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Demonstrating Value of Libraries and Information Professionals Amelia Kassel MarketingBase USA
©Amelia Kassel – 2 Introduction Transform libraries into recognized corporate assets that affect the bottom line to: Fund libraries Expand and offer new services
©Amelia Kassel – 3 Libraries Are a Business Within a Business Must become involved with Strategic planning Developing proactive measures that prove value Track contributions Communicate value to management and stakeholders –Meetings –Marketing
©Amelia Kassel – 4 Methods for Demonstrating Value ROI measurements Surveys that show customer satisfaction and loyalty Gather stories and testimonials even if anecdotal in nature Benchmarks against other information centers Outsell, Inc.
©Amelia Kassel – 5 Outsell, Inc. Survey of 4,700 Respondents When corporate end users got beneficial data from their information centers, they either: Boosted revenues by an average of $801,585 Cut costs by an average of $2,549 or Saved an average of 12 hours Computerworld ROI, May 14, The Value Of Libraries: Justifying Corporate Information Centers In The Year Of Accountability, Information Briefing, Outsell, Inc. Volume 4 Number 10, April 23, 2001
©Amelia Kassel – 6 ROI - Definition Estimate of money made or saved by investing in something – aka financial payback To calculate ROI, compare cost data with financial benefits
©Amelia Kassel – 7 Importance of ROI Executives want to see ROI benefits Will eliminate units that don’t contribute in a tangible way Keeps libraries in business and supports growth
©Amelia Kassel – 8 ROI Methods Look at the cost of the services you perform Subtract costs from measurements that you must begin to track Gather and track data by Keeping statistics that can be measured Conducting user surveys Interviewing individual users
©Amelia Kassel – 9 ROI Hypothetical Example Outsell, Inc. Library budget is $5 million and gives the company $7.5 million in return Ten library employees generated $2.5 million profit related to 500 projects
©Amelia Kassel – 10 Library Users Say… The library saved them an average of 14 hours per project = $168,000 Saved an average of $2,500 in direct costs per project = $250,000 On 50 projects, the library found information that led to an average sale or increased sale of $85,000 = $4,250,000 Intranet site content (paid by the library) resulted in 14 known new sales at an average value of $131,000 = $1,834,000
©Amelia Kassel – 11 The Library Also… Reduced the cost of subscriptions by $4,000 Consolidated a company-wide subscription deal, saving $7,500 Consulted in various divisions about information management (25 hours), saving the company almost $7,000 if it had gone to outside consultants for the same advice Facilitated three buying consortia for a total net savings of over $20,000
©Amelia Kassel – 12 ROI Hypothetical Example Jan Sykes A high-tech company decides not to acquire a company valued at $260 million based on information uncovered in a background/due diligence search by the librarian Cost for the research was several hundred dollars The impact to the company was huge!
©Amelia Kassel – 13 User Surveys Conduct user surveys to gather data for accurate measurements of ROI Sample both users and non-users
©Amelia Kassel – 14 Questions Thinking of Instances of Using Information Research in the Past 12 Months In approximately what percent of those instances did using information research help save you time? And on average, in each case, how much time did you save (in hours)? Approximately what percent of the time did using the Information Center help you make money (for example, by providing information that led to launching a new product/service or closing a sale)? And on average, each time this was the result, how much money did you make?
©Amelia Kassel – 15 Questions Thinking of Instances of Using Information Research in the Past 12 Months - Cont Approximately what percent of the time did using the Information Center cost you time due to spending time on obtaining information with little or no fruitful results? And on average, each time this was the result, how much time did the information cost you, in hours? Approximately what percent of the time did using the Information Center cost you money due to inaccurate or inappropriate information? And on average, each time this was the result, how much money did the information cost you?
©Amelia Kassel – 16 To Demonstrate ROI, Show Financial Benefits Time you save users Savings in consolidated buying Savings in direct costs Other kinds of returns besides monetary A nonprofit may need to show good will generated A manufacturing company may prefer to judge the library on its contributions to quality improvements
©Amelia Kassel – 17 Metrics Deciding what to measure is related to interests of the corporation Identify measurements important to the organization This differs from company to company Use input from library staff
©Amelia Kassel – 18 Understanding Corporate Culture and Corporate Goals Time saved - expressed in terms of hours and dollars Increase in sales Quicker response to competitive threats Return on shareholder value Shortened product cycle from conception to market
©Amelia Kassel – 19 Gather Information About Your Company From Executives’ speeches Press releases What executives tell the analysts covering your company Strategic plans Internal communications Interaction with other departments and with thought leaders Performance objectives Annual Reports
©Amelia Kassel – 20 Annual Reports Annual reports and other internal materials are sources for learning more about your company's goals and requirements Regularly review the glossy annual report, proxy statements, and other public filings or For U.S. companies, use 8-Ks, 10-Qs, and 10-Ks For foreign companies who files on U.S. exchanges, view 20-Fs
©Amelia Kassel – 21 Annual Reports - Cont Learn to read financial statements and look for ways to provide information or knowledge products and services that are integral and valuable to your organization Look for Potential opportunities Threats
©Amelia Kassel – 22 Library Staff Meetings or Focus Groups Enumerate benefits that the information center brings to the corporation Decide how to measure those benefits Identify target markets Review needs assessments to decide what services should be retained, canceled, or added Brainstorm areas to target for cost savings
©Amelia Kassel – 23 Information Center Research Strategic Roles Conducts market analyses Identifies potential marketing strategies Finds ad campaigns launched by competitors Provides information used in market positioning Conducts intellectual property research encompassing patents, trademarks, or licensing
©Amelia Kassel – 24 Information Center Research Strategic Roles - Cont During M&A activity, due diligence research may uncover financial or fraudulent activities Helps managers engage in savvy negotiation or deal making Ultimately, saves a company millions of dollars
©Amelia Kassel – 25 Self-Evaluation New Competencies, Skills, Services Business and competitive intelligence Market research Analysis and writing Value-Added Deliverables: Rungs on the Info Pros Ladder to Success, Searcher, November/December Consulting/advising about resources and techniques
©Amelia Kassel – 26 Self-Evaluation New Competencies, Skills, Services - Cont Web research skills Internet teaching/training Intranet development and management
©Amelia Kassel – 27 New Job Titles Jobs are quite different from in the past and are more demanding See Job Title Generator for Library and Information Science Professionals
©Amelia Kassel – 28 New Job Titles - Cont Knowledge Manager Corporate Intelligence Officer Consultant Global Content Manager Intranet Manager Taxonomy Specialist Research Analyst Information Specialist
©Amelia Kassel – 29 Alternate Names for Libraries Many librarians believe that they can prove their value by changing their names Looking at the concept of branding and identity, there may be more to a name than meets the eye
©Amelia Kassel – 30 Alternate Names for Libraries - Cont Resource Center Business Information Center Knowledge and Research Services Market Research Center Competitive Intelligence Center Virtual Library Knowledge Center Digital Library Research Group
©Amelia Kassel – 31 Tips for Proactive Communication Develop relationships with company influencers, decision makers, and strategic planners Create time to network and learn as much about the organization as possible Who are the winners? Focus on them and build relationships Cultivate relationships with administrative assistants who know what's going on before anyone else
©Amelia Kassel – 32 Tips for Proactive Communication - Cont Call or clients regularly Make visits to offices, sites, and the cafeteria Go to every function Develop new employee orientations, letters of welcome, and packets explaining the great resources and services you offer
©Amelia Kassel – 33 Tips for Proactive Communication - Cont Monitor areas of research you can provide without being asked or track competitors Give potential users and clients what they didn't know they needed Meet M&A information needs for due diligence, company/competitor backgrounds, financial services, marketing and public relations, and human relations Create time for planning new products and services Provide an organized plan with specific goals
©Amelia Kassel – 34 Tips for Proactive Communication - Cont Use soft data, such as testimonials, to express the library's value Include the hard data from measurements of interest to you organization Develop reports based on company priorities
©Amelia Kassel – 35 Conclusion Practice Information Professionalism by 1.Redirecting expertise, resources, money, and people to meet business goals of the company 2.Collecting, documenting, and analyzing the right data and assessing implications 3.Communicating what you are doing to management and stakeholders!
©Amelia Kassel – 36 Additional Sources Amelia Kassel Practical Tips to Help You Prove Your Value Marketing Library Services (MLS), May How to Write a Marketing Plan Marketing Library Services, (MLS) June 1999
©Amelia Kassel – 37 Additional Sources SLA.org Presentations 1. Return on the Information Investment by Jan Sykes 2. Grooming Passionate Library Evangelists: Communicating the Value of Information Services by Chris Olson (www.chrisolson.com) 3. I Told You I'm Worth It: ROI and the Information Professional
Demonstrating Value of Libraries and Information Professionals Amelia Kassel MarketingBase
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