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.
What Is ROI?
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
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
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.