Data is one of the simplest and most powerful ways for a training business to evaluate effectiveness, improve services and drive growth. It not only creates insight into whether the current offering is effective but will also give you the tools to understand how and where to grow the business and drive up revenues. Not all data will have value to your training business – these are the key metrics to focus on.
Learner sign ups
This is the most basic metric but a good way to monitor how much impact your business is having with learners. Are there courses with little or no take-up? Others that are totally oversubscribed? These numbers can provide a range of insights, from identifying courses that could be culled to save cash, to focusing on those that could be developed to attract more interest.
The data you’re looking for here is what learners do after training and whether they are using the skills they learned on the course. This will give you valuable insight into the effectiveness of your courses and where improvements could be made. The easiest way to collect this kind of data is via client feedback forms.
The training experience
You can also use client feedback forms to gather data on learner experience of your training courses. This data can be invaluable when it comes to assessing whether the courses are well structured and are being taught in a way that learners find useful. Emailing feedback forms straight after the end of the course ensures that the experience is still fresh in the minds of learners and gives them the space and privacy to be totally honest.
Data can provide a clear picture of how well the business itself is functioning, from company-wide processes through to the performance of individual staff. It’s crucial to have regular staff assessments and reviews so that you can monitor levels of productivity and satisfaction. Equally as important is regular tracking and monitoring of the processes the business uses and whether these are effective. It may be that investing in something like a training management system, which introduces automation and opportunities for greater efficiency, could be transformative.
A myriad of ways exist today to monitor the impact of your marketing activities. Define the marketing channels where you’re making cash or time investment and then set up monitoring for each one. For example, you can use Google Analytics to obtain data on website clicks and traffic, and most social media platforms have inbuilt analytics to generate insight on your post performance. Measuring the response to email marketing campaigns can also be crucial for a training business – use insights generated, as well as A/B testing, to refine emails to make them more effective.
Return on Investment
ROI can be a tricky metric to measure but will ultimately show you whether the investments you’ve made in terms of time and resources are paying off. Very simply, your efforts and investments should be generating an increase in revenue and customers. If not then it might be time to look at ways to reach more people, better manage your systems or switch to more efficient processes.
A Training Management System can transform your training business, making it more efficient and significantly improving ROI. It will also enable you to run profit and loss on all courses whilst combining tall elements relating to the cost of the course, resources, instructors, elearning costs, expenses, set-up costs. It can even break down the price per delegate, or per course, enabling you to see which of your courses are more profitable than others.
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