It is not an easy task to run a successful online coaching business. You need to be on top of everything, from marketing strategies to conversions. Every online coach has a different niche, but the one thing they all have in common is that they want to see their coaching business grow.
Is your online coaching business growing?
To make sure your business is growing the way you want it to, you should track specific key performance indicators (KPIs) regularly. Not only does it helps to track your growth, but it also helps you make the right decision so you can make changes accordingly.
What are Key Performance Indicators (KPIs)?
A key performance indicator is a measure of the performance of an organization or product. In short, KPIs are a way to measure the success of your online coaching business. Online coaching business KPIs are important because they help the company analyze its performance and what needs improvement.
There are many KPIs that can be used to measure the performance of an online coaching business. The most common ones are the number of clients, revenue, retention rate, cost per acquisition, customer satisfaction, and churn rate.
Achieving KPIs every month is a great way to measure your online coaching business growth.
Why track KPIs?
Every coach or training firm should come up with their own KPIs that suit their specific business and aims. They need to measure the performance of the program on quarterly basis or on a monthly basis. If a coach is being paid per call, then that could be one KPI to track in order to measure success of the coaching program.
KPI is nothing but a quantifiable measure of our progress towards our goals which also reflect the return on investment in an activity, project, or idea.
Many people have already started tracking their coaching KPIs and believe this helps them activate their customers more and find out more about themselves too, which never hurt anyone.
Which KPIs Should You Track?
1. Conversion Rate
A conversion rate is the percentage of visitors that convert into clients. Conversion rates are a key metric for digital marketing because they show how effective your website and marketing strategy is at converting traffic into customers.
For example, if you’re running an traffic ad, divide number of conversions received by the toal clicks on your ad. The online marketing conversion rate is calculated in percentage.
Another way to calculate conversion rate is if your Landing Page is live. A landing page is useless that doesn’t generate leads, no matter how much traffic it gets or how beautifully it is designed, monitor conversion rate is crucial.
You can try A/B testing to deliver high conversion rate:
- Engaging CTA
- Make Landing Page content more persuasive
- Add social proofs (testimonials, reviews, social counts, etc.)
2. Training Completion and Attendance Rates
In today’s coaching business, training completion and attendance rates are important metrics to measure. The greater the rates, the more successful your session is for attendees. In order to have better rates, you must have a strong understanding of what will keep people coming back for more.
It’s crucial to track how many attendees show up after registering for a free sessions through landing pages, social media links, referrals, or organically from the website. Knowing this can actively help you to identify whether learners actively engage with your content.
Some things that can help increase these rates include making sure there is enough content for each session, ending sessions on a high note with a takeaway idea, and providing a sense of community and camaraderie with the participants.
A high percentage of people attending the session shows that people find the course beneficial. A lower completion rate alarms that users are not impressed with the course and changes need to be made to make it more engaging for the attendees.
3. Number of Sales Call Booked
How many time does it happen when client books a call and don’t show up?
Number of coaching sales calls booked can be calculated with number of people that scheduled calls with you every month or after completing the free training session. Choosing your sales KPIs has to be selective and purposeful process. Adopting wrong KPIs will be ultimately ineffective.
This can be calculated by taking the total number of coaching sessions (or whatever your time units are) and divide by total number of sales calls booked.
The increasing sales call books shows people are interested in learning more about your coaching services. It also means your marketing/ advertising strategy are working great. For more visibility, this KPI can be broken down into whether the call was picked up, how much time was spent on it, etc.
One way to increase the number of a sales call is by sharing relevant content that will resonate with those who are searching for your coaching services.
You can use email to share content that keeps your clients engaged and makes them show up on a sales call.
Read this blog to find the best email marketing tool for online coaching business:
4. Number of Deals in your Pipeline
Pipeline management is an important aspect of sales for coaching business, which involves forecasting the deals expected to close over the course after every month. The number of deals in the pipeline has a direct effect on the your revenue and profitability.
A online coach with a high sales productivity will have a large number of deals in the pipeline. If you’ve a high number of leads, you might have high number of deals in your pipelines. These people are further in your buying journey and ready to hire you as a coach.
If number of deals in your pipelines keep increasing, that means your marketing strategy is working great! On the other hand, if there are no deals in your pipeline; you might need to make more engaging sales page or improve your marketing efforts.
KPIs are more important than ever if you’re running a coaching business online and want to grow it. If you can’t measure your success, then how can you increase it? Luckily, there are many different ways to measure the success of your business. We’ve listed four metrics that will help guide you in the right direction as well as give you an idea of where your money should be invested.