Driving your own ROI without relying on vendor data
If you have made purchases from Saas vendors, including WalkMe, Whatfix, Pendo or others, you probably had the intention of streamlining your processes and improving your bottom line. While many of your investments have likely been successful, calculating that success may not be as easy.
That's when you learned that you cannot solely rely on your vendor for ROI. It is essential to take a hands-on approach to ensure that you are getting the most out of your investment. If you want to avoid that, here are some actionable takeaways that we have discovered along the way, including analytics, CRM, and behavior analytics.
1. Know Your Business Needs
Before making any SaaS purchase, it is crucial to fully understand your business needs. What specific problem are you trying to solve? What processes do you need to streamline? Can you measure it today? By taking a step back and looking at your business as a whole, you can identify areas that can benefit from a new tool.
Once you have identified your business needs, you can then start looking for vendors that offer solutions that align with those needs, such as digital adoption, learning and development, and CRM software. Just don't be swayed by flashy demos or features you do not actually need. Stay focused on what is essential for your business.
2. Get Involved in Implementation
The implementation phase of SaaS can make or break the success of your project. Don't leave it solely up to your vendor to handle the implementation process. Instead, get involved and ensure that your team is properly trained and prepared for the new software and qualify necessary resources BEFORE you sign a contract.
By being involved in the implementation process, you can also identify any potential roadblocks or issues that may arise. You can work with your vendor to address these concerns before they become larger problems. This proactive approach will ensure that the implementation process runs smoothly and that your team is ready to use the software to its fullest potential.
3. Continuously Measure ROI
Finally, it is essential to continuously measure the ROI of your SaaS investment. Don't rely solely on the metrics provided by your vendor around renewal or QBR. Instead, establish your cadence of reporting based on the underlying business need, such as Mixpanel, Amplitude, and Behavior Analytics. That's another reason budget evaluations are so important - don't forget about internal resources you may need to measure your outcomes.
Regularly review these metrics to see how your program is performing. Are you seeing the expected results? Are there areas that need improvement? By continuously measuring ROI, you can make adjustments as needed and ensure that you are getting the most out of your investment - not just at your upcoming renewal.
Sure, vendors play an important role in the success of SaaS software, but you have to drive your narrative if you are serious about proving ROI. By taking a proactive approach, including knowing your business needs, being involved in implementation, and continuously measuring ROI, you can ensure that your investment in SaaS software is successful.