The Ledger
Numbers you can act on. One stat, one idea, one thing to try, sent every week, written by an agency that grew up in restaurants.
From Issue No. 2, now published below
Google's own 2016 research found that 76 percent of people who search on their phone for something nearby walk into a business within a day, and 28 percent of those searches end in a purchase.
This week: why the panel Google shows beside your name matters more than your homepage, and the three things on it worth checking tonight.
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Research
Every stat we build the business on, in one place. Borrow them for your own specials board if you want.
25%+
more profit from raising customer retention by five percentage points, with published figures up to 95 percent in some industries.
Source: Bain & Company (2001), range cited by Harvard Business Review (2014)
5-9%
more revenue per additional Yelp star, for independent restaurants specifically. Chains showed no effect.
Source: Michael Luca, Harvard Business School, Working Paper 12-016
76%
of people who search for something nearby on their phone visit a business within a day.
Source: Google, Think with Google (2016)
28%
of those nearby searches end in a purchase.
Source: Google, Think with Google (2016)
$36
returned for every $1 spent on email marketing, on average, more than any other channel.
Source: Litmus survey of ~2,000 marketers
~10%
average click rate on behavior-triggered text messages, roughly double one-off campaign blasts.
Source: Klaviyo platform data across 183,000+ businesses
42 hrs
the average time a business takes to respond to a new inquiry. 23 percent never respond at all.
Source: Harvard Business Review audit of 2,241 companies (2011)
7x
more likely to reach the decision maker when you respond within an hour instead of waiting one more.
Source: Harvard Business Review (2011)
Sources
25%+ profit from keeping 5% more customers.
5 to 9% revenue per extra Yelp star, independent restaurants.
Michael Luca, Harvard Business School, Working Paper 12-016 (2011, rev. 2016)
76% of nearby mobile searches lead to a visit within a day.
Google, "How Mobile Search Connects Consumers to Stores," Think with Google (2016)