How To Design Your Business Program Based On The 6 Steps Of ROI Methodology®

"The monetary benefit is sometimes required to be showcased before a project is approved." - ROI Institute India

We always need an effective strategy and efficient planning to get maximum returns for the business. A successful business owner validates whether or not the programs work and whether the results bring in benefits. Here arises the need to measure the Return on Investment (ROI) of your business. 

The problem is that a majority of the organizations do not know of the correct way to measure ROI. Even if some of them have that knowledge, they are not a pro. That is why we will take you through the six steps of designing programs for your business in such a way that it helps derive maximum ROI. 

• Identify the primary goal of your program: Start with identifying your goal, decide what do you want from the program? Do you want to generate qualified leads? Do you want to launch a new training program? Do you want to build awareness or sell your pre-existing programs? Making a list of your goals will help you align the program to the outcomes you wish to achieve. 
• Determine how to deliver or execute the program: Once you finalize your primary goal, list the possible actions required for program delivery or execution. Let's say your primary goal is to host a Skill enhancement and professional development program. You will need to determine things like the mode of advertisement you will choose for the program, whether it would be via print media or advertising through social media or any other method. Where are you going to host your program? Will it be online, or would you need to book an auditorium for an in-person session?  
• What will the target audience gain from the program? : While you are designing the program, you must decide the factors that will contribute to enhancing the participant's performance. Will they be more confident after the program? Will they learn proper ways to refresh their skills? Will they become capable of improving their communication? Work on all aspects that the participants can gain from your professional development program. 
• Determine the benefit that the organization will get: Design your program analyzing the benefits that the organization can get from the program. Will the program enhance the branding of the organization? Will investing in the program be beneficial for the organization? Will the program improve the participant's ability to implement specific goals outlined in the organization's business plan?
• Focus on the investments and the ROI: When it comes to designing a business program, you must have an idea of the investment areas and the amount necessary for the success of the program. Also, create an estimate of the ROI from the particular program. Ask questions like, will this program add enough value to offset its costs? What are the opportunities for the organization to make money? A practical approach in determining the investment and the ROI will help pursue and manage their programs in the best way.
• Implement the program and start tracking the process: After finalizing the design and forecasting the benefits, the next step is to implement the program itself. For example, you can take the help of an online tracking system (could be an LMS for internal programs or a Payment Gateway for external programs) to capture the information about the number of participants who have registered for the program. Once the training session gets over, you can ask the participants or conduct online surveys to measure attendee satisfaction. 

Take the help of an ROI Pyramid for strategic impact measurement of a program. 

The ROI Pyramid is based on the Philips ROI Methodology® and helps in creating the highest possible value and optimizing the cost of business programs. 

ROI Pyramid shows a sequence of objectives from LEVEL 0 to 5 and is also known as the "Chain of Impact."  

Let's have a look at the chain of impact from the perspective of a Skill Enhancing program:

Level 0: Target Audience: Who are the participants attending the Skill Enhancing program?

Level 1: Learning Environment: Were the participants satisfied with the content of the Skill Enhancing program?

Level 2: Learning: What did the participants learn from the program?

Level 3: Behavior: What are the actions that the participants take after the program to create value?

Level 4: Impact: What value did the participants’ behavior create for the program owners?

Level 5: Measuring ROI: ROI= [(Benefit derived from the investment - Cost of Investment)/ Cost of Investment]*100

Over 6000 companies in over 70 countries use the ROI Methodology® to determine the impact and ROI of their programs. Do not delay getting enrolled in an ROI workshop hosted by ROI Institute India and become a Certified ROI Professional®.