Webinars are an insanely powerful marketing channel for B2Bs. Webinars help position companies as industry leaders, build brand awareness, generate conversions, and drive qualified leads en masse. A 2017 survey from Demand Gen uncovered that 62% of participants rated webinars as the second most impactful technique for generating high-quality leads. Other studies conducted by webinar service providers report this same number to be as high as 73%.
The bottom line is that an abundance of B2B organizations (including your competitors) are utilizing webinars for the purposes listed above.
Part of what makes webinars so useful is that they work at various stages of the customer journey, effectively spanning from awareness to conversion.
To successfully use webinars to market B2B technology solutions, products, or services, brands must understand how to effectively measure a webinar’s performance.
Through analyzing the correct KPIs, companies can fully grasp how effective their marketing efforts were, how resonant their messaging was, how well the presentation engaged viewers, how many leads or conversions were generated, and how financially prosperous the endeavor turned out to be.
To comprehend and command webinar meaning and potency within your B2B framework, here are the 5 must-measure data points.
#1: Registration Versus Attendance
Tracking the number of registrants provides organizations with an understanding of their landing page’s effectiveness and email campaign. If you’re not gaining the number of signups you had hoped for, you might be targeting the wrong demographics or asking for too much information upon signup. Always be sure to take this into consideration.
It may come as no surprise, but the number of people who sign up for a webinar tends to far surpass the number of actual attendees. While this metric is not the end-all-be-all, it is wise to implement a strong post-webinar outreach strategy if your stats are lower than desired. This should include emailing the recorded webinar to non-attendees with a special offer or opportunity to ask questions.
Analyze these aspects to identify where the leak is. Ensure that you know who your audience is, that signup is streamlined, and the benefits of attending are clear.
#2: Audience Retention
Chances are, as a webinar progresses, you are going to lose some of your viewers along the way.
Keeping viewers meaningfully engaged is one of the most challenging aspects of the webinar process. No matter how useful your offering may be, a dull or lackluster presentation will turn off a number of attendees.
Retaining the audience’s attention and compelling them to keep watching is vital as the last bit of the webinar is likely where your special offer will reside; keeping folks engaged until then greatly increases your chance of converting spectators into customers.
The best way to prevent this and increase your retention rates is to have your materials well-prepared and continually interact with the audience. Certain webinar platforms enable chat for questions, polls, surveys, and other engagement tools that keep prospects around for longer.
While we are on the topic of webinar immersion. . .
Audience engagement is something that B2B webinar presenters should always measure as this lets you know how well your presentation has been crafted, how much value it provides, and how compelling the material is.
As far as this metric is concerned, there is no better barometer for success than questions. Queries coming from the audience show that they are actively thinking about the information, are learning from the webinar, have found what is presented useful, and want to know more about the topic or solution.
The hard part, however, is that people often don’t want to be the first one to ask a question, so the room stays silent. A great work around for this is to ask the audience questions directly or employ a co-presenter, equipped with a handful of pre-prepared questions to help get things flowing.
#4: Leads and Conversions
These are the metrics B2B organizations are usually most interested in. Sales-qualified leads are often revered as the ultimate metric for webinars; with good reason. Leads act as a company’s lifeblood. Moreover, the number of leads generated directly correlates to the effectiveness of the webinar’s marketing push.
To effectively maximize the number of these leads, ensure that you intimately understand your target audience and where they live online. Additionally, start your promo cycle early and try to reach these people often.
As far as actual conversions are concerned, this number will directly point to how effective the presenter’s sales pitch was. Throughout the webinar, the host should be dropping little nuggets that indicate the offering’s value and keep people interested in sticking around for the big crescendo at the end of the webinar.
If you are failing to retain enough people to generate a desirable number of sales, revert to step three. If you are simply failing to close enough deals among those present, try utilizing urgency or scarcity within your pitch to drive profitable actions.
#5: Cost Per Lead
For webinars to be a profitable venture, you need to understand the value of each lead or conversion generated; you need to understand the ROI of your investment.
To uncover the value created from leads, identify the average sale per customer and conversion rate by lead source.
Additionally, it is also important to factor in variables such as:
- Webinar software cost.
- Cost of tools for landing page creation, email marketing, PPC ads, etc.
- Opportunity cost for the time it took to present the webinar or employee pay.
By establishing the cost and measuring it against the value generated, you can not only pinpoint the profitability of the webinar, but you can also gain a benchmark for future presentations.
Tracking these webinar metrics is critical to gaining a nuanced and accurate understanding of your webinar’s effectiveness. The answers they provide will shine a light on your strengths, weaknesses, and how you can improve moving forward. Fail to measure these aspects and you will fail to advance.
Featured Image Source: Woman talking to man in head phones via video call by fizkes Shutterstock
About the Author
Tim Erinwright is a UK-based web developer at his freelance gig WRightDigital, and a self-professed tech geek and writer. When he’s not creating magic on WordPress, he can be found analyzing the “Song of Ice and Fire” books, and of course hiking.More Content by Tim Erinwright