Outcome: Implement "ROI as a Service - RaaS" model for Training and Consulting providers..
"Remarkable" Speaker: Michael Wilkinson https://www.linkedin.com/in/michael-wilkinson-cmf-cpf-06609411
Moderator: Michael Costello https://www.linkedin.com/in/mikewcostello
How might we build a solution that results in the stated outcome?
Is the stated outcome desirable? Attainable?
How can you help us achieve it? Or - is there a better outcome that you can suggest?
ROI in training has historically been very challenging. But ROI as a Service "RAAS" adds an entirely new level of complexity with its own set of challenges.
Despite being the #1 US company in facilitation training with over 20,000 trained in our course, The Effective Facilitator, we are just in the third year of a focused effort to help clients demonstrate ROI from taking their people through our courses.
This year, we have redesigned our efforts with the support of Beyond ROI to help our clients isolate cost savings and revenue enhancements from facilitation training.
Assuming success over the next 12 months, we will be ready to entertain the discussion of RaaS – cutting the out-of-pocket costs to the client by potentially 30-50% in return for a % of the documented savings gained and revenue enhancements.
ROI is hard
Training is a lagging indicator—don’t know you have a training problem until after it shows up—leads to training budgets getting cut because of no issues which reduces training which causes issues and you have to start the cycle again
Need data--lots of data to understand issues that may have a training implication lots of times people jump to training when it may be procedures or processes or other item
Great points raised about ROI. Looking forward to the discussion - I hope to address running training as a business and producing an ROI. My experience has been around designing programs that could be re-sold to clients. Along the way we solved several issues contributing to ROI:
1. Acknowledge the learning is applicable to the industry - just remove the company secret sauce and share the knowledge so it can be applied both internally and externally. This establishes thought leadership and recognition within the industry.
2. Package the programs for maximum value and create a revenue stream to fund internal training operations. Bundling the value in a product purchase can yield a higher price-point and extend your service well beyond the sale.
3. Distinguish your company from other competitors by offering training as a differentiator. Let L&D enter into the customer's purchase decision process.
The ROI generated from these activities include revenue, industry goodwill and brand equity.