How to monetize your webinars - try out these useful methods
There's plenty of articles and studies which show that webinars can be a game-changer in terms of generating leads and building your brand's identity. We assume that you already know how much you can make out of this marketing method if you're here. Bearing that in mind, in this article we want to focus on specific actions that you can take right away to monetize online webinars.
However, if you aren't overly familiar with webinars, you can start by checking out our blog posts and see why you should consider implementing videos into your content strategy. But remember to come back afterwards and check out our four tips that can help you obtain terrific results.
Things to consider before choosing your revenue model
After reading this article, think about which method might suit your business targets the most. You don't have to try every tactic, as it’s usually best to implement just a few, yet effective techniques in order to reach your goals.
Think about promotion
Webinars can be a lead magnet when advertised wisely. To reach your target group, you have to plan a promotion strategy in advance and dedicate your budget to relevant parts of it - including video content.
Gaining organic traffic might boost your marketing actions, but it probably won't work wonders on its own. You can think about joining Facebook groups and pages to reach people who might be interested in your content, but this also requires taking an extra action. To truly earn on your webinars, you might need to ask for advice from social media experts. Investing a bit of money into promoting your event may help you reach people who aren't just cold leads, but people who are likely to become loyal clients.
With the rising popularity of webinars, it is becoming harder to gain cold traffic. People have started to become pickier about choosing which videos to watch, as there is plenty of content to choose from. To attract viewers, you can start by offering a free webinar as a warm up to show you can provide valuable insights.
Let's think about it as a trial version of what you can offer. When people know that your webinars are worth paying for, they probably won't hesitate to invest in access. It can be a strong point in your sales strategy and a great first touchpoint with your future clients.
To know if your actions are efficient, at some point you should consider implementing media monitoring and maybe even a backlink tracker. All this might seem overwhelming. Here you can read more tips that can help you set up webinar promotion.
Choose a topic that both attracts and sells
You've probably heard it before, but let's stress the point - what's vital is the subject. The topic, which is the base for video content, influences every facet of the strategy. It includes a presentation plan, through promotion type, to the audience which it might attract. The subject has to be appealing and useful for your participants and fit your business goals at the same time.
You need to focus on burning issues that grab the attention of users. Running a webinar that provides answers to your attendees' problems and gives them simple, ready to implement solutions is an excellent way to create high-value content. Although this might be associated with marketing rather than sales, it can be genuinely a key element and a sales funnel builder.
Your webinar should give participants a feeling of being taken care of - for example by sharing knowledge that supports property owners.
Value your content
When thinking about things you can get in return for your webinar, determine what would suit your business goals. Maybe you're at the point where you need to expand your contact list? Before a final decision, get to know your needs and make a thorough customer analysis to be aware of what they can give you. Receiving data for access to your content is a powerful weapon that every company should appreciate.
However, today we're focusing on how to monetize webinars, so let's dive into the topic.
#1 Paid access to a live webinar
It's probably the most basic form of earning from your content. With a registration fee, your participants simply pay for access to your webinar. As a rule of thumb, even a small amount of money that your participants have to invest before joining your video stream can be a motivator for them. Statistics show that about a third of those who sign up will actually attend your webinar, but it’s less likely that they will miss an event if they had to make pay to become a part of it. That’s a significant benefit, as the market is so flooded with content that we tend to forget about some things we've signed up for.
What's important is to distinguish paid live broadcasts from free content. To monetize webinars, you have to provide your audience with extra material and truly unique knowledge that may improve their lives. This is because, by making financial contributions, participants expect to receive top-notch quality content in return. You could call the webinar a workshop and create a detailed agenda so that every person can be aware of what they're investing in.
#2 Paid access to evergreen webinars
There are a few options to take into account, depending on your strategy and position in the industry.
If you are still building your brand's recognition among users, you could opt to make a free live webinar first and then sell access to replays of it. You can make a free live webinar to attract more people, then offer paid lifetime access to your content for those who aren't able to attend the live event or would like to rewatch it later. You can consider two options: selling single replays or a bundle of them. For example, you could make a package of the five best webinars you've run this year, which are no longer available to watch for free.
If you're a big fish or simply know that your content will attract people anyway, you can start by requiring a registration fee straight away and selling access to recorded content.
#3 Paid access to breakout rooms
Have you ever wondered how great it would be to have the possibility of speaking with an entrepreneur or webinar guest in a one-on-one conversation? Now this dream can come true with LiveWebinar's breakout rooms. You can step out of the main group meeting and move to a private zone, where no one has access to enter except you and another participant. This can be a game-changer for conferences and other events, during which you can meet important people.
Many would be willing to pay for a few minutes of conversation time with a person they respect and follow. If you provide attendees with this possibility, you can benefit from this option by selling paid access for such a unique experience. However, before you record a webinar remember to take care of the high quality of the video. It might be useful to invest in the best wifi card or a fiber optics cable.
Give your participants something extra
Who doesn't like to receive more than expected? We bet almost everyone, so win your participants' hearts by giving them something special - and offering a paid version at the same time.
For example, you might run a webinar and include bonus material to add more value to the course. If you want to earn on the content, provide your attendees with worksheets to fill in during the video, then send them a file with a summary or an expanded version of your presentation. The more creative you get, and the more engaging your materials are, the better. You can also use email automation to redistribute this kind of content evenly and regularly. And don't forget about product placement - even if your webinar is loosely related to what your company offers, showing your goods in action might be better than a traditional advertisement.
Promo codes & affiliate links
Clients want to reach human support and recommendation. Convincing them via the business call line might not be enough. Using augmented reality in business is a brilliant idea, however what you might need is just a perfect person to be an advocate of your brand.
Co-hosting a webinar with influencers can be a great way to monetize webinars, as you can get to a relevant target audience thanks to the reach of your guests. It's scientifically proven that people love discounts - up to 63% of people buy things they don't need because of sales. So why not try connecting affiliate and webinar marketing to leverage the power of both channels?
Although you might not earn full price, you will probably sell access to more people. That's because affiliates have their loyal audiences, who are likely to follow the actions and rely on the opinions of that influencer. We don't have to talk about how valuable this type of lead is, right?
Key takeaways to monetize webinars
Making a plan that can help you earn from your video content isn't as hard as it sounds. Plus there's a variety of ways to monetize online webinars, so you should be able to find one that's genuinely tailored to your needs.
You can choose whether you want to sell access to your live webinar or make it a free of charge event. If not, you could record it and require a registration fee from your participants. But there are other aspects from which you can benefit too, like selling access to breakout rooms or providing special materials that can be used during and after the broadcast. The ideas aren't endless, but they do give you a broad spectrum of possibilities that can be adjusted to your needs.
To add value to your webinars, it's good to spice them up with engaging actions. You can find these in our tool, right on the features page, or you can tell us your expectations and we'll be happy to create a customized plan just for you.
Happily combines a love of writing and new technology as a copywriter, and enjoys the puzzle of putting together a good article. In her spare time she likes to catch up on the latest, greatest books, bake chocolate chip cookies and ponder her next travel destination.More posts