Is Your Site Getting the Credit It Deserves? Part 1
Defend-the-Web-site time at your company? How to collect the ammunition you need and make a case for the bottom line.
Defend-the-Web-site time at your company? How to collect the ammunition you need and make a case for the bottom line.
New client the other day, but the same old problem: an underperforming Web site, a vague mandate from management to “make the site more effective,” and a small budget.
First question: What do you mean by “more effective”? I quickly learned the client is focusing on just a fraction of its Web channel value.
You’re not the only professional communicator battling constantly to justify your Web efforts. If you haven’t identified and quantified your Web site’s value in real dollars, it’s high time you did.
Value comes in two flavors: additional revenue and reduced costs. We typically look at two types of value behaviors: direct and indirect. First, the direct ones:
Next, estimate the lifetime value of new customers finding you via the Web. Maybe they began the relationship with a small buy. But understanding and quantifying what that may lead to is a key exercise.
average leads closed / total leads x average revenue per sale = lead value
Be sure to get credit for that.
First, you have to know your baseline costs. Average per-call call center costs, for example, can range from $3.50 to well over $10; answering an email can cost $1.50 to $3.50 or more. The cost of a site-based service transaction is usually well under $1.
As they say, do the math. Understand the volume of each correspondence type and the related cost. Then you can determine the efficiencies of the Web channel. For example:
These are just a few examples of direct values that are fairly easy to quantify for many sites. They’re also quick exercises to provide the ammunition you need when it’s Web channel defense time at your outfit.
Next time, indirect value measurements, such as the site’s value as a research tool in the buying process, customer satisfaction, and more.
In the meantime, consider all the different ways your Web site impacts your bottom line. Start calculating that impact in hard cash.
Let me know other ways you measure the value of your Web channel.