What Is an ROI Calculator?

What Is an ROI Calculator?

Online calculators have grown up.

No longer just for financial and real estate websites, and no longer just for calculating mortgage estimates and interest rates, web-based calculators are helping customers do the math in almost every industry.

ROI (return on investment) calculators are becoming especially powerful tools for marketers today. This type of interactive content helps your customer project their ROI should they buy your product or service. With this personalized information in hand, they can make an educated decision about whether or not to buy – and you’re the generous, transparent business who helped them do it.

That’s the unsung brilliance of an ROI calculator: It’s a customer experience enhancer that is 100% user-driven.

3 Ways an ROI Calculator Helps Your Customers – and Your Business

At its core, an ROI calculator is a tool for customers to input their data and receive a customized result that helps them make an educated buying decision.

Here’s one that SnapApp customers can use to calculate the ROI of interactive content:

roi_calc.PNG

On your website or in your app, an ROI calculator is customer-centric marketing at its finest.

It’s valuable for your customer, but it does a lot for your business, too.

An ROI calculator is a clever way to do three important things:

1.     Help customers put a number to the value of your product or service.

The days of marketers and salespeople holding all the cards are long gone. Customers have access to just as much information as you do – sometimes more.

Help them put that information to good use, or help them gather even more information, and they’re more likely to see you as a helpful resource instead of a money-grubbing business or pushy salesperson.

And of course, being a helpful resource is a much better position to be in to build a positive customer relationship from the start.

An ROI calculator is an easy way to do this. With this one interactive content tool, your customer has the power to calculate their cost savings or revenue growth with your solution – right there on your website. They input their information, and the calculator presents them with their potential results.

This insight helps them make a more well-informed buying decision. Yes, this might mean your solution is not the best one for them – but by providing them with this calculator, you’ve already proven yourself to be a valuable resource and a transparent business.

This is an advantageous position for you to be in, because even if the customer doesn’t buy from you today, they’ll remember you and maybe even recommend you to others.

Positive customer experience? Check.

2.     Keep customers on your site.

Customers are going to do research before they buy from you.

There’s no way around it.

An ROI calculator helps them do that research right there on your website.

From a customer experience standpoint, you’ve just saved your customer the hassle of trying to figure out how to calculate the ROI of their purchase on their own. Even better – you’ve stopped them from going down the Google rabbit-hole. (And as you’ve no doubt experienced, once your customers go down that twisty path of search engine results, the likelihood that they’ll come back to your site decreases exponentially.)

From a usability standpoint, an ROI calculator can help you reduce your website bounce rate. In other words, they’re more likely to stay on your site – and stay focused on your solution.

So keep your customers on your site for their own good and your bottom line.

3.     Collect valuable customer profile data.

All that data that customers willingly and eagerly enter into your awesome ROI calculator doesn’t have to go into internet outer-space when they’re done using it.

In fact, collected and analyzed, that data can give you marketing superpowers.

You can use it to:

  • Build more accurate buyer personas
  • Improve your lead scoring
  • Trigger marketing campaigns
  • Improve your sales intelligence

To sum it up (pun intended): An ROI calculator is a win-win for you and your customers.

How an ROI Calculator Works

The mechanics behind an ROI calculator are relatively simple. It takes input from a user, combines them based on a set formula, and generates a numerical result.

That result could be money saved, revenue produced, leads generated … whatever metric matters to your customer, that’s the result you’ll want to give them with your calculator.

With this information, they can directly measure the impact of buying your product or service.

It used to be that you needed to hire a programmer to create an ROI calculator. That’s no longer the case (and why banks and real-estate companies no longer hold the monopoly on these powerful tools). Today there are interactive content creation tools – like SnapApp’s calculator builder – available right online.

snapapp_calc.PNG

Don’t worry about making your ROI calculator flashy and complex. In fact, the simpler to use, the better the customer experience.

The key to success is generating results that have significance and value for your customers. In other words, help your customers answer their question or solve their problem.

Totaling Up the Benefits of an ROI Calculator

If calculating potential return on investment is part of your typical customers’ decision-making process, an ROI calculator may be the perfect interactive content to offer them.

This is an easy tool to build and add to your website, it paints you as a helpful resource, and it keeps customers on your site longer.

Bonus: You can also use that data to get to know your customers better, and make smarter marketing decisions for your business.

 

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