On Demand

Determining the ROI of your Tech Stack

Determining the ROI of your Tech Stack

Reflection has been a key component for business owners during Covid-19 but did you write your software off as necessities that you can't change or improve upon?

About this EVENT

You know that software costs are necessary to running an efficient business but how do you know if your tech stack is truly working for you?!  Maybe, you have never truly thought about what your tech stack is.  Dive in to this class with Zingfit and Brandbot to learn how to measure the ROI of every platform you use for your business.
 .
.

In this class, you will learn:
.

  • What your tech stack is
  • How to measure the ROI for each platform that you utilize
  • How to look critically if your platforms are working together efficiently
  • How your tech stack affects your client journey/experience

Links to Additional Resources

Notes

What makes up your tech stack?

  • Studio Management Platform
  • E-commerce
  • CRM
  • Marketing Tools
  • Instructor Tools
  • VOD/Livestream
  • Aggregators

 

How to measure your Studio Management Platform ROI:

  1. Make a list of your business goals
    • There are core software capabilities your studio can’t live without, and those can be drastically different depending on what kind of studio you run. 
    • Think of business goals before considering specific features and functions(E.g. ‘We are focused on customer acquisition and marketing’ vs ‘Does this platform have automated referral programs?’)
  2. What type of studio are we?

    • Competition: for many boutique studios, the basis on which you’ll compete is the brand experience online. 
    • Modality: Children’s martial arts Vs SoulCycle, Local performance-oriented cycling class.
    • Services: What are the ways that you make money? Does the platform support it?
  3. Compare Platforms

    • Using your list of business goals, determine of each platform supports your ability to do achieve those goals at scale
    • Platforms are priced competitively; but luckily for the buyer (you), they are each very different from each other
      • Get pricing for the tier and feature set your business goals require
      • Price difference of platforms Vs ROI in relation to your business goals
  4. Make a decision

    • Check security requirements, migrations, timing
    • Some platforms may be your favorite, meet all your needs, and save you some serious time and, energy, but they don’t go all the way.

    Thankfully, most platforms have an array of integrations to support your business goals.

 

How to measure your CRM ROI:

  1. First, determine the costs to set up, train, and maintain
  2. Then, measure that against the increase in sales over a certain period of time. 
  3. Consider the amount of time it saves your employee
  4. Has it increased customer satisfaction? What about retention rates?

What to consider with a CRM:

  • Is it integrated with your booking platform?
  • Is it connected with your email, texting, and communication tools?
  • Does it integrate with your marketing automation software?
  • Non-integrated CRMs will require additional development costs and maintenance

.

How do I know if my e-commerce experience is meeting the needs of my users?

  • Break out, track, and measure your online sales compared to brick-and-mortar sales 
  • Close the loop on any online ads you run
  • Utilize cart abandonment tools, so you can visualize drop-off and conversions

How to measure the ROI of your e-commerce:

  1. Focus on the end-user experience and test the user process for everything you sell online
  2. Fewer clicks are better
  3. Perfect the buying experience through mobile (consider an app-buying experience)
  4. Can you expedite the buying process through landing page experiences?

.

How to measure the ROI of your Marketing Tools:

  1. First, establish your benchmarks: new client intro offer conversion rate, retention, LTV, etc (recommend ikizmet)
  2. Identify the part of your customer journey that needs the most improvement
  3. Invest in a tool that focuses on entire customer journey
  4. Evaluate tools that have built-in reporting 
  5. Consider using communication tools that are integrated: omnichannel message regardless of channel (text, email, phone call)

.

What to consider with your VOD/Livestream Tools?

  • Treat this as a separate business unit
  • Consider a customer journey management component that can convert livestream or VOD users to paying brick-and-mortar clients
  • Stay true to your brand. The production quality should match and represent your brand 
  • Consider monetizing these channels through different packages, memberships, and pricing.

Action step recap:

  • Determine you business needs
  • Assess the software cost ($$$, time, training, maintenance)
  • Compare (Does the feature set give me the payoff I am looking for?)
  • Decide (What is the process for onboarding & how soon will I see ROI?)

 

Notes

What makes up your tech stack?

  • Studio Management Platform
  • E-commerce
  • CRM
  • Marketing Tools
  • Instructor Tools
  • VOD/Livestream
  • Aggregators

 

How to measure your Studio Management Platform ROI:

  1. Make a list of your business goals
    • There are core software capabilities your studio can’t live without, and those can be drastically different depending on what kind of studio you run. 
    • Think of business goals before considering specific features and functions(E.g. ‘We are focused on customer acquisition and marketing’ vs ‘Does this platform have automated referral programs?’)
  2. What type of studio are we?

    • Competition: for many boutique studios, the basis on which you’ll compete is the brand experience online. 
    • Modality: Children’s martial arts Vs SoulCycle, Local performance-oriented cycling class.
    • Services: What are the ways that you make money? Does the platform support it?
  3. Compare Platforms

    • Using your list of business goals, determine of each platform supports your ability to do achieve those goals at scale
    • Platforms are priced competitively; but luckily for the buyer (you), they are each very different from each other
      • Get pricing for the tier and feature set your business goals require
      • Price difference of platforms Vs ROI in relation to your business goals
  4. Make a decision

    • Check security requirements, migrations, timing
    • Some platforms may be your favorite, meet all your needs, and save you some serious time and, energy, but they don’t go all the way.

    Thankfully, most platforms have an array of integrations to support your business goals.

 

How to measure your CRM ROI:

  1. First, determine the costs to set up, train, and maintain
  2. Then, measure that against the increase in sales over a certain period of time. 
  3. Consider the amount of time it saves your employee
  4. Has it increased customer satisfaction? What about retention rates?

What to consider with a CRM:

  • Is it integrated with your booking platform?
  • Is it connected with your email, texting, and communication tools?
  • Does it integrate with your marketing automation software?
  • Non-integrated CRMs will require additional development costs and maintenance

.

How do I know if my e-commerce experience is meeting the needs of my users?

  • Break out, track, and measure your online sales compared to brick-and-mortar sales 
  • Close the loop on any online ads you run
  • Utilize cart abandonment tools, so you can visualize drop-off and conversions

How to measure the ROI of your e-commerce:

  1. Focus on the end-user experience and test the user process for everything you sell online
  2. Fewer clicks are better
  3. Perfect the buying experience through mobile (consider an app-buying experience)
  4. Can you expedite the buying process through landing page experiences?

.

How to measure the ROI of your Marketing Tools:

  1. First, establish your benchmarks: new client intro offer conversion rate, retention, LTV, etc (recommend ikizmet)
  2. Identify the part of your customer journey that needs the most improvement
  3. Invest in a tool that focuses on entire customer journey
  4. Evaluate tools that have built-in reporting 
  5. Consider using communication tools that are integrated: omnichannel message regardless of channel (text, email, phone call)

.

What to consider with your VOD/Livestream Tools?

  • Treat this as a separate business unit
  • Consider a customer journey management component that can convert livestream or VOD users to paying brick-and-mortar clients
  • Stay true to your brand. The production quality should match and represent your brand 
  • Consider monetizing these channels through different packages, memberships, and pricing.

Action step recap:

  • Determine you business needs
  • Assess the software cost ($$$, time, training, maintenance)
  • Compare (Does the feature set give me the payoff I am looking for?)
  • Decide (What is the process for onboarding & how soon will I see ROI?)

 

Is your tech working for you or against you?

SPONSORS