Businesses have been struggling over the past couple of months due to the coronavirus pandemic - temporarily closing in the face of state lockdowns and CDC recommendations, or keeping their doors open while drastically scaling back operations. Companies have had to be adaptable in order to stay afloat in these ever-changing times. And this is when and why Webinar matters for business world.
Reason 1: They Keep Your Audience Engaged
Webinars are special for two main reasons. First off, they’re one-time events that happen LIVE. If your audience shows up late, they miss part of it. If they don’t show up at all, they miss all of it. This is the power of scarcity, and it’s the foundation of any webinar campaign. With a video, the viewer knows that she can pause it and come back at any time… that’s not the case with webinars. If your prospect leaves or misses the webinar, she will feel the pain of missing out.
The second reason is conversational engagement. With webinars, your audience gets a voice. They can chat, vocalize opinions, asks questions, answer questions, and more. When someone is asking questions and chatting about what they’re being taught, they’re more focused and engaged by default.
Reason 2: You Can Generate New Leads
Almost every business is driven by leads. A business with more than enough leads will never struggle to grow. Unfortunately, most businesses lack high-quality lead-generation, and webinars are a great way to attract new eyes, generate new leads, and ultimately convert new customers.
With webinars, some kind of registration is expected. People are familiar with submitting their name, email, and sometimes other information in order to register for an upcoming webinar event. They’ve highlighted themselves as a lead that is interested in whatever you’re teaching, and they’ve opted in to hear more about it.
There are many ways to actually promote a webinar and drive registrations, but we won’t go in too much depth on that in this article. To name a few, you can run paid advertising, you can feature webinars on your home page, you can get affiliates to promote, and you can leverage the audience of guests. Of course, you can promote webinars internally to your existing audience with emails, but we’re mainly talking about generating new leads here, not qualifying existing ones. We’ll save that for the next reason…
Reason 3: You Can Qualify New Leads and Build Relationships
There’s no better way to build a relationship than by giving value first. Generally, the first step in making a sale is related to education. Webinars give us the opportunity to teach our leads and help them understand why our product is valuable in the first place. Webinars will allow your audience to place a name with a face and a voice with a name. They allow you to build personal relationships and have real-time conversations.
Just short of visiting your prospect in person or jumping on a personal phone call, webinars are the best way to build personal relationships with your leads. The best part is that it works with new leads just as well as it works with “seasoned” leads. You can leave a great first impression on people who are hearing from you for the first time.
Reason 3: You Can Invite Guests and Leverage Their Audience (And Credibility!)
When you specialized guest to your webinar, they’re usually more than happy to help leverage their audience to drive attendees.
Please note: just because they’re usually happy to do it, doesn’t mean it’s their job to. You can’t expect them to promote it — that’s your job. This is a great way to expose yourself and your business to a whole new audience, generate new leads, and leave a great first impression in the process.
Besides for just getting exposure, you can also borrow your guests’ credibility! Bringing on an industry expert will position you further as an expert, since that person is associating their name with your brand. It will increase overall excitement, attendance rates, and social media sharing.
Reason 4: You Can Attract Affiliates with a Proven-to-Convert Webinar
I could write a whole post (or maybe 10) about the affiliate world, but we’ll save that for another day. To keep it short, affiliates want something that A) will convert well and B) will deliver value to their customers. If they’re not going to make money from sending traffic, then they’re not going to promote. If affiliates sent traffic straight to your homepage, the conversions would be absolutely horrible. However, if affiliates sent traffic to a proven-to-convert webinar campaign that also delivers a lot of value, then they’ll generate a lot more commissions overall.
The great news is that once you run a webinar for the first time, now you have stats for your webinar — stats such as earnings per registrant, earnings per attendee, and earnings per click. These stats (along with a replay of your webinar) will help you attract influencers and industry partners to promote your webinar. Since they know the average earnings per registrant, they’ll have an idea of how much $ they can generate in commissions before ever even starting the promotion.
Reason 5: You Can Speed Up your Sales Process and Get an ROI Faster
As a company, it’s revenue that helps your business grow. Companies live and die by cash flow, especially if you have a bootstrapped company like we do. So, the faster you can convert a lead into a customer, the better of you’ll be. Webinars can really help speed up this process. Why? Simply because they take all of the initial funnel-steps and merge them together; they let you build trust, deliver value, and kill objections in a small period of time.
For example, if you can drive qualified webinar registrations for $10 each, and your webinar instantly gets an average earnings per registrant of $10, then you’ve already broke even. In this example, any revenue that comes from these leads after the webinar is pure profit — good ‘ole cash flow.