A few webinar data points

Kai Davis recently gave a fantastic presentation about building better outreach lists.

Here’s the recording: https://philipmorganconsulting.com/dev-shop-marketing-briefings/dsmb-building-better-outreach-lists/

(BTW, you can always find recordings of my Dev Shop Marketing Briefings here: https://philipmorganconsulting.com/dev-shop-marketing-briefings/. I tend to publish recordings of webinars there within a day or so of the actual event.)

I am always encouraging you to consider using webinars to market their business, so I thought you might be interested in some of the numbers from this webinar with Kai:

  • Registrations: I only advertise Dev Shop Marketing Briefings to my email list. My list has 1,703 subscribers, 1,583 of whom are in the segment that receives these daily emails. So a bit over 1,500 people received the emails announcing the webinar with Kai. Drip–the email marketing software I use–says my usual open rate for my daily emails is right around 30%. 84 people registered.
  • Attendance: 28 of the 84 registrants attended the live webinar. In the 3 emails I sent announcing the webinar I said “don’t register if you don’t plan to attend”. Despite that request, the attendance rate was 33.33%. I guess 66% of the registrants suck at planning. 😉
  • Participation: Now we get to the number I really care about. I measure participation by how many questions are asked. This is the one simple number I have to gauge the value of the presentation and the entire webinar itself. We had about 50 minutes worth of SOLID GOLD Q&A on this webinar, which in my mind is an unqualified success. If 3 people had registered and all showed up, or if 1000 people had registered and only 3 had showed up I wouldn’t care as long as I got a great 60m of Q&A after the presentation.
  • Direct sales the webinar generated: None. This is not why I do these webinars. They’re a way of providing value to my email list members and a way to attract new list members via the recordings I publish to https://philipmorganconsulting.com/dev-shop-marketing-briefings/ They’re also a way for me to practice producing the kind of content that I could later bundle up into a paid subscription product of some kind. Many people do use webinars for direct list building or direct sales. I will too at some point. List building or direct sales are both fine ways to run a webinar, but that’s not what my Dev Shop Marketing Briefings are about.

Now to the question I know you’re all asking…

Are these numbers good? Will Philip post a graph of results on social media to impress others? When business life is temporarily seeming nasty, brutish, and short, will Philip comfort himself by remembering how EPIC this webinar was?

My personal goal for the webinar was met. Attendees asked great questions, and Kai offered really great answers. In that sense, it was EPIC. 🙂

Before the webinar my goal for registrations was 100 people because I had this theory that you need 50 live attendees to generate enough questions for an interesting, insightful 60 minute Q&A session, and the show-up rate for many webinars is 50%, thus 100 registrations would probably result in 50 live attendees which would probably result in enough questions for a compelling 60m of Q&A.

At least for the topic of this webinar, it required fewer attendees to create a compelling 60 minute Q&A session. 28 people did the trick. So I’m not unhappy with the 33% show-up rate.

Big time marketers would be completely unimpressed with these results. I have friends who routinely fill 1,000 seats on webinars. Not 1,000 registrants, but 1,000 live attendees!

Maybe that’ll be me in a few years, or maybe it won’t. Because here’s the thing I want you to know:

Audience size is not correlated to revenue.

Or at least it doesn’t have to be, especially with the kind of services a specialist provides.

A colleague recently put on a webinar that had 8 attendees but generated 2 good-sized projects. Talk about an amazing conversion rate!

Most of you make a decent living with 6 to 15 clients a year, and could make a great living with even fewer but better clients!

It’s easy to use numbers to measure the success of your endeavors and to assume that bigger is better. And of course, you should do a certain amount of that in your business.

I actually hate that webinar software tricks us into thinking size is the metric that matters. Email marketing software does this too. Of course, these tools make these mistakes because reporting size-based metrics (registrants, list size, open rate, click rate) are easy. The metrics that matter are often harder to compute and interpret.

So don’t get seduced into focusing on size to the exclusion of what might be–for your business–more important, more relevant numbers.

And for heaven’s sake, please try your hand at using webinars for lead generation some time in 2017. 

Talk to you soon,
-P

PS – I won’t have a Dev Shop Marketing Briefing for you in December (too busy with holiday stuff) but we’ll be back in January with a guest expert talking about how to use IRL teaching for lead generation. Unlike me, he’s had very good success with this lead generation technique 🙂


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