What’s a Good Webinar Conversion Rate and How Do You Get There?

You’ve got your webinar up and running and you’re trying to figure out what is the best conversion rate.

Is it 2% or 4%? Or wait what about 40%?

What conversion rate are we talking about here? landing page conversion rate or lead to sale conversion rate?

Here’s the short answer: your profitability depends on a few variables specific to you.

I’ve got a formula to find out what your webinar conversion rate should be.

After working on dozens of webinar campaigns I’ve seen a lot of different conversion rates become highly profitable campaigns.

It depends on your a few things:

1. Ad costs (CPMs)
2. product price
3. Desired ROI
4. Lifetime value

Let me show you how to find your ideal conversion rate

Calculating Your Ideal Webinar Conversion Rate

What I’ve designed for you here is a fancy robot calculator that does the math for you so you don’t have to do this in your head.

 

What you’re going to need to know (or guess) is your cost per click (CPC), conversion rate number at each step of your funnel, your product price and your desired ROI

If you don’t know any of those, make something up for now and let’s see what you discover about what numbers you need to hit in order to run a profitable campaign.

Some benchmarks for you (that again vary widely across industries):

• Cost per click: $1.50 – $3.00
• Opt-in Rate: 25%
• Show Up Rate: 35%
• Stay till offer: 45%
• Buy: 25%
• Lead to sale: 1% – 3%

What you want to figure out here is your lead to sale conversion rate.

Then the next step is to fill out the bottom part of the calculation with your product price, expenses, and desired ROI.

 

 

This will tell you what lead to sale conversion rate number you need to be hitting in order to get the total number of sales you want.

Here Is An Example

First let’s figure out my hard costs. 

I already committed to put in $10,000 promoting the webinar.

But with my landing page builder, the designer and webinar software I’m out another $1,000 over the next 90 days.

That’s step 1.

I decided to sell my next product “How To Calculate Webinar Funnel Conversion Rates” for $997.

I also want to get a 3x Return on Investment (ROI) so that I can have a healthy business, hire a coach to help you calculate your numbers when you’re stuck and pay them well, afford ad costs, etc.

So that info goes into step 2.

What comes out is in Step 3: my desired lead to sale conversion rate.

Meaning if I can convert 3.31% of the people who sign up for my webinar into customers I can achieve those numbers and hit my goals.

Here’s What Usually Happens

If you’re like most people who are just getting started and you’ve never done this exercise what you might find is that promoting your webinar with facebook ads is not nearly as profitable as you thought it would be.

I can tell you this from experience:

“If it doesn’t work on paper, it’s not going to work in real life”

If you’re trying to sell a $197 product through a webinar that converts at 0.8% in a world where the cost per click is $2.00, you’re setting yourself up for failure.

 

There is some good news though.

As you might have noticed, playing with the conversion rates in your funnel changes your profitability.

There are a few levers you can pull in order to increase your conversion rates.

You can:

• Decrease the cost per click by creating more compelling ads
• Decrease the cost per webinar registration by increasing your landing page conversion rate
• Increase the show up rate with better follow up and show-up bonuses
• Increase the people who see the offer by making the webinar more compelling and adding stay-till-the-end bonuses
• Increase the conversion rates by improving your offer and having better email marketing follow up

There’s a lot you can do to improve the performance of a webinar.

And it’s work worth doing.

Most companies I work with are on their 4th or 5th version of the webinar as they have improved it over time and increased conversion rates to increase profitability.

Wrapping Up

That’s what you need to know in order to find out what average cost per webinar registration you need in order to be profitable and grow your business with a webinar.

Be sure to download your own copy of the webinar calculator here. 

If you have any questions about the calculator just drop them in the comments below.

Have a great one!

 

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