What if you’ve been thinking about your website all wrong? Sure, marketing your business takes money, but what if you could be investing it in an asset instead of just spending it on an expense.
When it comes to your business, the only way to get where you really want to go is to confront some tough questions. And lately, there’s been one tough question that’s separated the successful online companies from those who are barely surviving. If you’re ready to determine your business’s website value, let me ask you this zinger: “Is your website a business expense or an asset?”
It can be a lead generator. It can make sales. It can help customers instead of them needing to call you. A website can do a whole lot of things. Being very clear about the role your website plays now, as well as what you might want in the future, will help you make better digital decisions. One of those decisions could be, do you need a new website or just need to make some changes to the one you have? This knowledge also helps determine how much you should spend, which people you need to hire, what your timeline is, and what you need to do to improve your online marketing asset.
What does your website do for your business?
Perhaps you’ve never thought about this before. You created a website because that’s what you’re supposed to do. Right? Every business has a website, so yours should too. But if you’re a smart marketer—and I know you are (or at least want to be)—that’s not where the story ends. You might not actually know at this point what role your website plays in your business. That’s okay…for now. But you need to get clear on this point.
If you own an e-commerce store, it’s clear what your website’s role is: it sells stuff. But not everyone has an e-commerce site. And then the role your website plays get a little murky. You might want leads from your website, but is that really its primary role?
Get clear about what role your website plays
Do you know the primary role your website plays in your business? Much like a teenager who wants a car, your website needs to get a job. Look at it this way: You wouldn’t hire someone without knowing what they are supposed to be doing in your business. The same thing is true about your website. Being clear about the primary role your website plays is crucial for your business’s success.
Websites are not standalone channels. They’re not like “Field of Dreams”; building a website doesn’t mean people will come. Even if you are so proud of the fact that your website ranks #1 for your business name, that doesn’t mean anyone’s going there. You have to get out there, in the real world, and promote your business through different channels. Your website is just one way to communicate with current and future clients and partners.
Often, a website becomes a way to build authority. It’s a place where people who have heard of you or met you can go to learn if they can trust you as an expert. They need to feel that you’re worthy of doing business with, and because of that, a website usually starts out as a trust mechanism.
But a website can be so much more.
How you treat your website is a key determinant in your success in attracting people to do business with you (a.k.a. marketing). 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: your website is 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. To determine your website value, first, assign your website’s role
There are countless roles your website can fill, so first assign a primary role 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 route you want to take. You’re going to 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, establishing 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 a purpose beyond just existing, it’s time to determine how much you’re willing to invest in it to reach your business goals. Just like when you go to hire someone, you can invest a little or invest a lot, but in the end you get what you pay for. But, your budget should also align with the role of your website. Clearly there’s a difference in what you’d pay a sales person vs. an entry level PR person. And, there’s factors besides just the actual budget at play here. More about that in step 3.
3. How will you measure your asset’s performance?
In other words, what kind of ROI are you looking for on this investment. For example, let’s say we’re talking about investing. There’s all kinds of stocks, bonds, mutual funds, and other investment funds to choose from. But before we just pick one, we’re going to do some research on past performance, current trends, and even talk to a few professionals to get some solid advice. Then we’ll pick an investment, based largely on what we’ve learned and what type of ROI we want to see.
It’s the same with your website value.
Talk to an expert
Once you’ve considered each step, it’s time to talk to an expert. That way, you’ve got the resources you need to make a guided, well-informed decision about your website, its value and purpose, and how to set marketing-related ROI goals that will make your business (and you!) smile. Oh, and the potentially doubled website value is a great perk, too.
Wondering if your site might already be an asset? Get your FREE Custom Visibility & Conversion Report. This comprehensive 38 point assessment will tell you exactly where you are nailing it and where you’re shooting yourself in the foot (and what to do about it).
Once you know where your site stands, you can implement the changes listed in the report, or enlist experts to help you turn your site into a high-performing asset.
