Is your online coaching business ACTUALLY growing? The easiest way to make your coaching business more profitable is to setup up tracking, dig into your stats and calculate your ROI (Return on Investment).
Not only is one of the best things you can do for your bottom line, but it can help you make educated decisions so you can stop winging it in business.
Inside this blog post you’ll learn:
✔️ The 3 things you need to review to make sure you are growing your coaching business.
✔️ How to know if your sales and marketing strategies are working.
✔️ When to get rid of something and when to lean in.
How to Track What’s Working in Your Online Coaching Business
Step 1: Assess Your Coaching Offers
First, look at all of your coaching products and offers. This could be ebooks, masterminds, your signature coaching, journals, workbooks, even affiliate programs. List it all out.
Next, write down the amount of money that each has brought in next to each item on your list. There are various ways to break it down, such as using a month-to-month breakdown or seeing it on an annual basis. Find whatever metric seems most helpful to you.
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Lastly, you need to figure out how much work has to be put into each of your offers. While your workbooks, journals, and books don’t make as much money per month as that big mastermind group or the one-on-one coaching you offer, they’re a lot less time-consuming to create and maintain. Assign a value to each item.
After you’ve gathered all the information, it’s time to make a few decisions.
- What’s not making you any money? Is it worth it to keep that product or offer? If you keep it, what marketing and sales do you need to do to sell more of it? Or maybe you need to revamp it all together?
- What’s making you the most money? How can you sell more of it? Is it taking you too much time to deliver your best seller? How can you automate those things to make life easier?
Step 2: Assess Your Coaching Clients and Coaching Leads
People are what make your successful in business! Review your current and future coaching clients as well as your leads. Where did they come from? Who is your core clientele? Hint: These are the customers who will buy anything you want to sell, and who will spread the word about you to everyone in their circle of influence.
Next ask yourself, what prospects are most likely to turn into paying coaching clients and how did they find you? Was it via a blog post you wrote, or are they people attracted to the freebie you offer to get them on your list?
You can find a lot of this information by looking at your customer database and by comparing subscriber lists to customer lists. You can also learn a lot by talking to your coaching clients. Start a conversation via email, on your site or in a Facebook group. Get used to always asking the question “How did you hear about us?”.
The point of this is to identify who your most profitable demographic is and then figure out how to get in front of more of them. Which brings me to my last point…
Step 3: Assess Your Coaching Website Traffic
It’s time to look at your website statistics if you run a coaching business online.
What traffic sources are producing your highest profits? Where are they coming from? What do they do once they reach your site? How do they convert to your most profitable coaching clients?
You can learn a lot about online performance management using tools such as Google Analytics. Invest a weekend to learn more. That way you’ll know how to track data and learn how to read numbers.
Once you figure out what’s bringing in the most traffic… DO MORE OF THAT. Put on your thinking cap and figure out how you can tap into more traffic that exists, whether it comes from Search Results, Pinterest, your Affiliates, or Facebook Ads.
You’ll see your business and bank account grow in no time if you keep tracking, tweaking and improving your bottom line.
5 Online Coaching Business KPIs You Should Be Tracking
We’ve covered the basics, now let’s get even more advanced and talk KPIs. To become a rockstar at running an online coaching business, KPIs, aka key performance indicators, can help. A KPI is simply a metric that you can define and use to evaluate the success of your business strategies.
Each month track your KPIs and see if they have improved. Here’s a breakdown of common key performance indicators used in coaching:
KPI #1: Number of deals in your pipeline
Number of deals in your pipeline are the number of people you have sent proposals and invoices to. These people are further along in your buying journey and ready to hire you as a coach. If your number of deals in your pipeline is increasing month over month, that means your sales strategies and calls are working.
KPI #2: Number of Sales calls booked
Number of coaching sales calls booked is the number of people that have scheduled calls with you each month. These people are interested in learning more about your services. If this number is increasing, this means your marketing and/or advertising strategies are working.
KPI #3: Total Visits
Total number of visits is the total number of potential coaching clients that visited your coaching website to view your content. If your total number of visits are increasing steadily month after month, or you have passed your goal, then your marketing is bringing in traffic.
KPI #4: Pageviews per Visit.
Pageviews per visit are the average number of pages viewed when a visitor lands on your coaching website or campaign. A successful marketing campaign should show an average of 2.5 pages or more per visit. This means your content was engaging, and your visitor wants to learn more about you or your products/services.
KPI #5: Returning Visitor Rate
Return visitor rate (RVR) is a metric that shows how many of your visitors are coming back for more. If brand loyalty is important to you, then pay attention to this KPI. Your marketing is performing well if you RVR is steadily increasing from month to month, or if it is over 25%.
KPI #6: Bounce Rate
Bounce rate measures what percentage of your visitors leave your coaching website or campaign before exploring your site further. If your bounce rate meets or exceeds your industry averages, your marketing is working. Since there is no industry-wide bounce rate percentage, your goals depend on the campaign, the industry, the type of website, and more.
KPI #7: Conversion Rate
The conversion rate is the percentage of users who do what your marketing intended for them to do, e.g., sign up for coaching. Across industries, the average landing page converts at 2.35%. The top campaigns are converting at 5.31% or more, and the ultimate goal is to convert at 10% or more.
In closing, there are a MILLION KPIs that can be used to track and improve your marketing efforts. Just check out the KPI Library to see what I mean. The most important thing about KPIs is to make sure that you are using the right ones to track your goals.
Coaching the Coach: Final Thoughts + More Resources on Tracking Your Online Coaching Business
Thank you for reading this far! Ready to start tracking your online coaching business? Here are some pro tips to help you take the next steps in confidence.
1 – Never make assumptions. Always make educated decisions on data. The biggest mistake we see clients making is thinking they know their audience. Let the data speak to you and make decisions based on the data.
2 – Take courses if you don’t understand Google Analytics. Running an online coaching business and understanding how to track things can be intimidating. There are so many books and free courses out there to help.
3 – Keep testing and trying. The most successful coaches keep testing strategies, drop what’s not working, and they go all in on what’s working. Keep trying. It’s about small changes over a consistent amount of time.