What will it take to pay for that holiday you need? How much must you save for your kid's education? What sum do you need for business growth?
Imagine this: Whatever you want or need, let’s say it takes an extra $24,000 in the next year to do it.
That sounds like a big goal. However, if you work backwards, it becomes a bit easier.
Fill in the blanks - $24,000 is:
- $2,000 a month...
- ...and your average sale value is XX
- ...which means you need XX sales a year
- ...or XX sales a month
That's suddenly not impossible, is it?
And when you’ve got online reviews potentially boosting your reputation, increasing traffic, and engaging customers, I bet you can already feel the warm holiday sunshine on your face.
To show where reviews can add value, we've built a free ROI calculator.
The calculator takes your current traffic and conversion rates, and then pits your data against the increases online reviews through Trustpilot can give if you’re engaged with your customers.
The result is a set of figures for your year, showing you where online reviews can help. The calculator has no guarantees: it’s just to give you an idea of how realistic your online review goals are.
How to use it in 5 simple steps
Step 1: Download the Excel sheet (above right)
There are three versions of the ROI calculator: one for pounds (£); one for dollars ($); and one for euros (€).
Download the zip file and you'll get them all. Then just choose which one you want to work with.
Step 2: Read the instructions & fill it in
When you open up the Excel sheet, you’ll see the first tab.
Read through the information and then click the tabs at the bottom for a calculator specifically for Conversion or Traffic.
Step 3: Fill in your numbers on the Conversion and Traffic tabs
We’ve made it super simple to navigate. Just fill in the yellow boxes with your info. We’re using the dollars version in our examples.
When you stick some data into the yellow boxes, you’ll see a table automatically fill with how much you could potentially be earning with Trustpilot reviews, alongside your potential improved conversion rate and sales number.
Of course the figure is just an estimation; it takes some work on your part to keep customers engaged (we have some top tips on customer engagement here).
In the example, you can see this company has 10,000 visitors a month and 500 convert each month, meaning a 5% conversion rate. Average orders are $50.
By increasing the conversion rate by 8% to the new 5.4% goal, this could mean an additional $2,000 per month for this company.
You get a breakdown in monthly sales increases and well as a yearly earning potential.
Of course, it’s not a promise this will happen. But join Trustpilot and get valuable feedback from your customers, and this is what you could be missing out on.
It’s a similar process with the Traffic tab. Just click it and fill out the numbers, like the same example company has done.
Let’s say the company gets 1,000 PPC impressions a month, and 500 through Ad Traffic. Current monthly spend on PPC campaigns is $10,000, and they want a decrease in cost-per-click of 5%.
Here’s what it looks like:
In this example, Trustpilot could - if all reviews are being watched, replied to, and placed correctly on site - be reducing your PPC spend by $500 dollars a month.
Step 4: See everything in one place
Once you’re done, click the ‘Executive Summary’ tab to see where your savings, and profit, can be made overall. The summary for our example company looks something like this.
So in total, this company could see...
- An earnings increase of $2,000 a month = $24,000 a year
- PPC earnings increase of $329.5 per month = $3,954 a year
So a grand total increase in earnings of: $27,954 a year. Just by collecting, responding to, and displaying reviews.
What do you think? Is it a cool calculator? Well there's still one step left which we'll leave to you.