Conversion Rate is a metric found on several of the DLAR reports in Elevate GO. Let's take a minute to dive in to how conversion is calculated, why it's a meaningful metric, and how you can influence conversion throughout the month using Elevate GO.
How is Conversion Rate Calculated?
Your conversion rate is a percentage calculated by dividing the new activations you have by the number of payments (RPLs) you've processed in a specific time period.
For example, if you have 32 new activations and 98 payments, your Conversion rate would be: 32/98 = 0.327 or 32.7%.
Why is knowing your Conversion Rate important?
An overall conclusion you can draw from your conversion rate percentage is how well you are maximizing on the customers that come into the store. In other words, how well are your stores converting traffic into new customers. Boost Mobile's benchmark for conversion is 30% so, ideally, you want 30% or more of the payments you are processing in a month attributed to a new customer at your store.
What else makes Conversion Rate an interesting metric to watch?
Because Conversion Rate is a percentage, it is easy to stack rank this metric across many locations regardless of traffic volume.
What else should be considered when looking at Conversion Rate?
Conversion can be a little tricky. Certain days may see higher than average payment traffic than others. While any given day's Conversion Rate may not be indicative of how you are converting for the month, looking at this number daily can help keep you on track to meet and exceed your monthly new activation goals.
How can tracking your Conversion Rate in Elevate GO help you maximize sales?
Elevate GO is updated daily so you can check Conversion Rate every day and course correct as needed. It's much easier to make small changes throughout the month to make sure you're on track than to try to play catch up at the end of the month. Elevate GO's Calendar Report is a wonderful way to check Conversion Rate day-by-day.
Additionally, Elevate GO stores data back to April 2019. Even if this is your first time looking at Conversion Rate in EGO, you can look back at your previous months' conversion rates to spot trends to anticipate when your staff needs a little extra support converting customers.
Where can Conversion Rate be found in Elevate GO?
You can find Conversion Rate in the following EGO reports: