As the sales industry continues to navigate through changes brought about by the pandemic, new roadblocks are sprouting like daisies. When it comes to digital selling, sales leaders are grappling with key challenges like showcasing the value of their product or proving ROI. Luckily, there is a solution to help overcome these new challenges — an economic impact calculator.
In today’s digital sales meetings, buyers want to understand the why of a product. Why should they buy this and how will it impact their business? Focusing on selling products based on features is a thing of the past. To overcome modern challenges, sales leaders need to refine their ability to communicate the benefits with modern tools.
What is an Economic Impact Calculator?
An economic impact calculator comes in many forms. Some calculators are purpose-built to showcase a buyer’s potential ROI. And some help buyers determine quantity metrics, like how many items they need to include in their purchase order to properly service their needs. Either way, all economic impact calculators determine the financial and positive effect a product will have on a business. In other words, these calculators help visualize the value of a product.
1. Showcasing Value is a Top Challenge for Sales Leaders
According to our research, nearly 81% of sales leaders are struggling to visualize the value of their product. This can be due to a complex value proposition or a lack of educational content. As a result, they are forced to sell based on their product features and price. However, selling only on price or features is not enough to engage buyers and drive them towards making a purchase. With the right tech, sales leaders can make a lasting impact on buyers.
With an economic impact calculator, sales leaders are better able to show the value of their product and keep their buyers interested. For example, instead of telling buyers what benefits their product can bring to the buyer’s company, the calculator will show the actual benefits in real-time during a sales presentation.
Since economic impact calculators are interactive, buyers can play around and choose each metric or customization in the calculator that suits their situation best. Then, all the math happens behind the scenes to instantly spin out the personalized results in seconds. Now, the value of your product — the ROI, the potential revenue increase, etc. — is displayed right before the buyer’s eyes.
To see an example of an economic value calculator in action check out The Ultimate Selling Tool.
2. Visualizations are Critical to Proving ROI in Digital Sales
Our recent study reports that 20% of sales leaders report that they are unable to prove the ROI of their product. Using an economic impact calculator to show the potential revenue that buyers can expect to receive after purchasing a new product or solution is key to proving ROI. Not only is the ROI displayed front and center in a sales presentation, it’s personalized to fit the exact needs and use case of the buyer.
With an economic impact calculator, sales leaders can easily prove the ROI of their product in multiple situations. For example, an ROI calculator can show what a prospect’s revenue would be after increasing their conversion rate by 1%. But what if the buyer was looking to see what their revenue would be if they were able to increase the rate by 2%? Or maybe 5%? Within the calculator, all of these different adaptations can be determined. Plus, with each potential increase in conversion rate, the impact of the product becomes more and more valuable.
3. Digital Selling Requires Innovative Tech Like an Economic Impact Calculator to Create Meaningful Data
Many sales leaders, 24% to be exact, are lacking the tech to create meeting data and insights. Why is this important? Meeting insights are valuable pieces of information that help sales leaders propel their sales efforts forward by developing a deeper understanding of the buyer, their needs, and which content resonates most with them. Economic impact calculators serve as the best solution to capture a buyer’s personal information. Thus, with this data, the sales leader can make decisions based on data.
For example, during a sales meeting, a buyer says they only need 1 user account for the software you’re selling. But when they start using the economic impact calculator from your presentation after the meeting on their own time, they put in different company data to suggest that they actually have 15 potential users. With visibility into this buyer behavior between meetings, you can use the data from the impact calculator to upsell the buyer in your next meeting. Plus, you can use any further information provided by the buyer like their annual revenue, company size, client base, and more to address the prospect’s pain points and offer a solution tailored to their needs.
Overall, an economic impact calculator can benefit today’s digital sales leaders by helping them provide value to their buyers. Digital sales is no longer about sharing product features, it’s about how the product will impact the buyer’s business. Sales leaders must find ways to focus less on selling the product and more on selling the data-backed impact.
Interested in learning how Prezentor’s sales enablement platform and economic impact calculators can help you overcome digital sales challenges?
Request a demo here.