A quick guide to using our Channel Shift ROI Calculator...
What is channel shift?
Digital channel shift is necessary for many reasons. It increases efficiency, complements business spending in a tighter economy and improves customer relationships. Tech-savvy consumers and forward-thinking organisations understand that channel shift is essential for businesses to communicate effectively with customers and increase sales.
Beyond the logical conclusion that organisations must adopt digital technology to survive in a tech-driven global economy, there are also immense financial benefits. The problem is that businesses don’t always know how to calculate their exact ROI, and because digital transformation isn’t a cut-and-dried transaction like updating computer software to improve processing, people tend to have reservations.
How to use our channel shift ROI calculator
The good news is that our customised calculator can help you assess the true cost and efficiency of a potential channel shift. Here’s how you can access personalised results based on your time expectations:
- Go to our landing page.
- Fill out the online form with your necessary details. Make sure to enter your data in all the fields to gain access to the calculator.
- Click ‘Submit’ buttons to be redirected to our ROI calculator.
- The calculator is divided into three main components:
• ‘Current Situation’, are the most common channels of communication.
• ‘3 Year Channel Shift Target’ which can be adjusted to different percentages of your overall goal.
• Your results
- For each channel under ‘Current Situation’, you need to enter how many transactions you perform each year, as well as the cost per transaction. You can leave the current ‘cost per transaction’ figures in there if you don’t know. These are based on prior industry research by PwC.
- Then, adjust your ‘3 Year Channel Shift’ percentage to your desired target.
- You can play with the percentage slider to see how your costs might change depending on how close you are to reaching your 100% target.
How to read the results
There are some caveats to the results and data assumptions in the calculator. Firstly, channel shift transactions don’t necessarily switch on a 1:1 basis. For example, someone calling for a rent balance may do that on a much less frequent basis than someone who can access that same balance on a portal. Additionally, these are notional transaction costs. Organisations should also factor-in underlying fixed costs of setting up or maintaining different channels. Some organisations may also prefer to interpret potential savings as efficiency gains i.e. do more/better with similar resources.
Our channel shift ROI calculator gives you tangible results to motivate digital transformation. Are you feeling inspired to get started on your channel shift?