Every business aspires to get the #1 ranking in Google but is it really worth it? Is it possible to put a currency value on this Google ranking. Our answer would be a resounding ‘Yes’. In order to create a proper SEO & Marketing campaign, a critical step would involve establishing this value. You must set realistic expectations and budgets. But that does not mean that you will believe that a budget of $100 will bring in $100,000 of new prospects. Now that would be very unrealistic.
Calculating the Value of Google Ranking
It is possible to calculate the value to the business of the website ranked #1 on Google as it tells us the number of people who search using any phrase that we nominate for the target market. From there we will know the percentage of people who view a Google search results page, click on the #1 ranking and thus we will get an idea of the ability of the website to convert the visitors into leads. We can also know the total value of the sales and the ability to convert a lead into sale.
Let us see how we can know the worth of a Google ranking. First open the free Google keyword tool in your browser. Type the key phrase there and select the box which states that show only ‘ideas closely related to the search terms’. In the advanced filters and options you need to select the location and the languages. Do not tinker with the rest of the options. No click on ‘search’.
A set of results will be produced. Now search for your phrase of interest and against it there will be a column – local monthly searches. There will be a number under this heading. This represents the average number of searches per month in a targeted region. For example, you may see an average of 840 searches per month for that key phrase.
Many researchers have shown a trend that as many as 42% of searchers click on the first result of the Google search result page. So out of 840 searchers per month, around 353 searchers will click on the first result and will be re-directed to our website.
On an average, a website would be able to convert a minimum of 2% of visitors into leads. So it means that out of 353 visitors, we can expect around 7 – 8 leads per month. By leads we mean phone calls, emails and online form submissions. Now again if you have a 60% lead to sale conversion rate, then you can definitely expect 4 – 5 sales per month. So if the value of average sale is $2500 then you are looking at $10,000 – $12,500 worth of sales each month that will be generated from the #1 ranking on the Google search results.
How will all these help us?
If we properly use the data provided by the Google and have a clear understanding of the website’s conversion rate, then you can make a lot of intelligent decisions regarding SEO plans. You can actually select the key phrases on which you will give your fullest concentration and even estimate the value of your business for the website attaining the #1 ranking.