I was talking to a prospective client a few weeks back about redesigning their website and we hit a sticking point. The budget was below £500.
Now I understand that some clients have a tight budget and it wasn’t a huge project, but planning a website, designing it, building it, testing it and all those other things take time. It got me thinking how much a website is truly worth?
If your website is promoting any kind of service or product then you’re more than likely seeking sales or enquiries, or both. Over the course of a year, how much are those enquiries or sales worth to you? What about the coverage that your website attracts? What’s the real value of your website?
We can’t all be Martin Lewis
Let’s be honest, it isn’t realistic to expect a website that was created for under £500 to bring in tens, or even hundreds of thousands of pounds worth of business (unless you’re Martin Lewis who started moneysavingexpert.com for just £100). If it were that simple, everyone would be doing it and making a fortune along the way.
Calculating the worth
Obviously, there is no real way to calculate the exact worth of your website. You could come up with a crude formula based on sales, coverage, running costs etc etc but it wouldn’t be particularly accurate. It would also be very difficult to factor in any kind of social interaction, allow for growth and truly represent the changing nature of a living, breathing website.
Your website isn’t an expense
Ultimately I think you need to consider how important your website is to your business, whether you could get by without it and how much you value your other marketing activity. Where I don’t think you can put an exact number on the value of your website, I do think you can relate your site’s worth to where it fits into your plans for your business.
As soon as you start looking at your website as an expense rather than an investment then you’re fighting a losing battle.