The decision to invest in an online booking system should not be taken lightly. Before taking the plunge, it is essential to understand the return on investment (ROI) that this tool can bring to your business. But how to calculate it accurately?
In this article, we explain how to evaluate the ROI of an online booking system, considering key factors such as time savings, reduced cancellations and increased revenue.
What is ROI and why is it important?
ROI (Return on Investment) measures the profitability of an investment in relation to its cost. It is expressed as a percentage and allows you to determine whether or not an investment is profitable.
The basic formula for ROI is:
ROI (%) = [(Profit obtained - Investment) / Investment] x 100
Applied to an online reservation system, the benefit comes from increased revenue, reduced operating costs and other improvements that impact the productivity of the business.
2. Key factors to calculate the ROI of an online reservation system
Time savings and work optimization
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75% of companies that implement online booking systems report a 40% reduction in time spent coordinating meetings(Source: Signpost, 2024).
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Calculation: If an employee spends 20 hours a week managing appointments, a 40% reduction equals 8 hours less. If the labor cost is €20/hour, the monthly savings is €640.
Reducing no-shows
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Companies using automatic reminders have reduced no-shows by 30% (Source: Signpost, 2024).
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Calculation: If a clinic misses 10 appointments per month, with an average value of 100 € per appointment, a 30% reduction saves 300 € per month.
Increase in after-hours bookings
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34% of bookings are made outside working hours thanks to 24/7 booking systems. (Source: Signpost, 2024)
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Calculation: If your business gets 100 bookings per month, 40 of them outside business hours, with an average ticket of 50 €, this generates additional revenue of 2,000 € per month.
3. Practical ROI calculation
Let's assume that the monthly cost of a reservation system is €100. Considering the above data:
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Time savings: 640 €.
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Reduction of no-shows: 300 €.
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Increase in after-hours revenue: 2,000 €.
Total monthly profit: 640 € + 300 € + 2.000 € = 2.940 €.
Investment: € 100
ROI (%) = [(2.940 - 100) / 100] x 100 = 2.740%.
This means that, for every euro invested, the business obtains a return of 27.4 €.
4. Conclusion: Is it worth investing in an online booking system?
The numbers speak for themselves: an online booking system can transform appointment management, reduce costs and significantly increase revenue. In addition, it facilitates decision making through data analysis and process automation.
If you are looking for an efficient solution for your business, in TuCalendi we offer you an intuitive and powerful tool that allows you to test all its features free of charge for 7 days and with the best support team at your disposal.
Request a free demo and discover all the possibilities that TuCalendi offers you!