Hi:
If you're just joining us now, that's okay. If you want to start from the beginning of the Dream Planning lessons, here's the links;
i) The Barrier to Success
ii) What is your dream?
1) Planning Your Dream; Step 1
2) Dollars & Sense; Step 2
Dream Planning Step 3: The Magic Formula
Did you know there is a precise mathematical formula you can use to plan your success? Here it is;
Leads x Conversion Rate = # Sales
In the last step, you determined how many sales you need. Let's look at Bryan as an example.
Bryan ==> needs 14 sales
For him, the formula looks like this
Leads x Conversion Rate = 14 sales
Let's say Bryan KNOWS he gets 1,000 leads per month.
1,000 x (conv) = 14 sales
We then know he needs a conversion rate of .014 or 1.4% If you suck at math, look at it this way. He needs 1.4 out of every 100 people to buy.
But what if he doesn't get 1,000 leads per month? What if he only gets half that, and gets 500 leads/month. Then he needs higher conversion. Like this;
500 x (conv) = 14 sales
Then, he needs higher conversion rates. He need 2.8 people out of every hundred to buy.
It's a precise formula, and it's based on knowing your conversion rate. If you take the time to see how many people that see your link or your site become customers, you have a strong starting point.
If your conversion is horribly low, you will either have to drive massive traffic - constantly - or you need to work on improving your conversion rate. We'll talk about that in the next step.
For now, do this;
-- If you know your conversion rate;
Write it down on the paper you've been keeping. Post it here, too, if you like. If it's low, maybe we can help.
-- If you DON'T your conversion rate;
An easy way to find out is to create a special url that didn't exist before.
Maybe it's a snip url. Or maybe a new page on your site. Promote that link until you have 100 visits to that link. How many sales did you make? That's your conversion rate.
|