Yelp is rolling out a new tool for local businesses.
On Monday, the company announced “Revenue Estimate,” a resource that enables small business owners to figure out how much revenue they’re generating from their Yelp listings.
Yelp says the free tool does the math by multiplying customer leads sent from Yelp each month by the business’s average revenue per customer lead.
The launch of Revenue Estimate comes on the heels of a new study, the findings of which show that local businesses with a free Yelp account generate an average of $8,000 per year more than businesses without a Yelp account.
For advertisers, on the other hand, revenue was up $23,000.
“We think this new tool will be helpful to business owners for two reasons,” Yelp announced on its official blog. “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.”
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