Learn how to find your conversion rate and how often you should be tracking this KPI about converting prospects into paying clients.
Video Transcription
Sunshine: Are you crushing your sales?
Crystal: Welcome, For the Love of Business. I’m Crystal.
Sunshine: And I’m Sunshine. Let’s get to it.
So, I know this video is about conversion rate. But that means something with sales.
Crystal: Well, it’s definitely not talking about converting to religion today. It’s about converting prospects into paying clients.
Sunshine: Okay. So, you’re not going to turn me into a Catholic today.
Crystal: Not today.
Sunshine: So, tell us how we find this figure within our business?
Crystal: Yes, so this is an important KPI, key performance indicator that you should be tracking in what your conversion rate is. So, let’s say you had 100-prospects and you close 50 of them. What would your conversion rate be?
Sunshine: I’m going to take a shot in the dark here and say 50.
Crystal: 50%. 50%. So, simply put, you take how many you closed and divide it by your total prospects. You move the decimal twice to make it a percentage and that’s how you calculate it.
Sunshine: So, I guess our homework from this video is to find out our conversion rate is?
Crystal: Yes. And track it monthly because most people think that their conversion rate is way higher than what it really is.
Sunshine: What’s your number one takeaway from today’s video? Leave us a comment. And thanks for watching.
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