You may have a few offers but let’s start by analyzing the one you sell most or need the data on the most. You can always look at the others later.

Your website may have your services listed for sale with a direct checkout right on your site, or you may have a qualifying step such as a discovery call or application. We want to focus on measuring the conversion rate for each stage of your services sales funnel (i.e. how many people go to the page, and take each of the following steps). A sales funnel is a visual representation of the steps a potential customer takes from first becoming aware of your services to make a purchase.

In a discovery call example, the “book a call to work with me” sign-up would be the first stage of the funnel, followed by the call, and finally, the link to buy.

Measuring and optimizing the performance of each stage of the funnel will help you increase the number of conversions and ultimately drive more revenue for your business. This means you might have multiple conversion rates, such as:

• Discovery call or application conversion rate
• Discovery call close rate
• Offer conversion rate

 

The most important thing to know and track here is the conversion rate for each stage of your funnel. You can calculate by dividing your total purchases (or calls booked/applications completed) by the total pageviews to your offer. You can find that by checking your page builder tool or the “Pages and Screens” report in Google Analytics.

Keep reading if you want more details!

What’s important to track for your services funnel?

• It’s important to know how many people are seeing your offer and how many are actually signing up for them. These numbers together give you your offer conversion rate.
• If you have an additional step or steps, such as a discovery call step, you also want to know how that is converting. For example, how many people saw the option to sign up for a discovery call, schedule a call, showed up to the call, and then went on to purchase?

Why is it important to know your offer conversion rate?

• For planning – Forecasting is a way to make predictions about the future based on data from the past. If you know what % of discovery calls you close, you can start to plan how many calls you need to schedule in order to achieve your revenue goals. For example, let’s say you close 1 out of every 4 calls you book for your $5k offer. You have a revenue goal of 20k for the month. This means you need to book and close 4 calls (4 x $5k = $20). With a 1 out of 4 close rate, you would need to schedule 16 calls to reach your goal (4 ÷ .25 = 16). Knowing your offer conversion rate is crucial for planning and setting realistic revenue goals, as it allows you to determine the number of calls or interactions you need to schedule in order to hit your target.
• For identifying trends and patterns – Additionally, tracking your offer conversion rate can help you identify trends and patterns in customer behavior and make data-driven decisions to optimize your sales process and increase efficiency. By regularly monitoring your conversion rate, you can identify any weak points in your funnel and make changes to improve the customer experience and increase the likelihood of conversion. You can also apply this to other offers because you know your audience’s behavior now. That helps you not only make more through this offer but apply this learning to others moving forward.
• For improving and focusing on the right action – Knowing your discovery call conversion rate, application conversion rate, or offer conversion rate can also help you identify the right problem to solve. If you are getting a high number of people to visit your work with me page but a low conversion rate (meaning only a small number of people who see the page actually book a call, complete an application, or make a purchase – depending on how your page is set up), this indicates that your problem may be with the page or the offer itself. On the other hand, if you are getting a high number of people on the phone, but you aren’t closing enough sales to reach your goal, revising your offer page isn’t going to make a difference if you can close the sale on the call.

Summary: knowing your numbers helps you make small tweaks that make major differences in your revenue, profit, and effort.

If you’re picking up what we’re putting down and starting to see how data is THE thing to help you make more, spend less, and create a LOT more time and spaciousness in your business, we’d love to invite you inside Measure & Maximize.

Not only will you know how to find all of this data, but you’ll learn how to automate it to a dashboard that gives you all the metrics you need in your business at the literal click of a button. Click below to find out more 👇