Is a 6% sign-up conversion rate good?
Since September, I have had a conversion rate of 6% of sign up for our beta waiting list.
Since I think that our solution (Tabtimize) for the market is a no-brainer and that it is free to sign up for, I think that a 6% conversion rate is far too low. We are of course talking about 6% with all traffic to the site.
What is your experience with the waiting list? Is 6% too low and do you have any suggestions on how I can improve our conversion rate?
Everybody thinks their solution is a no-brainer to sign up for. I would say 6% is quite a lot, depending on how much it actually costs you to get that 6%. So, to get 100 visits to the website (which converts to 6 signups), how much does that cost you?
Hopefully, yes.
Well for now nothing. Only using organic channels for now.
The challenge is to be able to achieve a high enough traffic volume if the conversion rate is only 6%?
It's never nothing :D It's your time that's the cost.
Either that, or find out the best channels that bring you traffic and focus on those. Assuming you use some sort analytics, I would think you can look at the referrals.
lol, yes surely. I mean perhaps 60/40 of product and promotions
Yes, sure Google search is the big winner here.
But would it be too naive to think that I can increase the rate to 20-30%'ish? Where would you say the most critical part in a waitlist sign up funnel is?
Unfortunately, that's probably true :D
I honestly don't know. That would probably mean you would need to be insanely targeted for something like this to work.
Just think that people are probably aware that your product may never take off (I'm talking in general, not your product per se), you may end up spamming them with email, they may simply search for something that's already available. There's tons of reasons people are reluctant to giving their email.
This is a good point.
Of course, it may also have had something to do with the sign up flow.
It's more than an "Enter email here" thing?
Yes and no:
as you can see in the picture below, there are two steps. The reason why we ask for a website is so that we can analyze and index your site in advance so we have a better understanding of what kind of sites sign up. But there are actually 5 steps that you have to fill in + a captcha, which might scare some?
Personally, I think that is waaay too much.
Name - you don't really need it.
Language - again you don't really need it, you can look it up yourself if you're really that interested.
Captcha? That's overkill? Why would you care?
Thank you so much for the feedback!
There is, of course, meaning to madness, the question is just whether we should rethink it and change it.
The name should be used for personalization, but as you write, does it provide any value for the prospective user at all?
We use languages to segment our users. However, this can be done manually as you wrote yourself.
Captcha is totally overkill and I have tried to remove it several times but it keeps popping up -_-
We need two more numbers to answer the question:
Hey Matt, thanks for your question.
Totally agree these two numbers are important in the equation, but the challenge right now is that financially I have not spent anything other than my time on it (and I do not get paid by the company), so I can not use salary to calculate a number.
Very hard to say since we have not launched yet.
The 6% comes from total traffic to sign up for the waiting list.
Assuming it's a micro-SaaS, here are the benchmarks:
-Visitor to signup: 10-15%
-Trial to upgrade: 8-15%
I'd say you need to double that, especially if it's just for a waiting list.
Thanks, Jay. Do you possibly have a link to the source behind the benchmarks? It could be interesting to see how they are calculated which might help me :-)
Google "2020 MicroConf State of Independent SaaS"
My numbers are a little off, since I was basing them on the 2019 report.
Thanks!