What is the number of leads you will need to earn the income you want this year? While this may seem like an easy question, not a lot of people can come up with the number.
There are two things to consider regarding this question. Expenses are your first consideration. You should make sure to have an online accounting program advanced enough to help you analyze your costs and how they relate to your profitability.
The second factor is your ability to convert leads to sales (conversion rate). If you are successful at lead conversion, you will see a significant improvement to your bottom line.
Let’s take a look at the process more closely:
The first step is to determine your monthly sales goal. For our purposes, let’s use $100,000 as your monthly sales goal.
Next, you need to calculate your current conversion rates. While this process can be used for any type of prospecting, for this example, let’s keep it simple and assume the only way you get leads and sales is through your website.
Now, let’s say that for every 1000 visitors, you “convert” 2.5 into sales leads. You have a .25% conversion rate.
Use this formula to figure out how many visitors you would need to your website to acquire enough leads to get the sales you want. To keep it easy, suppose that each conversion will ultimately result in a sale.
(Desired Sales / Sale Price / Conversion Rate) X 100
The formula would look like this, if you want to achieve $100,000 a month in sales, you have a conversion rate of .25% and your average sales price is $20:
($100,000 / $20 / .25) X 100 = 2,000,000 visitors needed per month to achieve your sales goal.
Yikes! That’s a lot of visitors! Luckily, there are a few adjustments you can make. The average price can increase. Or, you can increase your visitors or the conversion rate.
Many begin by increasing the conversion rate. It is very possible to increase to ablut 2% from an original .25% rate.
Take a look at the difference that makes to the number of visitors you need to achieve your goals:
($100,000 / $20 / 2) X 100 = 250,000 visitors per month to achieve your sales goal.
That’s a nice change!
You can improve things even more by raising your average sale to $47:
($100,000 / $47 / 2) X 100 = 106,383 visitors per month to achieve your sales goal.
Everyone would rather work smarter than harder. Hopefully these examples drive home the importance of planning the leads you will need to reach your sales goals, and testing the factors you can change to become more efficient.
Get more small business success strategies and claim your free white paper: “7 Ways Your Stone-Age Accounting System is Stealing Money From You Every Day … And, How to Get it Back This Year” to learn about an online accounting program that makes it simple to track your conversion rates.
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