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(ROI) Truth to Power
Mary Ellen BatesOct 24, 2017Reluctant–Entrepreneur.com
@mebs 3
“What gets measuredmatters”
“Not everything that canbe counted counts”
@mebs
HOW data vs WHY data
Operational dataManaging the info center
Outcome dataDemonstrating the info center’s valueAdd stories to highlight ROI examples
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“To find ROI, look atimpact, not function.
Ask yourself why you’redoing this, not how.”
@mebs
Embrace ROI
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@mebs
Low-hanging fruit
Cost of material vs circulation20% of cost * # of circulation = valueJournal routing saves $ vs articlepurchases
ILL = access to otherwise inaccessibleinfo (or $40 article fee)
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@mebs
Show impact on revenue
% of awarded patents supported bylibrary research
# of regulatory approvals supported# of strategic initiatives supportedKey sales goals metSolicit testimonials of impact!
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@mebs
Show impact on organization
Supporting employee development →improved employee retention
Effective outreach to stakeholders,resulting in {an action onstakeholder’s part}
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@mebs
Show impact on org’s staff
Look at information flows, pain pointsTime spent searching (not finding)Duplication of effort w/in teamUnderutilization of resources
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@mebs
What’s an hourworth?
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@mebs
The true cost of your time
Annual salary * 1.3 = fully-loaded salary
52 weeks – 4 weeks = 1920 work hours/year
Full salary / total work hours = full hourly rate
$100K salary = $68/hour
$150/K salary = $102/hour
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@mebs
Outsell says…
Outsell found a library interactionsaved a user 9 hours
So… every library interaction saves$850
What are your library’s savings?
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@mebs
The minutes add up
Time NOT spent Googling15 minutes twice a day = $12,240/year
Time saved with custom UI15 minutes once a day = $6,120/year
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@mebs
The minutes add up
Time saved with team’s shared newsdashboard1 hour/week/person = $29K savings ayear for 6-member team
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@mebs
Know WHY You DoWhat You Do
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What are your org’s currentstrategic goals?Do you read your org’s press releases?
Do you monitor your org’s social media?
Do you watch for strategic / ad hocgroups?
Read between the lines…
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@mebs
Read between the lines…
For-profit: increasing # of new products
University: increasing job placementrates
Nonprofit: strengthening relationship w/partners
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@mebs
Describing the less-measurable
Our resources enable our lawfirm to offer services to clientsthat our competitors can’t.
Thanks to our monthlyalerts, the new productsteam has identified threenew markets.
We helped our CFO verifyfacts before animportant interview witha national journalist.
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“How do you calculate thevalue of a life? Because of the
research we supported, aclinical procedure was
changed that saved patients’lives.”
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What are you to the bottom line?
Overhead
or
Contributing to income-generation?
Why not both?
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What will this be used for?
Incorporate into presentation/report?
Inform a team?
Guide a decision?
Support a grant?
Prepare for a meeting?
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If your deliverableisn’t frictionless,
your clients will goelsewhere.
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@mebs
Find out your impact
Follow up after high-value researchprojects:
What difference did the library makefor this project?
What impact did this have on youroutcome?
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@mebs
To find hidden ROI, ask:
What would it cost to achieve {yourgoal} without {our resource orservice}?
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@mebs
Create ROI!
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@mebs
Watch for ROI opportunities
Start program to help students findinternships, learn job-hunting &interview skills
Bring grant funding workshops to staff
Bring Campaign 101 workshops to localcandidates
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@mebs
Use the tools
Install library/search widgets at painpoints
Embed content, if not librarians
Promote vendors’ mobile apps
Provide curated daily news
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Build strategic library usage
Look for underutilized resourcesPromote in newsletter, web, fliers,social media, training, etc.
F2F interactions have impact!Onsite awareness-raising eventsWeekly drop-by sessionsStaff “ambassador” program
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@mebs
Use new language
Describe yourself by outcome, notactivity.
“We’re here to make you moresuccessful; what do you need?”
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@mebs
Use new language
“We provide research services” OR
“We provide answers to your biggestchallenges”
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@mebs
Use new language
“We centralize our org’s infoacquisition functions” OR
“We ensure more strategic cost-effective spending”
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@mebs
Use new language
“We support R&D efforts with alertservices” OR
“We reduce R&D expenses byensuring better, more timely accessto the info you need”
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@mebs
ROI ResourcesThe True Cost of Information (Springer whitepaper springernature.com/truecostroi
The True ROI of Digital Content (Factiva whitepaper) go.dowjones.com/true-roi
SLA research and studies sla.org/learn/research
Proving Your Library’s Value is.gd/DOT_ROI
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@mebs
Find Mary Ellen Bates at:
[email protected]: @mebsLinkedIn: maryellenbatesFacebook: maryellenbatesReluctant–entrepreneur.com
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