Building a Web Content Management Business Case Part 1 of 3

One of the questions that we are often asked by our prospects is ‘how do I build a business case to support the purchase of a Web Content Management system?’ Here is a three part series on one method that could be employed. Obviously, business cases are unique to each company and the specific drivers that matter most to them but here is one approach.

First, one must look at Revenue. Revenue is that thing that funds all other things and that is why we love it so much. It pays our salaries, keeps the lights on and enables us to have blackberries to feed our ‘always on’ addiction. Revenue is good.

So will a new Web Content Management system drive an increase in revenue? You betcha! Of course, measuring that can get complicated and there are a myriad of parameters that could be considered, but here are a few:

1. A better site will produce more qualified leads through a better customer experience, easier to find information and clear calls to action.
2. A better site will facilitate the sale of some products end-to-end via the web.
3. The speed of deals through the sales cycle can be enhanced with a better site, as prospects will be able to do more thorough research on their own.

These particular items can be measure by metrics like: number of web leads, conversion rates, average deal size, length of sales cycle, etc. These are easily (relatively) quantifiable and data probably exists for you to benchmark against your particular industry. An easy way to capture the value of the revenue impact is to measure what you are currently doing, compare it to industry benchmarks and then set realistic targets with a new Content Management system.

There are other metrics that may impact revenue, depending on the type of site that you have.

1. Increasing time on site could be critical as people who stay longer have higher conversion rates.
2. Participation in a community, posting comments, reviews and rating can be great indicators of engagement and higher engagement equals higher conversion.
3. Adding rich media elements like video and flash demos can increase the conversion rates as buyers are more able to shop and compare.
4. Creating personalized content that can be delivered as you learn more about your visitors through their clicks says to a buyer that you ‘get’ them and that translates to sales.

And there are many more that you can consider. The key to building a business case around revenue is to choose the impacts that drive the highest revenue, align with your strategy and will enhance the customer experience. Then find measurable analytics that you can apply to those revenue drivers. Be consistent and use the best data available. Benchmark against industry standards, if you can. And don’t artificially inflate the numbers. Nothing will kill a proposal faster than the appearance of impropriety in the numbers. And further, a solid business case truly should stand on its own.

Is there more to consider than revenue? You betcha! And we will talk about those next time.