In banking, it takes six to twelve “touches” to a potential customer before you can convert them to a full blown customer. One of the best ways we have found of segmenting and qualifying a customer is to hold a webinar. The webinar is an efficient way to start discussing a topic with a wide number of customers that are just entering the sales funnel. While most webinars from community banks are product related, we have found success, and encourage other community banks, to hold webinars on topics where the bank can become a local thought leader.
“Secrets of talking to your banker,” “How the future economy will impact your small business,” “Optimizing your cash flow in low interest rate environment,” “Expanding your business overseas,” and many other topics have been successful. A webinar is a great tool to have your bank’s best presenters get out into the market in order to raise their profile and help bank marketing. WebEx, Go To Meeting, Join Me and others are low cost tools that banks can use with both their commercial and retail customers and potential customers.
Since we hold multiple webinars per week, and since we keep data on everything we do, here are some interesting points that may help you be successful with your next client webinar:
The best lead time to give – invite people too far in advance and they will forget about it. Invite people too late and they will not attend. Through rigorous testing, we have found that the optimal time is a minimum of six days and as much as 30. On average, we aim for fifteen day.
Best way to invite – We have found that email is the most efficient in two parts. The first part is the invite that comes about fifteen days before the event. The second comes a week before with a “last chance” message. Then, for all those that register, send a reminder the day before (this increases participation from those that have registered by almost 40%). In addition, sometimes we have had success with an additional email after the first that provides a more robust agenda. This email structure, can increase attendance by an average of 35% compared to a single invite.
Best day to hold a webinar – Tuesday, Wednesday and Thursday in that order
Best time to hold a webinar – 11am
Average “no-show” rate if they are a customer already – 14%
Average “no-show” rate if they are not a customer – 58%
If you record an event the average number of invitees that will watch – 25%
If we get enough interest we will hold a webinar and holding webinars, but until then, consider conducting, recording and marketing a webinar series in your community to help you drive relationship building. It is one of the most efficient marketing methods available to a bank.
Submitted by Chris Nichols on February 27, 2014