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An estimation tool to help define the value of a lead.
A ‘CLIENTS’ VALUE TO YOUR BUSINESS?
What is one customer/client/lead worth to your business based on ‘sales’ before all expenses, taxes are taken out?
We have created this tool/calculator to help people start the thinking process, ask the questions of what leads are worth, and how their business website may help increase those leads.
Most businesses are looking for ways to generate more leads/customers. Websites can be a great way to do this, but the question remains; how much are they worth?
The answer: it depends on your industry. For some businesses, website leads may not be worth as much as others. Generally speaking, the leads are most valuable in industries where:
- There is a high customer conversion rate
- Leads convert into revenue quickly
- The cost of lead generation is low
- Leads have a short duration before they’re qualified or disqualified
It’s also important to consider what you’re willing to offer in exchange for the lead. In general, consumers want something valuable in return for providing their contact information. So how much are website leads worth?
What are website leads worth?
The value of website leads is different for everyone. It depends on your industry, willingness to trade info for lead quality, and other factors. In general, consumers want something valuable in return for their contact information, so it’s important to weigh the pros and cons of giving out this information.
It could be a give away document (needs to be of real value to your users, and possible something they are looking for to help them make a decision relative to the services/products you are offering), an offer for more information or other, you need to know what your lead is worth, what their retention is worth to your business and then allocate time/spend in respect to the potential growth of your business.
Some industries are better at converting website leads into revenue than others. For example, most consumers will not convert into a purchase until they know more about the product or service you’re offering. So if you’re selling a high-ticket item that requires a long sales process to close a deal, then the person who clicks through will not have as much value as someone who does not require this time commitment from your business.
It’s also worth noting that each method of generating website leads has its own set of costs. It all depends on what your business needs at any given time and how you decide to promote your business in order to grow your customer base – start somewhere, set benchmarks and learn what works and what doesn’t for your business. Talk to a website developer or marketer and see what suggestions they have for your business.
What factors can increase the value of website leads?
- If the lead is of high quality
- If the lead is inexpensive to generate
- If the conversion rate for leads is high
- If the conversion rate for leads is quick
- If the cost per qualified lead (CPL) is low
The key to increasing website leads worth and creating a profit from these leads in your industry, evaluate these factors. If you can change any of them, you may be able to increase the value of your website leads. For example, if you can find an inexpensive way to generate more quality leads in a short amount of time, that would likely increase their worth. The CPL also needs to be low enough for you to make a profit off of those lead conversions. And if you have an industry with a high conversion rate and low cost per conversion, that will also increase their value.
What methods could increase your website leads?
It’s not always easy to generate website leads, especially if your business doesn’t have a website. For some businesses, it may be impossible to generate leads without a website. But there are other methods for generating more website leads and capturing information about these consumers before they’re qualified or disqualified:
- Email marketing
- Social media
- Content marketing
- Search engine listings
Many businesses find that email marketing is one of the most effective ways to increase their website leads. And when you combine email with SEO, content marketing, and search engine listings, you’ll have an even better chance at converting these leads into sales. Email can yield more than eight times the number of conversions as social media.
What budget should you allocate to your marketing?
It’s hard to allocate a budget when you don’t know how much you’ll need. One thing you can do is estimate the revenue and costs of your business for the next 12 months.
A great way to do this is by looking at your previous sales and expenses for the year. Once you have these numbers, divide them by 12 to get an average monthly total.
This will give you a more accurate estimate of what you can spend on marketing. You might be surprised to find out that there’s room in your current budget for marketing!
Website leads are a valuable marketing asset. They are the foundation of your online business, so they need to be nurtured and developed.
There are a number of factors that will affect the value of your website leads. Things like industry, budget, and conversion rate can all impact the demand for your website leads.
Marketing an online business is a balancing act. You need to allocate enough time and resources to grow your website leads while still making sure you have enough money to invest elsewhere in your business.
The value of your website leads will increase as you’re able to convert more and more of them into paying customers. The more you learn about your audience and the better you’re able to engage with them, the more valuable your website leads will become.