- Background
A US-based company was offering a high-ticket forex training service at $8000 per course.
- Two live weekly webinars were available on a Tuesday and Thursday evenings (8pm EST) where a free strategy session was on offer
- Although the company was extremely profitable, the owners knew they were potentially leaving a ton of money on the table. They had not optimized their webinar sales funnel and the follow-up/qualification system for leads was inefficient.
- They were spending around $500-1000 per day on ads and wanted to increase this daily budget dramatically.
- Low webinar attendance rates – less than 25 percent of registrants.
- Low-quality leads applying for strategy sessions.
- A high volume of “no-shows” for strategy calls.
- Poor follow-up after the webinar.
- No segmentation of leads to better qualify and target.
- A high drop-off rate of potential leads not completing the application process.
Problem.- Solution.
The client implemented the following recommendations that we made:
- Turn their existing webinar into an automated webinar with “top of the hour” and then hourly attendance time slots from 8 am to 10 pm for today/tomorrow and the day after.
- Send SMS reminders to registrants, triggered as soon as someone registers, four hours before the webinar starts and 15 minutes before the webinar starts.
- Trigger Facebook ads based on the campaign sequence, by adding and removing tags within the campaign.
- Offer a valuable “bribe” to attend the webinar.
- Build out an “encore” sequence to funnel those who didn’t attend, rather than the traditional replay sequence.
- Segment attendees into “no shows” and those who left before the offer was made and create separate follow up sequences based on actions.
- Automate the application process.
Within 30 days of implementing the new system, the client reported:
- Overall profitability of the funnel improved by 263 percent: Gross sales (before refunds) of around $30,000/month increased to just under $80,000/month.
The increased sales were due to:
- Improvement in webinar attendance rates: The use of SMS reminders and dynamic Facebook ad retargeting, as well as offering more time slots and a “bribe”, boosted attendance to over 57 percent of registrants.
- A more efficient system: When a prospect applied for a free strategy session, they were immediately redirected to a questionnaire to complete before being offered a call slot. This questionnaire contained key questions that triggered an automatic rejection or acceptance. Those selected would be immediately redirected to the online scheduler to book their call. Approximately a third of applicants were rejected by this new system, as they did not fulfil the required criteria and profile. In the past, these would have been wasted calls. Now, instead of speaking to 8-16 leads a day, the client only speaks to 4-8 highly qualified leads per day.
- Maximized application completions: These jumped from 32 percent to 87 percent.
Other major benefits of the solution included:
- Boosted “like for like” overall profitability: sales revenues were up without incurring any additional ad spend.
- Cost savings by better ad targeting: We are now dynamically updating Lookalike audiences based on clients who both buy and fill criteria. This has already brought CPA of a webinar registrant down by 4.9 percent.
We are now running several split tests, including the registration page and two simultaneous versions of the webinar presentation to further optimize the sales funnel.
- We are building out two more campaigns that non-buyers will automatically drop into after the webinar.
- The client has already asked us to start helping them scaling their ad campaign budget to $5000/day if the improved KPIs can be maintained.
- We have also been instructed to build out an automated follow-up process for 90 days including the use of direct mail, Facebook Ads, Google Display Ads, Messenger Bots, Ringless voice broadcasts, and SMS to follow up with leads who don’t become clients.
Summary.
