If you're running webinars and using social ads (facebook, instagram, linkedin) you might be leaving a lot of money on the table.
Your funnel boils down to this:
Social ads (1) → Webinar sign-up (2) → Live webinar (3) → Offer (4)
There are 4 steps, that means 4 opportunities for people to drop off.
Let's do a quick calculation (with a 1000$ ad budget):
- You spend $1000 for 200 sign-ups: $5 per sign-up.
- 25% of them show up on your live webinar: 50 people
- 8% of them purchase your offer of $197: 4 people, $788
You just lost $212. Not counting the costs of your time, software and people.
Reduce these drop-off rates and this example can go from a failed webinar to profitable:
- People visited but didn't register
- People registered but didn't attend
- People attended but didn't buy
New calculation (with a $1000 ad budget, but $200 is spend on retargeting)
You increase the conversion rate on your opt-in page
- You spend $800 for 300 sign-ups: $2,66 per sign-up
You increase the show-up rate with retargeting
- 35% of them show up on your live webinar: 105 people
You increase the buying rate with retargeting
- 9.5% of them purchase your offer: 10 people, $1970
You just made a profit of $970.
Let's fix that with retargeting ads.
Note: there are multiple solutions you should use to reduce the drop-off (like proper webinar email marketing, SMS reminders etc.)
This is our 4-step retargeting ad strategy we apply for all our clients:
Step 1. Hook again
Who: Visited, didn't register
Message: Different angle from original campaign
CTA Destination: Sign-up page
Budget: 10% of total
Step 2. Thou shalt not forget
Who: Registered, waiting for live
Message: Remind them on the day of webinar
CTA Destination: Webinar live page
Budget: 5% of total
Step 3. "Have you given up?"
Who: Registered, didn't attend
Message: Remind them of the value they missed & apply urgency
CTA Destination: Replay page
Budget: 2.5% of total
Step 4. You're hesistant, I understand
Who: Attended, didn't buy/take offer
Message: Address their objections & apply urgency (ex. with a video)
CTA Destination: Offer page
Budget: 2.5% of total
80/20 note: These steps are in order. If you don't have enough budget/aren't getting enough results with the first step, then don't set up the next step yet. Instead: first optimize the step you're on.
Example: Step 1 is working well, you're getting more sign ups with your ad investment. Your attendance rate is low at 20%, so you are improving it by using step 2. Because of your low attendance rate you only have 30 people watching your offer. 3 of them purchase your offer.
Don't bother setting up step 3 and 4 yet, as you need to increase your attendance rate first
Budget note: A rough indication: 80% goes to the initial campaign to get opt-ins. 20% is spread out over the retargeting. Please experiment with what works best for you.
This strategy retargets your webinar registrants with ads on every step of the way so they don't fall off your funnel-wagon. Potentially saving you a lot of money.