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5 min read

The Power of Keyword Research: Boosting Revenue through Effective SEO

The Power of Keyword Research: Boosting Revenue through Effective SEO

Keyword research is the crucial first step in developing an effective content marketing and SEO strategy. Yet many businesses fail to dedicate enough time and resources towards understanding their target keywords. Without selecting the right keywords to focus on, you run the risk of wasting effort creating content that fails to attract your ideal audience and drive conversions.

This guide will walk through a strategic, goal-oriented approach to keyword research services. By starting with your end revenue goals and working backwards, you can determine the precise volume and positioning of keywords needed to achieve your objectives.

Are you aware that the phrase "Keyword Research Services" alone generates hundreds, if not thousands, of search queries on Google every month? When you consider all the different variations of this search, we're talking about several hundred queries each month.

What can we deduce from this information?

It suggests that a significant number of business owners and executives, like yourself, are actively seeking ways to increase web traffic, generate more leads, and ultimately boost revenue through their website and digital efforts.

Moreover, it appears that many are starting to realize that traditional forms of advertising, such as billboards, television, radio, and print ads, are outdated and no longer effective.

Consumers nowadays prefer a more engaging and attention-driven approach. When it comes to capturing attention, Google holds the key. If you want your products and services to be discovered online, it is crucial to abide by Google's rules, which include over 200 ranking factors. Some of these factors include having a secure website, mobile-friendly design, and fast page loading speed.

However, even if you tick all the boxes when it comes to ranking factors, you may still fall short of your goals. This could be due to various reasons, but ultimately, it boils down to your strategy. Surprisingly, many new websites and content are launched without careful consideration of keyword selection. It is even amusing to see digital agencies disregarding keyword research. So, don't worry, you are not alone in this, even among the so-called "experts."

Now, you might be wondering how to properly conduct keyword research services. What does it entail? Let me guide you through the step-by-step process I follow when providing keyword research services for my clients.

1: Start with the end goal in mind

Begin by envisioning your ultimate objective. Determine the amount of a specific product or service that you aim to sell through digital platforms. To exemplify, let's assume your organization intends to generate an additional $5 million in recurring revenue within the next year by introducing a new product and service offering.

2: Breakdown revenue into units

Let's determine the number of units you need to sell in order to achieve your revenue goals with that specific product or service. For this example, let's assume that the annual customer value is $50k. In order to reach $5 million in sales, you would need to secure 100 new customers.

3: Determine opportunity to close ratio

To determine your opportunity to customer close ratio, it's important to make some assumptions, especially if you're offering a brand new product or service. I recommend having both a conservative and aggressive estimate to work with. For instance, in our example, let's consider a conservative close ratio of 10%, meaning that you win 1 out of 10 deals, and an aggressive ratio of 25%, where you win 1 out of 4 deals.

4: Determine lead to opportunity ratio

In a similar vein, we need to determine the number of Marketing Qualified Leads (MQLs) that our marketing team must generate to create enough opportunities and achieve our revenue goals. To provide context, let's assume that within a 12-month timeframe, we can elevate approximately 30% of our Marketing Qualified Leads to the status of Sales Qualified Leads (SQLs).

5: Determine Web traffic to Marketing Qualified Lead (MQL) Ratio

At this stage, it is crucial to assess the correlation between your current web traffic volume and the number of leads generated. Conversion ratios in different industries typically range from 1% to 5%. For our scenario, let's assume that we achieve a 3% conversion rate from web traffic to Marketing Qualified Leads (MQLs).

6: Determine Keyword Search Volume to Web Traffic

Now that we have defined our objectives and determined our ratios, it is essential to develop a strategic keyword plan that will effectively drive traffic to our website. The keywords we choose must directly align with the products and services we offer, ensuring they generate enough volume without being overly challenging to rank for. It is crucial to strike the right balance and select keywords that will captivate our target audience and lead them to our website successfully.

Keyword Research
 

There are several tools on the market that help with determining keyword search volume and rank difficulty; I personally love SEMRush however it may be a bit pricey for a novice just starting out. A great free tool for performing small queries is Keywords Everywhere. It’s a plugin for Chrome or Firefox that provides results right in your browser. I use both of these tools combined with Google Search Console data to come up with solid estimates for keyword volume.

7: Determine Keyword Performance Assumptions

After identifying the keywords we want to target, it's essential to determine the expected performance based on industry competitiveness and the authority of your website. If your domain is new and you're going after highly competitive keywords, this strategy may not be successful unless you have a substantial budget for acquiring backlinks through guest posting. For the purposes of this example, let's assume that we will achieve a top 3 ranking for 50% of our targeted keywords.

8: Determine Your Customers Average Selling Price (ASP)

The final piece of information we’ll need to determine is your Customer Average Selling Price over a defined period of time. All you have to do is divide your sales by the number of units sold, say during a 12 month period. For example, if you sold 100 units and had sales of $100,000 your average selling price is $1,000.

9: Evaluate Your Assumptions

Now let’s run the calculations against our keyword targets to get a sense around how our inbound campaign might perform.

 keyword research services

Now let's focus on "Example A" in our illustration above. This scenario assumes that all the keywords we are targeting will rank in the top 3 organic positions on Google, with most of them even reaching the number 1 position. While this may be possible, it is highly unlikely unless we absolutely excel in our efforts. Example A provides us with a glimpse of the best case scenario and helps us understand our potential upside.

Now, let's shift our attention to the more conservative scenario, "Example B." In this case, we are planning to secure the top rank for only about 50% of the identified keywords. We assume that 3% of these keywords will turn into Marketing Qualified Leads (MQLs), and out of those, 30% will become Sales Qualified Leads (SQLs). With a close ratio of 10% and an average selling price (ASP) of around $50k, this scenario would only generate $2.5 million in revenue against our $5 million target, leaving us with a $2.5 million shortfall. Clearly, this is not an ideal outcome.

If we feel confident about our current assumptions, we have two options. First, we can increase the number of keywords we target to bring in a higher volume of web visitors. Second, we can implement tactics that will ensure higher rankings for our chosen keywords, such as link acquisition programs that we will discuss in a future blog post. If we choose to pursue keywords, we will need to invest more in content creation. On the other hand, if we decide to invest in backlinks, we must be strategic in selecting the keywords as this can become quite expensive. Perhaps the best approach is a combination of both strategies.

Having a content strategy that includes keyword research services will help us evaluate whether we have a winning or losing strategy well before we publish our first pieces of content. It is important to note that while the current data available is good, it is far from perfect. Therefore, we should give ourselves enough margin to ensure that we don't fall short of our traffic, conversion, and revenue goals.

Conclusion

Conducting thorough keyword research services before creating any content or links can determine whether your efforts will succeed or fail. By starting with your ultimate revenue goals, working backwards to model expected traffic, leads, and sales, you can select the precise keywords needed to get there.

Be sure to make reasonable assumptions regarding rank potential and conversion rates. Evaluate whether more keywords or higher rankings are required to achieve your goals. Having this clarity upfront allows you to build an effective content strategy and SEO roadmap tailored to business growth. Revisit and refine your keyword research as you collect performance data over time.

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