Yelp launched a new service for businesses to estimate the revenue that is generated from their reviews website. The service is called Revenue Estimator and it allows businesses to track the number of customer leads are generated from their Yelp profile. Yelp also provides an estimate for how much revenue is generated from the leads. The numbers are based on data from The Boston Consulting Group on average consumer spending across different retail categories.
Businesses can use the Revenue Estimator tool for free and is available for any local merchant that is on Yelp. “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. We?ve also included the average spend per customer for each business category for reference, based on the BCG study,” said Yelp VP of revenue and analytics Matt Halprin. The tool is available today.