Running a business requires plenty of acumen, knowledge, tracking, and training. Ensuring employees know what they’re doing plays a pivotal role in this regard. Offering a robust customer learning platform is only the first step in giving them that training and knowledge. It’s also critical for any business to understand how well its customer training platform is performing. Understanding your ROI can help increase buy-ins or expand them. In this article, we’ll help you understand how to measure the ROI of your platform and what metrics to use.
Know What To Measure
Defining metrics for understanding success can be tricky sometimes. Is your platform engaging? Do employees seem as if they know what they’re doing? Are you taking their feedback into account? What do completion rates look like? If a learning system is worthwhile and useful, customers will be more engaged and willing to provide useful feedback. Some metrics to consider measuring, like the number of users, completion rates, percentage of questions correctly answered, and feedback can all be useful for tweaking and improving a learning platform.
Examine the Number of Users
Start measuring the effectiveness of your platform by analyzing data about the number of active users on the platform. Learn about how many active learners your program has. Find out how long they spend in each lesson, check the number of page views, and determine their completion rates. Then, you can use that data to uncover any potential churn and find ways to mitigate it. Customers who are using and seeing more content are more likely to renew than those who aren’t. If the content isn’t engaging or user-friendly, it’ll lead to more churn in the long run. This dramatically impacts ROI and the effectiveness of a program. Sometimes, all it takes is making an experience more interactive or gamifying (adding video game or RPG-like design elements to real-world applications) to ensure learners are more engaged overall. Poor renewal and high churn rates might also indicate the content isn’t easy to find or use. This is an opportunity to measure customer behavior, analyze it, create reports about it, and make an action plan for the future.
Understand Completion Rates
Predicting customer learning behavior is no easy task. That’s why relying on analytics is integral to getting the highest value and return out of a learning platform. Completion rates tie into this significantly and can always stand to improve. Completion rates are merely the amount of a course learners complete overall and can be a good indicator of how well the content is structured (as well as gauging its difficulty and accessibility). Low completion rates paint a picture that highlights poor adaptability, a lack of interest/effort, and a lower value for the business. But it isn’t just about numbers. It’s also vital the people completing courses are within your target audience (in this case, employees of the company using the platform). If you have a course with an 80% completion rate but only 10% of those learners are in your target audience, that’s not going to help you achieve your goals. To fix this problem, companies can look at the data behind each course and identify which users are completing it. Then they can use that information to target them with more effective and specific content. Because learning platforms are so scalable, this is an effective method for improving ROI and business value across the entire enterprise.
Reinforce Learning Paths
Retaining a large amount of information isn’t always easy. Having the ability to revisit and reference previous material is key to employee learning success. Does your program offer this ability? Is it easy for users to look something up, retake a course, revisit a video, or access vital documents to help them better understand the task? If not, you may need to tweak your learning paths. In this manner, learning paths become a valuable metric for understanding how your employees are interacting with the learning program and whether or not they’re getting any value from it. By reinforcing learning paths, you can help customers achieve their goals and measure success easily.
Measure ROI and Value of Investment
A big part of having a successful product is not only the ability for customers to use it but to define what kind of value they receive from the product/service itself. This is where metrics like customer training ROI and investment value become increasingly important. Value of investment shows customers how learning to use the product makes their jobs easier or provides value to them in a broad sense. ROI for a customer learning platform comes down to the impact that the product has on the company—including in sales and customer satisfaction/retention—and whether it provides value for them. By measuring the ROI and value of the investment, you can show customers how much they’re getting out of their investment with your product and keep them coming back for more well into the future.