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By Nick Bayley, CEO, MYeMetrics
It’s a sad fact. Most website owners do not know the crucial website metrics for their website. Instead, they know things that have very little relevance to anything like:
- Unique visitors
- Page views
- Bounce rate
If you went to your bank manager and told them how many unique visitors your website is receiving, to be perfectly honest, they would not care in the slightest. But if you tellthem how much a lead is worth to you per month and how many leads you have, then they would sit up and take notice.
Why?
Because it’s a metric that has to do with how much money you’re making.
So if you’re serious about making more money from your website you need to know the key metrics to do that. And here are the 7 key metrics you need to have at your finger tips:
Customer lifetime value – If a customer is worth $30 to you and you increase that figure to $60. Guess what has just happened? You have put a lot of extra money in your bank account with very little extra effort. Because it’s a fact, the hardest thing is to get a 1st time customer. So if you know what your customer lifetime value is and you set about increasing it then your profits will go up and up.
How many new leads you’re getting – You need to know how many new leads you got today, yesterday or any time frame you choose.
Visitor value – It is extremely important that you know how much a unique visitor is worth to you. It’s virtually worthless knowing how many unique visitors your website is getting without knowing this figure. When you know how much your visitor value is then you can go and confidently buy more visitors. That’s a position of tremendous power and the ability to have massive growth quickly in your Internet business.
How many new 1st time customers you’re getting – To run your website like a real business you need to know how many new sales you got today, yesterday or within any time frame you choose.
How Much Is A Lead Worth – Is a lead worth $1 to you a per month, 50 cents per month or…? What if a lead is worth to you $2 per month….do you think you could buy a few leads for less than that? See, knowing these figures can cause your Internet business to take off like nothing else. Knowledge, in this case, is power.
Cost per lead – Let’s say you have a lead per month value of $1, and you’re spending $1.10 to get a new lead on your database. Obviously short term you’ll be losing money, but wait a couple of months and you’ll be making a profit. The ideal would be to break even on the front end and then make money a month down the track. If you can do that then you’ll make a LOT of money. But the key is to know how much a lead is worth to you per month.
Leads into customers – You need to know the percentage of your leads that are being turned into customers and then you need to try to improve that percentage.
Do you know why you need to know these crucial website metrics?
Because you can’t improve what you don’t measure. If you don’t know how many new customers you acquired within the last 7 days within a few second how can you improve?
If you don’t know how many new leads you received in the last 30 days how can you improve? If you don’t know your visitor value how can you confidently buy traffic?
So now you know the key metrics you need to know for your website, but that raises a BIG problem.
It takes a lot of time, along with needing to be the right type of personality to be able to get and track this crucial information. Most website owners who try to do real testing and tracking to get the type of numbers I’m talking about, find it’s hard work and they give up.
If you’re in that boat don’t feel bad, because so did I. I’ve been running online businesses since 2002 and didn’t have this figured out until September 2010 when I started my own solution to this problem. I now get all of my website testing and tracking done for me and I have opened this up so other website owners can get the same thing for them. To see more about this service simply go here to watch a free video
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