Here’s Two Secrets To Online Revenue Growth

Online Revenue Growth

How do you measure online business success and revenue growth?

One of the secrets to online revenue growth is identifying and defining your measures of success. Your measures of success are your key performance indicators (KPIs) and outcome metrics (ie … transaction conversion rate, average order value, task complete rate, etc) of your business website.

To help you with defining and configuring your KPIs and outcome metrics, you may require the assistance of a Conversion Rate Optimization Consultant with a web analytics background.

This blog post will help you frame your thinking about your measures of success.

So let’s start by thinking in terms of potential website outcomes.

The Internet is a two-way communication medium and the customer is in charge. Therefore, the only online business model that works is a win-win outcome. If your customers win, your business will win. The win-win (customer-centric) outcome creates a long-term sustainable and profitable online business.

As an online business owner, you should ask yourself two simple questions:

  • Did we make money?
  • Was the customer satisfied?

Really and truly, that’s all that matters.

Those two questions will enable you to define your key performance indicators (KPIs). In theory, a cluster of successful KPI metrics will add up to achieve your measures of success.

Let’s revisit those questions and apply some KPIs to them.

  • Did we make money?
    • What’s your customer acquisition cost?
    • How many leads do you generate per day?
    • What’s your average order value?
    • How many people per week subscribe to your mailing list?
    • How much engagement do you receive on social media per month?
    • How much content do you publish per month?
  • Was the customer satisfied?
    • What’s your website bounce rate?
    • What’s your task completion conversion rate?
    • How many pages do your customers visit per session?
    • What’s your average time on site?
    • What’s the percentage of repeat vs. new visitors per month?
    • What’s your customer satisfaction rate?

You can use the two measures of success questions and their corresponding KPI questions to guide your digital marketing strategy. Positive results and increases in performance will have a direct affect on your online revenue.

This is where tacit digital marketing knowledge will be required. Tacit knowledge (as opposed to explicit knowledge) is the kind of knowledge that is difficult to transfer to another person by means of writing it down or verbalizing it.

You will need the help of a digital marketing consultant or digital marketing expert on your team, to craft a strategic and tactical plan to achieve your measures of success.

The practice of digital marketing requires proficiency in digital analytics. In order to move the needle, you’ll have to dig deep into website user data, search engine data, competitor data, and customer data to reveal insights that will achieve your measures of success and fuel your growth strategy.

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