What is a Lead Conversion?
A lead conversion has occurred if a lead has entered into a new and later stage in the lead pipeline.
A lead does not have to move through these stages in sequential order and can therefore bypass stages.
The Lead Pipeline:
See below for a list of possible lead conversions:
- Lead 🡪 Waitlist
- Waitlist 🡪 Waitlist Contacted
- Waitlist 🡪 Toured
- Toured 🡪 Offered
- Toured 🡪 Confirmed
- Toured 🡪 Started
- Offered 🡪 Confirmed
- Offered 🡪 Started
- Confirmed 🡪 Started
What does the Lead Conversion Rates Report show?
The Lead Conversion Rates report shows the number of leads that have transitioned from one stage in the enrolment pipeline to one that is closer to an enrolment. It is presented as percentages in a column chart format. You can group the events on a weekly, monthly or yearly basis. You can view the data as a whole number or as a percentage of all leads.
You can use the filter function to change reporting parameters such as lead conversion type/transition status, time period, centre and referral source.
What is the Lead Conversion Rates report useful for?
Lead conversion rates can indicate how well your centres are nurturing prospective leads towards enrolment. It can allow you to compare the success rate of particular transitions in the enrolment pipeline, helping you to identify gaps in service inefficiency.
If your centre is experiencing full occupancy, expect lead conversion rates to be low for any transition to a Started status.
How is the metric calculated?
Take the total number of conversions for a set period and divide it by the total number of acquired leads/offers/confirmations etc.
e.g. Waitlist to Offered = Total number of offers for Month Y New Waitlists / Total Month Y New Waitlists
e.g. Offered to Confirmed = Total number of Confirmed Offers for Month Y Offers / Total Month Y Offers
- There is a 1 to 1 attribution – each conversion event (numerator) is attributed to the correct
pool of leads (denominator)
- This method of calculation helps more accurately determine the quality of a given pool of leads
- Overtime, the conversion rates for each month will begin to improve as the conversion
- You can make direct comparisons between reference periods i.e. compare July 2019 and July
- Remember, there is a lead status transition date, that is, the date that the lead converted to a new status. To view these transition dates, export your data into CSV format.
DID YOU KNOW?
What happens if a lead converted to a new stage but later withdrew? For example, a lead was offered a place on July 1 but no longer wanted it and returned to a waitlist status on August 1.
The conversion will be visible in July’s bar chart up until August 1. After this date of withdrawal, it will not be counted towards July’s bar chart, and July’s conversion rate will decrease. You can alter the reporting time period with the filter function and configure your start and end date.
If a family has reached a status of Offered, Confirmed or Started and later wanted to withdraw this status and return to the waitlist, the conversion will only be counted and visible on the chart until the time of withdrawal.