Yelp Offers New Free Revenue Estimate Tool to Businesses

On Monday, Yelp announced that it is now offering, in conjunction with The Boston Consulting Group (BCG), a free Revenue Estimate tool for businesses. If you have a business account with Yelp, you will now be able to log in and see the number of leads you have received from the site and the estimated revenue you have earned from those leads.

According to Yelp, the tool is able to provide estimates by multiplying the number of leads your business receives by the average revenue you receive per lead. Of course, the amounts are only estimates, but they can prove helpful to businesses.

Another addition you’ll see when you login to Yelp is a section that shows you the average amount a customer spends in each business category. This information is based on research by BCG.

Businesses can use this tool to better understand how Yelp benefits their bottom line. If you already use Yelp for marketing purposes, you’ll get a better idea of how the social site contributes to your campaign and how successful your tactics are.

How to Use Yelp For Digital Marketing Purposes

Create a Strong Presence

When you start using Yelp, make sure all the information you include about your business is complete and accurate. Things like your address and business hours are vital, and adding categories and a price range will help you attract more customers. You can also include a link to your website to assist with branding and traffic efforts. Yelp is a visual social network, so don’t forget to post lots of pictures!

Benefit from Word of Mouth

Word of mouth and recommendations from peers can be extremely powerful. With Yelp, you can encourage your customers to leave a review about your business, spreading the word and telling others why they should visit your location. Some users connect their Yelp account with their other social media accounts, which broadens the reach of their reviews.

Advertise Events

Does your business host events? If it does, Yelp is a great place to advertise them. The event info will be just a few clicks away from the glowing reviews your customers leave and has the potential to pick up some social media traction, making your event even more successful.

Share Discounts

If you use discounts as part of your marketing plan, you can post and advertise them on Yelp. If your customers know you post discounts to the site, they’ll check back regularly and may be more likely to leave a review about your business.

Respond to Both Positive and Negative Reviews

The Yelp review system makes it possible for you, as a business owner, to respond to reviews your customers leave. Taking advantage of this feature can help you engage with your customers and create a strong brand image and reputation. Thanking customers for their positive reviews is good practice, but so is responding to negative reviews. You likely have a company policy on how to work with unhappy customers, and that policy can cover online reviews. Whether you offer unhappy customers a discount or simply apologize for a bad experience, you will be branding yourself as a business that cares about its customers and works hard to make sure they have a good experience.

Yelp’s new Revenue Estimate tool is an excellent, and free, resource for business owners. It can help your company learn how the site is contributing to its success and can even help you better understand which tactics can help you get the most out of Yelp.