What Drives Revenue For Your Business Online?

Do you know what online sources drive the most revenue for your business and how much? SEO, paid search, email, apps, direct traffic, social media, other referral sites can all be important channels. The number of different mediums through which people can reach you line is astounding.

Knowing this information is not always easy to determine but like a lot of things in business having the processes in place to identify what’s working and what’s not makes things a whole lot easier, and more profitable.

In marketing, too many people get confused with the top of the marketing funnel and the seemingly endless number of options to reach people online. A diversified company has smaller funnels fueling the larger marketing funnel.

the purchase funnel

Big Things Can Have Small Beginnings

Many times it’s simpler to start at the bottom and work you’re way up. The first step is prioritization and knowing your average financial value of a lead and customer, the end of the sales funnel. From there, you can start segmenting out where the customers are sourced from.

Do you know what sources of online traffic are most profitable? It’s not just volume of traffic, it’s quality of traffic so it’s critical to understand your analytics and have tracking in place to measure channel conversions.

You should also measure leads by device type. How does the data compare for desktop/laptop vs. tablet vs. mobile. All this data should be accessible and advertising spend allocation should take into account conversion rates by device.

Using Web Analytics

In web analytics programs such as Google Analytics, which is a free tool, you can enter the destination URL of different important pages on your website. This could be contact form submission, the download page for resources where you’re capturing emails, or a proposal or quote request. Of course if your website is for ecommerce, your most important pages for goals can be your payment confirmation page.

Through PPC, a focus on SEO and Analytics, you can get a ton of useful information on keyword search queries, your most popular pages, user geographic locations, gender, and device type usage. With all this info, you can better determine which channels and mediums to invest in.

Testing

While having data points is critical, it’s also important to test different channels and variants of landing pages and advertising to determine which have more success. Offers and designs may have more distinctive appeal to disparate groups of people. This is especially true when the company is targeting a clientele population base with different genders, income levels, and geographic location.

tying the knot

Closing the Loop

So why do you need all these processes and data for your business? Because, If you don’t have adequate data on where your leads come from, what their interested in, and how you can better interact and connect with them, building a successful sales funnel online isn’t likely to be fruitful. The benefits of having a system in place include:

– Drive higher quality leads into the sales funnel
– Better insights of targeted customers
– Support company culturally and cross-functionally

By developing the systems to better capture and convert traffic, you’ll see a notable improvement in how your business’s processes to turn leads into revenue. This makes your business more scalable and profitable.

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