I’m helping a lot of clients with webinars lately, so I wanted to offer you a back-to-basics explanation for the how to’s of tracking.
If you’re currently planning or working on a webinar, it’s so important to have weekly tracking with specific metrics, so you can continually optimize your funnel.
Because even if it’s converting well, there’s always room to make it better.
My Team tracks the following metrics for webinars:
- Clicks on the ad + Landing page conversion: Are you getting a good cost per click on the ad? If not, you might have a problem with your Facebook ad. Are you getting a good cost per registration? If not, you might have a problem with your landing page. (The average cost per registration for a webinar is anywhere from $3-10, depending on the industry, the audience, etc.)
- Live show up rate: What percentage of people who sign up are actually attending live? (The average is about 15-30 percent, and keep in mind, the rate has decreased lately, because people have become more used to webinars.) NOTE: Using a messenger bot on your Thank You page might increase this rate, because it will tell people when you go live so they can instantly click over.
- Sales (both units sold + dollars): What’s the percentage of sign ups who turn into sales? (The average is about 1-2 percent of total registrants, or 5-20 percent of live viewers, again depending on the price of your product, your audience, etc.)
- Total ROI percentage: How much money did you spend on ads? And how much money did you bring in from that webinar? Remember to consider, too, that booked sales includes those sold on a payment plan.
- Cost per acquisition: Money spent divided by number of sales. How much did it cost (total adspend) to make a sale? Remember to consider webinar opt-in ads, the re-targeted sales ads, reminder ads, etc.
My suggestion is to organize a spreadsheet that tracks all of these metrics on a weekly basis.
This will help you track the gaps and adjust accordingly.
Too often I see people only tracking cost per registration and sales, and then they ramp up ads or turn them off completely based on incomplete metrics.
Hopefully this is helpful, whether you’re already tracking or not. And if you have questions, REPLY to this email, and we’ll get you an answer.