With so many SEO companies claiming to get your website to the top spot, it is impossible for everyone to be number one all the time! But what is possible is determining how well your website is contributing to your business…or hurting your bottom line. Read on to find out how you can calculate what your website search engine rank is really worth.
There is a direct correlation between your position in search results and your bottom line. When someone Googles a term related to your business, do you appear near the top of the first page, or are you buried somewhere further down the list on the tenth page?
There have been many studies that show the further up you rank in a search engine, the more positive impact this may have to your revenue potential.
So, how much is your website’s search engine rank position contributing to your business’ bottom line?
nuBranch has put together an online calculator to demonstrate the impact that your website’s organic search rank has on your revenue potential.
Before we get into the calculations, some definitions are in order. These definitions are best illustrated using the example below.
Web Page Impressions
Let’s assume you own a wellness clinic and someone searches for “massage therapy”. If your website appears in this person’s search, this is called an impression.
A web page records an impression when it is returned as one of the results in a search engine results page (SERP for short).
Keep in mind that an impression does not necessarily mean everyone will see the link to your website; your website can appear on the first page of the search results or on the tenth page (where very few will see it!) What determines how many people will click the link to your website is your position in the search results.
Side Note: To find out how many impressions your website receives for a particular phrase or keyword, log in to your Google Search Console (formerly Google Webmaster Tools). Once logged in, click on Search Traffic in the left panel, and then select Search Analytics. By default, only Clicks are displayed. Check the box labelled Impressions at the top of the page to view the impressions data for all keywords.
Click Through Rate
As mentioned earlier, the position of your website in the SERP (search engine results page) is very important. Recent studies have shown that being in first position gets you approximately 34% of the clicks in all searches. The chart below illustrates the breakdown for Desktop and Mobile searches.
Source: Advanced Web Ranking
As you can see from the chart, the top 10 positions account for approximately 88% of all visitor clicks:
Position 1: 34%
Position 2: 17%
Position 3: 11%
Position 4: 7.5%
Position 5: 5.5%
Position 6: 4%
Position 7: 3%
Position 8: 2.5%
Position 9: 2%
Position 10: 1.5%
These click percentages are known as the Click Through Rate or CTR for short.
Click Through Rate is the ratio of users who click on a specific link to the number of total impressions of a web page link.
Now, let’s return to our Massage Therapy example. Let’s say your website gets 5,000 impressions every month for massage therapy searches. If your website typically ranks #1, then you should get approximately 1,700 clicks
5,000 impressions x 34% = 1,700 clicks
Website Conversion Rate
Now that you have 1,700 people visiting your website, how many of these visitors are going to turn into leads? A website lead is anyone who signs up to an offer, joins your newsletters, phones or emails you for more information etc. Think about it as someone who takes action or does something based on visiting your website.
The number of website visitors turning into leads is called your website conversion rate.
There are many factors that determine how many website visitors turn into leads. Some of these are: website design, loading speed, mobile-friendly design, proper use of call-to-actions, and more.
Let’s say your website conversion rate is 10%. That means 170 of your website visitors are converted into leads
1,700 visitors x 10% = 170 website leads
Business Conversion Rate
Out of these 170 leads, how many can you turn into actual paying customers? This varies depending on industry, location of your business, how competitive the industry is in your area etc.
For the sake of our example, let’s assume your customer conversion rate is 20%.
170 website leads x 20% = 34 paying customers.
Revenue Potential – Ranked #1
Since we are in the business of massage therapy, if the average value of a one-hour massage is $100, then the total monthly revenue from your website for Massage Therapy searches is $3,400:
$100 per massage x 34 paying customers = $3,400 per month.
Revenue Potential – Ranked #3
Now, the above assumed your website ranked number one for massage therapy searches. For the sake of argument, if your website was ranked #3 (not number 1), your website would have received only 11% of all clicks (see the click-through rate breakdown for the top 10 positions earlier in this article).
5,000 impressions x 11% CTR = 550 website visitors
550 visitors x 10% website conversion = 55 leads
55 leads x 20% leads conversion = 11 customers
11 customers x $100/customer = $1,100 per month
Based on that lower search engine rank, our website would have converted a total of 11 monthly customers (instead of 34), which results in a total of $1,100 potential monthly revenue. This is a $2,300 difference just by dropping two positions in the search rank!
Website Revenue Calculator
Now it’s your turn! Use the calculator below to calculate what your website search engine rank is worth. You can change any of the variables we mentioned earlier, like your search impressions, rank position and conversion rates.
Improving Your Website Rank
If the numbers aren’t so great, don’t be discouraged. There are many ways you can improve your website’s rank which will help increase your revenue potential. One way to improve your website’s rank is by implementing a search engine optimization (SEO for short) strategy. In some cases, simply fixing some on-page SEO issues will often boost the website’s ranking quite a bit.
The best way to know whether your website is suffering from any technical SEO issues is by getting a Website Audit done for your website. The audit will reveal if your website is missing any meta titles and meta descriptions, have any broken links, missing a site xml map or have duplicate content, just to name a few.
Your website is a source of revenue for your business. To maximize your revenue, your website needs to be continually optimized for search engines in order to achieve a top ranking position in search engine results pages. That’s where your website can benefit from a well-implemented SEO strategy. But that’s only half the story. Converting website visitors into leads can be challenging in a very competitive industry. If your website is already ranking well in the SERP, but suffers from a low conversion rate, it might be time to evaluate the design of your website. Having an old website or a website that is not mobile-friendly can be hurting your conversion rate and your bottom line.