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Create a presentation you can deliver which is related to that product. The presentation should be helpful and useful, and mostly pure content. If the webinar is going to be an hour long, then you should have at least 45-50 minutes of good, solid content in there before you ever even talk about the product. An exception would be if the entire point of the webinar is how to use that product.
Real-time text chat facilities such as IRC appeared in the late 1980s. Web-based chat and instant messaging software appeared in the mid-1990s. The PLATO computer learning system allowed students to collaborate on networked computers to accomplish learning tasks as early as the 1960s, but the early networking was not accomplished via the World Wide Web and PLATO's collaborative goals were not consistent with the presenter-audience dynamic typical of web conferencing systems. PLATO II, in 1961, featured two users at once.
A webinar is a live, web-based video conference that uses the internet to connect the individual (or multiple individuals) hosting the webinar to an audience of viewers and listeners from all over the world. Hosts can show themselves speaking, switch to their computer screens for slideshows or demonstrations, and even invite guests from other locations to co-host the webinar with them.