Knowing the Return On Investment (ROI) of a new software tool is vital for making an informed decision about whether or not to buy it. Many companies measure returns by figuring out how much money, time, and resources they save compared to other options. However, some tools also add value by helping to solve specific problems or take advantage of certain opportunities.
Let's take the example of these companies and discover how Grow's business analytics solutions have added value to them.
Company Profile: Sococo's dashboard is used to find out what customers don't like and then use that information to guide their product, marketing, and sales efforts.
Sococo wants to change how businesses work so that remote teams can perform at their best. Sococo's virtual office space has all the benefits of co-location without the restrictions of today's agile, fluid, and distributed work environments.
Sococo is a business like any other, but it has its own style. Kyle Garrett, who is in charge of Sococo's Sales and Marketing Operations, realized early on that the company's marketing, product, and sales teams needed clear KPIs that helped them understand their specific business goals. Even though the company's dashboard showed incoming leads, new seats, and sales for the year to date, the teams needed more information.
Garrett said, "We looked for a way to make sure that changes to the product weren't unnecessary" and that each new product version addressed users' problems. So, they decided that a simple picture of where their customers were having trouble would be the most helpful information they could get.
Garrett used Grow’s no code BI software tools and Salesforce to organize their data and add a new metric called "Main Pain Points from Leads" to their Company Health Dashboard. Most of this information was put into Salesforce after Sococo's sales team talked to potential customers.
Sococo's pain monitoring showed that the company's first communications with potential customers focused too much on the program’s unique features and not enough on the problems that the customers were trying to solve. Garrett says that even though we don't market ourselves as a collaboration tool, that's what our customers were trying to solve when they told him about the idea.
So, instead of discussing how their product made a new kind of remote work possible, marketers focused on how it helped teams work together.
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Company Profile: The Feel Good Lab is making pain relief more modern. With better ingredients and products, their 100% natural pain relief cream gives the body the tools to heal itself, fixing the cause of pain and leading to recovery instead of just masking the symptoms.
When The Feel Good Lab sees a problem in the big-picture metrics on their executive dashboard, they need to be able to look into the details to figure out where the problem is coming from. Whether it's a rise in CAC or a drop in reorder rate, their e-commerce dashboard gives them the details they need to figure out what's going on.
The executive dashboard of The Feel Good Lab is focused on high-level metrics. Still, the e-commerce dashboard keeps all the vital information about their multichannel sales efforts. Here, they can compare how well their own site and Amazon do, keep track of how much they spend and how much money they make, and learn more about how their customers buy things.
More than anything else, the eCommerce dashboard helps The Feel Good Lab figure out why some parts of their business are doing well, and others need more work. And it's not always about finding solutions to problems. Sometimes it's about figuring out how to keep something that's going great going.
Whether buying a new business analytics software or re-evaluating your current vendor, remember that measuring these solutions’ ROI involves much more than saving time and money. Instead, think about what you are giving up when you choose one option over another.
Out of the many Business Intelligence software companies, Grow's business analytics solutions are among the best in the BI and analytics market.
Designed to be easy to use like popular spreadsheet programs, use Grow’s a business analytics software and-
Allow teams to dig deeper into the data behind the dashboard so they can answer questions that come up later.