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Sure. It’s nice to have a survey reveal the value of online reviews site Yelp for businesses. But you know what’s cooler? An actual revenue estimation tool – one that lets you know how much money Yelp is helping you make through lead generation.

Good news is: you’re not going to have to wait long to get your hands on such a tool.

monitoring online reviews

Determined to demonstrate its value to businesses, the popular online reviews aggregator recently launched “Revenue Estimate,” a new free tool that lets every local business owner judge how his or her business compares to national averages in Yelp revenue performance.

Revenue Estimate does this by multiplying monthly customer leads sent by Yelp by the given business’ average revenue per customer lead. It also takes into account the average spend per customer for each business category, as based on a recent study by the Boston Consulting Group.

(Don’t miss: “Monitoring Online Reviews? Here’s Everything You Need to Know about Yelp’s Review Filter”)

Check out the below screenshot of how the marketing and review management tool works:

monitoring online reviews

Matt Halprin, Yelp VP for Revenue and Analytics, said: “We think this new tool will be helpful to business owners for two reasons: first, it helps quantify the revenue opportunity Yelp is already sending to each business. Second, it establishes a revenue baseline for prospective advertisers, from which they can later evaluate the impact of their investment in Yelp Ads.”

While Yelp is popular for aggregating online reviews of local businesses, the site has also begun recently to focus on providing more local business data and insights to consumers and business owners alike. Its user dashboard (available for free for anyone who’s claimed a Yelp business listing) shows other kinds of data, including: customer interactions, OpenTable reservations, in-store check-ins, Yelper-uploaded photos, clicks for directions, and more.

Ready to get some real numbers down on paper? Just log into your Yelp business account and check out the “Revenue Estimate” tool today. Meanwhile, if you need help monitoring online reviews on multiple review sites, check ReviewTrackers out and we’ll help you get started with a free trial account for your review management needs.

Chris Campbell

Chris is the CEO of ReviewTrackers. He has helped tens of thousands of businesses hear, manage, and respond to what their customers are saying online.

Discussion

  1. Jo

    The Yelp revenue estimation tool grossly exaggerates the revenue generated (I have generated $0 from Yelp; the tool estimates I have generated $2600). It’s all about hyping the value of Yelp, and conning small business owners into thinking that paying their outrageous monthly advertising fees is somehow justified.

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