Often we find difficult to measure ROI from inbound marketing channels, it can be an attribution issue ("did my ebook generated any actual sales? What was the weight of this channel in my sales funnel?") or, simply, a tracking issue.
We will not cover in deep the attribution factor since at this moment attribution seems to be more a matter of religion. For example here at Livestorm we firmly believe in position-based attribution but some businesses will always use the first-touch attribution.
Plus, if you don't track your channels correctly in the first place, then you cannot even begin to mess with attribution factors.
So, in this post, I will show you how to create a basic tracking system for your webinar attendees and create a sales conversion funnel.
We tweaked our data in the screenshots for the purpose of this post to preserve the emails and our reports.
You can already grab the free Google Sheet template here.
The Mechanic for Measuring Sales ROI
The mechanic is fairly simple, you want to see how many registrants have attended a webinar and then how many of those have eventually made a purchase.
So, to sum up, you want to log :
- Your attendees with the registration date and if they attended the webinar.
- Your customers with the purchase date
Also, you want to make sure that you exclude attendees that have made the purchase before attending the webinar. This means you will look at the date of the purchase and the date of the participation and count only the ones with a purchase date after the participation date.
The Attribution Model
Here the attribution model really depends on your webinar. Is this an onboarding webinar or a top-of-the-funnel sales webinar?
The latter is closer to the first-touch model, but in both cases, the attribution factor is somewhere between the first-touch and the last-touch model.
It's up to you to weight your attribution.
How To: Using Google Sheets & CSV Exports
This is probably the hardest way to build this dashboard. Basically, you want to import your webinars CSVs into one sheet each time. Do the same for your customers.
Basically, you have 3 sheets in your spreadsheet:
- Webinar logs
- Customer logs
The first sheet will have three columns: email, date of participation and finally true/false column if they have attended the webinar.
We already provide all that data in our CSV exports. So you just need to paste the data and run some formulas to adapt it.
The second sheet is a journal log of all your customers. Here we need the email and the date of when they became customers. Then we also need to compute that data to check if the email associated has attended a webinar and compare the dates.
So you need to add:
- "Attended" (TRUE/FALSE) column,
- the registration date,
- the difference between the participation date
- and the purchase date.
The last column will help you determine if you should count this attendee in your sales funnel.
If the difference between the participation date and the purchase date is negative it means that my participation date is before my purchase date.
Therefore you should count this date in your report. Add a "True" or "Count" in that column if that condition is true.
Webinar Sales ROI Funnel
Now that you have logged and compute your data, you can create the funnel.
The first step is: count the number of registrations. The second step is: count the number of registrations with participation at "True" aka "Attendees". Finally, count the number of customers with the column "Count".
Then you just need to calculate the percentage of each step:
How To: Using Zapier & Google Sheets
Instead of uploading CSVs, you can populate your Google Sheet automatically using Zapier. You will need 2 zaps with Livestorm, one for the registrations and another one for the attendees.
The first one will create a new row (new registration):
Note that I added a Format action to transform the raw timestamp into a readable format for Google Sheet. This is optional as you can do it on Google Sheet's end.
The second one will find the row and update it only with the presence at the webinar (attended true/false).
Finally, you also need a Zap to log your customers. If you are using Stripe you can log them using their Zapier integration:
How To: Using Zapier & Your Tracking System
The most scalable way is still to use Zapier to actually make an API call to your analytics system and push the different events for each attendee: "Session registered" and "Session attended". I believe you already track the purchases on your analytics system.
Tracking actual ROI from your webinars is never easy at first. This is why we built this spreadsheet in the first place, but as your company will grow you will probably add a better analytics stack that you can plug into Livestorm.