From Prospects to Clients: Elevating Enrollment Rates with a CRM

How many prospective clients have you lost in the last month or so because they fell through the cracks?

If you're not sure, you're not alone. Many practices struggle to keep track of all of their prospects and ensure that they're being followed up with properly. But, this can lead to lost sales and missed opportunities, which is why knowing your rate of enrollment can be helpful.

What is rate of enrollment?

Your rate of enrollment is the percentage of prospective clients who actually become paying clients. It's an important metric to track because it can help you identify areas where your intake process may be breaking down.

For example, if you have a low rate of enrollment, it could mean that you're not following up with prospective clients enough, or that the language used to describe your practice and services isn't resonating with them. By tracking your rate of enrollment, you can identify these problems and take steps to address them.

How can a CRM help you calculate your rate of enrollment?

A CRM (customer relationship management) system can help you calculate your rate of enrollment by tracking the progress of your prospective clients through your funnel. Tracking things like this can help you answer the following questions: 

• What date and time did the prospect first contact you?
• What stage of the intake process are they on (e.g., inquiry, paperwork pending, benefits check, waitlisted)?
• Have they booked an intake session?
• Have they become a paying client?

Once you have this data, you can easily calculate your rate of enrollment by dividing the number of new clients you acquire in a given period of time by the number of prospects who inquired. For example, if 100 people inquired and 20 became new clients that month, your rate of enrollment would be 20%.

How can calculating your rate of enrollment help you stop prospective clients from falling through the cracks?

By tracking your rate of enrollment, you can identify and take steps to prevent prospective clients from falling through the cracks.

For example, if you see that you're losing a lot of prospective clients at the inquiry stage, it could mean that your team isn't following up with them fast enough. You can address this by implementing a more robust follow-up process.

Or, if you see that you're losing a lot of prospective clients early in the inquiry process, it could mean that your welcome call isn't resonating with them. You can address this by revisiting the main talking points used to introduce your practice and the services offered and making sure that it's tailored to the specific needs of your target clients.

Ultimately, calculating your rate of enrollment is a great way to ensure that more of your prospective clients become paying clients. Still not sure if your practice needs a CRM? Take this quiz to find out!