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If you aren’t leveraging an ROI calculator to demonstrate the return on investment your clients get from purchasing your MedTech product or service, you’re missing out on a powerful tool for getting your product into healthcare spaces.
For most purchasing departments, ROI tools aren’t just nice to have — they’re a mandatory requirement in the procurement process. While you could give a potential customer the information they need to build their own, you can set yourself apart from your competitors by delivering an easy-to-use ROI calculator that their procurement department can employ.
Learn more about improving your medtech sales presentation
What Is an ROI Calculator?
In simple terms, ROI calculators are Excel spreadsheets that compare the cost of your product or service to the savings, revenue, or avoided loss the customer will derive from using it.
But their usefulness doesn’t stop there. You can also include factors your competitors or the procurement team might not recognize. For example, you might help your customer avoid penalties from healthcare-associated conditions (HACs in the hospital parlance) like complications, readmissions, or falls. In some cases, your product will only help create savings and not generate new revenue, but you can use an ROI calculator to demonstrate how, in three to five years, your product will help the customer save far more than it costs to invest in you.
Building an Effective ROI Calculator
The time you’ll spend building an ROI calculator is insignificant. Data should support all your claims, and your customers should be able to customize their inputs — such as their bed numbers or patient admissions per year. But no matter how you build your ROI calculator, always brand it before it goes out the door!
If you put effort into building a great one, you’ll have the necessary inputs for an agency or developer to build an online ROI calculator that prospects can engage with when they visit your website. You want to give potential customers some information while keeping the details behind a gate. That way, they’re more likely to provide their lead information to know precisely how you can solve their challenges and save them money.
Struggling to impress your prospects in the medtech space? Learn more on how The Brand Leader can help grow your footprint in the medtech industry
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