Twenty-four hours. That’s all you get in your business each day.
And it never ever seems to be enough.
No matter how many espressos, cold brews, or energy drinks you slam down, you just can’t speed up enough to cram all that pending work into one day (trust me I’ve tried). Shaking from caffeine didn’t do much to slow down time enough or help me with that overwhelming amount of to-do’s lining up.
Billionaires, millionaires, and amazing companies have the same twenty-four hours, but they seem to get a lot more done.
What’s the difference here? Prioritization of time.
Prioritization of time is the key ingredient to understand how to maximize your life and your business.
And when it comes to selling in your online business, there’s a variety of options (video sales letters, sales pages, e-commerce, product launch funnels, etc.) and, depending on your business type, you might have different needs. But the winning strategy should always be reflected in your time. What I mean by that is that time is your most valuable asset, and you need to strategically make the most of it.
A one-on-one sales meeting that lasts an hour for a $200 customer should result in about $200 an hour, right?
But imagine talking to 10 people at the same time for the same $200 product. And you can sell four of them instantly, and maybe another three down the road.
That’s the same hour with an immediate $800/hour return and $600 in a few months. You’ve 4x’d the return on your time in the same hour by just talking to more prospects at the same time.
And that’s where the webinar rules supreme.
Why do webinars give you leverage?
A webinar can become the ultimate relationship-building tool to engage with your target prospects, moving them down your customer pipeline or turning them directly INTO customers. And it’s done on a scalable method. One-to-many sales.
Even when I say this, I know there are some of you who haven’t started doing webinars yet or may even be overwhelmed thinking of doing one for your business. Let’s make sure I start by helping you get past that first mental roadblock. Your sole job is to bring your product or service into the hands of customers who will benefit from the solution you provide.
They NEED your solution, and it’s your responsibility to market the best you can to get it into their hands. And if the best way to do this is through an educational training hour where you offer a solution to their problem in exchange for a financial sum, then that’s the biggest win-win of all!
Plus, let me remind you that webinars are 100% choreographed and scripted presentations. You’re not making this up as you go along and it’s content you already know, believe in, or even educate prospects on. Ok, now that we’ve gotten past that, it’s time to take a look at why webinars are the best tool for any business (especially for people just starting).
How webinars help build your business
Unlike a sales page, opt-in, or automated sales process, you’ll get real-time data on what works, what doesn’t, what messaging is critical, and you can then make proper changes. Other options mean shooting in the dark until you figure out WHY things worked and WHY they didn’t.
Because live webinars are engaging interaction tools, your registration and attendee numbers don’t become vital metrics. The real key performance indicator to look at is the number of QUALITY prospects you attract.
Your registration rate, show-up rate, and conversion rate on these events are always going to be a direct reflection of the relationships built and credibility made. A webinar is all about solving pain points and educating your prospect on how to do something better and faster, get more results, or resolve issues they can’t get out of.
Now that we understand their power, let’s dive into what you can expect while running an event through webinar metrics.
What webinar metrics can I expect for conversion rates?
Talking about webinars is talking about an ever-growing process. But generally, when discussing a webinar campaign, we think in terms of averages. Here’s what we estimate for webinar metrics:
This is described as the number of new visitors to your website who then decide to sign up for your event and reserve a seat. Cold traffic is generally visitors who do not know you directly or have a previous relationship with you (think advertising visitors who are seeing you for the first time!). We see the lowest conversion on sign ups with cold traffic, as you have to prove your value and trust more quickly than any type of “warm” traffic.
This is the number of signups (registrants) who actually show up to attend the live event. Depending on the emails you send out, the angle of your webinar, and any giveaways listed for the event, you may see these numbers rise or fall. This average is based on typical “cold traffic” registration numbers as well, so you can see even higher show-up numbers with quality, warm registrants who are excited to engage with you.
This is the average length of time those attendees join you live. Obviously, there are exceptions to the rule here, but most webinars are best kept to around 45 minutes to 1hr 15 minutes. You can definitely run longer events, but for a sales presentation, your best attention span will be right around here.
This is the number of live attendees who joined the webinar that will convert into a sale of your product or service. This number depends directly on the quality of the content, the engagement of your attendees, the desirability of the product, and an irresistible offer, but typically, these numbers are seen by presentations that have a dialed in their market-messaging match.
This is the average number of registrants who are emailed to watch the replay of the live event. On average, 60% of people will miss the live show, and then 25% of the total registration list will watch the replay. This includes people who joined and had to leave early, as well as those who did not show up at all.
To reiterate, these are averages, and we’ve seen extreme ends on both sides as angles and urgency are implemented into campaigns.
However, numbers can betray you. A room of 1,000 non-qualified prospects will always produce LOWER sales than a 100-attendee webinar with highly-qualified prospects. Your message resonates more, the pain is deeper, and the solution more relatable.
To give a good analogy on what your time and return on investment may look like, here’s a small equation we like to look at:
How’s that for maximizing your time?
How to improve your webinar metric
Once you have a presentation that WORKS, your focus can shift your time and energy to working on one of these portions of the campaign at a time:
- How do we find more qualified prospects?
- How do we increase sign-up rates?
- How can we get more to show up?
- How do we convert the other 92 webinar prospects?
- How do we increase conversions?
The goal then simply becomes tweaking and optimizing what you already have. You have a formula that works and your sales are only dictated by how often you want or can run the event.
You can run it weekly, bi-weekly, or, if you’re feeling really driven, daily!
That’s continuous lead flow and sales for your business. But it must be done in a progression. I generally like to outline it as such:
- Detailing your “best” customer
- Learning their pain points and language
- Researching the best way to connect and find these prospects
- Test the webinar event presentation
- Optimize presentation
- Optimize enrollment and follow up
- Optimize the entire campaign
- Optimize traffic generation to the event
- Scale traffic up to the event
- Move the campaign into an evergreen campaign (I’ll speak about this in a moment)
That way, you are actively learning and growing the marketing campaign to its full potential.
So in this progression, once you have an event that is working and converting for you, that’s when you can start thinking about evergreen like live replays (a webinar that can replay at any time) and automation that funnels in prospects at all hours. This allows you to truly leverage time by having true automated campaigns running things for you.
But you can’t just start at the point with automated campaigns. You’ll be missing all the key components to scale the campaign correctly.
Where is your feedback?
What can you do to improve the campaign?
I can’t tell you how many campaigns I’ve seen in the marketing graveyard after throwing up an automated event, untested, to an untested audience.
But how and where do you find that quality, vest audience?
Where do you get traffic for webinars?
Great question! Well, if you’re a blogger or a small business owner, the best way will be from whatever traffic sources you’ve already tapped into. You don’t need to re-invent the wheel on this one.
Blog traffic: Use blog calls to action and opt-ins forms and pop ups to siphon traffic into an upcoming event.
Email list: Run a three to four email series campaign to invite your list to join you on your next event. If you’re just starting, possibly think about segmenting the list to test different angles and updates to your webinar without promoting to the entire list.
Social media: Use this time to promote your next event, testing benefit-driven headlines to get people interested and excited to show up.
The Facebook ad platform makes it very easy to target and precisely lock down a specific prospect for advertising and will let you run ads as low as $5/day. These initial tests are great ways to make sure your market-message match works for the prospects to the event itself. And you have a great way to learn which ad angles will work best.
Test fast and be willing to turn off ads quickly to test again. The best ads will often surprise you, but also make you realize that the best angles take some level of luck–this is why testing is so important!
No matter the traffic type, you’ll eventually want to move to some type of traffic channel where you can control the outcome. Paid media and paid advertising will always give you the best control and scale when you are ready and your return on investment starts to rise.
Once you have a proven webinar campaign with solid webinar metrics, you’ll be in a great position to reach out to potential affiliates or strategic partners to run events together that can net HUGE returns.
Strategic partners and affiliates can use their own traffic or emails lists to send new registrants to events together, and you can simply pay a percentage of the revenue earned from the list (with the typical affiliate percentage being around 30%-50% per sale).
Ready to put these webinar metrics to the test?
Thinking of webinars in this way, one simple hour of time can effectively become the single most important and leveraged hour in your business.
Webinars can ultimately grow and expand your business in ways no other online marketing or sales tool can, all while growing under your control, with you optimizing, learning, and upgrading things along the way.
Sounds pretty powerful, right?
What’s stopping you from getting started? Let me know in the comments and I’ll help answer and provide guidance along the way.
Ready to start running webinar events for your business? Come check us out at Demio.com, say hi, and get a free 30-day trial with us to learn why companies are loving the smart webinar platform for marketing and sales.