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" I wonder how much revenue we actually generate from our website, emails, blogs and social media posts?".
The individual that made this comment to me works for a business that is committed to being actively involved in their community. They sponsor events and provide staff for local civic causes and donate locally to enhance the community's quality of life. Pictures are taken of events and posted to social media. Emails are sent in support of local events and causes. The reality is none of this could be done unless they are making a profit to give back to the community. That being said, revenue generated from these efforts is critical business intelligence.
A common mistake is to attribute activity with revenue generation. This is similar to having a salesperson who makes a ton of calls , but does not close any business. Don't confuse traffic with revenue.
HOW DOES A NON E-COMMERCE WEBSITE GENERATE REVENUE?
Successful websites lead visitors through the buying journey.
Download- visitors are doing research and want to see how you compare
- .Case Studies- visitors want to know if you have helped a similar company.
- Contact Us- visitors call or email your business to learn more
- .Request for Quote- visitors have completed the research process and are ready to make a decision.
Download- visitors are doing research and want to see how you compareThe revenue generation piece is not complicated and simply requires alignment between sales and marketing. A few basic questions and revenue generation is easy to measure.
- How many contact requests did we receive?
- How many website generated request for quotes did we receive?
- What was the dollar value of business closed?
- What is the profit after expenses?
Do the math. Choose an attribution model that makes sense for your business.
Common attribution models include:
- Last Click- only count Request For Quote and Contact us.
- First Click- Only count Downloads and Case Study Clicks or some relevant webpage.
- Linear- each interaction has equal value- you may want consider email clicks to website.
- Staircase- Download/Case Studies/Email clicks= x, Request For Quote/Contact us= 2X
Example:
In the last 6 months your company sold $60,000 in business attributable to website visits.
Review of Google Analytics shows a total of 100 Request for Quotes/ Contact Us visits.
Last Click Model:
($60,000 - Expenses)/100= Revenue generated per click for Request For Quote/Contact Us
This is all predicated on the proper installation of Google Analytics. If you are not comfortable determining if Google Analytics is setup properly and you are measuring the correct parameters then you should consider seeking the help of a professional.