Best Data to Collect and Analyze Handout _3
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1 Learning Resources Network Reports to Run Successful lifelong learning programs make data‐driven decisions, thus they need to be collecting, analyzing, and reporting on the right student/participant registration data, course/event programming data, marketing data, and contract sales data. LERN can provide you the actual data you should be collecting, and LERN’s data analysis tools can be used to generate many of the recommended reports to run. The following definitions will be helpful when reviewing the report criteria. Category: A grouping by program area (business), market segment (middle school boys), or delivery method (online) regarded as having particular shared characteristics. Subcategory: A secondary or subordinate category. Careers could be a subcategory of a Business category. Normally there is greater similarity when doing comparisons at the subcategory level. Term: A fixed or limited period for which classes/events is intended to last. Fall or September‐December would be a term. Quarter: A fiscal year is split into four quarters. July‐September would be a quarter. Class: An individual offering of a subject, such as Accounting 101 offered May 15 th . Course: The master of the class, so over a year classes are rolled up into a course for analysis. Accounting 101 offered three times during the year can be analyzed at the course level (all three times) or class level (just one offering). Primary Market Segment: A subset of students/participants or clients who have common demographics and interests, such as Generation X males interested in environmental science. Prospect: A potential client you are hoping to nurture along with other prospects. Lead: A prospect showing interest that you have the potential of closing.
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Transcript of Best Data to Collect and Analyze Handout _3
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LearningResourcesNetworkReportstoRun
Successfullifelonglearningprogramsmakedata‐drivendecisions,thustheyneedtobecollecting,analyzing,andreportingontherightstudent/participantregistrationdata,course/eventprogrammingdata,marketingdata,andcontractsalesdata.LERNcanprovideyoutheactualdatayoushouldbecollecting,andLERN’sdataanalysistoolscanbeusedtogeneratemanyoftherecommendedreportstorun.Thefollowingdefinitionswillbehelpfulwhenreviewingthereportcriteria.Category:Agroupingbyprogramarea(business),marketsegment(middleschoolboys),ordeliverymethod(online)regardedashavingparticularsharedcharacteristics.Subcategory:Asecondaryorsubordinatecategory.CareerscouldbeasubcategoryofaBusinesscategory.Normallythereisgreatersimilaritywhendoingcomparisonsatthesubcategorylevel.Term:Afixedorlimitedperiodforwhichclasses/eventsisintendedtolast.FallorSeptember‐Decemberwouldbeaterm.Quarter:Afiscalyearissplitintofourquarters.July‐Septemberwouldbeaquarter.Class:Anindividualofferingofasubject,suchasAccounting101offeredMay15th.
Course:Themasteroftheclass,sooverayearclassesarerolledupintoacourseforanalysis.Accounting101offeredthreetimesduringtheyearcanbeanalyzedatthecourselevel(allthreetimes)orclasslevel(justoneoffering).PrimaryMarketSegment:Asubsetofstudents/participantsorclientswhohavecommondemographicsandinterests,suchasGenerationXmalesinterestedinenvironmentalscience.Prospect:Apotentialclientyouarehopingtonurturealongwithotherprospects.Lead:Aprospectshowinginterestthatyouhavethepotentialofclosing.
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Forthemajorityoflifelonglearningprogramsthefollowingarethemostcriticalreportstobegenerating.StaffProductivity:Fee‐basedrevenue/fulltimeequivalentstaffequalsstaffproductivityandshouldbereportedonyearly.Revenue:Shouldbereportedonweeklyoratleastmonthlyandcomparedtothepreviousyear.Bestifreportedatthecategoryandsubcategorylevel.Atleastonceayear,revenueshouldbereportedatthecourse/eventandclasslevel.Registrations:Shouldbereportedonweeklyoratleastmonthlyandcomparedtothepreviousyear.Bestifreportedatthecategoryandsubcategorylevel.Atleastonceayear,registrationsshouldbereportedatthecourse/eventandclasslevel.OpenEnrollmentOfferingType(certificate,camp,online,andsoon):Shouldbereportedononceayear,butcouldbereportedonattheendofeachterm/quarterbyrevenueandregistrations.Bestifreportedatthecategoryandsubcategorylevel.OpenEnrollmentBenchmarks(cancellationrate–overallandnew/repeat,averageparticipants,andaveragefee).
Shouldbereportedononceayear,butcouldbereportedonattheendofeachterm/quarter,althoughcancellationratemightbereportedonweekly.Besttobereportedatthecategoryandsubcategorylevel.NewOfferings(somethingisnewthefirsttimeitisoffered):Shouldbereportedononceayear,butcouldbereportedonattheendofeachterm/quarter.Bestifreportedatthecategoryandsubcategorylevel.Revenue%toCourse/EventOffering%:Percentageofrevenuegeneratedcomparedtothepercentageofcourses/eventsofferedshouldbereportedononceayear,butcouldbereportedonattheendofeachterm/quarter.QualityScores:Attheendofaterm/quarterutilizingclass/eventevaluationforms–asking…Overallscorethequalityoftheclass/eventyouattended1(Poor)to5(Excellent)–tabulatetoscorethequalityofeachclass/event.Classescanberolleduponceayearforacoursequalityscore.CustomerServiceScores:Atleastonceayear,survey–
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asking…Overallscorethelevelofcustomerserviceyouwereprovided1(Poor)to5(Excellent)–apercentageofstudents/participants,tabulate,andscorethelevelofcustomerservice.RepeatCourse/ClassAnalysis:Shouldbereportedononceayear,butcouldbereportedonattheendofeachterm/quarterbysubcategoryandcomparescourses/eventsforincome,operatingmargin,registrations,andqualitycomparedtothesubcategoryaverage.Addresses:Onceayearaddressesshouldbeclassified,thepercentageofaddressescorrectlyclassifyingreportedon,andalistofaddressestocorrectgeneratedsoaddressescanbeupdated.CarrierRoutes/PostalCodes:Onceayeardetermineyourprimarycarrierroutesorpostalcodesandmostimportantlythecarrierroutes/postalcodesgenerating80percentofyourrevenueorregistrations.Dependinghowyoupromoteyourprogramming,youmayalsoreportatthecategoryandsubcategorylevel.Demographics:Onceayearanalyzebirthdate/year(breakingintogenerationalgroups),gender,
occupationalspecialty,jobtitle,andanyotherkeydemographics.Bestifreportedatthecategoryandsubcategorylevel.PrimaryMarketSegments:Onceayearusingdemographicandpurchasingdatadetermineyourprimarymarketsegments.Ifyourlifelonglearningprogramislargeenough,itisbestifreportedatthecategoryandmaybesubcategorylevel.RepeatRate/LifetimeValue:Onceayeardetermineyouroverallrepeatrate(students/participantsorclientsrepeatingfromoneperiodoftimetoasecondperiodoftimeasapercentageofthefirstperiodoftime)andlifetimevalue(1/(1‐repeatrate)Xaveragefee)atthecategoryandmaybesubcategorylevel.NextCourse/Event:Usingyourregistrationdata,atleastonceayeardeterminethenextcourse/eventastudent/participantismostlikelytotake.Finances:Income,promotioncosts,productioncosts,directcosts,andoperatingmarginshouldbereportedonattheendoftheterm/quarter.Bestifreportedatthecategoryandsubcategorylevel,aswellascourse/eventandclasslevel.
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OverallFinances:Income,promotioncosts,productioncosts,directcosts,operatingmargin,administrationcosts,andnetshouldbereportedonattheendofeachquarter.PromotionTracking:Attheconclusionofapromotioncampaigngenerateareportlistingthepromotionmethodsused,thecostofeachpromotionmethod,theregistrationsgeneratedbyeachpromotionmethod,thepromotion:registrationratio,andthecostperregistration.Contract Sales: Each quartergenerateacontractsalesreport.01. Includerevenueandpercentage
ofrevenuebysalesperson,company,industry,category,contract,andcontractmethod(repeat,referral,coldcall).
02. Includeclosetimepercontractandaverageclosetime.
03. Includeparticipantspercontractandaverageparticipants.
04. Includesalescostpercontractandaveragesalescost.
05. Includebyrevenueandpercentageofrevenuecontractandclientfinanceoperatingmarginnumbers.
06. Includeproductdevelopmentcostpercontractandaverageproductdevelopmentcost.
07. Includequalityscorepercontractandaveragequalityscore.
08. Includecancellationdecisionpercontractandaveragecancellationrate.
09. Includeprospect:leadratioandlead:contractratio.
10. Includereturn‐on‐investmentpercontractandaveragereturn‐on‐investment.
11. Includeclientanalysis(clientcomparedtootherclientsbyaverageincome,contracts,contractprice,operatingmargin,andqualityscore)andcontractanalysis(contractscomparedtoothercontractsbyaveragecontractprice,operatingmargin,andqualityscore).
12.Includeincomegeneratedasapercentagecomparedtocontractspercategorysoldasapercentage.
The Reports to Run Handout is an exclusive report by the professional staff and consultants of the Learning Resources Network (LERN), and may not be reproduced without written permission.
www.lern.org (800) 678-5376 [email protected]
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