There’s nothing magical about a conversion rate. Simply put, it’s the percentage of patients (or prospective patients) that take an action out of the total pool.
When speaking with business owners, many feel there is something special about this rate – as if the conversion percentage is a tell-all number about how good/bad the practice is doing.
In truth, there are multiple conversion rates throughout your practice’s process of successfully converting a patient. One of the best ways to understand and track conversion rates is to first to draw your sales process as a workflow. This will organize and simplify the interaction points where ‘conversion steps’ occur.
Below are few common types of conversion that everyone should be familiar with:
- Total website visits vs. inquiries submissions
- Total inbound calls vs. consults booked
- Total inquiries from all sources (web, phone, walk-in) vs. consults booked
- Total consults completed vs. surgeries scheduled
- Total inquiries vs. surgeries completed
Although conversion rates are commonly tracked as a percentage, it’s important to review the raw numbers as well. Consider the difference between 50 out of 100 vs. to 1 out of 2; both represent a 50% conversion rate but involve very different volumes.
To generate conversion KPIs, first identify the correct data to track, then analyze the data using different dimensions and filters and finally review this data as a Key Performance Indicator on an ongoing bases. This deeper dive into your data will help you understand the conversions between established and new patients, conversion break-down between different lead sources, conversions by PCC, and more. With this analysis, you’re able to turn raw data into useful information, assisting you with strategic planning and ROI management. Analyze the viability of your marketing investments, decide to hire additional staff, or invest in new equipment.
Many businesses don’t have the resources needed to analyze this valuable information, and this is where the AtlasKPI Dashboard can assist! Automate the calculation of your various conversion rates, and share this data between the relevant members of your team to optimize your sales process. Rest easy knowing that you’ll receive automatic data notifications confirming you’re reaching your goal: increasing ALL of your conversion rates!