The effectiveness of a marketing webinar is often determined by its Return on Investment (ROI). Research shows that the webinar ROI is generally high. Webinars are therefore often used when an organisation wants to convert leads into customers faster and in a more cost-efficient way. However, it is difficult to measure the ROI of a webinar. Below, it will be explained how this can be done in the best possible way. In addition, some statistics will be presented on the ROI of webinars and tips will be given on how this can be further optimised:
- Determining the ROI
- Webinar ROI Statistics
- Maximizing ROI with Lead Nurturing and Profile Enrichment
Calculating the ROI involves 2 elements: the investment and the return. The investment includes all costs related to organising and presenting the webinar. Think of the technique and the promotion. These costs are often charged per lead (CPL) to determine the ROI.
The revenue from a webinar, on the other hand, is more difficult to determine. Here a distinction must be made between company-specific and generic objectives. Generic objectives are easy to measure. Think of the number of participants or the degree of interaction during the webinar. Company-specific objectives such as ‘positioning as a thought leader’ and ‘increasing brand awareness’ are more difficult to express in figures.
The graph below shows the criteria organisations typically use to calculate the ROI of webinars.
The chart above shows mostly generic objectives as a unit of measure for ROI. Some of this data can be easily viewed in the webinar report. Other statistics are usually held by the organisation, such as direct sales. This data can be used immediately to determine ROI.
Company-specific goals are often long-term goals and therefore cannot be directly included in determining ROI. According to B2B content marketing specialist spotONvision, these goals are usually achieved. There are a number of ways to measure these company-specific goals globally. Think of a survey or a customer satisfaction study, which is conducted a few weeks or months later.
Finally, if possible, the webinar can be compared with previously organised webinars. Also, compare the number of online participants with the number of participants who would have attended a physical event on the same subject with the same effort.
Research by Marketingprofs shows that 85% of the participants in a webinar take some form of action right after the broadcast. 60% even take 2 actions or more. The graph below shows in which way participants most often take action.
Webinar participants are thus mostly actively looking for information or spreading it as a result of attending the webinar. The search for information is often continued on the internet. In addition, a significant percentage (34-37%) share the webinar with colleagues. This is consistent with the fact that on-demand recording significantly increases ROI. It reaches relevant leads who would probably not have come into contact with the organisation otherwise. Therefore, always offer and actively promote the on-demand recording.
On average, almost 1 in 4 webinar participants contact the organisation for more information (19%) or to purchase the product (4%). A survey of GoToWebinar also shows that within 2 years 75% of the webinar participants do a purchase.
Profile enrichment means that more information is gathered about the lead and his interests. Based on this data, leads can be fed with targeted information, also known as lead nurturing. This involves providing leads who are not yet ready to make a purchase with valuable and substantively relevant information. These methods help achieve company-specific objectives. Think of objectives such as being known as a thought leader and a good image. In addition, more qualified leads are delivered, which is beneficial for the ROI.
The webinar itself is a combination of lead nurturing and profile enrichment. Individuals are provided with content relevant information, while at the same time an individual customer profile is built with the data collected around the webinar. Think of information obtained from the registration form and survey. Interactive elements such as ‘ask a question’, ‘live chat’, polls and the call2action also help. In this way, the organisation gets to know what occupies participants and to what extent they are involved with the subject. All this information can be used for a targeted and personal follow-up. This is usually more successful when more is known about the customer and they are clearly qualified. Therefore, use deliberate interaction during the webinar.
Marketingprofs has done research into the number of qualified leads as a result of webinars. This showed that organisations that organise more webinars annually also generate more qualified leads:
- ≤2 webinars: 26% see positive effect;
- 3-5 webinars: 44% see positive effect;
- ≥6 webinars: 59%Be sees positive effect.
Tip: Practical tips on profile enrichment and lead nurturing can be found in the “lead generation and follow-up” knowledge point.