What You Need to Know About Yelp’s Revenue Estimation Tool

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Yelp recently introduced a new tool to help businesses estimate how much of their business comes from the site. If this tool is news to you, or if you’re not sure why your brand should check it out, don’t worry; we’ve got it all laid out for you below.

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What it is:

The revenue estimation tool multiplies customer leads sent from Yelp each month by the business’s average revenue per customer lead, as well as including the average spend per customer for each business category to allow users to compare themselves to competitors.

Why it’s helpful:

The revenue estimate tool can serve brand marketers in a couple of different ways. First, it tells marketers how much money they are bringing in from Yelpers. It can be difficult to determine how many customers you get from social sites like Facebook and Twitter, but this tool allows marketers to have a much clearer idea.

It also gives marketers an industry standard to measure against. Depending on how well a brand is performing compared to the industry average, it may push the brand to try other methods to push its name and potential sales (perhaps through Yelp Ads, Yelp Offers, Check-In Offers or even just profile optimization).

How to set it up:

If you already have a business account through Yelp, you already have access to this tool. If you haven’t created a business account already, a few steps are required.

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Even if you haven’t taken the time to set up your restaurant page and encourage reviews, chances are very good that someone has already done the basics. If that’s the case, you need to claim it as your business before you can reap any of the benefits. Find your business listing on Yelp and then click the link labeled “Unlock this business page.” From there, you’ll be asked to create a business profile and prove your connection to the business. Once that’s done, you’ll be able to edit your business listing, add photos and access your revenue tool.

Even your not-so-shining moments on Yelp can make for some clever marketing opportunities. Not sure what we mean? Check out how some brands turned negative reviews upside down here.