Connect with us

MARKETING

How to Calculate Your Web Traffic to Increase Website Revenue

Published

on

How to Calculate Your Web Traffic to Increase Website Revenue

You want to know how to calculate website traffic. That’s smart since your website’s value is both the traffic AND the revenue it can bring in.

Making sure your site works? Check your web traffic. Reacting to changes in your industry? Your website traffic data can help you see how you’re doing.

Measuring web traffic can help you build realistic goals and strategies that lead to increased revenue for your business.

To get started, keep reading, or jump to the section you’re looking for.

Why measure website traffic?

Measuring website traffic can help you pinpoint the performance of specific strategies and campaigns. This data can also help you see if leads are dropping off because of a drop in traffic, forecast annual trends, and notice when a page or link breaks on your site.

Your website traffic tool is like the thermometer in your house. You might think it feels cold, but that tool tells you exactly how cold it is. This helps you decide whether it’s worth turning the heater on.

So, maybe you think your website traffic is lower than it should be. Website traffic data can give you:

  • Page views
  • Referral sources
  • Time on-page

This information can help you figure out where your website needs work and how to make it perform better.

It helps you answer both big-picture and granular questions about your marketing, sales, and growth strategies.

Before You Start Collecting Web Traffic Data

Many businesses claim to be data-driven. But 27% of surveyed small businesses don’t have a documented business strategy.

Without a clear strategy, you can’t use data to help your business grow. And if you’re not measuring current website performance, it will be difficult to set realistic goals.

Monthly website traffic chart

Comparing your website traffic with competitive benchmarks is one place to start. But even if you know how many visitors you think your website should be getting, this data won’t help you understand where your numbers are now. It also won’t help your team work together to reach your goals.

These three steps will help you create a useful web traffic strategy. They can help you make sure that your data analysis is meaningful to your lead, sales, and revenue goals.

1. Decide what questions you want to answer with your data.

Businesses often fail because they’re asking the wrong questions. So, before you start gathering data, it’s important to think about the questions your business wants answers to.

Keep in mind that your questions may change over time. A startup with a month-old website may have questions like:

  • Why is the bounce rate so high?
  • What sources will bring the most qualified leads?
  • Why is blog traffic rising in May, but dropping in July?
  • Where is most referral traffic coming from?

But once your site has been live for five years or more, you may have different questions. These might include:

  • How accurate is this data?
  • Why does this page generate so many conversions?
  • Why have visits gone down on some pages but not others?
  • Why are visitors exiting from the home page?
  • Is the website getting good ROI?

These questions mostly point to one big question:

How much traffic does your site need for you to reach your revenue goals?

Your questions should be specific to your website, business, and your unique goals. While it may be tempting to jump to the next step, spend some time thinking about questions for your site.

You might want to speak to stakeholders across your organization to see if they have ideas too. A SMART goal-setting template can also simplify your goal-setting.

2. Choose the right key performance indicators (KPIs).

Website analytics tools can give you a lot of data, and quickly. A single tool may offer over a hundred different ways of measuring your website data.

So, before you get lost in all the options, it’s best to start with the KPIs that align with your business goals.

For example, say you want to increase pricing for your top tier of products. KPIs that could help you track how this decision has an impact include:

  • Page views for product pages
  • Revenue
  • Traffic by source
  • Bounce rates from pricing pages
  • Sessions for returning customers

It’s a good idea to focus on a handful of key metrics. Measuring and tracking too much data can create a situation where you spend more time watching your data than acting on it.

If you’re not sure which data is right for your business goals, this post goes into more detail on choosing KPIs.

3. Figure out how often you will collect and analyze your data.

Before you begin collecting data, it’s a good idea to set a time frame for data collection.

Checking data can sometimes feel like checking your social media feed. If you check too often, you may be spending more time watching your data than acting on the insights it offers. If you check it infrequently, you may misinterpret the ups and downs of your website traffic.

So, set a consistent cadence for monitoring your web traffic. This can help you make sure that you have an accurate picture of what’s working and what’s not.

If you’re in a fast-moving industry or recently launched a new website or product, daily checks may be useful. But if you can’t act on insights quickly, a weekly schedule for checking website traffic may be a better fit.

How to calculate website traffic example: Daily traffic report

It’s also smart to set aside time to do more detailed analysis of your site traffic. Many businesses will do this monthly or quarterly. Depending on the scale of your organization, you may want to create a separate data schedule for partnerships or campaigns. This can make it easier to isolate this specific data for review.

Once you set a schedule, stick to it. Then, create clear documentation for other members of your team so they can fill in or take over when it’s needed.

For example, if you’re compiling weekly reports, choose a set date for the week to begin and end. If your reporting for each business week starts on Saturday, then shifts to Sunday a few months later, you’ll end up with unreliable data.

1. Choose an analytics tool.

There are many great tools to analyze web traffic. These three tools are popular favorites.

Analytics Tool 1: HubSpot CMS

This tool collects website traffic information including:

  • Page views
  • Sessions
  • Time on page
  • Exit and entrance rates
  • Bounce rates

Reporting in HubSpot connects to platform features including sales, marketing, and service software. This means that you can easily track data through the entire customer journey in one single tool.

Analytics Tool 2: Google Analytics

This popular analytics tool is a helpful tool for collecting website traffic data. It’s free to use and offers many different ways to organize and analyze website data.

This tool offers a range of detailed reports including:

  • Real-time traffic reports
  • Acquisition reports
  • Engagement reports
  • Monetization reporting

Analytics Tool 3: Mixpanel

Besides tracking web traffic, Mixpanel offers product usage and customer behavior data. This is an advanced tool that can give users real-time data across websites and apps.

Features for Mixpanel analytics include:

  • Interactive reports
  • Team dashboards
  • Segmentation options
  • Group analytics

If you’re just starting your research and want to dig deeper into your options, check out this list of top analytics tools.

2. Install the software’s tracking code.

While tracking code installation is different for each tracking tool, most use a special script to collect data. It’s simple to add this script to your site to start analyzing your traffic.

Here’s a step-by-step guide to adding the reporting tracking code with HubSpot. If you’re not a HubSpot customer, you can get started with HubSpot here.

Step 1: Click the gear icon to access Settings after you’ve logged into HubSpot.

How to calculate website traffic instructions: Settings

Step 2: Navigate to Tracking & Analytics in the left-hand menu.

How to calculate website traffic instructions: Tracking and analytics

If you’re using Marketing Starter or HubSpot’s free tools, navigate to Tracking Code in the left sidebar menu.

For all other subscriptions, navigate to Tracking & Analytics > Tracking code in the left sidebar menu.

Step 3: Under the Tracking Code tab, in the Embed code section, click Copy.

How to calculate website traffic instructions: Embed code

You can also click Email to my web developer to send the tracking code to the team member who will be installing it on your site.

Step 4: Install the tracking code on your website.

To install the tracking code, paste the code before the closing </body> tag in the HTML code on each page of your site.

Step 5: After you install the tracking code, learn how to verify installation and troubleshoot the code.

You may want to check with someone else on your team before adding and troubleshooting your tracking code. While this process is simple, these steps will vary based on how your business manages your website.

3. Use the software to track website sessions.

Once you add your tracking code to your site, it may take up to 24 hours for data to appear. Once data starts populating in your dashboard, it’s time to start analyzing.

Every tool will have different reporting options, but this is a quick overview for analyzing your data with HubSpot.

Step 1: In your HubSpot account, navigate to Reports > Analytics Tools.

How to calculate website traffic instructions: Reports

Step 2: Click Traffic Analytics.

How to calculate website traffic instructions: Traffic analytics

Step 3: The tabs at the top let you analyze different types of data.

How to calculate website traffic instructions: Analyze

Step 4: Filter your data by time range or frequency.

How to calculate website traffic instructions: Filters

Step 5: Review the types of data and metrics that answer your questions.

Step 6: Export the report to save your data.

How to calculate website traffic instructions: Export

4. Calculate change over time.

While most analytics tools are easy to use, data analysis can be tough. There are countless ways to parse web traffic data.

There are many ways that you can calculate change on your website. You might be a little overwhelmed by all the options, and that’s normal. If you’re new to web traffic analysis, this guide to commonly used website tracking terms can help.

The formula below is a great place to start as you begin to measure your website performance over time.

Traffic Growth

Let’s say we’re calculating traffic growth from February to March. A simple formula to calculate this change is:

How to calculate website traffic formula: Traffic growth

(March sessions – February sessions) / February sessions

Here’s a numerical example: (1,530-1090)/1,090 = 0.4036

Percentages are easier to read at a glance than decimals, so you may want to convert this number to a percentage by multiplying your result by 100.

For example, .4036 x 100 = 40.36%

5. Dive deeper on your traffic sources.

Once you have a clear picture of growth and other key KPIs, you may have already found some issues you want to work on.

One common question for sites with low visit and session numbers is where website traffic is coming from. There are many different sources that can contribute to your website traffic.

How to calculate website traffic example: Sources

These four sources are the most common:

Direct

Direct traffic usually comes to a web page through other pages on your website. Traffic might also show up as “Direct” when a user types your URL directly into the browser. Direct can also act as a catch-all source for many analytics tools.

Organic search

This website traffic comes from search engines like Google, Bing, and DuckDuckGo. These sources usually show up in your analytics reports automatically.

That said, it’s a good idea to take a look at your settings to make sure that you understand the automatic settings in your tool. For example, DuckDuckGo shows up in organic search sources on some platforms, and in direct sources on others.

Referral

Referrals are site visits that come to you from other websites through backlinks. You can learn more about backlinks in this free lesson.

Social media

These sources show you how much traffic is coming from social media. Some tools will also separate paid and organic social media sources.

As you begin using your analytics to solve problems and troubleshoot to improve your strategies, you may want to learn more. To get you started, check out this guide to website traffic sources.

Now that you’ve learned the basics of measuring your website traffic, it’s time to talk goals.

How to Calculate Traffic Goals to Increase Website Revenue

You may already be familiar with revenue marketing. It’s a strategy that many of HubSpot’s prospects, customers, and partners use.

But it’s also complex and it takes a lot of work to put into action. Marketing analytics tools make it easier to get the data to run the model. But if you’re just learning how to predict and measure ROI from inbound marketing, you may want something simple.

These are the basics:

Revenue Goals Determine Sales Goals

Sales Goals Determine Lead Goals

Lead Goals Determine Traffic Goals

How to calculate website traffic for revenue chart

Let’s talk about how to convert website traffic to revenue step-by-step.

1. Calculate the number of new customers you need in a month.

Most companies have monthly or quarterly revenue goals. If you’re a small business owner or startup and you don’t have these goals, set your goals today. If you’re in marketing and you don’t know what the plans are, sit down with your leadership team and ask, “How can I better support the monthly revenue targets?”

Once you have that number, use this goal to calculate the number of new customers you need each month. The formula is simple:

How to calculate website traffic formula: New customers per month

Monthly revenue goal / Average revenue per new customer = Goal for number of new customers per month

2. Calculate the number of leads you need to hit your new customer goal.

Now that you have a rough number of customers you’re looking for, it’s time to calculate how many leads you need.

To calculate this number you’ll need the average website lead to customer conversion rate for your business. Your conversion rate is the number of leads that take the action you want them to take.

If your business relies on cold calling, this could be tough to figure out. But most businesses will have an appointment to customer close ratio.

If your business doesn’t have a process for calculating your conversion rate, there are also tools that can help. This sales conversion calculator makes it easier for your team to decide conversion and drop-off rates for your sales leads.

Once you have this number, use the formula below to calculate your goal for leads.

How to calculate website traffic formula: Lead generation goal

New customer goal / Lead to customer conversion rate = Lead generation goal

3. Calculate the traffic you need to meet your lead goal.

To calculate how much traffic you need, you’ll want to figure out your website visitor to lead conversion rate. If you just started tracking your website traffic it may be difficult to calculate this number.

That said, some businesses have lead tracking set up. With lead tracking you can automatically see:

  • Lead sources
  • Where leads are in the sales and marketing process
  • Who is working with each lead

If you’re keeping track of the number of leads you’re getting from your website per month, you should be able to combine this figure with your most recent website traffic numbers.

If you’re not able to calculate your visitor to lead conversion rate, do an online search for averages in your industry. Companies that do online lead generation right can get a visitor to lead conversion rate that’s 10% or more in some industries.

Once you have this number, use the formula below to calculate how much website traffic you will need to meet your revenue goals.

How to calculate website traffic formula: Website traffic goal

Lead generation goal / Website visitor to lead conversion rate = Website traffic goal

What Comes Next: How Do You Improve Your Website Traffic?

Calculating website traffic comes after you’ve built your website and started posting content. But this process isn’t an end, it’s a beginning. As you continue to check your site traffic, you’ll develop a better understanding of your customers and how they use your site. These insights will help you build better marketing, products, and strategies.

It’s easy to get overwhelmed once you start looking at your website data every month, but stay open. If you keep learning, your traffic, leads, sales, and revenue have nowhere to go but up.

This post was originally published in April 2010 and has been updated for comprehensiveness.

New Call-to-action

Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

MARKETING

(Re)Introducing your favorite Optimizely products!

Published

on

(Re)Introducing your favorite Optimizely products!



It’s important to us that you, our valued customers and partners, can identify with the tools you use daily.  

In that pursuit, Optimizely set out to simplify the way we talk about our product suite. That starts, first and foremost, with the words we use to refer to the technology.  

So, we’ve taken a hard look at everything in our portfolio, and are thrilled to introduce new names we believe are more practical, more consistent, and better representative of the technology we all know and love.  

You may have seen some of these names initially at Opticon 2022 as well as on our website. In the spirit of transparency, the team here at Optimizely wanted to make sure you had full visibility into the complete list of new names, as well as understand the context (and rationale) behind the changes. 

So, without further ado… 

Which names changed?  

Some, but not all. For your ongoing reference, below is a complete list of Optimizely products, with previous terminology you may be familiar with in the first column, and (if applicable) the new name in the second column.  

Used to be… 

Is now (or is still)… 

Meaning… 

DXP 

Optimizely Digital Experience Platform 

A fully-composable solution designed to support the orchestration, monetization, and experimentation of any type of digital experience — all from a single, open and extensible platform. 

Content Cloud 

Optimizely Content Management System 

A best-in-class system for building dynamic websites and helping digital teams deliver rich, secure and personalized experiences. 

Welcome 

Optimizely Content Marketing Platform 

An industry-leading and user-friendly platform helping marketing teams plan campaigns, collaborate on tasks, and author content. 

DAM 

Optimizely Digital Asset Management 

A modern storage tool helping teams of any size manage, track, and repurpose marketing and brand assets (with support for all file types). 

Content Recs 

Optimizely Content Recommendations 

AI-powered and real-time recommendations to serve the unique interests of each visitor and personalize every experience. 

B2B Commerce 

Optimizely Configured Commerce 

A templatized and easy-to-deploy platform designed to help manufacturers and distributors drive efficiency, increase revenue and create easy buying experiences that retain customers. 

Commerce Cloud 

Optimizely Customized Commerce 

A complete platform for digital commerce and content management to build dynamic experiences that accelerate revenue and keep customers coming back for more. 

PIM 

Optimizely Product Information Management 

A dedicated tool to help you set up your product inventory and manage catalogs of any size or scale. 

Product Recs 

Optimizely Product Recommendations 

Machine-learning algorithms optimized for commerce to deliver personalized product recommendations in real-time. 

Web 

Optimizely Web Experimentation 

An industry-leading experimentation tool allowing you to run A/B and multi-variant tests on any channel or device with an internet connection. 

Full Stack 

Optimizely Feature Experimentation 

A comprehensive experimentation platform allowing you to manage features, deploy safer tests, and roll out new releases – all in one place. 

Personalization 

Optimizely Personalization 

An add-on to core experimentation products, allowing teams to create/segment audiences based on past behavior and deliver more relevant experiences. 

Program Management 

Optimizely Program Management 

An add-on to core experimentation products, allowing teams to manage the end-to-end lifecycle of an experiment. 

ODP 

Optimizely Data Platform 

A centralized hub to harmonize data across your digital experience tools, providing one-click integrations, AI-assisted guidance for campaigns, and unified customer profiles. 

 

So, why the change?  

 It boils down to three guiding principles:  

  1. Uniformity: Create a naming convention that can be applied across the board, for all products, to drive consistency 
  2. Simplicity: Use terms that are both practical and concise, ensuring the names are something that everyone can understand and identify with  
  3. Completeness: Develop a framework that showcases the full and complimentary nature of all the products and solutions within the Optimizely suite 

 As the Optimizely portfolio comes together as a complete, unified platform, it’s important that our names reflect this, as well as support our 3 key solutions (i.e. orchestrate amazing content experiences, monetize every digital experience, and experiment across all touchpoints).  

Other questions? We’ve got you covered. 

Q: Why have you made these product name changes? 

    • We wanted to simplify how we talk about our portfolio. The renaming applies a naming convention that is both practical and concise.  

 

Q: Do the new product name changes affect the products I own? 

    • No, there is no impact to product functionality or capabilities.  

 

Q: Do the new product name changes affect who is my Customer Success Manager or Account Manager?  

    • No, there are no changes to your Customer Success Manager or Account Manager. 

 

Q: Do the new product name changes affect the ownership of the company?  

    • No, ownership of the company has not changed. We have only made changes to the Product Names. 

 

Q: Have any contact details changed that I need to be aware of?  

    • Only contact details for former Welcome customers has changed. These are the new contact details you should be aware of: Optimizely, Inc.| 119 5th Ave | 7th Floor | New York, NY 10003 USA. Phone: +1 603 594 0249 | www.optimizely.com 

 

Q: Where can I send any follow up questions I might have?  

    • If you have any questions about the Product Names, please contact your Customer Success Manager or Account Manager.  


Source link

Continue Reading

MARKETING

Email Marketing Trends 2023: Predictions by the Industry Stalwarts

Published

on

Email Marketing Trends 2023: Predictions by the Industry Stalwarts


Every year, we see new trends entering the world of email marketing.

Source link

Continue Reading

MARKETING

5 Simple Things You Can Do To Improve the Content Experience for Readers

Published

on

5 Simple Things You Can Do To Improve the Content Experience for Readers

Who doesn’t like to have a good experience consuming content?

I know I do. And isn’t that what we – as both a consumer of content and a marketer of content – all want?

What if you create such a good experience that your audience doesn’t even realize it’s an “experience?” Here’s a helpful mish-mash of easy-to-do things to make that possible.

1. Write with an inclusive heart

There’s nothing worse than being in a conversation with someone who constantly talks about themselves. Check your text to see how often you write the words – I, me, we, and us. Now, count how often the word “you” is used. If the first-person uses are disproportionate to the second-person uses, edit to delete many first-person references and add more “you” to the text.

You want to let your audience know they are included in the conversation. I like this tip shared in Take Binary Bias Out of Your Content Conversations by Content Marketing World speaker Ruth Carter: Go through your text and replace exclusionary terms such as he/him and she/her with they/them pronouns.

Go through your text and replace exclusionary terms such as he/him and she/her with they/them pronouns, says @rbcarter via @Brandlovellc @CMIContent. #WritingTips Click To Tweet

2. Make your content shine brighter with an AI assist

Content published online should look different than the research papers and essays you wrote in school. While you should adhere to grammar rules and follow a style guide as best as possible, you also should prioritize readability. That requires scannable and easily digestible text – headings, bulleted text, short sentences, brief paragraphs, etc.

Use a text-polishing aid such as Hemingway Editor (free and paid versions) to cut the dead weight from your writing. Here’s how its color-coded review system works and the improvements to make:

  • Yellow – lengthy, complex sentences, and common errors
    • Fix: Shorten or split sentences.
  • Red – dense and complicated text
    • Fix: Remove hurdles and keep your readers on a simpler path.
  • Pink – lengthy words that could be shortened
    • Fix: Scroll the mouse over the problematic word to identify potential substitutes.
  • Blue – adverbs and weakening phrases
    • Fix: Delete them or find a better way to convey the thought.
  • Green – passive voice
    • Fix: Rewrite for active voice.

Grammarly’s paid version works well, too. The premium version includes an AI-powered writing assistant, readability reports, a plagiarism checker, citation suggestions, and more than 400 additional grammar checks.

In the image below, Grammarly suggests a way to rephrase the sentence from:

“It is not good enough any longer to simply produce content “like a media company would”.

To:

“It is no longer good enough to produce content “as a media company would”.

Much cleaner, right?

3. Ask questions

See what I did with the intro (and here)? I posed questions to try to engage with you. When someone asks a question – even in writing – the person hearing (or reading) it is likely to pause for a split second to consider their answer. The reader’s role changes from a passive participant to an active one. Using this technique also can encourage your readers to interact with the author, maybe in the form of an answer in the comments.

4. Include links

Many content marketers include internal and external links in their text for their SEO value. But you also should add links to help your readers. Consider including links to help a reader who wants to learn more about the topic. You can do this in a couple of ways:

  • You can link the descriptive text in the article to content relevant to those words (as I did in this bullet point)
  • You can list the headlines of related articles as a standalone feature (see the gray box labeled Handpicked Related Content at the end of this article).

Add links to guide readers to more information on a topic – not just for SEO purposes says @Brandlovellc via @CMIContent. #WritingTips Click To Tweet

You also can include on-page links or bookmarks in the beginning (a table of contents, of sorts) in longer pieces to help the reader more quickly access the content they seek to help you learn more about a topic. This helps the reader and keeps visitors on your website longer.

5. Don’t forget the ‘invisible’ text

Alt text is often an afterthought – if you think about it all. Yet, it’s essential to have a great content experience for people who use text-to-speech readers. Though it doesn’t take too much time, I find that customizing the image description content instead of relying on the default technology works better for audience understanding.

First, ask if a listener would miss something if they didn’t have the image explained. If they wouldn’t, the image is decorative and probably doesn’t need alt text. You publish it for aesthetic reasons, such as to break up a text-heavy page. Or it may repeat information already appearing in the text (like I did in the Hemingway and Grammarly examples above).

If the listener would miss out if the image weren’t explained well, it is informative and requires alt text. General guidelines indicate up to 125 characters (including spaces) work best for alt text. That’s a short sentence or two to convey the image’s message. Don’t forget to include punctuation.

General guidelines indicate up to 125 characters (including spaces) work best for alt text, says @Brandlovellc via @CMIContent. Click To Tweet

For both decorative and informative images, include the photo credits, permissions, and copyright information, in the caption section.

For example, if I were writing an article about Best Dogs for Families, I would include an image of a mini Bernedoodle as an example because they make great family pets. Let’s use this image of my adorable puppy, Henri, and I’ll show you both a good and bad example of alt text.

An almost useless alt-text version: “An image showing a dog.”

Author’s tri-colored (brown, white, black, grey wavy hair), merle mini Bernedoodle, Henri, lying on green grass.

It wastes valuable characters with the phrase “an image showing.”

Use the available characters for a more descriptive alt text: “Author’s tri-colored (brown, white, black, grey wavy hair), merle mini Bernedoodle, Henri, lying on green grass.”

It’s more descriptive, and I only used 112 characters, including spaces.

Want to learn more? Alexa Heinrich, an award-winning social media strategist, has a helpful article on writing effective image descriptions called The Art of Alt Text. @A11yAwareness on Twitter is also a great resource for accessibility tips.

Improve your content and better the experience

Do any of these suggestions feel too hard to execute? I hope not. They don’t need a bigger budget to execute. They don’t need a lengthy approval process to implement. And they don’t demand much more time in production.

They just need you to remember to execute them the next time you write (and the time after that, and the time after that, and the … well, you get the idea.)

If you have an easy-to-implement tip to improve the content experience, please leave it in the comments. I may include it in a future update.

All tools mentioned in the article are identified by the author. If you have a tool to suggest, please feel free to add it in the comments.

If you have an idea for an original article you’d like to share with the CMI audience, you could get it published on the site. First, read our blogging guidelines and write or adjust your draft accordingly. Then submit the post for consideration following the process outlined in the guidelines.

In appreciation for guest contributors’ work, we’re offering free registration to one paid event or free enrollment in Content Marketing University to anyone who gets two new posts accepted and published on the CMI site in 2023.

HANDPICKED RELATED CONTENT:

Cover image by Joseph Kalinowski/Content Marketing Institute



Source link

Continue Reading

Trending

en_USEnglish