The Boston Consulting Group, a leading advisor on business strategy, recently surveyed 4,800 business owners to learn the economic impact Yelp has on small businesses. The results are eye opening: small businesses with a free business owner’s account saw an average of $8,000 in annual revenue from Yelp.
Even more interesting, the survey revealed that Yelp advertisers benefit nearly three times as much, generating average annual revenues from Yelp of more than $23,000.
For certain categories, the returns were even higher. Breaking out the numbers, we saw a number of categories doing exceptionally well advertising to purchase-minded Yelpers:
Home — $54,000*
Automotive — $39,000*
Local services — $36,000*
Hotel and travel — $36,000*
Shopping — $24,000*
Health & Medical — $20,000*
* Average annual revenue from Yelp
Considering that our typical local advertiser spend is $4,200 annually, that’s a pretty good ROI for these savvy businesses.
Find out more details on the study Here.