Tracking your conversions!
I spoke a little bit last week about conversions and how tracking your conversion rates can really help you dial in your business. Far too often people are focused solely on lead generation, which is important, but they fail to track those leads through their system and use that data to improve their total conversion rates. So, this week I wanted to explore this just a little bit and give you some information to think about including in your business. Here are the main items you want to track to help you improve your conversions, as well as understanding the net result of your leads from all referral sources.
- Referral source
- Initial contact
- Credit Pull/Preliminary document collection
- Preapproval
- Contract
- Closed
In general, you want to track all of your leads and come to a total number for your overall conversions. However, you also want to be sure you use referral sources as individual categories so you can track specific results. These results may surprise you! You may get dozens of leads from a referral source that you spend time and money on, but close very few deals. On the other hand, you may have a referral source that sends you just a few leads, but you close a significantly higher percentage of them. More isn’t always better! In fact, more could be costing you in the long run!
You also need to look at the relationship between each stage of the process to see where people are falling off. Sometimes a good look at this and some minor adjustments to how and when you follow up can greatly improve your conversions rates! Remember, leads aren’t what puts money in your pocket; closed units are what pays the bills!
If you would like some help working through your conversion rates and how to better track your business, please feel free to reach out and set up a call, [email protected]
