Empower your business with lead to customer conversion in loan agreements

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measuring your customer conversion rates you may measure conversion at a number of different points in the customer life cycle from a pay-per-click standpoint measure conversion as the number of clicks divided by the number of impressions or click-through rate once customers visit your landing page you must then measure the rate at which they convert into a product purchase or download if a customer downloads a free product you want to measure the rate that you can convert them into a paying customer imagine a sales funnel at the top you have impressions you might have a hundred thousand impressions then from impressions you get clicks out of those hundred thousand impressions two percent of those are clicks so that would be two thousand clicks now after you have clicks you want to see how many people actually download your product uh so out of those two thousand say you get five percent of those download so that brings you down to one hundred customers so now we've gone from a hundred thousand to one hundred so i have a hundred thousand one hundred of them downloaded your free download next you wanna see how many people actually purchase so from the people who downloaded your stuff and gotten your mailing list how many people actually become customers so we'll say 10 percent of those now we started at 100 000 we got down to 2 000 from two percent of them being clicks from only five percent of those uh 2000 downloading we were left with 100 people then we want to see how many people out of those 100 downloads purchased we'll say 10 percent so now we're down to 10 people and then to see how many people are re repeat purchasers we're hoping to get 50 of purchasers to be repeat purchasers so that would be five more so at the end you now have a customer experience funnel where you understand your percentage of people that actually you get two percent that clicks you get about one percent of your people actually make purchases and so on for example you can measure the conversion rate as the number of product purchases free or fee divided by the number of total visitors for a given time frame focusing on this key metric provides you with several benefits first it provides you with a benchmark from which you can improve in our example improving on a five percent conversion rate is an easy metric to focus on secondly you can begin to identify the touch points of your customer experience process that may be contributing or detracting from the this key metric for example you may determine that you do fine in getting customers to your website but if they flee at the at a high rate this is also called a bounce rate then you know that you are missing the mark with some aspect of your landing page finally and perhaps and most importantly you can calculate the cust the per customer acquisition cost and customer profitability for example in our example only 10 out of every 2 000 visitors actually bought a product if acquiring those 2 000 visitors cost us 1 000 then the average sale per customer would be 100 just to cover the acquisition costs we may determine that we're spending uh in the wrong for the wrong customers or the customers aren't serious buyers and our products or services ultimately focusing on customer conversion can provide a very real and tangible measure of your customer experience process efficiently and effectiveness streamlining your customer experience process to optimize customer conversion will directly impact customer satisfaction and loyalty if you can attract the right customers and deliver what they want and need in an efficient manner customer satisfaction loyalty metrics will soar if you enjoyed this video then join my business mastery insider secrets club there you'll have access to all my business mastery systems over a thousand business strategy videos over 100 hours of business mastery university courses you'll access my 10 business assessment tools my 12 business planning tools the small business makeover the 120 day performance challenge the six month internet blueprint thousands of business articles over 700 business templates and over a hundred of my favorite business strategy ebooks all of this for just twenty nine dollars a month for a limited time so join now you