3 Steps to Determine and Double Your Website Value
When it comes to your business, the only way to get ahead is to ask yourself some tough questions. And lately, there’s been one tough question that’s separated companies enjoying success from those who are barely surviving. So, if you’re ready to determine your business’s website value, let me ask you this zinger: “Is your website a business expense or do you treat it like an asset?”
How you view your website is a critical key in your business’s online success. In fact, it’s a conversation I have time and time again with CEOs and business owners nationwide!
Here’s the simple truth from every one of those conversations: you must look at your website as an asset. And you should be investing in it regularly. Now, in order to flip your website from an expense to an asset (and potentially double your website value), follow these 3 simple steps.
1. Define your website’s role
There are countless roles your website can fill, so first let’s assign a role to the website that’s right for your business and your needs. For example, if you’re in the business of selling women’s designer scarves directly to consumers, then a lead generating website probably isn’t the right role for your website. You clearly want your website to be a sales generating machine!!
On the other hand, if you’re selling a B2B professional service, like coaching, you’re going to want to consider leveraging that business website for lead generation, using it to establish your expertise in your field, furthering your voice as an industry authority, increasing brand awareness, or building a deeper connection with your audience through trust and likeability.
Which is right for your business? Well… it depends. But with some marketing guidance, know-how, and analysis, it is possible to determine where to start — and how to get to those goals of yours. Don’t worry — we’ll talk about where experts factor into this later. Meantime, back to our 3 easy steps…
2. Ask yourself: What am I willing to invest in this asset?
Now that your website has an actual purpose in your business, it’s time to determine what level of investment it needs to fulfill that role and your business goals. If the site is lead generating, the starting place there is to determine what your current lead acquisition cost is, what you want your lead acquisition cost to be and what you are willing to invest to increase leads and decrease acquisition cost (or maybe you are willing to increase acquisition cost for higher quality leads with higher conversion).
I’ve seen budgets from one end of the scale to the other, but it all comes back to what role your website has in your business and the associated goals. When we talk about investment here, it isn’t all cold hard cash. It could be investing time from the existing team to grow their knowledge, it could be bringing in training, hiring an additional team member or contracting with an expert.
3. How will you know if your asset is performing? (the answer is… metrics)
If you are going to invest, you definitely want to know what your return on investment (ROI) is going to be. Right now, you may not even know how many eyeballs see your website content, so you have no idea what kind of value your website has.
In order to assess ROI, you have to measure your outcomes. Based on the role of your website, create metrics and key performance indicators (KPIs) that you can actively measure and evaluate. The usual suspects for accomplishing this are:
- Google Analytics
- Google Search Console
- Social Insights (from Facebook, LinkedIn, Twitter, Instagram, Pinterest, etc.)
- Custom reports
Be sure to have analytics in place before starting improvements and campaigns so you have a baseline of comparison to be able to measure the performance towards the goals and return on your investment.
Ready to transform your business website from an online placeholder into a purposeful marketing machine?
Grab the CEO’s Guide to Digital Marketing to get insights like this plus learn:
- What you need to know about digital marketing (spoiler alert: it isn’t everything)
- What your team needs to know about digital marketing so you can hire real experts
- Red flags to watch to ensure you get the best results from your digital marketing efforts.
- How much you should expect to spend
Originally posted on my website at: https://www.fieryfx.com/determine-and-double-your-website-value-in-3-simple-steps/