Money, money, money. There is nothing more important to your business than revenue. It doesn’t matter which strategies you implement to boost revenue. What matters is that you are happy with this überly important KPI.
But let’s backtrack for a second. You can’t sit around and hope for the best. If you want to generate more revenue, it’s important to understand the steps you can take to make this happen.
Here is the million dollar question: what steps are you taking to reach your revenue goals?
Below are three KPIs to track, all of which will have an impact on your bottom line:
Of course the more qualified traffic your website gets the greater chance you have of making a sale. When you combine increased traffic with a focus on conversion rate optimization, it won’t be long before you notice a positive impact on revenue. We wrote this article on how we increased our own conversion rates at Dasheroo.
Don’t get so caught up on the total number of visitors that you overlook other traffic metrics such as:
- New users – You want to focus on “new” people that come to your site and watch if they’re converting to a sale.
- Returning users – You want to keep this number constantly growing but your New Users should always be greater than returning users!
- Top keywords – You should always keep an eye on your search engine optimization queries in Google Analytics to see where your position is and what keywords are getting people to your site.
- Referral sources – If you see that a specific site you’ve been listed on is giving you quality traffic, you should reach out to the site owner to see what more you could be doing together. Obviously something it working.
- Most visited pages – Make sure you optimize your most visited pages for conversion.
You can generate as much traffic as you want, but you won’t make any money if you aren’t converting visitors into buyers.
This is why it’s essential to fully understand your sales cycle. This can be accomplished through the implementation of a conversion funnel. With this data guiding you, you can tweak your sales process to generate more leads and close more deals.
At Dasheroo we just listed out all of the customer touch points whether it be via email or a person. Then we automated some of the manual work and brought our “days to pay” in a few days and our conversion rates increased!
Every purchase, regardless of size, starts with a lead. Some prospects will make an immediate purchase. Others, however, remain in your pipeline for an extended period of time.
Increasing revenue means generating more leads. It also means knowing the origin of your leads, cost of acquisition, and lead to sale ratio. We’ve got a ton of information on Sales KPIs.
By far, revenue is the most important KPI you can track. Just make sure you have a clear idea of which KPIs help you reach your revenue related goals. This is as simple as working backwards!