How to Measure Webinar and Video Program ROI
While webinar programs are still one of the most effective ways for B2B marketers to generate demand, they can also make up a significant part of a marketing team’s budget and bandwidth. However, there are plenty of obstacles that can crop up, making it challenging to report on webinar program effectiveness.
Therefore, it’s crucial that marketers understand the steps to effectively measure their ROI from their total webinar and video programs. All it takes is a simple equation.
First, understand the total investment made in webinar programs, which includes all expenses incurred in producing webinars and videos. This covers not only the webinar platform itself, but also digital paid ads, social promotion, borrowed list buys, and anything else that went into the execution of the programs. This number will then be benchmarked against the product of the ROI equation.
Let’s fill in the variables of the equation. Start by finding the number of opportunities created from webinar and video programs. For leads with multiple webinars or video touchpoints, attribute the opportunity created to the last lead touchpoint.
The next variable to plug in is the average close ratio at your organization. This ratio can be quite different among organizations, depending on how targeted the buyers are, how lengthy the sales cycle is, or the type of product sold. The result is the number of deals expected to close from webinar and video programs.
Finally, take the expected number of deals and multiply by average deal size at the organization. Average deal sizes can also range, so it’s important to build a targeted outcome. If you’re building a content strategy that involves different products, be sure to take that into consideration when calculating average deal size.
The result of the equation is the ROI to be compared against the original investment made in the programs. Of course, this equation isn’t perfect; close ratios vary and deal sizes change based on the type of content being created for the programs. But this is a simple way to get a sense of the webinar ROI.
For more on this topic, check out Marketing Operations for Webinars Made Easy.