ROI is a cold, hard number that business executives can use to determine the profitability of an investment. As such, it’s one of the most important parameters that they take into account when considering the adoption of new solutions or services.
It makes sense, then, that ROI calculators be used as a quick and simple way of showing your prospects what they’ll get out of engaging with your organization. But they’re more than just that.
Here are three ways in which ROI calculators can help you boost sales:
Collect customer data
ROI calculators catch the customer’s eye because they’re an efficient and painless way to arrive at a reasonable estimation of the all-important ROI figure. They’re also a great way to get hold of useful and reliable customer data, which can then be harnessed to gain a deeper understanding of the customer and further personalize your sales approach. What this means is that these calculators serve not only to attract prospects but also to qualify them before they’re handed over to the sales team.
One of the key features of ROI calculators is that they’re entirely user-driven. Customers want an accurate idea of what it is your solutions can offer them, so they voluntarily offer important information as per your calculator’s needs. Take advantage of this fact; put some thought into the kind of data you ask for.
Depending on the kind of data collected, you’ll find yourself in a position that allows for insight into your customers’ primary pain points, their business setup, their financial situation, what they’re looking for and what they actually need. This is powerful information; utilize it to craft more intricate buyer personas, refine marketing campaigns and personalize communication.1,2
Facilitate the selling process
ROI calculators are a boon to your sales team. The ability to put a number on the value that your solution would provide to the customer allows them to reinforce the business case with metrics that matter most to the buyer.
In addition to this, having an ROI calculator enhances sales in a number of ways, some of which are covered below:
Simplify budget approval
Having a rough ROI figure to work with simplifies the budget approval process. If a project’s budget hasn’t already been set, this number will guide the process. If the project’s budget has already been established, the ROI calculator gives the buyer insight enough to take a call on whether or not your solution is appropriate for that project.
Increase upsell/cross-sell opportunities
Often, customers aren’t interested in your whole suite of solutions; rather, they’re only considering the one specific solution of yours that best meets their most pressing requirements. Use your ROI calculator to show them the value they would derive from immersing themselves in your solutions ecosystem instead of using just the one product. Even if they don’t immediately buy into the whole line of products, you’ve at least given them a reason to consider additional solutions down the line.
Establish credibility and trust
ROI calculators typically utilize industry-standard benchmarks to deliver relevant results. Your sales reps need to be knowledgeable about these figures when going through the calculation process with customers. Exhibiting such cognizance of industry-specific data builds your credibility in the eyes of the customer. Further customizing the data to reflect each customer’s specific business situation is a great way to build trust. It shows that you’re invested in helping them – you’ve done your research and aren’t simply conducting a generic pitch.1.3
Increase engagement opportunity
After conducting a little research, your prospects would naturally want to get an idea of the ROI they could expect from your solution. Having an ROI calculator on your website means that they don’t have to leave your domain to arrive at the figure, and keeping them there gives you a few advantages.
Perhaps the most important of these advantages is that it presents your marketing team with more opportunities to engage prospects. Any engagement is good for you; each interaction serves not only to give you more data about your customers but also to enhance their knowledge of your solution. The result of this is that your customers are more informed about your offering, and your sales reps are better equipped to close each sale.
Apart from this, keeping customers on your web pages for longer periods of time is sure to positively affect your website’s SEO (Search Engine Optimization) and SERP (Search Engine Results Pages) performance.1
With use cases across stages of the sales funnel and the ability to deliver such value so easily, an ROI calculator is clearly a powerful weapon in your sales and marketing arsenal; a potent stone with which to kill multiple birds. If you don’t already have one, it’s worth serious consideration. Implement it, utilize it effectively and watch your sales grow.