Understanding Your KPI (Key Performance Indicator)
When it comes to increasing revenue, we don’t believe in guessing. That’s why we pay close attention to our key performance indicators (KPI’s). By understanding our KPI’s, we sold over $1.5 million dollars worth of sports tickets in twelve months.
Here’s how:
1. We Knew the Value of Each Website Visitor:
Consider these numbers:
- Revenue per visitor: $0.10
- Revenue Goal: $100,000 in new revenue
- Traffic Needed: 1,000,000 visitors (100,000/.10)
Knowing the positive correlations between these rates helped us project what we needed to do in order to meet our revenue goals. The question was no longer “how do we sell an additional $100,000 online next year.” Instead, we asked “how do we drive an additional 1 million visitors to the website next year” which—when answered—answered our original question.
2. Know the Value of Each Visitor From Each Marketing Channel:
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