We expect an asset to pull more than its own weight: It needs to generate more revenue than it’s worth in order to be a vital part of your sales pipeline. Because of this, determining the ROI of assets is one of the most important aspects of any business, but some assets have proven very difficult to assess. That’s why the ROI-Ready platform is an important tool. It helps to quantify the ROI of some of the trickiest assets, and can help you with four very difficult tasks.
One of the more frustrating things to calculate ROI on is “goodwill.” It’s easy enough to calculate the value of an asset when it directly reduces operational expenses, but the value of assets designed to improve company reputation is much harder to determine. However, it’s vital to determine this importance because company reputation has a direct impact on the value of the company through both its stock price and its number of clients. The ROI-Ready platform helps to determine the tangible value of these otherwise intangible assets to determine if the positive impact they have on company reputation is worth their cost.
Using intangible assets to determine trends
Just as goodwill presents difficulties in determining its ROI, intangible assets such as relationship capital and intellectual capital are equally difficult. However, it’s vital to understand these assets because they can be 70% to 80% of a company’s total value. ROI-Ready can help you calculate by analyzing years of available data. More importantly, it can use this data to determine trends for your company, such as whether the ROI of these intangible assets is growing or not. This is important because when intangible ROI is consistently decreasing, it is a harbinger of decreasing market value.
Quantifying the value of social media
Social media is a vital part of any modern company, but it remains difficult to quantify its value. For instance, customers appreciate when you offer high-value content on your Facebook page for them to view or download, and it’s easy enough to track how many people have done so. Determining how this has helped lead generation, though, is more difficult. This also applies to social media sharing. It’s gratifying to see that something has been shared hundreds or thousands of times across different social media platforms, but what is the exact ROI of this? ROI-Ready can help to determine exactly how social media assets have generated leads, contributed to closing sales, and how they have otherwise impacted your sales pipeline.
Figuring out if digital assets are worth it
Almost all digital assets boast that they save time, save money, and boost productivity. ROI-Ready provides an opportunity to help test those claims by examining the cost of doing something manually (such as having a certain number of staff searching for stock images online one hour a week) versus doing something digitally (letting a digital asset drastically reduce the time it takes to do this). ROI-Ready can help you collect this data, determine exactly how much it costs to have staff manually perform this task, and provide a solid estimate for how much money is saved via the digital asset. Proving this ROI not only helps validate the purchase of existing digital assets but can help inform future asset acquisitions.
At the end of the day, an asset with no ROI is a liability. Can your business afford that?