According to a Boston Consulting Group study, Yelp may have an impact on your bottomline.
The study, which surveyed 4,769 small businesses with a Yelp presence, found that small businesses with the free business owners’ account saw an average increase of $8,000 in annual revenue. For small businesses that paid for advertising on Yelp, the number was a whopping $23,000.
The study indicated that only 15 percent of small business owners knew that they had a free Yelp profile, while only 11 percent had claimed it.
John Rose, managing director at BCG and one of the authors of the study, believes that sites like Yelp, WhitePages.com, YP.com and Yahoo Local can support effective digital marketing services for small businesses in an organic way. “These sites stand in-between search and businesses," he said. "They help businesses improve their search results and increase traffic."
BCG also released a study on overall digital advertising: Small businesses are severely trailing large companies when it comes to online-advertising and, as a result, may be losing out on significant annual revenue boosts.