How To Know When You’ll Earn Your First Dollar

Posted by brettr under Sales
From http://www.bitesizebschool.com 4231 days ago
Made Hot by: centrifugePR on April 11, 2013 4:08 am

Is there really a way to know when you’ll earn your first dollar? If you had that information, how would you use it? Like so many things in business, we can use historical data and project from it an approximation of when your first customer will land on your website.

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by brettr
4223 days ago

That's right Ti. It's one thing to build lots of traffic and then scratch your head why nothing is converting. Don't let all of your traffic building efforts go to waste. Build traffic with a focus on your target audience.

- 0 +

Written by jeffmachado
4224 days ago

Wow - awesome insights here. Sobering, yes, but awesome nonetheless. This is what is truly takes - a lot of us miss this. Thanks Brett.

- 0 +

Written by brettr
4223 days ago

Thanks Jeff. Yep - this article gets back to the basics and what is truly needed to make it happen. When those numbers intersect, you'll make a sale, get an email sign-up or what ever it is you're trying to convert.

- 0 +

Written by brettr
4225 days ago

I will do one on that topic and orient it toward small online businesses, since that is what bitesizebschool.com focuses on.

- 0 +

Written by brettr
4225 days ago

Hi Lyceum. You are very right - traffic is key to generating sales. And the more targeted that traffic, the lower your [Visitors Per Month] number will be.

In regards to your second question: there are many ways. The sales cycle is certainly another important metric. Release of products and upgrades to them depend on how you run sales cycles. Each product can have its own cycle. But all of those products being within the same company means their sales cycles must be coordinated. It's an involved topic that's a little long for just a comment.

- 0 +

Written by tiroberts
4223 days ago

Great explanation of how traffic and sales work together, Brett. Not to long ago, I published a post about this topic. Just because you have a ton of traffic doesn't mean you're raking in the doe. Focusing on the quality of the traffic and engaging them is where the real dollars will be made down the line.

Ti

- 1 +

Written by lyceum
4225 days ago

Brett: Thanks for your reply. I look forward to read posts on the sales cycle in the future! Keep the entries coming! :)

- 1 +

Written by lyceum
4225 days ago

Brett Romero: Thanks for sharing the conversion formula: [Visitors Per Month] X [Conversion Rate] X [Price of Product] = [Revenue]. Is it all about enough traffic to your site and knowing the rate of converting the numbers of visitors to paying customers? Do know about other ways to measures to measure the sales process?

- 0 +