How can you measure the ROI of a solution selling strategy in a highly regulated industry?

2 The challenges of measuring ROI

However, measuring the ROI of solution selling can be challenging, especially in a highly regulated industry where the outcomes and impacts of your solutions may not be immediately visible, quantifiable, or attributable to your efforts. For example, if you sell a solution that helps a healthcare provider improve their patient safety, compliance, and efficiency, how do you measure the direct and indirect benefits of your solution, such as reduced errors, lawsuits, costs, and staff turnover, or increased satisfaction, reputation, and market share? How do you isolate the effects of your solution from other factors that may influence the customer's performance, such as market conditions, regulations, competitors, or internal changes?

4 The best practices of measuring ROI

Measuring the ROI of solution selling in a highly regulated industry requires some best practices, such as defining objectives and scope, involving customers and other stakeholders, and using multiple sources and methods of data collection and analysis. Before you begin, you need to clearly establish what you want to measure, why you want to measure it, and how you will measure it. You should also collaborate with the customer and other stakeholders to collect data, feedback, and insights, as well as communicate the results of your measurement. Additionally, you should use a variety of sources and methods of data collection and analysis to ensure accuracy. Furthermore, using a mix of quantitative and qualitative methods can capture the full spectrum of benefits and costs of your solution.

5 The benefits of measuring ROI

Measuring the ROI of solution selling in a highly regulated industry can help you achieve several benefits, such as demonstrating your value and impact to customers and other stakeholders, improving your performance and learning from best practices and mistakes, and enhancing your reputation and credibility. You can use the measurement results to justify your price, negotiate better terms, or upsell or cross-sell more solutions. Additionally, it can help you identify the strengths and weaknesses of your solution, as well as the opportunities and threats in the market. Lastly, it can prove your expertise, professionalism, and accountability to customers and other stakeholders, helping you build your reputation, credibility, and trust in the industry.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?