In our last blog, we discussed some of the top benefits of sales software for HVAC companies, including increased communication, efficiency and profit. Companies need modern software solutions to keep a competitive edge, but it is important to note that software is a big investment. Businesses should research their selected software and make sure the return on investment is logical for their company. In today’s blog, we will be diving into calculating return on investment and will provide you with real-life examples of the results you could see from Opportunity Manager.
What is return on investment?
Return on investment, or ROI, is a way to measure an investment’s cost versus its benefit. Calculating a software’s ROI prior to the initial investment is critical, as you will be able to estimate the profit your business could make. However, it is important to look at ROI over the course of time and recognize it may fluctuate year to year. For example, the first few months after implementation will likely produce a lower ROI, as compared to the entire year. Businesses also need to consider intangible costs such as training, productivity and implementation time when making their calculations. While ROI is not a perfect science, it is still useful for getting an estimate of the benefits your company will receive.
Opportunity Manager’s ROI
ROI will vary for each business depending on a variety of factors including region, market and business practices. When it comes to Opportunity Manager, some of the biggest contributing factors to ROI include sales price, closing ratio and accessory sales. To showcase Opportunity Manager’s ROI for its clients, we pulled data from our current clients to show the average results our dealers see after implementation in each of these three factors.
Many of our clients come in with respectable sales prices but are looking to raise them. On average, our clients see a sales price increase of $2,200, but we have had clients boost their sales as much as $3,400 as compared to before using Opportunity Manager. Our professional proposals and unique comparison tool allow customers to view all their options and make an informed decision that’s right for them.
Closing ratio is one of the most important factors in boosting revenue, and Opportunity Manager has proven it can improve a sales team’s closing ratio. Typically, our clients see an average closing ratio increase of 16% after implementation. Opportunity Manager provides detailed closing reports that allow clients to track this data over time and make the necessary changes to improve.
Accessory sales are not always considered valuable in the HVAC industry, but due to their high profitability they are a key driving factor in increasing your business’ ROI. A high number of Opportunity Manager clients have increased their company’s accessory sales after using our program. By utilizing our application, techs and sales associates can pull up an accessory list on the job site, allowing customers to see exactly what they’re getting and ask questions. With this capability, Opportunity Manager dealers see an average of 30% increase in accessory sales, contributing significantly to higher annual gross profit.
Implementing a sales software for your business is a big investment. There is a lot of time and money that goes into a successful implementation, but the payoff is worth it. Opportunity Manager is proud to support our clients in growing their businesses and becoming more effective, efficient and profitable. To hear what our current clients have to say about their experiences with Opportunity Manager visit https://www.opactive.com/content/testimonials or reach out to us today!
In today’s competitive climate, it is important that businesses employ modern technology if they want to maintain an edge in their industry, and HVAC companies are no exception. Implementing a sales software can help your company boost efficiency and profits, all while making the lives of your employees and clients easier. Read on to learn more about the top benefits of software for HVAC companies and to see if a software solution such as Opportunity Manager is right for you:
Seamless sales process and communication
When seeking out a sales software, it is important to find one that will improve your organization’s communication. Miscommunication is one of the leading causes of omissions and call-backs, especially if a company does not keep a digital record of information. Implementing a communication plan can help businesses see significant upticks in their sales and return on investment. By ensuring your team is connected from sale to install, you can effectively reduce mistakes and increase profits. For example, when your techs have access to detailed instructions and photos, rather than referring to hand-written notes, the risk of mistake is reduced. Having a digital communication platform can also help you boost sales. Many platforms, such as Opportunity Manager, give techs access to full materials and equipment lists, which allow customers to purchase additional products or services on-site. Rather than having to wait for a return phone call or consultation, customers can review options and discuss details with the tech that day. Having all your business’ information on one accessible platform is a great way to help enhance communication and advance your company.
Alongside bettering employee communications, sales software programs also help boost your company’s efficiency. HVAC software systems generally come equipped with a variety of labor and time saving tools. For example, rather than wasting time writing out multiple proposals by hand, the right software system will allow you to automatically generate multiple professional proposals to show clients. If you are looking to save time on the business management side of things, software can help there too! Many programs like Opportunity Manager allow you to maintain a database of your products and pricing that you can edit quickly and efficiently from the application. By automating these processes, you will be able to redirect your saved time back into other important areas of your business.
Understand your business better
Another benefit of implementing a software program is reporting. Some HVAC and field tech programs offer reporting at various levels, so make sure to research what areas you would like to see reports on and verify that your chosen software can deliver. Some helpful reports to look for include sales performance, lead tracking, profitability, and labor efficiency. By tracking data in these areas, you will amass a collection of knowledge about your specific business practices. Additionally, as you continue to follow this data over time, your reports will become increasingly helpful and accurate. You will be able to see the exact areas that need improvement, as well as areas where your company is excelling. Reporting is essential for gaining a comprehensive understanding of your business, and software programs are far more efficient than tracking data by hand.
With Opportunity Manager, your business will get all these benefits and more! As a leader in retail sales and operations software for the in-home sales industry, we understand you want to make the right investments for your company. That is why we work diligently with clients to ensure they are getting the most out of our software! To learn more about the benefits of software for HVAC companies, reach out to us at firstname.lastname@example.org or fill out our contact form.
Organized cybersecurity crime is continuing to rise, with experts anticipating cyber-attacks will cost the world a record breaking $6 trillion this year. It seems like every day a new company or organization is making headlines due to a data breach, and about 95 percent stem from human error. Today, we’re going to outline the most common cybersecurity mistakes companies make and provide you with tips on how to combat them.
Thinking your company is not a target.
Listen closely: any business can be a target for hackers. While large scale breaches in major companies do occur, small to midsize businesses are not immune. Hackers will often go after smaller businesses under the assumption they have less rigorous security protocols and will be easier to infiltrate. Additionally, smaller businesses may not realize they have been attacked and can take far longer to correct the issue. These businesses are also at risk due to the nature of the data they handle. Companies that do not handle sensitive data such as credit card or other personal information sometimes adopt a false sense of security, thinking that their data is of no interest to hackers. Unfortunately, this mistake can be devastating. Hackers strike in every sector of the economy for reasons beyond financial gain, and no business should assume they are safe.
Not maintaining strict network hygiene.
Poor network hygiene is another major contributing factor to data breaches and hacks. Network hygiene encompasses many factors including software updates, security protocol, and standardizing policy. Companies that fall behind on crucial network updates can subject their business to additional vulnerabilities. Additionally, many companies have loose security protocols and fail to monitor their systems adequately. This can allow hackers to penetrate the system without ever being detected. Another common network hygiene mistake is not implementing standardized cybersecurity policies across the company. Many businesses have informal processes or complex multi-step policies which can easily confuse employees. While it is impossible to completely eliminate human error, creating one standard policy for a company can greatly reduce mistakes by ensuring everyone learns the same methods.
Not providing sufficient cybersecurity training.
Investing in adequate cybersecurity training comes at a cost, but it is a worthwhile investment to increase your company’s safety. This includes training all employees with access to data, not just your IT staff. This issue has been especially pressing over the last year with so many employees working remotely. Untrained staff put your company at a higher risk of a cyberattack, especially when they are working from home or on personal devices.
Cybercrime continues to become more advanced, and attacks are increasing. While there is no way to prevent every hack or data breach, there are steps companies can take to protect themselves. Every business should invest in a solid cybersecurity plan because you never know when your company could become a target.
At Opportunity Manager, we work diligently to protect client data and provide a software that can be trusted. As a leader in retail sales and operations software for the home services industry, we are happy to answer questions about cybersecurity as it relates to software. To learn more about Opportunity Manager’s safety efforts, check out this blog or contact us for more information.
One major benefit Opportunity Manager offers is robust reporting--an essential part of the sales cycle that can help you collect pertinent data to improve your business. In today’s blog, we will walk through the various types of reporting available in Opportunity Manager and discuss the value reports can generate for your company.
The Opportunity Manager platform offers over 20 different reports for products, leads, proposal, sales, referrals, jobs. Different reports are beneficial to different aspects of the business cycle, so you can select which areas you would like to focus on improving.
Lead Detail – This report tracks individual lead details, filtered by lead status, date range and salesperson. This is perfect for tracking lead source trends, performance indicators, proposal price, potential commission, labor hours, as well as gross profit dollars. By tracking this data, you can better determine which areas of your lead strategy are doing well, and which areas need improvement.
Lead Log – This report provides additional information about the lead and is helpful for follow-ups and tracking. Employees can quickly and securely access lead information such as phone numbers, addresses, contact information and proposal details.
Sales Force Performance – This is the main report clients will use in sales meetings. It tracks information by salesperson and allows users to filter by date range. You’ll be able to track your team’s goals versus actuals, upsell and accessories sales.
Job Budget – This is a line-by-line detailed breakdown of a proposal. This is excellent for job costing, helping you to price your jobs more accurately rather than just using generic “cookbook pricing!”
Accessories Report – This report allows users to see which accessories sell the most successfully. You can also collect data on the revenue for each accessory, and see which salesperson makes the most offers vs sales.
Data tracking and reporting provides your business with the tools necessary to boost performance and meet goals. You can take a detailed look at whether you are on the right path, or if there are areas that need redirection. Additionally, the reports will benefit team members across the board by allowing them to check in on their performance. Start working with Opportunity Manager today to get comprehensive insight on what is really happening in your business cycle!
In a recent blog, we discussed the digital shifts companies have been making to their operations. More than ever before, businesses are choosing to adopt software and technology solutions to improve efficiency. Once a business selects a software, the next step is to integrate the software into the company—also known as implementation. Below, we’ve broken down the key steps of Opportunity Manager’s implementation process, and laid out our best tips for general implementation to help your team onboard smoothly.
The Implementation Process
One of the keys to a successful implementation is not rushing the training process. If employees are not given adequate time to learn a software, they can quickly become overwhelmed. It’s best to start with the basics of the program and build from there. Once your team has the essentials down, it will be easier to eventually fill in the gaps and become more advanced.
At Opportunity Manager we’ve tested various program lengths over the years and have found that four days is an effective amount of time for information to be communicated and retained. Our first three days focus on getting the basics down, while day four is devoted to any additional training and lesson repetitions designed to increase retention.
What to Expect after Training
Once you have successfully completed your training, you should feel ready for your company to use the new software, but it is important to remember that the first few months of integration can have some growing pains. Some employees may feel more confident than others, and all software programs come with a bit of a learning curve.
Luckily, there are steps you can take after training to keep your team up to speed! You can host software discussions to answer questions, reinforce the tool’s benefits, and demonstrate its daily practical application for the team. If you’ve opted for a software that provides customer support, such as Opportunity Manager, you can also reach out to the support team for further assistance. In fact, in the weeks following Opportunity Manager’s implementation, our onboarding team schedules multiple follow-up calls to check on your team’s progress, arrange any additional trainings, and answer any questions.
We hope these tips have made you feel more at ease about implementing your new software. The key is to be patient with yourself and your team, and to recognize all of the benefits that the software will have on your business.