Starting today, every local business owner can use our new Revenue Estimate tool to judge how her business from Yelp compares to the national averages from the survey.
Last week, a Boston Consulting Group Study indicated that local businesses with a free Yelp account saw an average of $8,000 in annual revenue from Yelp. For businesses advertising on Yelp, this figure was more than $23,000.
This new FREE tool does the math by multiplying customer leads sent from Yelp each month by the business’s average revenue per customer lead. Businesses are able to set their own average customer spend, visits per customer, and their estimated lead conversion rate.
We think this new tool will be helpful to business owners for two reasons:
First, it helps quantify the revenue opportunity Yelp is already sending to each business.
Second, it establishes a revenue baseline for prospective advertisers, from which they can later evaluate the impact of their investment in Yelp Ads.
If you’re a business owner, log in today to start tracking your Revenue Estimate on Yelp!