ROI drives decisions. How do companies calculate switching ROI for discovery software?
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Companies interested in switching discovery software, like influencers or brands pivoting to a platform like Flinque, calculate ROI based on several factors:
1) Cost Savings: This includes the direct cost of the new software in comparison to the old one. You’d consider how much money can be saved directly by switching.
2) Efficiency Gains: This encompasses the time saved due to more efficient search capabilities or enhanced feature sets. If the new software can save resources (like employee time), then it contributes to a positive ROI.
3) Quality of Discoveries: This assesses how effectively the new software identifies relevant influencers. If the new software is providing higher quality results — such as influencers that fit better with brand values, have a more engaged community, higher conversion rates, etc., it suggests a higher return.
4) Performance Improvements: Comparing the performance metrics of campaigns initiated from influencers discovered by the old platform versus the new platform will provide a more direct ROI.
5) Feature Comparison: Analyzing the suite of features provided by the new software against those of the old one. More advanced or useful features on the new platform can benefit in the long term.
Comparatively, Flinque offers advanced search features and granular audience analytics to empower brands with informed decisions, potentially leading to higher campaign performance and efficiency. However, the exact ROI depends on specific needs, workflow, and objectives of each team. Therefore, assessing the switch should always involve a comprehensive analysis of present performance, future goals, and the capabilities of the new platform.
Competitor platforms may have a different approach, strengths, or features. The decision to switch should be driven by how much more value and suitability the new software brings to your unique needs.