For
your chosen company (or choose a new one), follow KDP's 7 Steps to Measurement
Program (ones that are possible) and document your steps in a blog post.
Explain how you think your chosen company should measure ROI (Return on
Investment)?
KDP’s
7 Step Measurement Program for the CoAD at Lawrence Tech
Step
1:
Define your goals and objectives.
Define your goals and objectives.
We have objectives at both the
College and University levels.
Every decision we make needs to be tied to our strategic
plan.
Step
2:
Define your environment, your audience, and your role in influencing them.
Define your environment, your audience, and your role in influencing them.
Our environment is Lawrence
Tech. Our audience is primarily
potential students and their parents.
Step
3:
Define your investment. What is the cost and the ROI?
Define your investment. What is the cost and the ROI?
Cost= $1,000 per credit hour
and the ROI would be an increase
in enrollment.
Step
4:
Determining your benchmarks
Determining your benchmarks
It would be wise for us to compare
ourselves to 2 or 3 of our
competitors. The schools I would choose are Drexel, Boston Architectural College, and the University of Detroit
Mercy.
Step
5:
Define your key performance indicators.
Define your key performance indicators.
Key indicators would be
increasing brand awareness and the
number of followers that we engage using social media.
Step 6:
Select the right measurement tools and vendors and college data.
Brand awareness can be
monitored via google analytics to
see if your traffic has increased.
Step
7:
Turn data into action: analyze data, draw conclusions, and make recommendations(Paine, 2011) .
Turn data into action: analyze data, draw conclusions, and make recommendations
I am currently taking this
course in Web Analytics and my
hope is that it will give me the tools I need in order to come up with a
successful plan.
Works Cited
Paine, K. D.
(2011). Measure What Matters. Hoboken, NJ: Wiley & Sons.
What are your business objectives for CoAD? What are the costs of the measurement program? (or potential costs -- in both people, time, and $)
ReplyDeleteCoAD's main objective is to increase enrollment. In addition to increasing enrollment, we are working to increase both brand awareness and website traffic. There are many outstanding, free ways to measure outcomes, which can be found at www.sncr.org (Paine, 2011).
ReplyDeleteIt could take months, or even a year to analyze the data that needs to be collected. Increasing enrollment and recruitment would require the use of Web server analytics. Increasing awareness would necessitate online surveys (Paine, 2011).
The measurement project would be more or less expensive based on whether or not the person conducting the research is experienced, or needs to be trained. The basic rule is that an organization should plan to spend 5-10% if their overall project budget for measurement (Paine, 2011).
Works Cited
Paine, K. D. (2011). Measure What Matters. (W. T. Paarlberg, Ed.) Hoboken, NJ: John Wiley and Sons, Inc.