Determining and understanding the value you can achieve from the change of your web CMS or digital marketing platform can often be the hardest part of working with enterprise digital solutions. In fact, this is probably true of most services or software that get purchased by businesses, where normally the main focus is removing the old and introducing the new.
Typically when changing platforms, the questions revolve around the new: new features, new functionality, the uplift or perceived increase in revenue and sales, conversions or other key metrics. However, a big factor that often gets overlooked is that speed, staff, and resources can be improved in terms of efficiency; each of these elements can provide their own justifications for making the change without even starting to look at the new.
In order to help businesses define this value, Sitecore has invested time and effort into producing an effective ROI calculator.
To the uninitiated, this is an Excel file – it’s got formulas, it’s got a few worksheets all with fields and highlighted cells – but if you understand the methodology that has gone into making the calculator then you can immediately see the benefits of it.
Sitecore has connected with well-respected data, research and insight organisations such as Forrester and Gartner to understand the impact that the new features can have on a business. These are metrics that have their backing and foundation in real businesses, so we can see the expected uplift in using personalisation, as well as the change that implementing testing can have on the bottom line. So, we can tick the box for those looking at the ‘new’ in understanding the impact that the change of platform will have.
The worksheets also give room for the saving elements mentioned previously. For example, let’s say on the new platform we are going to give customers the ability to self-serve or find the information they need instead of calling the call centre, in which case there are potential savings to be made when it comes to staffing levels, systems and processes, hiring and more.
The calculator allows you to focus on key product lines or overall business revenue, meaning it’s quite flexible and can be as forensic as you like. Of course it’s been developed as a one-size-fits-most, so while it can’t cover every complex business structure, it can be adapted to provide a solid business case.
Getting the benefit from the ROI calculator requires a small investment of time and an open and honest conversation around numbers with the people in charge of those numbers, such as the Financial Director. The benefit, of course, of getting these people involved in the process is that they will trust the output as it’s based on their own business data.
If you would like to talk about Sitecore or work on a business case along with ROI, then get in touch. You might find some real gems regarding what you can improve, and you may discover that it will cost more in the long run not to make a change.