Why Learn to Calculate the Return on Investment of Mystery Shopping?
In the heart of budget season, many companies agonize over where they will focus limited dollars and also how to justify spends with ROI. For example, social media ROI questions are everywhere. Organizations from retail to food service to financial services invest in Facebook and other social media, and justifiably, they want to quantify what they receive from these efforts. While there is plenty of debate about the best way to measure social media ROI, calculations for mystery shopping ROI are clear. It’s no secret that mystery shops help build and maintain the momentum of your sales efforts. However companies need to dig deeper to learn the specific value returned from mystery shopping. In response to this, Confero developed a calculator to help clients determine this.
Would you like to learn more about how to calculate ROI for your telephone mystery shopping or onsite mystery shopping program?
Here’s Information Needed:
o Number of purchasing customers per day
o Average dollar amount of purchase
o Number of locations
Consider These Estimates:
o Percentage of employees who suggestively sell when they know a mystery shopping program is in place
o Percentage of customers who will accept the upsell
o Dollar amount of a typical upsell
o Number of days in your selling period
Once you have this information in mind, visit Confero’s ROI Calculator and see firsthand an estimate of the incremental revenue that mystery shopping brings your organization.
Need to go a step further? You can also measure increased referrals from the improved service that results from mystery shops. Use our loyalty calculator and together with the ROI calculator, these numbers make budgeting decisions easier.
Do you have examples to share from your own program’s ROI? As always, we welcome your comments.
Explore the possibilities with Confero’s Return on Investment Calculator –
