Remember that time when your boss asked you about the success of your webinar program?
If you stuttered, stumbled and said something about great registration numbers, you missed a great opportunity to show your boss what webinar rock star you truly are.
It’s time for redemption.
Today, we’re rolling out a Webinar ROI Calculator to help you determine the effectiveness of your webinars and decide if you’re spending your dollars in the right way. And, help you have a more meaningful conversation with your boss.
The calculator is designed to give you results based on a variety of factors:
• Technology costs –Spend on ReadyTalk (or your current platform)
• Promotion costs– Costs tied promoting your webinars with Google Ad Words, online banners, email campaigns and more
• Staffing costs – Covers the cost of your labor
• Results –Considers average promotion results, attendance, etc.
• Webinar ROI – Calculates when webinars convert new leads to qualified lead to closed deals
The result of inputting all this data is a return on your total webinar investment.
You may feel overwhelmed when you look at the Webinar ROI Calculator; it asks for a lot of data. Don’t panic if you don’t know your lead conversion rate or your email click-through-rate. The calculator includes industry standards and averages so you can always use those metrics.
The great thing about this calculator is that EVERYTHING in the calculator is adjustable. What happens if your attendance rate improves by 50 people? Or, what if you decrease your spend on social media? You can use this data to determine how to improve your webinar program. It will also help you identify what elements will have the biggest impact. If increasing your ad spend will improve ROI, perhaps you want prioritize that over another email blast.
Also consider the range of your results. The calculator asks about average attendance which is the total number of attendees from all webinars divided by the total number of webinars:
All webinars are not created equal. At ReadyTalk, our webinar attendance can range from 50 to 2,500 attendees. One of the biggest factors in this is often topic and speaker. Using the calculator, you can compare the ROI on those big events versus the smaller ones. You may be surprised; the ROI on the smaller events may be better if the MQL and conversion rate is better. If that’s the case, you may find that you’re better off running frequent small, highly focused webinars than really big events [Note: in order to confirm that, you’ll need to update the conversion data in the calculator].
Having ROI data easily accessible gives you the option to test various elements of your webinar. And, if you want to get really sophisticated, you could run a series of Simulive webinars and test variables. By using a Simulive event, it allows you to keep the actual webinar consistent but then test out other pieces—day of week, time of day, number of email invitations, number of reminders, social media promotion—while having the webinar experience be constant. Ultimately, you need to ask, “When these factors change, does your conversation rate change and the ROI improve?”
With the ROI calculator, it makes it easier to determine webinar lead costs and to compare other channels and tactics. A few months ago, we published an ebook called, “The True Cost of a Webinar Lead.” In it, we look at how webinar leads stack up against other lead sources, such as PPC ads, direct mail, tradeshows and more. We used industry data and averages to measure. You could do the same thing but with your real data.
Now that you know that your webinar program is successful, you may want to circle back with your boss and let him/her know that your webinars are awesome and that you probably need a raise. Once that’s out of the way, you can get busy leveraging the data.