Hello all,

Here’s our SEO performance analysis from June 2024 to July 2025. The investments made in SEO are paying out. We still have opportunity for growth, and improvements

[You can find all the data in this Google Sheets](https://docs.google.com/spreadsheets/d/1j3x_tahicFI0n5ncaXkihaO89dniMopfQBapgd7euNo/edit?usp=sharing)

**Quick summary**

- Total investment: **€464,823** on the period

- Revenue generated: **€6,053,681**

- **€1 invested = €13.02 earned** ![✅](https://fonts.gstatic.com/s/e/notoemoji/16.0/2705/72.png)

- Total SEO leads: **21,854**

- Conversion rate: **11.3%**

- ![⚠️](https://fonts.gstatic.com/s/e/notoemoji/16.0/26a0_fe0f/72.png) Unreachable leads: **61%** (€1.5M potential lost revenue)

**Main markets performance:**

- English: **€2,197,987** revenue €1 = €19.40

- Italian: **€997,478** revenue -> €1 = €12.10

- French: **€972,014** revenue -> €1 = €9.20

**Best performers:**

- German: **€1 = €31.30** ![🚀](https://fonts.gstatic.com/s/e/notoemoji/16.0/1f680/72.png)

- Greek: **€1 = €24.10**

- Romanian: **€1 = €22.80**

**Problematic markets:**

- Portuguese: **€1 = €3.40** (low conversion)

- Persian: **€1 = €0.80** ![❌](https://fonts.gstatic.com/s/e/notoemoji/16.0/274c/72.png)

- Hebrew: **€1 = €0.00** ![❌](https://fonts.gstatic.com/s/e/notoemoji/16.0/274c/72.png)

**What we should do next year** ![💡](https://fonts.gstatic.com/s/e/notoemoji/16.0/1f4a1/72.png)

**-> Invest more in German markets**

German is our efficiency champion with **€31.30 return per €1 invested**. We have good SEO ranking (top 3) on some less competitive SEO keywords, such as “barthaartransplantation türkei” (beard transplant turkey), or “haartransplantation frauen türkei” (women hair transplant turkey). But we need more investments to tackle “haartransplantation türkei” (hair transplant turkey). The conversion rate is very high in this market, it worth investing more.

**-> Expand in the United States**

The US generated **4,500 leads** with strong **11.8% conversion**. It’s our second-largest market. We need to invest more in US media links, we have originally favoured UK media links.

**-> Fix our lead response problem**

This is our biggest opportunity. We can’t reach **18,975 leads (61%)**. If we improve our contact rate from **39% to 50%**, we add approximately **€1.5 million** without spending more on marketing. We know this is a big challenge, we should work together to find a way to improve this.

****

**Markets requiring attention**

**-> Greek & Romanian**

Amazing returns but tiny markets.These markets deliver **€24** and **€23** per euro invested because we’re top 3 for all keywords with no competition. But with only **201** and **349** leads respectively, they’re maxed out. Keep a provisional budget ready in case competitors appear. We do not need to invest more beacause we are already on top.

**-> Portuguese**

Lots of leads, few conversions getting **700 leads** but only **4.1%** convert (€1 = €3.40). These customers seem more price-sensitive than other.

**-> Persian & Hebrew**

The geopolitical situation is clearly affecting these markets.

**-> Serbian & Croatian**

Launched in May 2025 and already profitable, despite those market can be more price sensitive:

• Serbian: **€1 = €8.90**, **17.6%** conversion (top 3 in main keywords across Serbia and Bosnia)

• Croatian : **€1 = €6.20**, **15.1%** conversion (top 3 in main keywords)

**How we calculated this**

We analyzed **31,058 leads** and compared CRM with Google Ads data to identify SEO leads. We assumed **30%** of organic traffic is branded (people searching “Dr. Cinik”) and gave SEO only **30% credit** for these.

**Data issues we faced:** 

- CRM doesn’t properly track lead sources

- Some “SEO” leads are actually Google Ads

- We had to estimate by subtracting

People generate leads by going several times on the website, they do not really come once and generate a lead. And they can come frome several channels.

To improve future analysis, we need to :

- Find a way to better differentiate “Organic” leads (that come from the SEO site) than the SEA leads (that come from the SEA landing pages).

**Priority actions for 2025**

1. **Analyze and reduce the rate of unreachable prospects** - Worth €1.5M in revenue

**Actions to be programmed in the 2026 plan**

1. **Invest in German** - **€31 return per €1** is exceptional

2. **Expand US investment**

3. **Find other “small market - big win”** like Greece or Romania, it could be the Nordic countries

Best,

Tom and Alexis