Can we group source an answer for a dear friend who's looking to fill a program?
I know... we don't want it to be "All about the numbers". We're heart based entrepreneurs. We hear "the money is in the list", but we don't want to believe it.
This blog post is going to crunch a few numbers, but for the sake of helping a friend. Want to pitch in your advice?
Keep reading to hear a little more about the story.
Once again I'm listening to someone in tears about a program she wants to offer (it's a first run offer. Her list hasn't heard of her talking about this before (it's a program she has dreamed about offering for a long time, but only told close friends about). The people on her email list will be hearing about her expertise in this area for the first time this week. It's NEW to them.
She has 400 people on her email list. She's worked hard to get this many people to sign up over the past 2 years. When I asked some questions I found she sends out messages when something new is happening, but not a regular newsletter, tip or nugget of wisdom. So, she doesn't really now what her typical open rate is, or how many people click through on an offer.
Earlier this week she sent out 1 email and 2 people signed up immediately. She was thrilled. But, she HOPES that 40 people will sign up for her new 4 week program, priced at $297
I hate to sound like a pessimist, but I'm worried it won't be possible by just sending out emails.
(Please know I'm all about optimism & I wear rose colored glasses most of the time too! This was a bit of a wake up call when I first learned this lesson too. This story could just as easily be about me!)
Here's the numbers:
It's pretty normal to have lower than 50% open rate (mine hovers around 38% )
If she has 400 on her list, that means 200 people will open (at best)
Of those 200 people who open her email, it's unlikely more than 25% will click through on any link (My current click rate is 17%)
So...50 people might click through.
Of those remaining 50 people - some will find the offer appealing, but might not take action immediately. That's super normal.
They'll need a few reminders. with similar open rates.
And when she leads people to her sales / offer page, there's a whole new set of numbers.
Conversions on a well written sales page might be as high as 50% (although industry standards suggest they are closer to 20%)
400 x 50% = 200 people see the email
200 x 20% = 40 people click through to see the sales page
40 x 25 % = 10 people may purchase
With 400 people on her list, and really consistent messaging, she could hope for 10 sign ups - more would be a great gift.
Let's help her solve this!
So, what's the answer? Do she send more frequent emails to make sure more people open them? (and possibly get some unsubscribes?) Quickly get more people to sign up for her list? Find people on Social Media? Send lots of emails with high value content and hope for a higher open rate? Maybe write personal messages to the people who have clicked through to see if they have questions?
OR - does she shift her goal to a more realistic number for this current offering, or maybe even invite some people into the program for free?
What would you recommend? Let's help her solve this problem.