Yelp Unveils Revenue Estimation Tool for Local Businesses
A new Yelp tool is helping local businesses figure out how much of their monthly revenue can be credited to the Yelp platform.
The Revenue Estimate tool is launched after the recent release of a Boston Consulting Group study that claims local businesses with a free Yelp account obtain an average of $8,000 in annual revenue from the location-based platform. It is important to note that the tool is free to all businesses that have claimed their Yelp profiles.
According to the Yelp blog, Revenue Estimate multiplies customer leads sent from Yelp each month by the business’s average revenue per customer lead. Additionally, Yelp includes the average spend per customer for each business category as a reference, which is based on the Boston Consulting Group study. Business owners simply need to login to their Yelp account in order to start using the tool.