When Revenue Isn’t There Yet, How Do You Know You’re Winning?
How Do You Know It’s Working?
Early in a business’s growth journey, especially for startups, consultancies, and service-based brands, revenue might lag while a lot of effort is already happening behind the scenes. But traction is real when you can measure progress that predictively leads toward revenue later.
As Harvard Business School experts remind us, it’s not enough to track final outcomes alone, we need intermediate signals to understand where prospects are on their journey and where friction exists.
And, as I like to say, you don’t get married after one date. It takes time to build an audience, grow a brand, and make money.
So, what meaningful KPIs tell you, “this is working,” even before revenue?
1. Attention & Awareness Indicators
These are early signals that your brand is being found and remembered:
Impressions & organic search visibility: Growing impressions in search engines (via tools like Google Search Console) means your SEO is working. It says there’s rising demand for what you talk about.
Unique Visitors & page views: Volume plus trends over time tell a story about expanding reach. More unique visitors means a wider audience is discovering your content.
Time on page / scroll depth: Engagement depth doesn’t always show up in conversions early but significant dwell time shows people are actually reading and learning about what you offer.
Social impressions & shares: People seeing and sharing your ideas without buying anything yet still signals brand resonance and credibility.
These metrics are about demand formation. A steepening curve here means the market is learning about you.
2. Engagement & Intent Metrics
This is the stage where strangers become friends and friends eventually become customers.
Click-through rates (CTR): Whether from search results or email campaigns, CTR helps you see intent to engage which is a huge clue that your messaging is landing.
Newsletter & email engagement: Subscriber growth itself is significant but engagement with your newsletter is even more telling, because email remains one of the most effective ways to reach and convert audiences. According to industry data, 90% of Americans are subscribed to at least one newsletter, and email marketing is consistently one of the highest-ROI channels compared to other digital tactics.
Tracking open and click rates over time tells you whether your content is valued not just delivered.
Lead magnet downloads / resource sign-ups: Opt-ins for guides, worksheets, tools, webinars are active signals of intent well ahead of purchase.
Why this matters: Newsletter lists aren’t just vanity numbers. They represent permission! These are people willing to receive your thinking. Even without immediate sales, this is a real asset that you own, unlike social followers who might never see your next post.
3. SEO + Organic Content Momentum (The Slow Burn That Wins)
Great content rarely explodes overnight, but over time it compounds.
Improving keyword rankings and search impressions: Before you see big clicks, you see impressions rise as Google begins to trust your content.
Backlinks / long-tail keyword growth: Collateral references from other sites (or ranking for niche long-tail queries) demonstrates that the ecosystem values your content.
Content funnel progression: A blog post that later becomes a lead magnet, then a newsletter mention, then a resource download is serious traction over time.
Content marketing, SEO, and SEM is a slow burn and it’s precisely that long-term build that leads to sustainable organic authority.
4. Community & Behavioral Signals
These are often overlooked but deeply predictive of future success:
Community engagement: Comments on posts, replies to newsletters, interactions in forums or groups indicates active participation, not passive consumption.
Repeat visits: Someone returning to your site or content is showing continued interest, a strong signal that the message resonates.
Feedback loops: Surveys, responses, qualitative feedback from early users all teach you what to refine before revenue arrives.
5. Conversion Micro-Signals
Before revenue, there are mini-conversions that matter:
Micro-conversions I track:
Newsletter subscribes
Lead magnet downloads
Webinar registrations
Resource page visits
Clicks to contact/request consult
Tracking these helps you understand which next steps your audience is ready to take.
Even if the conversion isn’t a sale yet, these actions show willingness to engage and progress.
Put KPIs in the Context of Your Own Objectives
At the end of the day, KPIs are not arbitrary. They should reflect intentional strategy. As Harvard Business School experts point out, tracking the right intermediate metrics reveals where prospects get stuck or move forward along the marketing funnel.
Instead of fixating on revenue alone, here’s a powerful mindset:
Revenue is the lagging indicator and KPIs are your leading indicators.
Investors, partners, and internal teams all read growth curves differently:
Revenue signals ability to monetize
Email engagement signals permission and interest
Search visibility signals demand and visibility
Content engagement signals credibility and trust
Why These Metrics Matter Most Before Revenue:
They reduce risk: You learn where people drop off or proceed before you invest more time or ad spend.
They build assets: Email lists, SEO ranking, and content authority become owned channels that compound over time.
They tell a story: For investors, clients, or collaborators, these metrics prove momentum even without the bottom line shown yet.
The Craft of Measurement
As you track metrics like page views, CTR, USB growth, and content engagement, remember this guiding principle:
Measurements should inform decisions, not just report outcomes.
Ask yourself:
What does growth here mean for my strategy?
Where should I double down?
Where do I pivot or experiment more?
Those questions turn numbers into insight and insight into traction.
Want us to help craft you a measurement plan, or create a full strategy for you?
