How many people on average will buy from me?
When first considering my idea of having an online course, my daydreaming went something like this, "Okay, so if there are 329 million people in America so I just get 1 million people to have eyeballs on my online course, then if just 50% of them purchase, I will be a millionaire in about three to five years. Wow, how has nobody else thought of this route to success!"
Yes, this was truly my thought pattern.
Well, I know a lot more now that I've spent the last couple years immersed in digital products and online marketing. Of course "it depends" could be the line after offering any statistic, but really, wouldn't just like to know some sort of benchmark so you can figure out if your current numbers are on par and at least a general idea of income you can expect?
Yes, of course you do.
And know that you're not just average. Your goal of course is to be so far beyond average. You can do just that with a little tweaking and testing.
Here are some average conversion rates:
Opt-in page: When someone lands on your opt-in page, they can choose to enter their name and email or they can choose to leave. They may leave because the branding didn't fit the ad, the description of the opt-in isn't compelling enough, they don't want to give up their email, or a myriad of other reasons. Average conversion rate is 20% and your goal is to get it up to 40%.
Sales page: Your sales page could be a standalone with just text, a blank page with a video and call-to-action button, or your webinar could lead straight to the checkout page and skip an actual sales page (since your webinar was the sales page). Bottom line, only 1% of your email list will purchase anything from you. Yes, this means that if 1,000 people are on your email list or 1,000 people attended your webinar, then just ten will buy. With average conversion rate of 1%, your goal is to get it to 5%.
Facebook Ad Cost Per Lead: Your email list will grow exponentially if you pay for ads. Most people start with Facebook ads. No, I'm not a Facebook ad expert and do not offer paid ad marketing services, but I can answer general questions in this realm. Facebook ad costs are continually changing but as of Dec 2021, average cost to acquire a lead is about $5 to $8. If you're targeting digital marketers (a hot market right now), your lead cost may be about $15 a lead. These are the actual folks who enter their name and email to be on your list. If your goal is to get 100 people a week on your email list, it will cost you about $100 a day.
What percentage of people are going to complete my online course? Believe it or not, less than 10% of customers that purchase your course will complete it. Many will never open the course ever. Yes, that happens! It's your job to help them along, encouraging questions and active participation. You can manipulate those numbers with the right gamification.
How long does it take someone to buy from opt-in to sale? The higher your offer price, the longer a customer will take to purchase. In my business, a $500 product takes on average about six months to sell. What you do in the meantime makes a difference. Offering a weekly email to stay in touch is helpful. Putting the offer in front of them on a regular basis, assuming it's not an open/close cart model, will yield more sales. Most people don't buy the first time around. They may need to be offered the product two to five times before they're ready to take the leap.
If you'd like to discuss any of these business topics, I'm here for you. I offer one-on-one screen share Kajabi tutorials. If you'd like to continue to DIY your website and just need a little help once in a while, I'm here for you.
