About three years ago, Yelp launched its revenue estimation tool to enable local businesses to compare their Yelp-driven business to the national average. It would multiply customer leads sent from Yelp each month by the business's average revenue per customer lead. It also included the average spend per customer for each business category for reference.
Yelp recently made some improvements to the tool, including personalized results, and more control. The tool now includes three separate inputs to help business owners adjust and refine their estimate based on their unique business.
"When it comes to calculating revenue per customer, we let you tell us what makes the most sense for your business," Yelp's Darnell Holloway recently wrote in a post on the Yelp for Business Owners blog. "You can edit these metrics at any time to receive an updated revenue estimate."
"Hitting 'Calculate' will multiply your answers by the number of customer leads Yelp has generated for your business," he explained. "The result is an estimated revenue opportunity. Track your estimated revenue over time and identify areas for improvement or opportunities for growth!"
To take advantage of the tool, simply log into your Yelp for Business Owners account.
Image via Yelp (Flickr)