(ROI) Truth to Power: Measuring & Talking About What Matters

(ROI) Truth to Power

Mary Ellen BatesOct 24, 2017Reluctant–Entrepreneur.com

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“What gets measuredmatters”

“Not everything that canbe counted counts”

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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.”

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Embrace ROI

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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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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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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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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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What’s an hourworth?

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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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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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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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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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Use new language

Describe yourself by outcome, notactivity.

“We’re here to make you moresuccessful; what do you need?”

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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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