3 Strategies to Make Unprofitable Webinars Profitable Again!

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Most coaches have a ‘hit-or-miss’ philosophy where they aim to strike gold at the webinar event.

If that’s your approach then there’s good news… there’s an easy way to boost your sales numbers. 

And that’s by a simple paradigm shift to make your webinars profitable again!

You’ll learn:

  • How to get high ROAS by improving your funnel with our ‘long tail’ Webinar approach
  • How to get sales from the 70% of prospects who DON’T attend your webinar
  • How adding low-ticket offers can turn your webinars profitable again.  
  • A simple but overlooked tactic to change prospects into paying customers 

How to Turn Unprofitable Webinars Profitable

OR Listen Here:

Key Points

  • 00:00 Introduction: Turning Unprofitable Webinars Profitable
  • 00:12 Understanding the Problem with Webinars
  • 01:11 Strategy 1: Multiple Offers and Ascension Models
  • 03:59 Strategy 2: The Long Tail Webinar Approach
  • 05:27 Strategy 3: Leveraging Email Marketing Newsletters
  • 07:32 Conclusion: Recap and Final Thoughts

Transcript

Terence (0:00 – 0:37)
In this episode of Founders Go Naked, I want to share with you three strategies to make unprofitable webinars profitable again without knowing how to write amazing ads. So here’s one of the problems that we are frequently running into with a lot of coaches in this current point of time is that they feel that they are not making their webinars profitable enough and that is because they have this hit and miss philosophy that is more like yeah let’s just hit this webinar hard and let’s just get as much sales as possible and then if it doesn’t work let’s try it again.

Debbie (0:38 – 0:43)
That’s like my date the other night he was already asking me how many kids I wanted to have if we got married.

Terence (0:44 – 3:44)
Yes that’s right Debbie so that’s why it makes it such a high pressure environment that you have to sell during the webinar and it makes you very uncomfortable makes your participants uncomfortable and at the end of the day if you don’t make the sales that you want then you feel terrible and that’s just not a nice way to make money it’s pretty tough as well and even if you are super closer I suggest that these three strategies will take your profitability of your business to the next level.

So let’s hop into it. The first one I want to discuss with you is to make multiple offers. So we have this client that has like a high ticket five figure offer.

The thing is it was hard to sell this five figure high ticket offer so they started to actually introduce a lower ticket offer with an ascension model. So what that happened is they went from fluctuations in return on ad spend to consistently getting higher return on ad spend. That is because there was the opportunity for people who could not afford the high ticket offer to actually buy a lower version like a four figure ticket version which is still high ticket of course but it was still much easier to sell than what they originally had.

So this stabilized his ROAS and made his webinars consistently more profitable. So the other thing for you to consider as well is to implement a weekly or monthly recurring revenue model where you’re not trying to just to sell this like high ticket offer but you’re also making the offer so that people can just subscribe to your mastermind group or some kind of group coaching program for maybe several hundred bucks a month right and they can continue on that program infinitely and that will also help to smoothen out the cash flow in your business as well okay. So the other thing to consider is when you’re selling that lower ticket offer is to have always have an ascension model. So one of our recent clients for example that is just coming in right now he has basically a low ticket offer which is like to help businesses with their sales and marketing because if they solve their sales and marketing problem that solves a multitude of problems right because that is what most small businesses struggle with and once they have solved that problem he then offers other things such as how to build a strong team right to deliver the products because once you make the sales you need to deliver and then how to systemize it in order to deliver consistently right.

So all these other solutions or these offerings come after solving one problem so the key concept here is basically you solve one problem first that creates the next problem right. So lots of sales creates delivery problems so that’s where you need to hire the right people and then once you hire right people you want them to repeat that consistently so that you know you have that consistency of delivery and that’s where the systems come in and so on right. So have a think about what is the problem you solve and what is the next consequential problem and that’s how you build your Ascension model okay.

So I hope that makes sense.

Debbie (3:44 – 3:55)
It’s like signing up for the gym then they sell you personal training so you know how to use the equipment then you need supplements to burn fat faster then when you get a hot bod like me you need to buy Lululemon outfits.

Terence (3:55 – 5:10)
Yes it’s totally like that Debbie thank you for your analogy that’s very helpful. So the next thing I want to introduce to you is what I call the long tail webinar strategy and I’ve described this in another episode which I will have the link to it at the bottom of the show notes so check it out but the whole concept here is that instead of just selling a webinar you offer multiple points of contact after the webinar as well. So for example you could offer people to just get a shortened version of your webinar you could offer people for example a replay of the webinar you could offer a summarized version a checklist based on the content of your webinar and all these opportunities again open the door for another reason to communicate with the clients or the prospects using email using SMS and to get them to maybe a one-on-one call with you where you can pitch your high ticket offer. Basically you’re looking at multiple ways to approach the client because some clients may not attend the webinar and as you know maybe only 30% of prospects actually attend a webinar what about the other 70% you need a strategy for the remaining 70% and that is where the long tail webinar concept comes in.

Debbie (5:10 – 5:14)
It’s like going back to the same cherry and getting multiple bites of it

Terence (5:14 – 7:22)
and yes Debbie that is exactly right perfect you’re basically going back to get multiple bites of the cherry and from that hopefully you can increase your revenue which I am sure if you implement the long tail webinar strategy that I’m talking about you will get more revenue and the third strategy which we just implemented for a lot of our clients this year is that we implemented an email marketing newsletter. So every week what we do is that we send out bits of content on behalf of the client that is related to the topic right tidbits of information industry news what’s happening what’s new out there that they should be aware of in relation to the client’s solution.

So for example if a client talks about investing one week we might send out a newsletter talking about how the US elections is going to impact upon the investments right another week we might talk about how dropping interest rates is going to impact the investments and what to do about it. So just short snippets of information number one what you want to do here is give true value not just sell them right and that is the mistake many coaches make they just try and sell this is not about selling this is about educating and at the same time what we do is we actually do a bit of soft selling at the end and what we do is we say hey look if you’re interested to find out more about how to navigate and how to invest in the coming 12 months why not join our next free webinar coming up soon and we get people consistently coming back to the webinar as a result of these newsletters and remember this is the 70% of people who did not attend your webinar in the first place so they sign up did not attend so now you’re nurturing them with newsletters and you don’t have to stop there because you can actually have flash sales we have done product launches as well for our clients because we have that relationship with the prospect through that list right and that doesn’t happen until you deliver value with a regular newsletter i suggest minimum once a week more if you can but at a very minimum once a week yeah you can’t just be asking

Debbie (7:22 – 7:28)
all the time it’s just not very thoughtful and demure you need to give give give and then ask

Terence (7:28 – 7:49)
otherwise people will cancel you debbie i totally agree with you thank you once again for helping to clarify that so guys those are three simple strategies to help you to turn an unprofitable webinar profitable or if you have a profitable webinar even more profitable so i hope you use these three strategies get great results and i will see you in the next episode.

This podcast is hosted by Terence Tam, author of Lead Surge: 8 Radically Effective Marketing Funnels for Coaches and Experts. He is also the Founder of Radical Marketing, a digital marketing agency that partners with high-ticket coaches to scale their businesses with Webinars – by using a proprietary blend of story ads and battled-tested sales funnels to achieve better returns on ad dollars.

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