Business cards are still one of the most affordable and efficient ways to spread the word about your business to potential clients. They are an effective business tool you can invest in and use to maximise monetary returns to the company. With the rise of digital business cards, entrepreneurs can do even more. But how do users know if their business cards are benefiting them? Like other investments, entrepreneurs need to track and assess the ROI from digital business cards. Here, we provide the impact of digital business cards on users' ROI and how they can gauge this success.
Measuring ROI of Digital Business Cards
Return on investment (ROI) is a financial formula that investors can use to assess their investments. It helps determine whether the asset is worth its costs and to evaluate how well one investment is faring in comparison to another. There are several ways to determine ROI. The most popular one is: ROI = Net income / Cost of Investment multiplied by 100 Positive return percentages in ROI calculations indicate that the asset is profitable. If the percentage is lower than zero, the investment is losing money.
Typically, in addition to its cost of purchase, other business expenses are included when calculating your business card ROI. This is because people do not walk around giving their business cards to everyone they meet. The majority of the time, there are other charges involved before handing out that business card, such as trade fair entry, networking group dues, or advertising expenses.
The ROI of your NFC digital business card depends on your ability to close deals. A digital business card provides a number of ROI-producing elements that can boost sales effectiveness. Digital cards also develop persuasive marketing, enhance brand consistency, and promote event outreach. Clients gained through networking with digital business cards have value. This value grows if you can turn that person into a long-term customer. Clients gained relative to the value of each sale is one facet of assessing the card's ROI that is often overlooked. However, getting an accurate ROI for your business card organisation can be challenging due to the wide range of factors that need consideration. What you can do is put it in a category with other promotional items. Your marketing materials will work best when used in tandem to strengthen brand recognition among leads and current clients.
Improve Company ROI with Digital Business CardCompanies may increase the overall ROI of the company by embracing digital cards. Digital business cards provide characteristics that can only be made feasible by a technological platform, such as:
- Unlimited Card Sharing
- Better Lead Generation