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8:04 pm
June 7, 2011
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QuoteIn this month’s lesson we’re going to dive into one of the most common questions I receive in the MMM inbox and that is “what is normal” when it comes to conversion rates and general stats? As such, I’ve decided to pull back the curtain and share stats from a few actual campaigns so that you might get a better sense of what numbers you need to target when it comes to click through rates, conversions, relevance scores and more. Moreover, we will look at your broader business model and discuss what these numbers mean and how they can be applied to make clear and realistic projections.
You can find the lesson here:
https://www.mmmanifesto.com/in.....-is-normal
I hope you enjoy this month’s lesson!
Having trouble with your marketing? Wish you could have an experienced direct-to-fan marketing expert look over your actual campaigns, music, or content and offer feedback? Or perhaps you’re just looking for a little one-on-one assistance so you can ask questions that pertain to your specific goals and get a second, more experienced, perspective? Click here to book a session with me now.
Hey John
Thanks again for referring me to this lesson. I'll be honest I didn't have the time to go through the whole lesson but I did mark down the "what you can expect to see/aim for" parts from the slides and also listened for a bit. This is what I took home from the lesson. If I missed something and you think I should revisit that lesson just let me know. I'm not currently looking at upsells just to keep things simple for now, although I remember from RRF you saying 30% for upsells. From your knowledge what should one aim for for the following sales items as conversion rates? I'm looking for percentages based on a sales offer to the entire subscriber list, not just the customer list. Understandably, if you don't know some, your best guess would suffice. Thanks John
Squeeze page conversion rate - 25%
Standard $10 Digital album sales offer - Would this still be in the 4-6% range?
Standard $10 physical CD offer - Would this still be in the 4-6% range?
The Free CD offer (just pay $5 shipping) - My take away is that you should aim for at least 10% with this.
LTO ($12-$30 offer) - ?
T-shirt sales offer - ?
Hoodie sales offer - ?
Specialty high ticket brand-specific merch item like $50 sunglasses for example - ?
Vinyl album - ?
House concerts - My guess is 0,1% (if targeting US and Canada)
Stand alone private concert - ?
Bundled Offer 1 (Physical album with merch item like t-shirt) - ?
Bundled Offer 2 (Private concert + free signed CD offer = $15 ticket) - ?
4:11 pm
June 7, 2011
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Jean Morrison said
Squeeze page conversion rate - 25%
This is now a low normal. I am regularly seeing conversion rates over 35%. But 25% is still good.
Standard $10 Digital album sales offer - Would this still be in the 4-6% range?
Yes. But this varies dramatically. This is the average I see for most reasonably well put together campaigns.
Standard $10 physical CD offer - Would this still be in the 4-6% range?
Yes. But this varies dramatically. This is the average I see for most reasonably well put together campaigns. However, you can charge more than $10 for a physical album. Going up to $15 or more should not impact the conversion rate, on average.
The Free CD offer (just pay $5 shipping) - My take away is that you should aim for at least 10% with this.
I wouldn't say that you can expect 10%. Some get that, some do better. Some do worse. This can vary a lot and I don't have enough data to give you a normal conversion rate on this approach, as most of my students sell rather than offer free for shipping.
LTO ($12-$30 offer) - ?
If you mean a limited time offer outside of the funnel, this can be any price. It's really just a matter of what your fans are willing to spend. It could be a $10 album, a $200 box set, or a $1000 house concert, or anything in between.
T-shirt sales offer - ?
I don't have data on this. Most report that T shirts do not sell well compared to other items. That said, they are great for live events.
Hoodie sales offer - ?
Same as above.
Specialty high ticket brand-specific merch item like $50 sunglasses for example - ?
Same as above.
Vinyl album - ?
Varies wildly depending on your audience. Some audiences hate vinyl, others love it. No precise data.
House concerts - My guess is 0,1% (if targeting US and Canada)
This also varies wildly. I've seen artists convert as well as they do on an album, and I've seen artists get zero to few. It just depends on how strong your relationship is with your fans.
Stand alone private concert - ?
I don't know what you mean by this.
Bundled Offer 1 (Physical album with merch item like t-shirt) - ?
Same as my answer with merch. There are better offers you can put together. But sometimes offers like this work ok. Especially in crowd funding campaigns where you are laying out tiers.
Bundled Offer 2 (Private concert + free signed CD offer = $15 ticket) - ?
This is too specific to have data.
Having trouble with your marketing? Wish you could have an experienced direct-to-fan marketing expert look over your actual campaigns, music, or content and offer feedback? Or perhaps you’re just looking for a little one-on-one assistance so you can ask questions that pertain to your specific goals and get a second, more experienced, perspective? Click here to book a session with me now.
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