The Importance of Calculating the Cost-Savings of Your Website Optimization Tools

Before procuring a new tool to help you maintain and optimize your website, it is vital to first get a clear idea of what you will get back for your investment, not just in terms of budget, but also in terms of your web teams’ valuable time and effort.

With this in mind, let’s take a quick look at what ROI is and why it is so important to calculate it for all your digital investments.

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What Is ROI?

Put simply, return on investment (ROI) is a calculation of the monetary value of an investment versus its cost. It is typically used as part of analytics, and commonly serves as a benchmark for shaping marketing strategies.

When it comes to website tools (as well as many other aspects of your MarTechs stack), calculating the cost of one investment over another can literally mean the difference between success and failure with regards to achieving your overall goals.

Why You Should Calculate Savings for All Your Website Investments

As the foundation of all your online marketing efforts and ultimate source of truth, any significant additions to your website maintenance and optimization are far too important to leave ‘un-measured,’ especially if you are looking to see a return on your investment.

By calculating your estimated savings ahead of time, you can effectively determine what marketing tactics or tools are working and what areas need to be improved, making it much easier to establish realistic and achievable goals, such as increasing leads, conversions, brand awareness, or general website engagement and interactions, for example.

While it’s true that for some organizations, such as nonprofits, calculating the costs against rewards of a given investment is not as cut and dry as looking at a profit margin, at the end of the day every website will have its own unique calculation it will need to perform in order to determine the overall success of its website investments. Some examples include, manual time spent finding issues and errors on your website, time spent on aggregating data on different website aspects for reportings, time spent ensuring other content contributors live up to content quality standards, and more.

The point in very simple, completely non-technical terms is as follows: Do not make investments to your website blindfolded. Whenever you are looking at investing in software intended to assist you with or improve your website, always consider the benefit vs reward ratio based on your own criteria and where possible perform a calculation ahead of time to determine this.

Make Your Case Based on Hard Data

Times are tougher than ever for many organizations, so if you want to make a persuasive case for spending budget and resources on your website, you are going to need to prove your argument with real demonstrable data. To properly defend your investments to stakeholders, you will need to come prepared with estimates for the time & resources that will potentially be saved for your organization. And even more importantly, what those extra time & resources can be spent on instead.

At the end of the day, organizations want to know whether a given website investment is likely to contribute to their overall success, and to be in a position to make any necessary improvements and/or adjustments to their overall digital strategies ahead of time. To achieve this optimally, organizations would be well advised to calculate the estimated savings for all their website investments, big or small.

By measuring the estimated savings for your website suggestions and plans, you can create the foundations of a business case that simply cannot be ignored by those higher up the chain.

Considering our website optimization and compliance tool? Check out Monsido’s Cost Savings Calculator to find out how much time & budget you could potentially save.

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