Money!
Keeping track of your online business on a day to day level can give you valuable information about how smooth the machinery is running.
This tracking seems like the most obvious thing to do, however a lot of companies tend to forget this and use weekly or monthly evaluations to make sure that things are going the right direction.
Simple monitoring of the business can enable you to see immediate impact from previous day(-s) work effort. This gives a clear picture of the conditions of your business and at the same time the opportunity to act during the process.
When looking at virtual worlds some of the needed KPIs to be monitored are:
Traffic:
New traffic
Retention
..All related to marketing AND user experience on site.
Payment:
How many?
How much?
Pricing…
Depending on the specific product there are simple ways of increasing sales through Paying percentage and average spending.
Means like Payment promotions, Discount, special items for sale have different impact on the total revenue generated. To ensure the highest possible revenue one have to plan ahead to ensure harvesting the most from the community without draining the potential by flooding the users with too many options.
Looking at the process the funnel above shows the way from “new users” -> “Paying users”.
It is of great importance to ensure the upper part of the funnel is grabbing as many users as possible to secure getting the potential paying pool as big as possible.
The amount of money to be considered as potential revenue are depending on several factors; the products for sale, pricing, amount of products, and selling strategy.
There are no generic formula for getting this potential clarified but though a thorough observation of user behaviour, along with the product itself you CAN actually make realistic budgets/forecasts to chase – All you need is:
Measuring the right KPIs….
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