Media Summit are focused on understanding the value of teaching and sharing their knowledge
  • 09:47 \u2013 New Media Summit takes care of the podcasters hotel accommodation and meals
  • 09:57 \u2013 The event will accommodate only 150 people
  • 10:17 \u2013 There will be an influencer and mastermind on the last day of the summit
  • 10:49 \u2013 Attendees can pay in full which is $4997\u2014the early bird price
  • 11:10 \u2013 The marketing just started and they have sold 2 tickets for the early bird
  • 11:17 \u2013 There are some who invested in Steve\u2019s products and services and paid a seat deposit to attend the summit
  • 11:30 \u2013 Minimum price to attend is $1300 plus the seat deposit
• 12:28 \u2013 Part of Steve\u2019s revenue comes from buying stage time
• 12:44 \u2013 Steve can easily pay $10K for a highly-curated event with 100 people
• 13:19 \u2013 An event should have a revenue model or plan of action in order to recoup
• 14:44 \u2013 There are some events that people don\u2019t want to go back to because they are just pitch fests
• 14:49 \u2013 Steve doesn\u2019t speak at events where 1-10 people are selling
• 15:22 \u2013 Steve\u2019s call-to action during his speaking is to sign-up on an order form which has a lot of bonuses
• 16:34 \u2013 An event venue is quite expensive which can average to about $150K for a whole day event
• 17:00 \u2013 Steve is also making money from the events
  • 17:28 \u2013 They\u2019ve got everything covered before the event starts
  • 17:38 \u2013 There will be services and products offered during the event
  • 18:03 \u2013 Steve will also pitch to future speakers
• 19:35 \u2013 The Famous Five

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3 Key Points:

1. An event should be well-planned and have a revenue model where they can recoup expenses.
2. The main challenges in having an event is ensuring people attend and to have speakers who will NOT just sell during the event.
3. Ad open rates always vary depending on the promotion.

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Resources Mentioned:

• The Top Inbox \u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Klipfolio \u2013 Track your business performance across all departments for FREE
• Hotjar \u2013 Nathan uses Hotjar to track what you\u2019re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
• Acuity Scheduling \u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible\u2013 Nathan uses Audible when he\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
• Show Notes provided by Mallard Creatives