How to Validate If SEO Will Drive Leads for My Startup 2026

TL;DR

Before committing budget to SEO, validate whether search demand exists for your product, whether the intent behind those searches signals buying readiness, and whether your competitive position allows you to rank. Run the math: monthly SEO cost divided by expected visitors, conversion rate, and customer value tells you exactly when you break even. B2B SaaS companies average 702% ROI from SEO with breakeven as short as seven months, but SEO is the wrong first channel if nobody is searching for your category yet or you need leads this week.

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Most startup founders ask the wrong version of this question. They ask “should we do SEO?” when they should be asking “will SEO generate leads for our specific startup, given our specific constraints, in a timeframe we can survive?” That second question has a testable answer. The first one just invites opinions.

This guide breaks down every concept you need to understand when figuring out how to validate if SEO will drive leads for your startup. Each term connects to a practical test, a benchmark, or a decision point. By the end, you’ll have a clear framework for making this channel decision with actual numbers instead of gut feelings.

Before going further, if you’re already weighing multiple growth channels simultaneously, a structured GTM diagnostic can map your options to your specific stage and budget.

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The Five Signals: A Quick Validation Scan

Before you read another word, run through these five questions. If you can answer “yes” to at least four, SEO is worth investigating seriously. If you hit two or fewer, skip to the section on when SEO is not the right first channel.

1. Do people search for the problem you solve? (Check Google Keyword Planner or Ahrefs for monthly search volume on your core terms.)
2. Do those searches indicate buying intent? (Are people searching “best [your category] software” or just “what is [your category]”?)
3. Can you realistically rank in the top 10? (Are the current results dominated by massive brands, or is there room for a focused newcomer?)
4. Is your customer lifetime value high enough to justify a 6-12 month payback? (At minimum, LTV should be 5x your projected SEO cost per acquired customer.)
5. Do you have at least $2,500/month and 6 months of patience? (Less than that and you’re likely better off with paid channels first.)

Now, the details behind each of those signals.

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Core Terms: Understanding SEO as a Lead Channel

SEO Lead Generation

SEO lead generation is the practice of optimizing your website to attract potential customers through organic search and convert them into qualified prospects. This is fundamentally different from traffic-focused SEO. General SEO chases rankings and pageviews. Lead generation SEO focuses on attracting the right people and moving them toward a specific business outcome like a demo request, trial signup, or sales conversation.

The distinction matters enormously for startups. A blog post that gets 10,000 monthly visitors but generates zero leads is a vanity project. An article that gets 200 visitors and produces 8 trial signups is a growth engine.

According to industry data, 35% of marketers report that their most valuable leads come from SEO. Organic search contributes 44.6% of total B2B SaaS revenue, outperforming paid search and direct sales combined. For a deeper look at how this fits into broader strategy, the full-funnel growth marketing guide walks through the entire funnel structure.

Search Intent

Search intent is what the person actually wants when they type a query into Google. It falls into four categories:

• Informational: “What is project management software?” (learning, not buying)
• Navigational: “Asana login” (going somewhere specific)
• Commercial investigation: “Best project management software for startups” (comparing options, close to buying)
• Transactional: “Asana pricing” or “buy Monday.com annual plan” (ready to purchase)

For startup lead generation, commercial investigation and transactional intent are where the money lives. A keyword like “best HR software for small businesses” has a fraction of the search volume compared to “HR software,” but the person typing it is literally shopping for HR software right now.

Why this matters for validation: if the keywords in your space are overwhelmingly informational (people asking “what is X?” rather than “best X software”), SEO will still work, but the path to leads is longer and more expensive. You’ll need to build a content funnel that educates and then converts, rather than capturing buyers at the moment of decision.

Bottom-of-Funnel (BOFU) Keywords

BOFU keywords are search terms used by people who are close to making a purchase decision. Examples include:

• “[Competitor] alternatives”
• “Best [category] software for [use case]”
• “[Product A] vs [Product B]”
• “[Category] pricing comparison”

These keywords are the single most important signal when validating SEO for lead generation. In an analysis of over 60 articles for a single SaaS client, Grow and Convert found that bottom-of-funnel keywords converted at 4.78% compared to top-of-funnel keywords. In one case study, BOFU-targeted articles generated 2,400% higher user signups compared to top-of-funnel content.

The validation test: search for BOFU keywords in your category. If they exist and have measurable volume (even 50-200 searches per month), that’s a strong signal that SEO can produce leads. If no one is searching for comparison terms, alternatives, or pricing in your space, you may be in a category-creation situation where SEO has less immediate value.

Keyword Search Volume

Search volume represents how many times a keyword is searched per month. Here’s what it tells you: how large the pool of potential visitors is. Here’s what it does not tell you: whether those visitors will become leads.

Startups frequently make the mistake of chasing high-volume keywords because the numbers look impressive in a pitch deck. A keyword with 10,000 monthly searches and informational intent will generate traffic. A keyword with 200 monthly searches and buying intent will generate revenue. The second one is almost always more valuable.

When validating SEO potential, look for clusters of commercial-intent keywords with combined volume of at least 1,000-3,000 monthly searches. That’s enough to build a meaningful pipeline if your conversion rates are healthy.

Domain Authority / Domain Rating

Domain Authority (Moz) and Domain Rating (Ahrefs) are metrics that estimate how likely a website is to rank in search results, on a scale of 0 to 100. A brand-new startup domain typically starts near zero.

This matters for validation because a new domain competing against established players with DRs of 70+ faces a steep climb. It doesn’t mean you can’t rank, but it means you need to be strategic about which keywords you target first. Long-tail, specific BOFU keywords with lower competition are where new domains can gain traction.

Practitioners on Reddit frequently note that early-stage startups should focus on “low DR, low competition” keyword gaps rather than going after head terms. One common strategy: find keywords where the current top-ranking pages are from forums, outdated blog posts, or low-authority sites. Those are your openings.

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Validation-Specific Terms

Search Demand Validation

Search demand validation is the process of using keyword research to confirm that people are actively searching for the type of solution you offer. It’s the SEO equivalent of customer discovery interviews, except the data comes from actual search behavior rather than self-reported preferences.

SEO provides data-driven insights that let you prove (or disprove) whether your market exists before committing significant resources. Instead of building a marketing program on assumptions, you’re checking whether anyone is actively looking for what you plan to sell.

How to run this test:

1. List 10-15 terms your ideal customer might search when looking for your product.
2. Check each in Google Keyword Planner, Ahrefs, or Semrush for monthly search volume.
3. Look at the “People Also Ask” boxes and related searches in Google for additional keyword ideas.
4. Sum up the total monthly search volume across all relevant commercial-intent terms.

If total commercial-intent volume exceeds 2,000 monthly searches, there’s enough demand to justify an SEO program. Between 500 and 2,000, SEO can work but expect it to be one part of a multi-channel approach. Below 500, SEO alone probably won’t sustain your pipeline.

Minimum Viable Article (MVA)

An MVA is a focused, well-targeted piece of content published specifically to test whether organic search can drive leads, before you commit to a full content program. Think of it as an MVP for your SEO strategy.

The idea is simple: publish 2-3 articles targeting niche, commercial-intent queries. Track their performance over 8-12 weeks. If they gain impressions, attract clicks, and produce any conversions at all, you have signal that a larger program will work.

This test-before-commit approach prevents the most common SEO mistake startups make: spending $20,000 on content before knowing if anyone wants it. The MVA lets you validate with $2,000-3,000 of effort instead.

SEO ROI Formula

This is the math that answers the question “is SEO worth it?” for your specific startup. No hand-waving, no vague promises about “long-term value.” Just numbers.

The formula:

Monthly SEO Cost ÷ (Expected Monthly Visitors × Conversion Rate × Trial-to-Paid Rate × Average Revenue Per User) = Months to Breakeven

Example with real SaaS numbers:

• Monthly SEO investment: $5,000
• Expected monthly organic visitors by month 6: 3,000
• Website conversion rate: 2.1% (B2B SaaS average)
• Trial-to-paid rate: 20%
• ARPU: $199/month

That gives you: 3,000 × 0.021 × 0.20 × $199 = $2,507 in monthly recurring revenue from SEO by month 6.

At $5,000/month spend, you break even around month 12 when traffic compounds. By month 18, many SaaS companies see ROI exceeding 702%, with some recovering $115,000 in attributed revenue from $15,000 in annual investment.

Instead of saying “SEO is a good long-term channel,” you can say: “At our current ARPU and conversion rates, SEO produces a $476 customer acquisition cost, which is 40% cheaper than our $800 Google Ads CAC. We hit ROI by month 12.” That’s a conversation a board can act on. For a concrete example of what validated lead generation looks like in practice, see this B2B SaaS case study with real results.

Content-Market Fit

Content-market fit is the SEO version of product-market fit. It means your content matches what searchers actually need at the moment they’re searching. When you have it, articles rank quickly, time-on-page is high, and conversion rates climb. When you don’t, you get impressions but no clicks, or clicks but instant bounces.

Signs you have content-market fit:

• Articles rank in the top 20 within 8 weeks of publishing
• Average time on page exceeds 3 minutes
• Organic visitors engage with CTAs (even if they don’t convert immediately)
• Google Search Console shows your pages appearing for the keywords you targeted

Signs you don’t: high bounce rates from organic traffic, ranking for irrelevant keywords, or zero movement after 12 weeks.

Competitive Gap Analysis

A competitive gap analysis identifies keywords where your competitors rank but you don’t, or keywords where current results are weak enough that a new entrant can break in.

How to run this for validation:

1. Enter 3-5 competitor domains into Ahrefs or Semrush.
2. Look at the keywords they rank for in positions 5-20 (not just #1 spots).
3. Filter for commercial intent (keywords containing “best,” “vs,” “alternative,” “pricing,” “review”).
4. Check the Domain Rating of sites currently ranking in the top 5 for those terms.
5. If you find keywords where top-ranking pages have DR under 40 and the content is thin, that’s your opportunity.

While top-of-funnel keywords like “project management software” are broad and fiercely competitive, BOFU keywords are more specific and face less competition. This makes it easier to rank without competing head-to-head with companies that have been investing in SEO for a decade.

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Measurement Terms: Tracking Whether It’s Working

Leading vs. Lagging Indicators

This distinction is critical for startups evaluating SEO, because the lagging indicators (the ones that actually matter for your business) take months to appear. If you only track lagging indicators, you’ll kill the program before it has a chance to work.

Leading indicators (visible in weeks 4-12):

• Keyword rankings improving (moving from page 5 to page 2)
• Search impressions climbing in Google Search Console
• Click-through rates on organic listings
• Pages getting indexed and appearing for target queries

Lagging indicators (visible in months 4-12):

• Organic demo requests or trial signups
• Sales qualified leads from organic traffic
• Revenue attributed to organic search
• Pipeline value from SEO-sourced leads

Practitioners on LinkedIn consistently emphasize this framework. One common observation: the biggest mistake startup marketers make is “trying SEO” for 1-3 months and then giving up just as the program starts to show results. Track leading indicators to stay confident while waiting for lagging ones to materialize.

For more on turning content into measurable lead flow, this glossary-style guide covers the full measurement framework.

Organic Pipeline

Organic pipeline is the total potential revenue from leads generated through organic search. The formula:

Organic Pipeline = Organic Leads × Average Deal Size × Win Rate

This is the number your CEO or investors care about. Not traffic, not rankings, not domain authority. Pipeline.

If your startup generates 50 organic leads per month, your average deal is $5,000 annual contract value, and your win rate is 15%, your monthly organic pipeline is $37,500. That’s a number worth reporting.

First-Touch Attribution

First-touch attribution credits the initial touchpoint (in this case, organic search) for the eventual conversion. It’s a simplified model, but it’s the most practical starting point for startups trying to prove that SEO contributes to revenue.

Why first-touch matters: if a prospect discovers your blog post through Google, later returns via a retargeting ad, and eventually signs up from an email, multi-touch attribution would spread the credit across all three channels. First-touch gives SEO full credit for finding that prospect. Both approaches have merits, but first-touch is the clearest way to answer “is SEO finding us leads we wouldn’t have gotten otherwise?”

Cost Per Lead (CPL) and Customer Acquisition Cost (CAC)

CPL = Total SEO investment ÷ Number of leads generated from organic search

CAC = Total SEO investment ÷ Number of customers acquired from organic search

These metrics let you directly compare SEO to paid channels. If your Google Ads CAC is $800 and your SEO CAC is $476, the investment case for SEO writes itself, assuming you can afford the ramp-up period.

Budget benchmarks for context: B2B SaaS companies typically invest $3,000-$8,000 monthly to achieve meaningful ROI within 7 months. Early-stage SaaS can start at $2,000-$3,000 per month, while the minimum viable spend for noticeable results is roughly $2,500/month sustained over 12 months. See how lean-budget startups approach marketing spend for proof that this works at smaller scales.

LTV:CAC Ratio

The LTV:CAC ratio compares how much a customer is worth over their lifetime to how much it cost to acquire them. The gold standard for SaaS is 3:1 or higher.

SEO-sourced customers tend to have a favorable ratio for two reasons. First, organic customers have 20-30% higher LTV than paid-sourced customers, likely because they self-educated before converting and have stronger purchase intent. Second, SEO’s compounding nature means CAC decreases over time as content continues generating traffic without additional spend.

When properly measured, SEO can deliver LTV:CAC ratios of 5:1 or higher, compared to paid search’s typical 2-4:1.

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Decision Framework Terms: When SEO Fits (and When It Doesn’t)

Category Creation vs. Category Capture

This is perhaps the most important distinction for startups validating SEO.

Category capture means your product fits an existing category that people already search for. “CRM software,” “email marketing platform,” “project management tool.” Search demand exists. Your job is to capture a share of it. SEO works well here.

Category creation means you’re building something so new that people don’t have words for it yet. They’re not searching for your solution because they don’t know it exists. SEO can’t capture demand that doesn’t exist.

If you’re creating a category, your first channels should be outbound sales, community building, thought leadership, and paid awareness campaigns. Once you’ve educated enough of the market that search demand begins appearing (you’ll see it in Google Trends and keyword tools), then layer in SEO.

For a broader look at how to validate digital channels before committing budget, that guide covers the full spectrum beyond just SEO.

Runway-Adjusted Channel Selection

This concept maps channel timelines to your funding runway. It’s the practical filter that prevents startups from choosing the “best” channel in theory when they can’t survive long enough for it to work.

Channel timeline reality:

• Paid ads: Results in days. Validates demand quickly. Stops the moment you stop paying.
• Outbound (email/LinkedIn): First meetings in 2-4 weeks. Labor-intensive. Doesn’t compound.
• SEO: First meaningful traffic in 3-6 months. Consistent lead flow in 6-12 months. Compounds indefinitely.
• Social/community: Variable timeline. Brand-building value. Hard to attribute directly to pipeline.

If you have 4 months of runway, SEO is the wrong first bet. Start with paid and outbound to generate immediate revenue, then reinvest into SEO once you have breathing room. If you have 12+ months of runway or a clear path to next funding, SEO’s compounding nature makes it one of the highest-ROI investments available.

Startups targeting low-competition keywords with strong intent can see real organic traffic within 8 to 12 weeks. That’s not typical, but it’s achievable for niche markets with limited competition. If you need to prioritize marketing tasks in your first 3 months, balancing quick wins with long-term bets is the key framework.

Paid + SEO Hybrid Validation Model

This is the contrarian but highly practical approach that experienced practitioners recommend: use paid ads to validate keywords before committing to organic.

How it works:

1. Identify your top 10-15 commercial-intent keywords.
2. Run Google Ads campaigns targeting those keywords for 2-4 weeks.
3. Track which keywords generate clicks, which generate leads, and which generate qualified leads.
4. Calculate cost per lead for each keyword cluster.
5. The keywords that convert through paid ads will convert through organic, too, at a lower long-term cost.

This approach costs $2,000-5,000 for the test and gives you definitive data on which keywords are worth pursuing organically. It compresses months of uncertainty into weeks of clarity. If paid traffic from your target keywords doesn’t convert, SEO traffic from those same keywords won’t convert either. Better to know that now than after six months of content investment.

Generative Engine Optimization (GEO)

GEO is the practice of optimizing content to appear in AI-generated search results from tools like ChatGPT, Perplexity, and Google’s AI Overviews. In 2026, this is no longer a nice-to-have.

Forrester reports that 94% of B2B buyers now use AI during their purchasing journey, with twice as many buyers naming generative AI or conversational search as a more important information source than traditional methods. Buyers perceive organic search results and algorithmic AI recommendations as more credible than sponsored ads.

For validation purposes, this means two things. First, well-structured, authoritative SEO content does double duty: it ranks in Google and gets cited by AI tools. Second, startups that invest in SEO now are building assets that work across both traditional and AI search surfaces. For a complete playbook on this approach, the GEO and AI-first content strategy guide covers the tactical details.

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The 30-Day SEO Validation Sprint

Rather than committing to a 12-month program on faith, run this structured 30-day sprint to gather the data you need for a confident yes-or-no decision.

Week 1: Keyword Research and Demand Sizing

• Use free tools (Google Keyword Planner, Ubersuggest) or paid tools (Ahrefs, Semrush) to map all relevant keywords.
• Categorize by intent: informational, commercial investigation, transactional.
• Calculate total monthly search volume for commercial-intent terms.
• Identify 5-8 BOFU keywords with manageable competition (DR under 40 in top results).

Week 2: Competitive Gap Analysis

• Analyze the top 5 results for each target keyword.
• Note their domain authority, content quality, and content freshness.
• Identify gaps: are any results outdated, thin, or from non-authoritative sources?
• Assess whether you can create meaningfully better content for at least 3-5 keywords.

Week 3: Publish 2-3 Minimum Viable Articles

• Write and publish 2-3 articles targeting your best BOFU keywords.
• Include clear calls to action (demo, trial, consultation).
• Submit URLs to Google Search Console for indexing.
• Set up tracking: UTM parameters, goal tracking in analytics, lead source tagging in your CRM.

Week 4: Assess Early Signals

• Check Google Search Console for impressions and click data.
• Monitor keyword position tracking (even position 40+ is a positive signal this early).
• Track any conversions from the published articles.
• Run the ROI formula with your observed data to project 6-month and 12-month outcomes.

If after 30 days you see impressions climbing, positions improving, and even a single conversion, you have enough signal to justify a full program. If you see zero impressions and no indexing movement, investigate whether the issue is technical (site not properly crawlable) or strategic (keywords too competitive or demand too low).

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When SEO is NOT the Right First Channel

Honest guidance matters more than selling you on SEO. Here are the situations where you should choose a different primary channel:

Your category doesn’t exist yet. If people aren’t searching for your type of solution, there’s no demand to capture. You need to create awareness through outbound, events, and content distribution before SEO becomes viable.

You need leads this month. Paid campaigns drive targeted traffic immediately, allowing startups to generate leads and validate market demand in days. If your runway is under 6 months, start with paid ads and outbound while building SEO in the background.

You face entrenched competition with zero domain authority. An early-stage SaaS company in a crowded market may need 50,000+ monthly visitors to justify its SEO investment. For a new domain competing against established players, reaching that traffic level could take 18-24 months. Consider whether niche, long-tail keywords offer a viable alternative before ruling SEO out entirely.

Your LTV is too low to justify the investment cycle. If your average customer pays $20/month and churns after 3 months ($60 LTV), the math doesn’t work for SEO even at minimum viable budgets. The ROI formula above reveals this quickly.

Your total addressable search demand is under 500 monthly searches. Some B2B niches are simply too small for organic search to be a primary channel. Supplement with outbound and partner channels instead.

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The Green Light / Yellow Light / Red Light Framework

Use this decision matrix to make your final call on whether to validate SEO will drive leads for your startup.

Green Light: Invest Confidently

All of these conditions are met:

• Commercial-intent search volume exceeds 2,000 monthly searches
• BOFU keywords exist with manageable competition (top results include sites with DR under 50)
• Your LTV supports a 6-12 month payback period
• You have at least $2,500/month to invest for 12 months
• Your product fits an existing search category

Yellow Light: Test Carefully

Some conditions met, some uncertain:

• Search volume exists but is moderate (500-2,000 monthly)
• Competition is moderate (some strong sites ranking, but content gaps exist)
• Budget is tight but available ($2,000-2,500/month)
• Category exists but is niche

In this zone, run the 30-day validation sprint and the paid-first hybrid test before committing to a full program.

Red Light: Choose Another Channel First

Two or more of these apply:

• Minimal commercial-intent search volume (under 500 monthly)
• Top results dominated by high-authority competitors with no content gaps
• LTV under $500 (makes 6-12 month payback nearly impossible)
• Runway under 6 months
• You’re creating an entirely new category

Red light doesn’t mean “never do SEO.” It means “do something else first, and layer SEO in later when conditions improve.”

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Putting It All Together: Your Validation Checklist

Here’s the complete checklist for figuring out how to validate if SEO will drive leads for your startup:

• [ ] Confirm commercial-intent search demand exists (2,000+ monthly searches across target terms)
• [ ] Identify at least 5 BOFU keywords with conversion potential
• [ ] Run competitive gap analysis confirming ranking opportunities for your domain
• [ ] Calculate SEO ROI using your actual ARPU, conversion rates, and budget
• [ ] Determine months-to-breakeven and compare against your runway
• [ ] Publish 2-3 MVAs and track early signals for 4-8 weeks
• [ ] Optionally run paid ads on target keywords for 2-4 weeks to validate conversion rates
• [ ] Set up leading indicator tracking (impressions, rankings, clicks) alongside lagging indicators (leads, pipeline, revenue)
• [ ] Compare projected SEO CAC against your paid channel CAC
• [ ] Make a green/yellow/red light decision based on the evidence

The startups that succeed with SEO aren’t the ones that “tried it and got lucky.” They’re the ones that validated methodically, committed based on data, and tracked the right metrics along the way.

If you’ve worked through this checklist and landed on a green light, the next step is building the execution engine. Explore AgentWeb’s approach to B2B SaaS marketing to see how AI-powered execution can accelerate your SEO program from validation to pipeline.

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FAQ

How long does it take for SEO to generate leads for a startup?

Most startups begin seeing measurable traction in 3 to 6 months, with consistent lead flow developing between 6 and 12 months. Startups targeting low-competition keywords with strong buying intent can see real traffic within 8 to 12 weeks. The first 1-2 months are typically foundation work (technical fixes, content creation, indexing) with no meaningful rankings expected.

What’s the minimum budget needed for startup SEO?

The minimum viable spend for noticeable results is approximately $2,500 per month sustained over 12 months. Early-stage SaaS companies can start at $2,000-$3,000 monthly, while Series B+ companies typically allocate $6,000-$12,000 monthly. Below $2,000/month, results are difficult to achieve in competitive markets.

How do I know if people are searching for what my startup sells?

Use Google Keyword Planner, Ahrefs, or Semrush to check monthly search volume for terms related to your product category. Focus on commercial-intent keywords (containing “best,” “vs,” “alternative,” “pricing,” or “review”). If combined commercial-intent volume exceeds 2,000 monthly searches, there’s sufficient demand. Below 500, SEO likely shouldn’t be your primary channel.

What conversion rate should I expect from SEO traffic?

The average SEO conversion rate for B2B SaaS is 2.1%. However, bottom-of-funnel content targeting commercial-intent keywords converts significantly higher, often 4-5% or more. SEO-generated leads also achieve roughly 51% MQL-to-SQL conversion rates, outperforming most other acquisition channels.

Should I do paid ads or SEO first?

If you have fewer than 6 months of runway, start with paid ads for immediate lead generation. If you have 12+ months of runway, investing in SEO provides higher long-term ROI. The smartest approach is often a hybrid: run paid ads for 2-4 weeks on your target keywords to validate conversion rates, then use that data to justify an SEO investment on the keywords that proved they convert.

How do I calculate SEO ROI before investing?

Use this formula: Monthly SEO Cost ÷ (Expected Monthly Visitors × Conversion Rate × Trial-to-Paid Rate × ARPU) = Months to Breakeven. Plug in B2B SaaS benchmarks (2.1% conversion rate, 20% trial-to-paid rate) alongside your actual ARPU. If the breakeven timeline fits within your runway and the projected CAC is lower than your paid channels, you have a strong investment case.

What if my startup is creating a new category that nobody searches for yet?

SEO can’t capture demand that doesn’t exist. If you’re in category-creation mode, prioritize outbound sales, community building, founder-led content, and paid awareness campaigns first. Monitor Google Trends and keyword tools quarterly. Once you see search demand emerging (even 100-200 monthly searches for category-related terms), begin building your SEO foundation to capture that growing demand.

How does AI search (like ChatGPT and Perplexity) affect SEO validation for startups?

With 94% of B2B buyers now using AI during their purchasing journey, well-structured SEO content does double duty by ranking in Google and getting cited by AI tools. This actually strengthens the case for SEO investment, because the content you create for Google also builds visibility in AI-powered search. Optimizing for both is now called Generative Engine Optimization (GEO), and it makes SEO content more valuable per dollar invested than it was even two years ago.