Webinars are an excellent way to increase sales and conversions, especially on big-ticket items. Because webinars are interactive, they are more engaging and thus have higher conversions than other types of marketing.
A few benefits of webinars over other sales presentations include:
- The limited time nature increases participation. People can’t procrastinate if a webinar is only available at a specific time.
- Active participation in the form of chat, question-and-answer sessions, etc. makes for a richer, more engaging experience that makes people pay attention and take action.
- Social proof from other participants can increase conversions.
In this report, you’re going to learn how to set up and run successful webinars, with a focus on selling high value items that pay a higher commission than average products. You’ll learn how and why you should run automated webinars, and how to increase webinar conversions.
So let’s get started.
Selling High Ticket Items via Webinar
Webinars can certainly increase sales to smaller ticket items, however generally speaking they are much more cost-effective for selling high-ticket items.
The main reason why these big-ticket items make more sense is because of the limited nature of webinars. Most webinar programs only have a limited number of seats available, generally due to the limitations of the software itself, which might not be able to handle large numbers of users at once.
Because there are so few people who will be able to attend each webinar session, it only makes sense to promote higher ticket items. If you are only paid $10 commission on a small ticket item, and you only have 50 attendees, you’d need a 20% conversion rate to make 10 sales, which would only earn you $100 in commission.
That’s not exactly a princely sum for the trouble of planning, organizing and carrying out a webinar. And remember, a 20% conversion rate is very difficult to achieve even with a webinar.
However, if you were paid $100 commission on a large-ticket item, with the same 50 attendees, you’d only need a 10% conversion to get 5 sales, which would earn you $500 in commission.
As you can see, you’d need half the conversions to earn five times as much income. So large-ticket items really make sense when you have a limited number of people to market to, such as you do with a webinar.
Not only must you worry about the physical limitations of your webinar software and server, but the schedules of potential attendees as well. You may see fewer attendees than you expect because people are busy at the time you schedule your webinar.
It’s possible to record your webinar and distribute it to people who cannot attend, however conversions on recorded webinars aren’t likely to be nearly as high as during the live broadcast, because you can’t have viewers of the recorded webinar interact with you as they could during the initial live broadcast.
Doing the Math
Before you plan your webinar, it’s important to do a little math to be sure your webinar has the best chance to be profitable. (In other words, worth your time.)
First, figure out which product you’d like to promote. Ideally, this should be a product that you’ll make at least $100 in commission from, though higher amounts would be even better, obviously.
However, don’t choose a product solely based on its commission. It’s better to choose a product that makes a bit less commission and converts much better than to choose a product that has a very high commission and won’t convert at all
Let’s say your product will make you $100 in commission. If you want to make at least $500 from the webinar, you know you need to get a total of five sales.
You may not know the exact conversion rate of your product, but you can estimate it. A 5% conversion rate is a good starting point as an estimate. It helps greatly if you’ve tested the product already, or if the product owner has released public information about its overall conversion rates, but 5% is generally a safe estimate for most products.
In order to get five sales at a 5% conversion rate, you need a total of 100 people in attendance. You could make more, or you could make less. But getting a minimum of 100 people to attend would be your goal.
If you have a high-converting product that gives you $500 commission, you would only need one sale to earn what you desire. This means a higher-priced product would require much fewer attendees.
Automated webinars make it easy to set up webinars at times when you cannot theoretically be in attendance. This is great for providing access to people on varying schedules and all around the world without having to be there constantly.
You may wonder why it makes sense to do an automated webinar when you could simply do a single webinar, record it, and offer access to a video
There are many reasons to use an automated webinar system instead of simply offering a video recording:
- People are much more likely to attend when they feel they are on a time constraint because they don’t want to miss the event. If they are given a link to download a video, they are likely to put off watching the video until “later”, but “later” is likely to never come. People tend to procrastinate unless they have a set timeframe for something.
- People tend to perceive the value of a live webinar as much higher than the value of a single video, even though the information is technically precisely the same.
- A video recording does not allow audience participation of any kind. Some automated webinar scripts allow audience members to chat with one another and also chat with you if you are available at the moment.
- A recorded video cannot be set to play at a specific time so that late attendees believe they are attending a live webinar. However, with some automated webinar software, the video will begin at a specified time, and if people are late or leave and come back, the video will not resume from the same place they left off, giving the impression of a live broadcast.
There are many different automated webinar systems available. Here are a few of the most popular.
The Evergreen Business System is one of the most popular automated webinar systems. This system delivers a tremendous number of features, most of which cannot be found elsewhere.
The Stealth Seminar system.
Easy Webinar it is less costly than other systems, but again it doesn’t have quiet as many features as the two listed above.