Measuring ROI: How Botco.ai Creates Value Through Revenue Generation and Cost Savings
April 13, 2022
My latest obsession? It’s not NFTs or even cryptocurrency. For me, it’s about measuring a return on investment (ROI). I think about it constantly to the point where I’m probably driving my team crazy with my relentless clamor to measure ROI.
At Botco.ai, every proposal must include an ROI calculation for the potential client. Why? If we can’t demonstrate a significant ROI on the deal, we shouldn’t do business together. It’s that simple.
ROI matters for all businesses. Having the foresight to determine if an investment will result in a positive return allows you to make financial decisions that will ultimately help you successfully grow your business. By calculating ROI, you can better understand how well your business is doing and which areas could use improvement to help you achieve your goals.
To calculate a return on investment, the typical equation looks like this:
ROI = (Gain of Investment – Cost of Investment)/ (Cost of Investment)
The gain can be measured either through a revenue increase that’s attributable to Botco’s AI-powered chatbot technology that delivers intelligent conversations between businesses and their customers, or a cost savings. In our case, Botco.ai does both at the same time. The cost of adopting Botco.ai’s technology for your business includes the price of the software, as well as any other implementation costs to your business.
Botco.ai aims for at least a 300% to 400% return on investment for its clients. So how is Botco.ai actually faring when it comes to delivering ROI for its customers? I recently came back with some astounding numbers as the team crunched away. I’m pleased to say that the typical ROI that Botco.ai customers are seeing is 900% to 1,000%, or about $10 for every dollar spent. But recently, an eye-popping 3,889% ROI came back. That’s a serious return on investment.
I get it…making a technology investment can seem daunting. That’s why we’ve also developed a proprietary tool that measures ROI before and after Botco.ai. We take the client’s website traffic and conversion rate and use that data to project what kind of lift they could expect to see when they start using Botco.ai. It’s tremendously satisfying to show clients that a small conversation rate increase can bump up their revenue by several millions. This has been an awesome approach to show clients how the product actually pays for itself, usually within the first month of going live. Seeing incremental revenue through Botco.ai is a game-changer for our clients.
Additionally, ROI also helps align your team. If they can’t demonstrate ROI—whether it’s for a new hire, for a new initiative, or anything for that matter—it shouldn’t be done! ROI is the lynch pin in every deal and every purchase. If we can’t show it, companies shouldn’t buy it. It’s that simple.
ROI = (Gain of Investment – Cost of Investment)/ (Cost of Investment)
It’s worth mentioning again that Botco.ai thinks about ROI both in terms of revenue increase AND cost savings. We also save our clients time and money by deflecting calls from their call center. The typical phone call to a company’s center usually costs $10-$20 dollars. By deflecting some of those calls that can be handled by the chatbot, businesses can save a significant amount of time and money.
More than ever, consumer expectations are very high. Over half of website visitors will bounce if they can’t instantly find the answer they are looking for. Or, they will try to call for a simple question and tie up scarce call center resources and exacerbate long hold times. Digital customer engagement is a key part of doing business in today’s fast-paced online environment and Botco.ai is changing the perception of what a chatbot can do. The ability to guide every digital front door visitor with an intelligent virtual agent is core to a consumer-centric experience.
There’s always a gap between what people expect and what they’re actually getting. Botco.ai helps both consumers AND companies to fill that gap. We make it as easy to connect with your customers as it is to text a friend.
About half of Botco.ai customers are in the behavioral health space. With Botco.ai‘s HIPAA-compliant intelligent chat, forward-thinking businesses provide an intuitive and rapid way to offer answers to frequently asked questions, verify patient data and access customer information at any time of the day, as opposed to confining customers to communicating within arbitrary “business hours.” Smart conversational AI delivers a real-time experience across your customer journey. It takes the friction away, delivers better conversions and improves customer satisfaction.
With the help of Botco.ai, you’ll turn your website into an intelligent conversation and create impact by:
- Driving revenue through increased patient acquisition and retention
- Providing instant answers to frequently asked questions, book more appointments, and reduce the burden on front-line staff
- Automating up to 80% of customer inquiries to decrease customer-support costs
- Driving business performance and growth with actionable analytics
- Receiving real-time patient or consumer feedback to improve patient and staff experience
- Enabling your virtual agents with continuous training to keep getting better at providing solutions.
I like to ask potential clients what other investments they are making that deliver $10 back for every dollar spent. From a business standpoint, it’s not just about us. It’s about helping clients make informed technology investments and tracking ROI so that they know that the product is actually supporting their business.
It’s easy to understand why people sometimes just look at the cost of a product or service and instantly think that it’s too expensive or not worth the investment. And that’s true if you’re only thinking in terms of the sticker price. But it’s time to reframe this narrow mindset from a cost and budget standpoint, to an expanded ROI point of view.
There is so much more that can be done by harnessing integrations with emerging technologies, particularly with systems such as electronic health records (EHR) or customer relationship management (CRM) software. I’m proud to say that Botco.ai is at the forefront of changing the chatbot experience for businesses, patients and consumers. As an innovative tech startup, we were able to quickly break away from the competition and offer something uniquely valuable in a large market.
So, how does your business measure ROI and where does it fit in your company’s sales cycle? If you’re not exactly sure, you should—it could cost you. On a basic level, ROI is a valuable metric that demonstrates the amount of profit you generate from your investments. And it’s absolutely critical for your business. If you’re still skeptical, book a free demo with us to check out our ROI model and try it out for yourself.