If your credit union has over $100M in assets, your website should generate millions of dollars.
That’s why it’s important for credit unions to invest in their websites, especially since people are relying more and more on digital channels. So, do you know how much your website is worth? We built a calculator so you can find out.
Using the calculator, you’ll be able to calculate the value of your website as a whole as well as the value of every application, lead, pageview, and session you get. That kind of data is extremely valuable for conversion rate optimization and digital advertising.
Getting the data you need to make these calculations might take a little work, but it can help you make improvements worth millions. For instance, we ran the calculations for one of our credit union clients in California and discovered their website helps them generate over $5M per year.
How the calculator can help you generate more revenue
If you know the value of your website and where it could be better, then you can calculate the value of improving it. For example, let’s say your credit union earns $3,000 per auto loan, 50% of applications you receive are funded, and your conversion funnel looked like this last month:
1,555 views → 245 clickthroughs → 152 leads capture → 97 apps. completed
With those assumptions, everytime someone clicks the “apply” button on your auto loan page, your credit union makes $600. But only 15.8% of people are clicking “apply”. So, if you run some a/b tests and can increase that clickthrough rate by 50% (to 23.6%, which is reasonable), then you would increase revenue by $73,500 per month ($882,000 per year). Now that’s bringing home some bacon, and that’s just for auto loans.
Try out the calculator yourself. You’ll probably be surprised by how valuable your website is (or should be).