Webinars are, more and more, on everyone’s lips. About two years ago, there was a boom and since then this format has only grown and popularized among companies that want their brand to stand out, gain visibility and get closer to their customers or potential customers generating great engagement. And one of the things we must consider more to achieve all this is the ROI. Today we will explain how to increase the ROI of your webinars.
And it is that, as we know, everything has its trick. And to enhance webinars you must know where to hit harder and what elements must be considered to achieve all the established goals, generating a worthwhile audiovisual experience that engages the customer. And ROI, as we mentioned earlier, is among these elements.
Do not know what ROI is? Well, in this article we will explain what it is, why it is so fundamental to keep it in mind, and how you can improve it to obtain excellent results.
What is the ROI of a webinar?
ROI is the Return of Investment. It is de most widely used financial ratio for calculating the return on an investment relative to the established budget.
However, calculating the ROI of webinars is not as easy as it may seem. For this type of event, there are analytics generally common that can help you to define if your webinar has been successful or not, and will provide you concrete data about its activity.
Some examples of metrics you can use to calculate ROI are the fulfillment of the initial budget, the number of leads or contacts that have been generated during the day, the number of social media interactions your brand has received (likes, shares, comments, mentions, etc.), the audience satisfaction rate (you can investigate it through quick satisfaction surveys during or at the end of the webinar), the growth of the attendance rate from one webinar to another, the increase in collaborators participation, and even the direct income you have earned (for instance, with sponsorship).
For you to obtain and calculate all this information, we recommend you acquire a professional and complete platform of online events management that provides you with a great analysis of your webinar. Thus, you will not have to access other systems or sources to get the information you need.
So, how can I increase the ROI of my webinar?
Find out what is successful and what is not
To know how to increase the ROI, first you must make sure you are performing the right actions.
Therefore, if your numbers are low relative to the registration, you will need to investigate why: Have you put the right text on the landing page? Are the CTAs (calls-to-action) clear? Are the links correct?
Instead, if you have high registration numbers but attendance is low, maybe you have not sent reminder emails, or maybe it is that they do not push the audience enough to finally attend the webinar.
Target the right audience
This is one of the most relevant steps since, if you do not target the right audience, you do not have anything to do.
To check if the people who register for your webinar really interest you as an audience, you can include a question on the registration page such as the company where they work, the position they hold in that company or the size of the company. You can also investigate if they are already related to your brand or, on the contrary, this is the first time they have made contact with it.
So, if for instance most of your conversions come from a specific channel, you know you should invest more in that channel. On the other hand, if there is a channel that gives you a lot of registrations but few conversions (that is, few customers), maybe you should consider whether it is worth continuing to invest in that channel.
Keep in mind opinions/surveys from previous webinars
If you perform a webinar, you must have clear that it must be mostly interactive, as a face-to-face event would be. If it is not, you can lose a lot of audiences.
For this reason, you should choose a virtual events platform that allows you to create engagement among the audience and keep track of your viewers to understand what are the points or activities that have most created a positive effect on them. You can do it using an interactive chat (there you can see what the audience says at any time), Q&As sessions, surveys at specific moments where you want to know their opinion, etc. In this way, you will be able to enhance those parts that have been better received for other webinars committing more to your audience, and providing them with what really interests them.
If there has been a moment of your webinar that has received bad opinions, surveys, or has caused a negative conversation in the chat, you should also consider it for the next webinars so it does not happen again.
Likewise, execute a follow-up of engagement analytics from one webinar to another. If the analytics are more and more positive, it will mean you are doing things right. In contrast, if they are negative maybe you should spend some time looking for the problem and solving it.
Consider if the investment is appropriate
Get used to the idea that to make a webinar, you will most likely have to spend money from the beginning to the end of the webinar. From paying for the promotion before the webinar and hiring a virtual events platform, to paying the speakers and sponsors. And all this includes an uninterrupted follow-up, which also costs money.
Thus, if you see that the budget you must invest to perform the webinar is more than what conversions bring you or exceeds the life value of the customer (it is, what you think will bring you monetarily throughout the period in which they are your customers), surely means something is wrong. Perhaps the investment made in Google Ads has not given you any conversion, or maybe you have hired speakers who have not managed to attract the audience. Look for the factor and try to find a remedy.
Analyze what content produces more engagement
Providing ingenious and interesting content is crucial to continuing with the nurturing process once the webinar has ended. Therefore, the on-demand content plays a very important role here since it brings many benefits for both the viewer and the company that organizes the webinar. While the audience and the potential leads get closer to your brand through valuable content, you can exactly see what is driving them to look for you.
In this way, you can see what content engages them more or is more relevant for them, but also at what level they are engaged: Do they see 20% of the video or 80%? Having this information, you will be able to target them in a more effective way and know how engaged they are.
Value if you count on an adequate virtual events platform
An adequate virtual events platform must provide you a considerable variety of integrations for you to increase the engagement possibilities, such as Slido or Kahoot! as well as features that allow you to interact with your audience (a chat, the possibility to launch questions to receive feedback, Q&As sessions, etc.).
In addition, make sure that you have a good analysis system to keep track of your viewers. Obtain detailed real data about the actions of the audience, when they connected and disconnected, in what part they have interacted more, etc. Thus, you will know how to improve your next webinar and increase the ROI.
And so far, the elements you must consider in order to know how to increase the ROI in your webinar while creating a great experience for the viewer.
The Watchity platform supplies you with all the features you need to reach it. If you would like to know more details or find out all the features of the platform, do not hesitate to send us a message or request a demo.