ConnectWise Metrics That Matter for Your MSP: Conversion Rate
Your MSP’s conversion rate can tell you how many customers are completing a survey after interacting with you. Learn about the 11 related KPIs you need to track.
- Conversion rate is the percentage of customers who take a desired action, like making a purchase or completing a survey
- Top conversion rate KPIs:
- Total sales
- Number and source of leads
- Website visitors
- Click-through rate
- Survey response rate
- Number of closed tickets
- Average engagement rate
- Ticket response and resolution
- Ticket conversion rate
- Customer satisfaction score (CSAT)
- Net Promoter Score (NPS)
Today’s MSPs rely on data to drive business growth and increase customer satisfaction. We have more tools than ever before to measure the right numbers and give us insight into behaviors and trends. They allow us to make more accurate predictions and understand people better, but only when we track the right metrics.
Among the many metrics and MSP benchmarks on your radar, conversion rate is a crucial number that tells you a lot about your marketing and sales channels and efforts. It can also be used to deliver insight into the success of your help desk and survey strategies.
Here is your guide to what conversion rate is and related key performance indicators (KPIs) that will help you get a sense of the bigger picture.
What is the conversion rate?
Generally speaking, your company’s conversion rate equals your total sales divided by the number of leads you get. It measures the number of people who actually take a desired action beyond showing interest in your company. This is a crucial MSP benchmark because it tells you how your team is performing and if a marketing or sales channel needs to be improved.
Using Crewhu gives you access to metrics like your survey conversion rate. This is measured in the platform as the number of survey responses you get compared to the number of resolved tickets in your ConnectWise boards. In this case, the conversion is a customer taking the step to complete a survey, and the number of resolved tickets takes the place of leads in the basic formula above.
Conversion rate can be used for a variety of business functions outside of sales numbers or survey responses. It essentially measures the percentage of users or customers who complete a desired action that you’re trying to understand or improve.
11 top conversion rate KPIs
Even though the conversion rate is itself a metric, other metrics play a role in understanding conversion. Let’s walk through some of these additional conversion rate KPIs you need to know to set the right MSP benchmarks:
- 1. Customer satisfaction score (CSAT): The CSAT is one of the most important metrics for your MSP. You can learn immediately what went wrong and what needs to be fixed because CSAT surveys can be tied to specific interactions with team members.
- 2. Net Promoter Score (NPS): The NPS survey assesses customer satisfaction with your organization as a whole. It requires customers to answer just one question: How likely are you to recommend [company name] to a friend or colleague?
- 3. Total sales: When you’re assessing your sales conversion rate, you need to know the total amount received for the period you are measuring. Of course, you’ll need this number for other business purposes, as well, which is a great example of how your KPIs work together to paint a comprehensive picture of performance.
- 4. Number and source of leads: You also need to have a method in place for tracking the number of leads your business gets. It’s just as important to know where they came from so you can track conversion rate across your channels to determine the most effective option.
- 5. Website visitors: Measure website visitors to get a better sense of your lead generation success. You can combine visitor count with your average conversion rate to help make predictions for future performance.
- 6. Click-through rate: The click-through rate for your help desk will tell you the number of customers who clicked through to a survey link you provided.
- 7. Survey response rate: To find your survey conversion rate, you need to know the number of customers who are responding to your survey requests versus the number of surveys you sent out.
- 8. Number of closed tickets: If you are sending out surveys to customers who have worked with your help desk, you need that number of closed tickets to find your survey conversion rate.
- 9. Average engagement rate: Sometimes your audiences will engage with you without converting, but engaging at all may show that they’re on the path to convert. For example, a customer may share an experience they had with you on your social media channels. This rate can be applied to various outlets and platforms.
- 10. Ticket response and resolution: Your customer service team needs to be measuring the time it takes to respond to and resolve support tickets. This can be an important indicator of whether or not customers will then take a desired action like completing a survey or becoming repeat customers.
- 11. Ticket conversion rate: Ticket conversion rate reveals the number of customers who take the time to submit a support ticket and shows you how long it takes for them to get answers or solutions.
Incorporating these important conversion rate KPIs will help you grow your business and increase the number of customers who take the action you want them to take. Remember that your MSP benchmarks may need to be updated as your business continues to make big strides.
Increase your conversion rate with Crewhu
Crewhu is integrated with ConnectWise to bring you a Conversion Rate Report through the Crewhu platform. You’ll be able to view accurate conversion rates based on your CSAT surveys, helping you understand how your efforts impact the customer experience and identify opportunities for training and improvement.
Learn more about how to create a CSAT program by downloading free our guide, 7 Elements of a Successful CSAT Program.