How much should you invest in your online presence?
By Jim Thompson
I think by now we all accept that we at least have to have a website even if it’s just so people can find our phone number.
When did you last use the yellow pages or a phone book?
I’m sure we all also agree with the need for some sort of electronic corporate brochure but how do you work out how much you should invest?
Should you treat it the same way you may treat other forms of marketing – like a necessary evil or something that requires you to take some sort of leap of faith?
Or should you expect a measurable return on your investment?
I say absolutely yes you should but you can’t do that if you don’t determine what it is that you want to measure.
Let’s put aside the intangibles such as brand awareness, capability statements, electronic brochures etc and just talk new business lead generation.
Your online presence investment should stack up on lead generation alone and you get the rest as a bonus.
This calculator will help you work out the minimum you should invest in your online lead generation activities including your website.
The calculator compares current lead generation and conversion performance in terms of the dollar value of sales you generate with future performance based on increasing the number of leads and the conversion ratio.
From there you can ask yourself how much you would be willing to pay for this additional income. To help you with this you can also use the lead value calculator to help determine what your leads and sales are currently costing you.
If we run our own business numbers through it with a 10% increase in leads and conversions, that adds approximately $300k to our turnover making it a no-brainer.
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