Episode 5 transcript

Hey, hey, Erin Kelly here. Okay, so last two episodes, we really dug into sales, I might or may or may not have gotten a little bit on a soapbox on the last episode. But it is something that I think is really important. So definitely give it a listen if you haven't yet.

So for this episode, we're gonna start talking about completion rates. So how to increase your completion rate. So if you are listening to this, and you're like, well, completion rate only really applies to a digital offer or to a course, or to maybe a challenge.

I think that completion rate obviously applies to any product, whether you were having them show up to a mastermind, or to a live event, a summit. I mean, I think it's important for depending on I mean, assuming that you created the product based on wire framing it out to include only the things that they need to reach a certain outcome. And remember, outcomes are super important on your sales pages, and in your sales messaging.

So it's also really important when you're actually mapping out your product, or your service. It's really and I learned this from an educational designer that we worked with, like early, early MemberVault days.

And it's to start, like when you first have an idea for a product, it's or a service, it's to start with the outcome that you're wanting to get, get people, what's the outcome that they that they want, and then go backwards, with what is the minimum that you can provide, to get them that result because nobody has time to go through a mega course, with like, 200 hours of video, you know, and you don't have time to create that. And so it's not about this is something and I did not include this in the sales part. But I do think this is really important for your completion rate.

And it's also important just because I don't want you wasting your time, creating stuff that you don't need to, I think that very early on and maybe actually maybe this is something that people later on in business are still falling into.

It's not about how much you pack into your product or service how many bonuses you throw, that's not, that's not the best way to get people to convert, that's not the best way to get people to show up and to do the work, it's about what is the least amount that they need to do to be able to get the outcome that they want, and the more minimalistic it is, and the more like bare bones that can guide them to that outcome, the more valuable it is to them, the more you can charge for it, the more they are going to be happy to throw their money at you, the more they are going to actually show up and do it because it's not overwhelming.

So not packing your service or product with like a ton of ton of things. And a ton of bonuses and
a ton of like extra stuff to make it seem more valuable. Like not doing that is actually going to be the best thing that you can do for yourself, one of one of the best things you can do for your sales. And definitely the one of the best things that you can do for your completion rates.

Because when people log in, and they see like, and this goes for services too, because like if you log in, you have this intake form, that's huge. People are gonna be like, ah, I'll do this later. We're like, Oh, my gosh, I don't want to do this, I did have that happen - where I signed up for a service and like the onboarding was insane, it was insane. And it actually made me super funky about investing with this person. Because I was just like, this is not what I thought I was signing up for, like, I am signing up to have this person take pressure off my shoulders to help save me time. And they're giving me like so much homework. So that's something to really pay attention to whether you're doing a product or a service is like, and this is actually so the topic of this, before I go on another soapbox.

The topic of this is two easy ways to boost your completion rate. So completion rate is something to pay a lot of attention to remember what makes it really easy. Because you can look at your reports and see like whether you're running a challenge or whatever the product or services, you can you can go in and look at assuming that they have to complete the the content that's in the MemberVault products, like you can see where they dropped off. Obviously, if it's a product or service where there's a lot of stuff happening outside of MemberVault, you can't necessarily know if they completed it unless you have them come back and do something at the end of setting.

So like if it's a mastermind, and the majority of the mastermind is live calls, then you'll have to kind of think about like, Okay, well how do I want to track completion? I definitely think that having having them check in having a journal where they're kind of like tracking their progress, like that's one really great way to do it. You know, having them come in and give feedback about the product or service is also really helpful, especially if you incentivize it.

So you have to depending on what the product or service is, you kind of had to get creative on how to check for completion rate that they actually did like, make it through And got the outcome that they wanted. And if they didn't like what was, you know, why, what, what held them up like, where did they get stuck.

So two easy ways to boost completion rate, so that people are happy about their investments so that they talk you up because they're like, Oh my gosh, I bought this thing actually completed it. And it was amazing because I like got this outcome. It's like completion rate is like a fabulous thing. And then they're more likely to buy from you as well in the future, because they feel good about the first investment that they made.

So two easy ways. One, rewards. We all like the carrot not the stick, right. So some people might need a little bit more, more stick, and carrot. But we all enjoy getting getting incentivized, we all enjoy being rewarded and being recognized for our efforts. So MemberVault, it makes it really easy for you to do this in a couple of different ways.

So you can do bonus modules, and they will actually be able to see those as they're going through the content. So you could do one at the very end and make it kind of like a big bonus module that unlocks when they get, you know, almost to the end of the product. And it's something supportive, something exciting something and it can it can even include like a discount on, on another product that you have, that would be, you know, a good follow up to, to the product that they purchased.

There's lots of fun ways to play around with with the bonus modules. But that's a really fun way to visually give them an incentive to, to go through. And again, that by itself is not enough.

So if you're not staying in front of mind with them, if you're not reminding them to do the work, if you're not making it easy for them to do the work, you know, a bonus module is probably not going to be enough. And total total side note, you can put those inside of your free products too. It's a fantastic way to to optimize those free products and get people kind of like continuing through their, their journey with you and building a relationship with you. So that's a little little side note.

It's not just for paid products. But you can also unlock additional products when people complete the paid product they purchased. So that would happen inside of actions. So they wouldn't see it in the product. But you could absolutely mention it.

And I would mention, if you're taking the time to do a bonus, you definitely want them to know. So this can be something that they get, you know, this is not going to help your completion rate. But you can use you can have them Hold on, I totally lost my train of thought there because I was like thinking about three different things.

There's so many fun things that you can do. But no, the thing that I specifically want to talk about is you can unlock some sort of reward in an another product, it could be like a free assessment and you can even make it so depending on your your paid product.

It could be if it's evergreen, versus like it's a live event, it could be like when you complete this product, you will get this this amazing other passive product that I have this digital offer, or you'll get an invite to a group workshop for, for all the people that did the work where you'll get like a hot seat, or even maybe the opportunity to be on a hot seat with you. Whether it's in a group call, or you're going to do like an assessment or something on social media. Regardless, they're getting your personal attention.

And so that could just be like a quiz that basically just quiz questions inside of a invisible product. And that's the product that unlocks when they complete their play the paid product, those are really enticing. So I think that bonus modules are great thing to sprinkle through. Because people don't like seeing, they don't like seeing things locked and not accepted accessible to them.

And the bigger thing is, if you complete the product by x date, or if you complete the product, you will get this other thing and it can be something that you know you whip up it's like kind of like a continuing education thing that kind of like almost leads them to your next product. And it can be like I said, a quiz question product that you know, and you can use our our product, our free product template, the starter conversation, we have some really great questions in there.

But it could basically be like an assessment type product where they answer the questions and you do a hot seat on a live call or you do a something as something that you do on like maybe an Instagram story or something which is obviously also great for your product because you get to talk about like so and so just finished this product and now I'm going to give them a review.

It's good for their if it's a business If you're serving businesses, good for their business to get more exposure. But you can also do privates, like I've done this before, where they filled out the the quiz questions. And then I would send them an email with strategies. And then I also did it with Voxer. So like, I would send them a Voxer audio with, basically my strategy assessment in response to their questions, or, I'm sorry, in response to their answers.

So that is, so you have those two kind of bonus-y things, there's bonus modules, which show up visually, in your actual product, and they will be locked and you can put multiple ones, there's no limit. And then you can actually make it so that when they complete their product, that they unlock this other thing, and where I got kind of wrapped around the wrapped around with a bunch of ideas was that you can technically unlock a product based on any behavior inside your product.

So if they finish a certain module, or if they like, answer a question or whatever, but for the purposes of completion rate, specifically, you probably would want to tie that in with them actually completing set product, so you have your rewards.

Then the other thing, that's pretty easy, is breaking it down. So again, I mentioned early, earlier in this episode that we worked with an educational we actually worked with a couple of different educational designers.

And they all said this, but remember one of them in particular, she was like when I go over somebodies course, like when I do a course audit, I end up pulling out 60 to 70% of the content that they have in there, which I was like blown away by that. But it also makes sense now that I've paid more attention when I'm creating something, and I've did it with this episode, right, like we put too much fluff, like we talked, we go on tangents, we talk about things that aren't totally necessary.

And so this is this is definitely why it falls down in the optimization conversation. Because I don't want you to get stuck when you're actually creating something. Because you're like I should I include this wrong, I have to re record it like until you can get totally stuck in a perfection loop.

But when you are optimizing something, it's good for you to go into your MemberVault product. And, you know, look at where people are dropping off and then go and review that module or that lesson, and try and use fresh eyes, you know? Is the video really long? Like if there's a video? Is it? Is there a lot of text? Is it broken up so that it was easy for them to read it?

Was it a really big question or a big action? How can I break it down into smaller chunks and make it easier to consume? You know, these are, these are all things that you can kind of do if you see that people are dropping off like midway, check in with like, how are you? How are you touching base with them? Are you? Are you following up with them by email? When you follow up with them by email? Are you including links to the product? I know that sounds kind of silly, but like a lot of people will send an email follow up like Oh, how are you liking such and such product, but they don't include the link which is just craziness.

So just make sure that you are I mean, it's easy to forget, right? Like I say it's craziness. But like you might have just forgotten to include the link. So these are things that you can optimize, you can you can look and be like, Okay, well, people showed up really strong on the first module, but then they just dropped off like crazy, like, how can I make this better? Well, you can show up in their inbox more frequently.

If you are already showing up in their inbox frequently. You can look at how you're showing up and make it more relevant to them. So instead of like you should go do this product. It's why would they do that? Why would they do the next module? How much time is going to take them? What are they gonna have to do? What are they going to learn? Make it enticing, you know, and remind them if you have a bonus, like you're about to unlock this bonus, like, check back in, dude and tell them about the bonus, obviously not just a bonus.

But those are all things that you can do to boost your completion rate. And it's definitely something that you do after you've created the content. So if you if you're working on a brand new product, this is not the time to try and optimize it like get it out there. And then see what happens.

And obviously you can, you can be thinking about like, I want to make sure that I'm keeping it as minimalistic as possible, but you're gonna make mistakes we all do with your initial version of the product. And so if you are stuck on either of those, like, what should I include for my bonuses? How can I break this into smaller chunks?

Why are people getting stuck? And make sure that you can refer back to feedback in the product? And I say that as a leading question because if you don't have feedback type quiz questions in your product, then you definitely need to add them. And so I have them on every single lesson that I do on my products and it How could this have been more helpful? What did you get out of this?

You know, there's all different kinds of flavors of how you can ask this question. And I would mix it up, I wouldn't make it this exact same question every time for every lesson, but be trying to get into the brain of your person and see where they're struggling, see where they're getting stuck? What would make it easier?

Like, do they need a worksheet do they need? Do they need a reminder? Do they need it to be broken down because they got overwhelmed by by a certain piece of the the topic. Because as an expert, it's hard for you to really put yourself into the beginner mindset.

So that is definitely like I raved about this in an earlier episode. But quiz questions are just, they can be instrumental in everything that you're doing from sales to completion rate to engagement, because it gives you actual true insight to what people need.

And so if they're saying, like, I wish, let's say you're teaching people how to like post on Instagram or something, they're like, ah, I got stuck on which template to use or like, I don't feel like I have a good brand. That could be something that's like a bonus module or an unlocked product is either created by you, if that's something that fits, or you could create a partnership with someone that's a designer, there's, there's so many different ways for you to play it.

But when you have the knowledge of where they're getting stuck, or what they what more they need, then you can start improving the experience, both for them, but also for future people that go through the product. And I highly recommend reaching out to them and saying, Hey, your answer here was like, super helpful. And because of that, I'm doing this, I'm gonna be doing X, Y, and Z. You know, and if you want me to let you know, when it's ready, like happy to send you an email or whatever, and they're going to feel so heard and seen, it's going to make them more likely to show up for the rest of the product.

If they haven't completed it yet, it will make them probably shout you from the rooftops is like, Oh my gosh, I can't believe this person, like actually is taking my advice or taking my feedback and like improving their product.

I mean, it's just, it's huge in terms of goodwill, and it's huge in terms of, you know, improving your completion rate for future people that purchase the product or their service.

So those are my thoughts. Those are my kind of like, two quick or maybe easy ways to boost completion is to look at how you are incentivizing it, like you know, you're giving them a bonus module or you're giving them an end of product or end of service reward. And then can you break it down into smaller chunks and make it easier for them to consume.

If you liked this topic, definitely check out our Action Lab resource and go to membervault.co/actionlab and the next episode is actually the last episode and it's going to be talking about engagement.

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• [Transcript] Optimize podcast episode 5: 2 easy ways to boost completion rates