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ROI and Value: Measuring and Talking About What Matters

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Mary Ellen Bates looks at innovative approaches info pros have taken—finding new ways to identify value, new approaches to conveying the impact information services make, and new metrics for communicating value in meaningful and powerful ways. Presented at Computers in Libraries 2019

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ROI and Value: Measuring and Talking About What Matters

  1. 1. @mebs ROI and Value: Measuring and Talking About What Matters Mary Ellen Bates March 27, 2019 BatesInfo.com
  2. 2. @mebs Are we talking about the right things? 93% of librarians think usage is a key value metric 24% of administrators think usage is an important metric Count what matters to them! 3
  3. 3. @mebs goo.gl/tTujFS 4
  4. 4. @mebs Know WHY You Do What You Do 5
  5. 5. @mebs What are your org’s current strategic goals? Do you read your org’s press releases? Do you monitor your org’s social media? Do you read articles about your org? 6
  6. 6. @mebs What are you to the bottom line? Overhead or Contributing to revenue-generation? Why not both? 7
  7. 7. @mebs Link your operations to your org’s goals Academic library: Increase student retention, graduation rates & job success Support faculty research productivity Support grant proposals 8
  8. 8. @mebs Link your operations to your org’s goals Public library Build job skills, support lifelong learning Improve access to govt resources Encourage civic dialogue 9
  9. 9. @mebs Link your operations to your org’s goals Government library Lead digitization efforts Inform policy decisions Enhance citizen engagement 10
  10. 10. @mebs Embrace ROI, Show the Impact 11
  11. 11. @mebs Show impact on revenue % of awarded patents supported by library research # of city council programs supported # of donors engaged with 12
  12. 12. @mebs Show impact on organization Supporting prof’l development → improved employee retention Effective outreach to patient groups → better health outcomes 13
  13. 13. @mebs Show impact on work flow Look at information flows, pain points Time spent searching (not finding) Duplication of effort w/in team Lack of awareness of info resources 14
  14. 14. @mebs Find new ways to add value ID new initiatives and projects They may need extra support; you can embed good info practices ID info-intensive programs Help with info evaluation, acquisition, enhancement, management 15
  15. 15. @mebs Find out your impact Follow up after high-value research projects: What difference did the library make for this project? What impact did this have on your outcome? 16
  16. 16. @mebs To find hidden ROI, ask: What would it cost to achieve {your goal} without {our resource or service}? 17
  17. 17. @mebs “So, what do you do?” 18
  18. 18. @mebs When you describe yourself... Describe yourself by outcome, not activity. Is it a WHAT or HOW? or is it a WHY? 19
  19. 19. @mebs Use new language “We search premium databases” or “We bring you fresh perspectives” 20
  20. 20. @mebs Use new language “We provide research services” OR “We provide answers to your biggest challenges” 21
  21. 21. @mebs Use new language “We centralize our org’s info acquisition functions” OR “We ensure more strategic cost- effective spending” 22
  22. 22. @mebs Use new language “We support R&D efforts with alert services” OR “We reduce R&D expenses by ensuring better, more timely access to the info you need” 23
  23. 23. @mebs What’s an hour worth? 2424
  24. 24. @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 $75K salary = $51/hour $125/K salary = $85/hour 25
  25. 25. @mebs A client’s minutes add up Time NOT spent Googling 15 minutes twice a day = $10,200/year/user Time saved with custom UI 15 minutes once a day = $5,100/year/user 26
  26. 26. @mebs The minutes add up Time saved with team’s shared news dashboard 1 hour/week/person = $25K savings a year for 6-member team 27
  27. 27. @mebs Outsell says… Outsell found a library interaction saved a user 9 hours If interaction requires 1 hour of info pro time, every library interaction saves $714 What are your library’s savings? 28
  28. 28. @mebs Create ROI! 29
  29. 29. @mebs Watch for ROI opportunities Start program to help students find internships, learn job-hunting & interview skills Bring grant funding workshops to staff Bring Campaign 101 workshops to local candidates 30
  30. 30. @mebs Use the tools Install library/search widgets at pain points Embed content, embed librarians Provide curated daily news 31
  31. 31. @mebs Build strategic library usage Look for underused resources Promote in newsletter, web, social media, training, etc. F2F interactions have impact! Onsite awareness-raising events Weekly drop-by sessions Cultivate the info-nerds 32
  32. 32. @mebs ROI Resources Statistics, Surveys, Narrative (Taylor & Francis white paper) goo.gl/tTujFS The True Cost of Information (Springer white paper) springernature.com/truecostroi The True ROI of Digital Content (Factiva white paper) go.dowjones.com/true-roi Proving Your Library’s Value (Missouri DOT report) is.gd/DOT_ROI 33
  33. 33. @mebs Find Mary Ellen Bates at: mbates@batesinfo.com Twitter: @mebs LinkedIn: maryellenbates Facebook: maryellenbates 34 Slides at BatesInfo.com

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