What is Your Conversion Rate?

As I said in the video, we’ll start with a little bit of work…

Homework

3 steps to recap:

1) Get your current conversion rate

To figure out what your conversion is today:

  • Go to Google Analytics (or similar) and get the number of visitors for a specific period of time
  • Go your ESP (Email Service Provider) and get the number of subscribers for the same period of time
  • Divide it to get the percentage, your formula should look like this: Email Signups / Unique Visits to your site = Conversion Rate

Example: 15 / 1,000 = 1.5%

Make sure you’re grabbing enough data, just a few days of data might not be accurate.

Can’t I get my conversion rate from Google Analytics?

Google Analytics – Goal Tracking

Sure, but I don’t want you to get into setting up goal tracking and all that stuff. Let’s just get that number in front of you now, I promise I’ll teach you how to track your conversion rate on Google Analytics later in the course.

2) Get ready to track your performance

Starting today, I want you to track your conversion monthly performance. If you’re trying to grow your email list, it is essential that you have this number in mind.

It’s very simple, we’ll track the visits, signups and conversion rate.

Track your monthly conversion rate

Download the spreadsheet

I’m sharing with you the same spreadsheet I use to track my conversion rate.

How to get it:

  • You can grab here
  • If you use Google Drive, simply open the spreadsheet, go to “File” and “Make a Copy” so you can save it to your Drive, from there you will be able to edit and enter your own data
  • If you use Microsoft Excel, you can also download it to your computer by going to “File” and “Download”

3) Set a goal

Once you know what your current conversion rate is, it’s important that you set a goal. But, don’t just have it in your head, this needs to be written, that’s why I added an additional column to that spreadsheet, so that you can add a goal for each month.

Very important: Set realistic goals and have a plan to reach them., if you have a 1.2% rate, don’t aim to 5% just yet, aim to reach 2% first.

Share your conversion rate

One more thing, once you have your current conversion rate, come back to this lesson and share it with me in the comment section below. Don’t be shy, we’re all here to improve.

Alright, let’s get work, I’ll see you on the next lesson. 😉

  • Q: would my ‘number of visitors’ be PAGE VIEWS or SESSIONS or USERS on G.Analytics? (no dumb questions, right?) And for Users GA shows me % of new and returning visitors – does this matter?

    • Hey Shannon, it’s sessions, page views refers to the number of pages viewed in a session, for example I can visit your site today, that’ll be a session but during that session I visited 3 pages.

      It used be called “Unique Visits,” which makes a lot more sense if you ask me. 😉

      • Thank you, Francisco!

        One more Q – I use AWeber, and I have multiple lists. However, I suppose I need to ONLY consider the main list – from opt ins on my home page (and other locations on my site), correct – where my free gift is what’s offered? For instance, I just finished a free video series for a launch… those don’t count for this conversion rate, correct?

        • Well, I guess. Let’s work with your regular initiatives. But you should also pay close attention to these “special events”

  • Jessica Boschen

    Is the formula backward above? Should it be Email Subscribers / Unique Visitors, right? If I calculate it that way, my conversion rate for April was 2.7% and 3% for March.

    • Thanks Jessica, I’ll fix it.

      Question: What is that “full product for free” you mention in your signup form? And, is there a reason you don’t explain what it is?

      • Jessica Boschen

        The full product offered for free for signing up is: http://bit.ly/1Izaf57. I don’t have a reason for not mentioning it, other than the fact that someone might not want it and choose not to sign up. I have a different business in that I offer a lot of products (160 at this point) for sale. I also have four other in-text opt-ins for other freebies. I use Leadpages to get email address for those opt-ins (ex: http://bit.ly/1GOVitQ partway down the page).

  • I wish there was a chance I did my math wrong, but I’m pretty sure it’s right with .061 conversion – which sucks. I only included my main list… more sign ups via two campaigns but I didn’t include those bc they’re not my main opt in. I’ve been pushing those two for a recent launch so my numbers actually grew well… but not from my main ‘free gift’

    This was very interesting (and depressing… but purposeful). Tx, Francisco.

    • added in the other opt ins bc I was too depressed… a bit better at .104

      • Lucy Jane Davies

        Hi Shannon – what were your numbers? If you’re looking for a percentage then you need to multiply by 100, i.e.

        Conversion rate as a percentage = Number of opt-ins/Number of sessions x 100.

    • Hey Shannon, couple of questions:

      1) What is the FREE 1 Week Challenge? (I was just looking at your site)

      2) What was the number of visitors and number of subscribers?

  • I’ve got a less than 1% conversion rate at this point, which is not what I want. However, I am just getting started with optimizing my site to get sign ups so it is a starting place. I also had a post go viral in March which brought an inordinate amount of traffic my way so I feel like that is skewing the data a bit.

    • I’d be interesting to isolate the traffic from that viral post and see how it actually converted, sometimes these events can bring an unusual amount of subscribers or convert so low that they screw your monthly average.

  • Lucy Jane Davies

    This is interesting. My rates were 2% for March and 5% for April. Think I shared my opt-in to quite a ‘warm’ audience at some point in April which might be why there’s that big jump.

    • Hey Lucy, what about the previous months, does it go up and down like that?

      • Lucy Jane Davies

        Hi Francisco.

        It’s a pretty new business so I’ve only got data from the beginning of the year: 14% in January and 6.6% in February – but I a ran free FB challenge in January then didn’t require opt-in but the participants could opt-in for a pdf collection of all the daily challenges so they were a REALLY warm audience. So I think that accounts for the Jan/Feb high numbers.

  • Kelsey Kay Howard

    In the last 7 days, we had 275 email signups with a total of 18,360 visits to our site. Does that give us a conversion rate of 66.8%?

  • How much is the conversion rate affected by guest posts or any other promotional strategy you are currently using? For instance, last week was good and I got 100+ subscribers from a guest post. But I don’t have any guest posts lined up for the next week, so my conversion will go down?

    • I’m looking at this in a very positive way, you’ve experienced something that worked and can be replicated. What you need to know now is plan accordingly, can you do 4 guest posts per month? Can you write for different blogs?

      Now you know how to get 400 subscribers per month.

      • Sure, it’s doable. I’ll try to focus on other list building strategies too.

  • My web just have 15 days, and I haven’t a lead magnet yet, so 1.5% doesn’t look too bad.

  • As depressing as this was it also gives me hope since I now have a solid goal to keep right in front. Good stuff

    • Hey Tanya, what was it?

      • 1% and the thing is, I think I know why. Previously I had a different optin – a free course on content strategy that did pretty well. The ebook does not seem to be as popular. I also see opportunities to find new, improved places to put my optin boxes on the site so I’m working on that now

        • Yup, the hook makes a huge difference, for example, I’ve been giving away my Facebook course for a while now, so the conversion rate has gone down lately. I’m planning to create a new one but I’ve been busy with this production.

          I think it would be interesting if you try the content strategy course again to see if it goes up. Or give them both away on different sections of your site.

          • Working on the course now so I’ll report back on numbers down the road. Thanks Francisco!

  • My average rate is 1.1% and there’s no magnet yet. Just simple (plus aweful!) forms around the pages. I hope i will have my ebook finished ’till July.

  • Which opt-in form should I track? I have 3 forms capturing e-mails on my blog and 5 additional landing pages captures e-mails too. All these form the total amount of subscribers to my e-mail list.

    • You should track them all in order to optimize the ones that not performing as well. If you have 5 additional landing pages, do you have one that is converting higher than others? How do you decide where to send your traffic?

  • Deb Panish

    I don’t even know how to get people to sign up on my e-mail list. I need help with that. The way that I get people on my e-mail list is that after they make a purchase in my on-line shop, they get an e-mail thanking them and also letting them know that I will be placing them on my e-mail list. I tell them to please let me know if that is not their wish. So…. only once in a very blue moon do I get someone to ask to be put on my list. This may not be the best way but… it’s all I have had and it has worked. I do get some people opting out and my open rate is around 24%. I have about 2500 on my list.

    So… that is a long way to say that your formula for getting my conversion rate isn’t going to work for me. OR…. at least it will be 0 people opting in and can only improve from there. I have a landing page but don’t really know how to get good SEO for it. 98% (that’s a guess) of my biz comes from people searching within Etsy.

  • Can I get this very same conversion data with, say, Thrive Leads?

  • Natalie Ring

    March 24 – April 23 = 19.3%
    April 24 – May 23 = 7.5%
    May 24 – June 23 = 11.6%
    We have an calendar year subscription to our product so this is why so high earlier in the year, encouraging that we are gaining more momentum now 1/2 way through the year.

    • Do you add people to your list automatically when they purchase or is it separate? Pretty impressive numbers.

      • Natalie Ring

        Hi Francisco, thanks! We add subscribers when they purchase.

  • Denise

    Francisco, I am using Facebook ads to get subscribers. i have the analytics on a Leadpage landing page (hosted on Leadpages). I understand that is the page where I need to take the measurements (Unique visitors). Is that correct? Thanks!

    • Yes, see how much traffic you have on that page and then how many subscribers on your ESP.

      The problem with using landing page services is that the conversion is counted after the person filled out the form, not really when the person confirmed the subscription, but if you do it this way, you know those are confirmed subscribers.

      • Denise

        I created a separate google analytics account to measure, so I am tracking the visits to the landing page and separately the visits to the Thank you page. The visits to the thank you page do not reflect the confirmed subscribers, so I am getting that number from Aweber. The conversion for the month of June is 21.83%

  • khalilelkouhen

    While trying to figure out my conversion rate, I noticed that I am losing 80% of my converts during the opt-in process. I am going to try to figure out why. First hypothesis : my confirmation mails are going to the spam folder. Second Hypothesis, my confirmation mails are taking too long before being sent.

    • Something’s wrong here, 80% is way too high, even if your messaging wasn’t good. You should check:
      > Delivery rate
      > Are those emails triggered “immediately”?
      > Have you been blacklisted?

      • Well, I just tested it and received the confirmation email in the inbox right away.

        Once I confirmed I was sent back to the site, there is no welcome page and I didn’t receive a welcome email either. I think you should optimize the entire process, mainly the copy and maybe using some visuals, but the main thing to me will be checking your delivery rate and looking to see if you have been blocked by any ISPs. 80% is just too high.

        • khalilelkouhen

          Delivery rate is 97%. The emails do seem to be triggered right away. Just reviewed the whole process and rewrote some confusing copy. I was thanking my subscribers right after the first step of the opt-in process. I have replaced this with a header that specifies that confirmation is needed. While doing all this, I learned that you CAN remove a mailing list form mailgun.com WITHOUT any kind of confirmation dialog… Even though I have lost all my subscription data, I’m happy to have learned this so early on (only lost 170 subscribers). Will add code to store my subscription data as soon as possible. Thanks.

          • I didn’t comment on the copy earlier because it was in French and, even though I translated it, it’s not the same. Thanking people after the first step could have that kind of impact, your delivery rate is good.

            I think this was important, even if you lost subscribers, because most people look at metrics without taking any action, you saw something irregular, investigated and you probably found the solution.

            If it helps, I once lost 5,000 subscribers. =)

          • khalilelkouhen

            After the changes, I’m up from 20% to 51% of my optins that confirm by email. (93 pending confirmation vs 48 confirmed subscribers). This still doesn’t seem satisfactory.

          • Not satisfactory, I agree, but that was a 30% improvement, Right?

          • khalilelkouhen

            Yup. And it good even be better, since there could be some people pending confirmation that just haven’t gotten to it yet. Anyhow, I guess I’ll just have to keep following this indicator to see what’s going on. Maybe the low confirmation rate can be explained by the fact that in Morocco nobody is doing opt-in.

            Oh ! And what would be a satisfactory rate ?

  • Francisco this is going to sound pretty dumb but…. I don’t even know how to set up Google Analytics for my brand new site. Is there a tutorial somewhere I can use?

    • No worries Chris, I think you can get started here: https://support.google.com/analytics/answer/1008080? Please let me know if you need help, that’s why I’m here. 😉

      • Hi Francisco – thanks. I think I’ve set it up OK and the site is now reporting visitors. No conversions though! 🙁

        • Did you set up a “Goal” to track your conversions?

          • OOPS – No – I have done now – did it yesterday but although I have had a number of people visit the site (68) in that period, the goal conversions (I used “register” which takes people to the my-account page) is zero. Perhaps I need to wait a little longer?

          • If the page you’re using as a destination already existed, GA will go back 7 days in the past, obviously if you just created the page there is no data available but it should start tracking immediately.

  • Lisa Visbeen Lehmann

    i look at my GA and think that can;t be right. but yet i know it is right. and i’m sorely. sorely. sorely. saddened 🙁

    • Let’s fix that. What is it?

      • Lisa Visbeen Lehmann

        my etsy site has about 5k “sessions” in a month with about 25 sign ups.

        my website is almost stagnant with 93 sessions last month 🙁 and maybe 2 sign ups.

        this is bad. very bad. it’s as if i am invisible.

  • On our site, 1.5%, so I would think 2% is a realistic first goal.

    We do not add customers to our list after they book a yacht tour with us, otherwise this number would be much higher from tours booked online as well as guests in person.

    Currently we only email those customers one time, after the tour to send them a link to their photo gallery of the yacht tour, and request a Trip Advisor review — Currently jumping between #1 and #2 in our region. So, at least we know the tour is good!

    But, here’s the good news, or at least an additional segment we can work with: We collect sometimes 60-100 emails in a day from these guests (other days 0-30 if there’s only one small public tour). As I said, we don’t add them to a list, as they haven’t truly opted in.

    I would think, and we’ve discussed this although I don’t think it’s being followed through with currently, an in-person script for our dock staff to say that each guest will receive an opt-in email to our newsletter, and that way we’ve at least verbally cleared the way to send a “Hey, join the email party!” letter.

    Would it be unwise to send a single opt-in request to the thousands of customer emails we have collected over the last few months?

    • Mikee, in many businesses today, the person that becomes a customer is automatically added to a list without the opt-in process. It is acceptable. They are obviously segmented or put on a separate list.

      But I think, the most important part is, how your business benefits from this. Is it possible to get repeated business or is this a one-time thing? Can doing things like offering a “discount on your next purchase” help increase revenue?

      • We did a 10% discount for our first set of customers early in the winter through a newsletter. The first letter the company had ever did, when I had big plans to do them every week, with different helpful messages, discounts, tips for vacationing… and all the grand plans you have before running every aspect of a sales team takes over your life.

        We had a very small list at the time (although larger now, are not using it to any potential at the moment, which will ideally change after this course!) and at that time had a 21.1% open rate, with 34 people opening the email for the 10% off voucher… and only 5 clicks.

        That exact voucher, from 5 clicks saw 17 redemptions. Likely not from those guests exactly as we encouraged them to pass it along to friends and family visiting the area.

        One hurdle we obviously face is, every time someone, somewhere has the urge to jump on a boat from Ohio, they can’t just book with us — they have to also be in the region. It’s not like ordering shoes to your door. You have to be present, so I also wonder sometimes if these ongoing campaigns to past customers would have much effect.

        But then, it looks to me, the truth is, whether these guests come back once a year for their vacation, or pass the code along, we still win. 17 redemptions from 34 opens is huge, although from a small sample size, that’s 10% off of what was a $110 tour at the time.

        Can’t hurt to keep that going in an attempt to keep past customers coming back and their family or friends coming for the first time. We do get repeat customers. A great example came yesterday. Someone spent $2000 last night on a whim, direct “buy now” button without even talking to us or customer service for a tour today, private yacht charter for her and 5 other family members because she came on a group tour once and had so much fun she needed the boat private this time. It’s customers like these that give me confidence in the longevity of our program, but also the potential success in a real newsletter campaign.

  • Beth VanDyke

    I finally found my Google Analytics report and found the number of sessions. I realize I can’t get an accurate conversion rate since the email signup form I use on my web pages is the same as the one I use in our ebooks. People are signing up for the same email list. So, there’s no way to tell right now who signed up via our website and who signed up by clicking the link inside one of our ebooks. I can change that and make sure they are different but it will take me a while to get it set up. So, I have no idea what my rate is right now.

  • Lisa Walsh

    These are our stats for the last 3 Months:

    Month
    Visitors
    Signups
    Conversion

    May
    1,641
    9
    0.5%

    June
    1,749
    23
    1.3%

    July
    1,403
    25
    1.8%

    August conversion so far is at 1.4% We’re just about to launch a free guide in exchange for email address so I will set our goal at 2% for August – does that sound realistic? Thanks!