Why your ROI is wrong.

I constantly see or hear from customers who end up with bad deals because they are ill-informed by a vendor and make a purchase based on the wrong things. They may be fooled into believing the solution provider has all these advanced features, but find out later there are additional hidden costs. Not only does this throw off the customer’s initial idea of their perceived or desired “ROI,” but these features may not help attain their long-term vision.

Everyone talks about ROI based on usage and revenue potential, but who can really determine those metrics with consistency? We need a shift in how we measure ROI in this industry. We need to start focusing on what tech will outlast the rest. Will my digital signage solution continue providing a visually dynamic experience utilizing the best in class features? The client needs to consider: Will my software outlast disruption and not be stagnate?

Will my tech provide my guests, clients, travelers, and staff with information and real time data which enhances their day to day experiences? That may sound like a tall order but isn’t that what technology should be used for? We talk about the power of content, the belief that your digital solution should keep everyone informed, safe, stress free, engaged and possibly motivated to do more. How can all of that be achieved if your displays are showing content that is months old? How can you provide an experience with visuals that are outdated? Or worse, are showing that black or blue screen of death?

The Answer is simple, consider your software as its own living eco system of innovation. The wheels should always keep rolling and turning without having to be towed and definitely not reversed. You need to look for a software provider that has technology and innovation in its DNA. They should OUTLAST the competition with next level features that are constantly being updated. They should listen to client feedback, adapt to various trends, and learn from past tech issues. The product, the solution, and your deployment should continue to enhance its feature sets, so you have an ever-evolving digital experience that is ALWAYS visually impactful.

DONT BE FOOLED BY PRETTY COLORS!

You need to do your research, you need to ask for web demos or presentations of the software to see how intuitive the platform is. Listen to what the company’s culture is to innovation and make your sound decision for “ROI” on what platform will still be relevant within 6 months, one year, and even three years from now. That is the true worth of the product you buy that will result in the right return on your investment. It’s how long it can outlast the evolving market trends and technical advancements. How much time and effort will it save you and will you ENJOY using it? After all, personal satisfaction is so important in our day-to-day world, shouldn’t you enjoy the product you are working in?

ROI should no longer be just one sided. The idea of “Can I make money or get money back off this solution I purchased?” is outdated. It should be about helping humanity, helping your organization, inspiring others through a digital experience that is relevant, meaningful and can create change in your guests or staff. That happens when you have technology that continues to innovate with market trends and company needs.

When you go out and ask your vendors about possible ROI, remember to ask them about their company culture or long-term goals to understand what will OUTLAST next-level feature sets. You’ll thank yourself in the long run.

Reference: https://www.linkedin.com/pulse/why-your-roi-wrong-tom-mann/?trackingId=wKpN0oKBCJFcQmcT%2BxyBJg%3D%3D

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