I've been talking a lot lately with practice owners and intake coordinators about client conversion rates, and it seems like everyone has a different definition or even multiple definitions of what that means. But you know what? None of them are wrong and they’re all valuable.
The truth is, it's actually healthiest for your business to track multiple conversion rates - or at least the ones that make the most sense for your specific goals and intake process. Let me break down the different conversion rates you should be looking at:
The key is to decide at what point you're going to consider a prospective client an "actual" converted client. This can vary from practice to practice based on your philosophy and the bandwidth of your team to track all these different metrics.
Personally, I recommend choosing the farthest point down the client journey as your "official" conversion rate because then you’ll have the most data points overall. The important thing is to examine all these intervals - it's really fascinating data!
Now, where do you get this data? Well, it depends on how you're tracking things - whether it's in Google Sheets, a CRM tool, or our own Practice Axis software. Wherever you're keeping tabs, just make sure the people marking those conversions are all doing it at the same point, so your data stays consistent and accurate.
Let me know what you think! If you're feeling a bit confused, no worries. Just tell me what tracking tools you're using today, and I'd be happy to chat more about what metrics might be most helpful for you to start monitoring.