Your lead conversion rate metric is one of the key metrics to monitor the performance of your Studio. It gives you insights into
- How effective your Studio is at generating new leads
- The quality of those leads - to ensure they are not just creating an accounts and doing nothing
- The effectiveness of your Studio at bringing clients through the journey of being a lead to successfully converting to being a paying member.
The Lead conversion report is all about the leads you acquired in a specific timeframe and tracking their journey to successfully becoming a member up to today, or identifying at what stage they dropped off.
Stages in your Lead Conversion Funnel
1. Leads Acquired/Created
Get insights into how good your marketing campaigns are at generating new leads. Whether it’s trying out a new signup flow, or investing money social media advertising to acquire new leads, you can track the total number of leads that you generated in a selected timeframe.
If your leads drop off at this point, check out who you are targeting your marketing at, or try different types of trials to improve the conversion of leads to the next stage. Also, ensure that you are using the lead capture flow so that leads are not dropping off here due to uncertainty on where to find your trial options on your website!
2. Signed up for Trial
This is your first chance to do a sense check on the quality of the leads you are acquiring. If leads are dropping off before signing up for a trial, it may be an indicator that the leads you are generating are not actually the right type of lead who has the potential to be a customer of your Studio.
If your leads drop off at this point, check out if they are making a booking and not showing up, in which case, it may be useful to send a reminder sms or give them a phone call ahead of their first class to get them excited! If they aren’t booking, then why not send a bulk sms to all leads matching this filter to prompt them to get to the next stage.
3. Active Trial
Your active trial metric lets you know how many leads actually turn up at the Studio and attend a class.
If your leads drop off at this point, ensure to speak with trialers about your memberships options when they are at the studio. Why not motivate your trainers to have these conversations and track sales attribution to reward them for sales made.
This is the number of the leads who you acquired in the selected timeframe have gone on to be a member, as of today.