There was something definitely in the water & air today in that I have had very similar conversations all day about Marketing and in particular “Conversion Rate”.
Especially for Entrepreneurs; this is a critical in that you can get all the exposure you want, but the people who ‘take action’ is everything.
‘Take Action’ can mean many different things and common examples of this can include:
- Making an enquiry
- Opting into a Live Webinar / Event
- The number of bookings that actually show up.
- Purchasing an Online Course
- Hiring you
A critical Conversion Rate I get asked about is that when people run Live Workshops in that “How many people in a room will sign up?” For me, I usually get 10% on the spot with say 10% to 20% extra over 3 to 6 months.
Conversion rates like these are critical for many reasons in that if you are busy putting on Live Workshops (and spending money there) you want to at least have an estimate of what you will get to ensure your business is as profitable as possible.
My advice and thinking? In your own Marketing and especially its assessment of it you want to get into Conversion Rate. It makes the massive difference and it’s good to ‘Test & Measure’ work out the averages in your own business.
For example, my Live Webinars get about 10% sign up from traffic, I sell about 10% per event and it’s great. I can budget accordingly. Make sure you know your own so you can plan with numbers to make sure everything commercially stacks up. Another great example is that in our events, only about 50% of people show up. So if I want 20 people in the room, I need 40 bookings. If I do that, all is perfect.
The more we know the truth on our numbers is the better we can control our Marketing and perhaps even focus on improving Conversion Rate! After all – if you double it, you have just doubled the outcome of your marketing. That is pretty cool and something that inspires me.
Happy converting and hope you win big 🙂
Love your work, thanks for the read and stay awesome!