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Easy Ways To Make More Money With Webinars

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Easy Ways To Make More Money

With Webinars

Sheridan Smith

Copyright © 2017 Ruth Belling and Evaluation Works

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or otherwise, without written permission from the author.

Smith, Sheridan (2017) Easy Ways To Make More Money With Webinars. Shakespir Edition.

ISBN 978-0-9567638-7-7

Table of Contents

Who is this guide for?

What is a webinar?

Who uses webinars and why?

Webinar resources

Five easy ways to make more money with webinars

1. Make webinar replays part of your business strategy

2. Record your webinar

3. Follow up with show notes

4. Repurpose the show notes and recording

5. Grow your email list on autopilot

Summary

Recommended resources

Review request

[]Who is this guide for?

This guide is for anyone using or thinking of using webinars as a way to sell and deliver products or services.

If you are an author, teacher, trainer, entrepreneur, coach, consultant, or service professional (accountants, lawyers, dentists, veterinarians, therapists and more), webinars are one of the fastest, most profitable and exciting ways to increase revenue and dramatically raise your income.

Webinars can help you sell more products and services, expand your market, fill your appointments book, leverage your time, create and sell additional products and services, help more people, grow your business and boost your profits.

Whether you’re just getting started, or have been using webinars for a while, this guide briefly explains the benefits of webinars for individuals and businesses of any size, including how and why they are able to produce such great results, and introduces five easy ways for you to make more money using webinars.

[]What is a webinar?

A webinar is a web-based seminar that allows you to provide information to hundreds (sometimes thousands) of people at the same time.

Webinars are exceptionally versatile and can be used to teach, coach and to sell products or services to almost anyone with an internet connection, wherever they happen to be. This kind of freedom means location, travelling distances and costs are no longer major concerns. You can create and deliver webinars from wherever is convenient for you, be it home, office or beach. Likewise, your audience can attend your webinar from wherever it suits them, regardless of time zones and geography.

[]Who uses webinars and why?

Webinars are used by a wide variety of people and businesses. Authors, trainers, coaches, consultants, service professionals (such as accountants, dentists, veterinarians and therapists) and businesses of all sizes successfully use webinars to sell and deliver products and services to large audiences of potential buyers.

Webinars offer substantial advantages over more traditional ways of doing business that have made them very popular in recent years. Deservedly so.

You don’t need a website to get started. You don’t need to invest lots of money.

You don’t even need a finished product or service. You can sell it first and create it later, once you know people are willing to buy. That way, you don’t waste time, effort or run into the kind of cash flow problems that could easily demolish your business.

In fact, the money-making potential is huge.

One of the beauties of using webinars is that they are currently one of the highest converting sales methods available, outperforming most websites (which typically convert at only 1%). In other words, to sell 10 items from your website, you would need at least 1,000 visitors. If your site receives 100 visitors per day, it will take 10 days to sell those 10 items. With 50 visitors a day, it will take 20 days. A trickle of visitors and— well, you get the picture. With a webinar of 100 people, you could sell the same 10 items in as little as one hour.

That’s partly because a ‘typical’ website visitor stays on site for less than two minutes. Unless someone already has a ‘warm’ relationship with the website owner, reads their blog posts, opens emails from them regularly, or has bought something from them before, persuading them to buy a product or service in such a short time is difficult, particularly if an item has a price tag of $300 or more. Most people won’t take the risk.

But on webinars, people frequently purchase goods and services for at least $300.

I imagine, like me, you have attended plenty of webinars where information products, done-for-you services or software packages are sold for $2,000 + and it is far from uncommon for people to sell, as well as deliver, higher end coaching and consulting packages valued at $10,000 or more.

But how do you persuade people to spend that amount of money with you on a webinar?

Before a person will buy, they must like, trust and respect you. Most webinars last 60 to 90 minutes, so it’s possible to make a connection with someone during that time, enough to establish your credibility, show something of your personality, and develop sufficient trust that people will say ‘yes’ to you and the product or service you offer.

With an email list, your chances of making sales are probably higher than relying on a website alone, but much depends on the size and quality of your list. List-building takes time, as does making the seven points of contact marketers have established is necessary before someone is likely to buy. Also, there is a limit to the number of times you can try to sell the same product or service to each individual on your list. Try it too often and you risk losing them altogether.

By contrast, webinars can bring you more profitable results faster.

To really profit from the five easy ways to make more money using webinars described in this guide, first you need a webinar. Preferably, one that already converts well.

[]Webinar resources

If you don’t yet have a webinar, or have one that doesn’t convert attendees to buyers as well as you’d like, one of the best things you can do is watch some of the leading webinar experts deliver their own webinar presentations. You’ll learn a ton of hugely valuable information about how to structure your presentation, connect with your audience and pitch your offer so that it converts effectively.

If you haven’t already, I highly recommend you watch and listen to this free webinar from webinar expert Steven Essa. (If you eventually join his program, I may earn a commission, but you don’t have to. He gives away a ton of highly actionable information that you can use right away. For free. So, be sure to take plenty of notes!)

Once you have a webinar that works, you can really start to capitalise on its profit-pulling power.

For example, let’s assume you design a free-to-attend 60 minute webinar. At the end you offer a training course priced at $297. If your webinar converts at 5% (well above the average for most websites), then for every 100 people who show up for your webinar, you would expect five people to buy your course during the event. If 100 people attend, you would make $1,485 in sales.

If the same webinar was to convert at a higher (and more typical) rate of 10% and 100 people attend, then you would expect 10 of them to buy your course, netting you $2,970 in sales. In one hour.

To make more money from the same webinar, in that same hour, there are really only three factors you can increase:

1. Your offer’s price,

2. The number of people who attend your webinar,

3. Conversion rate.

Technically, you can simply repeat your live webinar, as many people do. After all, if you spend one hour presenting your webinar and answering people’s questions and five people buy your $297 product or service, that’s the equivalent of a $1,485 hourly rate.

Tempting as that may sound, however, there are some drawbacks to repeating the same webinar live. Even people who thrive on the opportunity to share their knowledge and expertise live may experience ‘webinar fatigue’ after delivering the same presentation numerous times, while those who increasingly long to spend their time in other ways may come to the conclusion that they are still ‘trading time for money’ and begin searching for alternative ways to achieve the same, if not more, in less time.

So, how can you do the same?

Many webinar experts recommend the following steps and techniques to increase the value of your sales on a single live webinar. Each step involves one or more of the three factors mentioned above: your offer price, number of attendees and conversion rate.

1. Start with a minimum product or service value (e.g. $297). If you’re going to invest time, effort and energy into creating a webinar, it has to be worth it to you financially, even if only a few people buy.

2. Refine and test different versions of your webinar until your conversion rate increases to 10%. Then, raise the price. For example, if you initially charged $297, try pricing your product or service at $497.

3. Repeat step two until the conversion rate stops increasing to 10%. (Now, you’d need to consider other options, such as increasing the perceived value of your offer, but these are more advanced strategies outside the scope of this guide.)

4. Get more traffic to your webinar. Most webinar hosts can accommodate more than 100 people on each webinar. Some can take up to 1,000. With a 5% conversion rate and a $297 offer price, if 1,000 people show up, that’s now 50 sales ($14,850 in revenue) you could be making on each webinar. Increase the conversion rate to 10% with the same number of people and that’s 100 sales @ $297 = $29,700, (or $49,700 if you’ve repeated step two and raised the price already).

These strategies have worked well and continue to work well for many people. However, it takes time and effort to refine and test a webinar. You may have to rethink your offer or change it several times if you want to increase the perceived value sufficiently to raise the asking price for your product or service and still get people to buy.

Then, there’s traffic. The big players in internet marketing may be able to sustain audiences of 1,000 people every time, but for the majority it’s hard going to get that many people to sign up for every webinar, let alone get that many to attend.

So, what’s the solution?

Well, I’m not saying you shouldn’t do whatever you can to maximise the steps and techniques outlined above in your own business. Far from it. In fact, I strongly encourage you to try them. By implementing even one of these steps, you could increase your webinar revenue dramatically.

But, this guide is about easy ways to make more money with webinars and by that I mean strategies that take little or no extra work on your part, yet can still boost your revenue quickly and sustainably.

[]Five easy ways to make more money with webinars

One of the easiest and most productive ways is to focus on the people who register for your webinar, but for one reason or another, don’t show up for your presentation. So, let’s start there.

[]1. Make webinar replays part of your business strategy

ON24’s 2017 Webinar Benchmark Report suggests 55% to 65% of people who register for webinars fail to show up.

Think about that for a moment.

That’s roughly five to seven out of every 10 people who sign up for webinars.

There are two reasons why this should be music to your ears. First, if someone registered for your webinar, they were interested enough at the time to learn more about what you have to offer. Second, if they registered, then you should have their email address. Meaning it is within your power to follow up with these potential buyers.

Providing a link to your webinar replay makes good business sense, because webinar replays can often outperform the live version.

In his book, Money on Demand, Steven Essa illustrates this point with the case of Sean Allison. During his first live webinar, five people purchased Sean’s product, yet over three times that number (16) purchased as a result of his first replay. At the time, Sean’s product cost $997, so without that replay, he would have left $15,952 on the table.

There are plenty of reasons why people who sign up for webinars don’t show up at the specified time. Frustrating though this is, try not to take it as a personal affront. There will always be people who sign up for things on a whim, but there are many more who have genuine reasons for not showing.

Conflicting schedules have become a frequent, if not daily, reality for most of us. This may partly explain the recent shift in viewing trends highlighted by ON24’s 2017 benchmark survey of millions of webinar viewers. This states that although two thirds (61%) of viewers prefer live webinars, one third (33%) only ever watch webinars on demand. Clearly, if you limit yourself to presenting a single webinar, live, then you are almost certainly leaving money on the table.

Sharing your message at a time that suits your audience shows you not only understand their position but respect their time as much as your own.

It’s easy to do, if you follow method number two.

[]2. Record your webinar

As a presenter, live webinars give you chance to interact and engage with your audience. Indeed, many presenters say they feel more energised knowing they are talking to a live audience and that energy is usually evident to their listeners. But once you’ve done all that hard work, why not capture it so you can capitalise on it again and again?

Most webinar systems, like GoToWebinar, make it very easy to record your webinar. You just have to click the ‘record’ button. If you’re worried you’ll forget, add it to your webinar checklist and keep it handy. Or have a facilitator or assistant record it for you.

If you’re putting on a new webinar, it’s always a good idea to practise until you feel confident in your presentation. Deliver it live on several occasions and record each session. Then, you can choose the best version to use as your replay (usually, the one that converts the most attendees to buyers). If you’re not satisfied with any of your live versions, you can always edit the recordings, taking the best parts from each, to create the final version.

Now you can make your replay available for people to watch while you sleep.

By recording your webinar you can free up your time and leverage it to do other important income-generating tasks, such as creating new webinars, products and services.

[]3. Follow up with show notes

Show notes are a great way to follow up with:

*
p<>{color:#000;}. People who didn’t attend the live webinar,

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p<>{color:#000;}. People who didn’t attend the selected replay, and

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p<>{color:#000;}. People who showed up but who didn’t buy during the webinar.

Providing show notes gives you another chance to present your offer and make sales. On autopilot. Without you even being there.

As mentioned earlier, there are many reasons why people don’t show up or show up but don’t buy during the webinar. Most have nothing to do with you, your presentation, or your offer.

Like the replay, following up with show notes gives people another opportunity to read and digest your presentation when it is more convenient for them.

Show notes are more than transcripts. A transcript is a typewritten version of spoken words. Show notes are written summaries that include both audio and visual elements of webinars or videos. You can see an example here.

The best have two things in common when it comes to webinars and video material:

1. They include screenshots and visual images from your presentation,

2. They read as if someone you know and trust attended the presentation in your place and made notes you could follow easily.

Why do show notes work?

Good show notes help people make the decision to buy from you because they keep the same structure and tone as your webinar presentation. Webinars work because they take your prospective buyer on a well-organised path from start to finish. Good show notes follow that same trail, telling the same story and pitching your offer just as you would.

You can include customer testimonials and answers to all the most frequently asked questions people raise during your webinar, plus any other information you want your readers to know.

My personal favourite reason is because you can add clickable links to your offer on practically every page, so when your reader is ready to buy from you, your offer is right there in front of them and they can go straight to your sales page, buy button, or calendar to book a coaching call or appointment with you.

Show notes are also great for potential buyers who:

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p<>{color:#000;}. Need a little more time to think about your offer (but not too much – set a clear deadline when your offer will expire),

*
p<>{color:#000;}. May have missed vital information during the presentation (due to technical glitches, because they couldn’t make notes quickly enough, or perhaps couldn’t hear numbers or names clearly),

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p<>{color:#000;}. Prefer to read rather than watch or listen to a video (reading allows people to slow your presentation down or speed it up, according to their needs, meaning they can absorb your material at their own pace.)

They are especially helpful if a presentation:

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p<>{color:#000;}. Is technical or complex,

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p<>{color:#000;}. Contains a lot of facts and figures,

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p<>{color:#000;}. Includes website, product or software demonstrations,

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p<>{color:#000;}. Needs lengthy or complex explanations.

Show notes don’t have to be expensive to create. If you have the skills, you can make them yourself, but it’s easy enough to get someone to create them for you professionally and you can recoup your investment surprisingly quickly.

Let’s say you have a 60 minute webinar that sells a $297 product. The show notes cost you $250 from an outsourcer. In that case, you need only make one additional sale to recoup your investment.

One sale.

Ever.

And that’s not all.

[]4. Repurpose the show notes and recording

Once you have a recording of your webinar and show notes, why not repurpose them and use these again and again?

Think of them as assets you can use to create blog posts, free or paid-for training sessions, or offer them as bonus materials to promote other courses.

[]5. Grow your email list on autopilot

Turn your show notes into a lead magnet. Simply place your webinar recording on your website and offer the show notes in exchange for an email address.

Now you can provide your audience with even greater value by recommending further webinars, products and services that will help them and their businesses succeed.

[]Summary

There you have it. Five easy (and highly profitable) ways to make more money with webinars:

1. Make webinar replays part of your business strategy

2. Record your webinar

3. Follow up with show notes

4. Repurpose your show notes and webinar recording

5. Turn your show notes into a lead magnet and grow your email list on autopilot.

Why not try them all?

Here’s to your webinar success!

[]Recommended resources

For more webinar resources, check out my webinar resource guide at: http://www.easyreplaysales.com/webinar-resources/

[]Review request

I hope you found this brief guide useful. If you did, I’d really appreciate you leaving a review. Even a couple of words are fine. Your support matters and it makes a real difference.

Thanks for reading this far and here’s to your webinar success!


Easy Ways To Make More Money With Webinars

Are you an author, teacher, trainer, coach, consultant, service professional or entrepreneur? Do you use webinars to sell and deliver training courses, coaching, products or services? Webinars are a highly profitable way to sell more, leverage your time, expand your market, create and sell additional products and services, help more people, grow your business and increase your income. This brief guide explains the benefits of webinars for individuals and businesses of any size, including how and why they are able to produce such great results, and introduces five easy ways you can use to make more money using webinars, whether you’re just getting started, or have been using webinars for a while.

  • Author: Sheridan Smith
  • Published: 2017-05-05 17:05:11
  • Words: 3284
Easy Ways To Make More Money With Webinars Easy Ways To Make More Money With Webinars