If you have something to sell, and someone to sell it to, you’re in business! That’s the easy part. To actually grow your business you need to systematically connect the thing that you sell to your customers, and do it at scale.
Revenue: The metric that is most important for businesses. Revenue is the amount of money your company makes from its products or services.
Traffic: Traffic is the number of visitors who come to your website. It’s a good metric because it tells you how many people are visiting your site and also how much time they spend on it. This metric can help you determine how well-known, trustworthy, and relevant your brand is in the market.
Conversion rate: Conversion rate measures the percentage of website visitors who complete the desired action after visiting a website or landing on an ad campaign page. This metric helps you gain insights into what actions are more popular among potential customers and which actions are less likely to convert potential customers into paying customers.
Key performance indicators (KPI) are indicators that measure the success of the business. They help in understanding what is working and what isn’t and how to improve on it.
There are many ways to track KPIs, but a few of them are:
1. Spreadsheets or databases to track information on your key performance indicators
2. Tools like Google Analytics, Adobe SiteCatalyst, or HubSpot to track website traffic and conversions
3. Tools like Salesforce or Microsoft Excel to track sales leads and opportunities
Knowing your numbers is crucial for a business owner. It helps you identify the key metrics that are important for your business and makes you aware of the areas where you can improve.
The numbers will help you make informed decisions about your business and what to work on next. They will also help you to identify opportunities for growth and make it easier for you to plan ahead for the future. Numbers make things simpler for you. They will help you understand your financial position and forecast your income, which will in turn allow you to plan for the future more effectively.
You have to know:
Take this example (with numbers, stick with me, it’s worth it):
#1 A medical clinic wants new patients for a procedure they are offering. They sell the procedure for $1500.
They are willing to spend $500 on getting a new patient in the door, which leaves a profit of $1000 (before costs). By the way, they are also counting on making even more from each new patient with follow up appointments and complementary services.
#2 For every 100 people that show an interest in the procedure, they find 10 people who sign up. That’s a closing rate of 10%.
#3 If they are willing to spend $500 to get one new patient, they can afford to buy leads for $50 ($500 * 10%) and know, without a shadow of a doubt, that they will be profitable.
Lead generation is a process that is worth putting in the effort to get right. It helps in getting more leads and converting them into sales.
Buying leads online is a common practice for many businesses. This technique is used by many companies to generate revenue and grow their business. But it can also be risky. The internet has made it easier to make contact with potential customers, but this also makes it harder to filter out the good leads from the bad ones.
The most important thing that you should do when buying leads online is to get a lead scoring system in place so that you can filter out those who don’t have any intention of buying your product or service and spend time on those who are likely to buy your product or service.
Buying leads is an important part of a business’s marketing strategy. It can help you generate more revenue and improve your ROI and increase customer satisfaction. This is especially true when you are selling a product or service that requires a lot of time to market.
There are many ways in which you can buy leads online but the most common method is through paid advertising.
Paid advertising, of course. No, not billboards, TV ads or radio spots. Digital advertising is the prescription for this job.
Digital advertising – usually called PPC, Facebook ads or Adwords – has ultra specific metrics so you can see exactly how much a lead costs. There are checks and balances to make sure you absolutely make money.
No more throwing money into a void and wondering if it was worth it. Understanding these three numbers is the only thing you need for predictable, scalable business growth.
Did you know that tracking metrics is the key to growth? If you don’t have a strategy for measuring your business, it’s difficult to know what’s working and what needs to improve. This may seem daunting when you’re just starting out, but it’s important to take small steps in the right direction.