Why would you want to know the business value of your online presence? Knowing the value of your web presence helps guide you on investment decisions, determining when to say “yes” and when to say “no”.
Note that we’re talking about the overall online presence of a business, including the website and internet marketing. Most businesses aren’t successful online without the support of Internet Marketing to drive qualified traffic to the company website.
Most businesses use their online presence to provide sales support and branding awareness. Other businesses may also use the web as a customer support tool. The online presence of a company is always changing so it’s important to prioritize the goals of the web presence to guide decision-making.
What is the primary goal?
Quantifying the value of a web presence utilizes goal priority to determine value. Sometimes appear to be of equal value. These competing goals put the overall investment at unnecessary risk because decision-making becomes unclear. Tying goals to an economic driver can help create clarity on priority. It’s important that all goals are prioritized and tied to an economic driver because the purpose for any financial investment is a return on that investment.
Lead generation and brand awareness are common goals that compete when they haven’t been prioritized. When you dig deeper, oftentimes the reason a company wants brand awareness is to drive sales.
Therefore, it makes sense to prioritize lead generation over brand awareness because lead generation ties directly to an economic driver, sales. Brand awareness will occur as part of the lead generation activity.
No matter what business you’re in, nothing should undermine the primary goal of your online presence. By focusing on the most important goal, you can easily say “no” to ideas that will undermine the top priority or “yes” to ideas that support it.
How do you quantify the value?
Once you’ve established your primary goal, the next step is to determine how to measure the value it brings to your company.
Given the scenario above, the primary value of a lead generation web presence can be derived by looking at the quality & quantity of leads, the sales cycle for those leads and the value of closed sales.
Also, be sure not to overlook cost-reductions that occur because the website exists. For instance, you might have lower costs related to customer service if you offer self-serve options on the website. If you didn’t offer this cost-saving service online, what additional costs would the company incur?
We often find that a qualitative analysis is very eye-opening to businesses and vary greatly from impressions held without the benefit of actual numbers. With a better understanding of the quantitative value your web presence brings to your business, you can take steps to improve it.
When you’re clear about the priority of online goals and the business value your web presence brings, the path to achieve online success becomes much clearer.