What is Your Conversion Rate?

What is your conversion rate? When is the last time you actually took a good hard look at your conversion rate? The success of your business relies heavily on what’s converting and what’s not converting. This is something that so many entrepreneurs and business owners don’t really take the time to understand because they either don’t want to know, don’t know how to figure it out, or have some belief that looking at conversion rates makes them “salesy”. 

Now…I’m not saying you have to completely understand your conversion rate on every transaction or action. But you do need to do some basic math to understand what’s working, and what’s not working in your business. If you want your business to grow, you have to know your conversion rate.

 

Understanding your conversion rate allows you to make better decisions for your business.

I had a client who had hired somebody to do some Pinterest marketing for her. Her Pinterest manager wanted her to start writing more blogs that were not relevant to her business but were driving traffic to her website. If they’re driving traffic to the website, that’s great! But how much of that do you want if they’re not relevant to what she’s selling? 

Maybe one blog is bringing 100 people to her website, but if none of them are buying then we have a conversion rate of 0. If she had a conversion rate of 0, she wasn’t going to make any money. It would actually cost money to do more of it because she would have to hire a copywriter. So what is the point? 

 

Think about the conversion rate like this…

If you have 100 people come to your website and 1 person buys. The average sale is $500. It’s going to cost $350. So now you’ve made 150. So you understand the conversion rate, and you can really put some solid numbers behind this. 

Here’s another example of a conversion rate for you. 

I started adding my freebie opt-in as a signature on all my LinkedIn posts. So I can look very easily at how many times I posted that link and how many new subscribers I have gotten, which is a lot more than if I just put a post up about it. That converts better. I think I was getting 1-2 a day based on the posts compared to maybe 1 when I post about it once a week. So I can see that that works.

 

You have to know what positively affects your conversion rate so you can do more of it.

The same thing is true with your sales calls and leads. How many leads do you have right now, and how many of them converted into sales? If you’ve done calls, go back, count up the number of calls you’ve done, and then look at how many of them turned into something. Did it convert into a referral partner, client, or introduction to someone else?

 

Where are you converting?

You’ve got to be willing to look at this because it’s solid data. It’s actually really interesting data that tells you exactly what your audience wants. The same is true with your emails. If you’re sending out emails, how often do you actually go back into your email server and look and see who’s opening it? Alright, great. We have a 30% open Rate. Wonderful, but:

  • Who is that 30%? 
  • Is it the same people or different people every time? 
  • How many emails have they opened? 
  • Are they clicking any of the links and looking at anything? 
  • Do you even have links in there for them to click? 

 

You should always have links in your emails.

I see I have one right now that opens up almost every single one of my emails. Every time I have an offer or a link to my 1:1 offers, she clicks on it. But she hasn’t converted yet. I’ve even had a call with her. That’s amazing data. I’ve got to follow up with her.

 

You have to understand these conversion rate numbers. 

I know a lot of you are going to tell me that you hate numbers, but I’m telling you this is basic math. I’m not telling you to dig into it and do some massive calculations. You need to consider how many 

  • Calls you have had
  • Turned into clients
  • Clicks to your website
  • Purchases have been made
  • Leads you got vs how many converted into something
  • Posts you have put up with and without an opt-in

You have to look at your conversion rates so you know what it working and what’s not working. Then double down on what is actually working in your business. So what’s your conversion rate? If you don’t know it, how can you make it better? You can’t. 

 

Go figure out your conversion rates! 

If you need help you know how to find me, we can absolutely do this! I have a monthly tracker sheet that actually will help you. If you want it, you can just DM me. I’m happy to share that with you. You can fill it out every single month. It’s very helpful to look at your growth and see where your conversions are increasing or decreasing. 

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