Oct 2, 2017
How To 4x Your Conversion On Live Webinars w/Tim Paige | #024
Two successful webinar experts from upstate New York, sharing knowledge and hosting this podcast episode. Joel’s co-host is Tim Paige — vacuum salesman turned webinar host. Aside from generating more than ten million in revenue for his webinar clients, he’s more than quadrupled webinar conversions by making a small adjustment to his Q & A session.
Join Joel in one of his favorite episodes to date where they discuss strategies you can apply to your webinar to effectively 4x your conversions. Tim’s high-converting webinar hiccup story provides for some good entertainment too.
-Used to be a traveling musician
-Got into sales and sold $3,000 vacuums door-to-door
-Studied online marketing and started a podcast w/ John Lee Dumas
-Was hired by Clay Collins, CEO of Leadpages, to do a webinar
-Hosted his first webinar for Clay after he got sick and ‘outconverted’ him
- Has hosted over 1,000 live webinars and generated more than 10 million dollars in revenue.
-Now owns his own business doing the same thing for other clients.
[8:19] Promotions that work well for cold traffic webinars: lead with the price and substantiate everything afterward vs. hiding the price up front.
[8:46] Tim's ‘heroes journey’ is only 5 minutes long in his webinars and tells them the entire offer upfront to avoid offer anxiety.
[9:40] "Offer anxiety": When webinar attendees wonder about the cost of the offer for the duration of the webinar instead of focusing on the content.
[14:51] If you're uncomfortable giving the offer upfront, at least give them the price upfront.
[16:04] When you give the price upfront, they're focusing on the content and the product itself to figure out what value they'll receive for the price. You have a longer opportunity to present the offer.
[16:53] How did you 4x your conversions? Tim split tested webinars to 2 large audiences.
“I answer questions throughout the whole webinar, I don't wait until the Q & A.”
Day 1 - didn't answer questions until the Q & A.
Day 2 - answered questions throughout the webinar.
On day 2, he quadrupled sales.
[18:41] The only time it's difficult to answer questions throughout the webinar content is if the webinar is a story from start to finish.
[20:01] Answer questions relevant to whatever topic is being discussed at that point in the webinar. Leave non-relevant questions to answer at the end.
[21:03] "I'm seeing right now on average that 95% of the people that show up at the start of the webinar will stay for 75 minutes or longer — which is insane."- TP
[21:16] On average, Tim's clients have 90-minute webinars but more are trending toward 60 minutes. It depends on the client, topic, and content.
[22:12] "What we're finding is shorter is almost always better in terms of conversions."-JE
[23:12] Positioning as a webinar host for other people's products. “When I'm presenting, if there's a story that's relevant to the brand or founders story, I never try to turn it into my story. I think that's disingenuous...I will not tell something that's not true.”
[25:36] Average price points for Tim's webinars: lowest price point is $397 and highest is $2K. 70% cold traffic, 30% retargeting.
[29:25] Joel uses scripts for his personal webinars. Tim doesn't write or script his presentations. His slide decks are typically 140 slides and contain pictures or phrases that trigger his points.
[33:32] "I always tell my clients, 'You cannot insult your customer's intelligence, especially if this is a cold traffic webinar because most people aren't going to buy on the webinar. They’ll come back and buy later. Do not ruin that relationship"-JE
[33:57] When you go into your pitch, how does it differ from a normal-style offer creation? "I use the ending pitch as an opportunity to expand." If it's not a well-known product, he'll reference it as a solution throughout the webinar. This works well for software products. Tim's beginning pitch is 3-5 minutes and ending pitch is 10 minutes.
[37:40] Tim’s Q & A strategy:
Start with 2-3 buying questions:
Address the biggest objection first
(with Leadpages, it was, "Can I use this with more than one website?”)
2 more buying questions
2-3 non-buying questions based around the content
More buying questions ("Can you tell me more about your program/product/software?") and deep dive.
[39:19] If you use your Q & A like an opportunity to overcome objections, I found that that's kind of the magic that closes those last-minute sales."-TP
[39:34] Joel is testing a new offer structure internally that’s worked very well. “We position the objections within the content of the webinar.”
[40:59] What's the highest conversion rate you've ever had live on a webinar and what was the price point? Tim answers with his hiccup's-during-a-webinar story. "Like — BAD hiccups. It was brutal!". Converted at 50% and the price point was $577.
[45:22] “I believe we use the same headset — Sennheiser PC 8. It’s all I use.” Inexpensive but sounds great on webinars.
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