As a Business Development in-charge I always use to think on one line “How to Increase the ROI?” The simple answer which I get to my mind is, increase the cost. Charge more to the client.
In such a competitive world, if I think of rising the prices then I may start losing the business rather than increasing the ROI.
Recently we tried a different strategy and found the ROI to be increased about 25% more than what we use to get usually. Here is what we tried differently.
We got a project for elearning courseware development. The project has approximately 9 – 10 hours of learning. For this project we made some milestones and decided that until we get an approval from the client we will not move forward. Beyond this we also made another new strategy in developing the prototype.
Every time we use to develop a lesson or a module as a prototype to get the client approval. This time instead of a lesson or a module, we selected all the different types of slides. Like, content with image, only content, slide with popup, assessment slides (single select, multiple select, etc.)
In this way we made a collection of various types of slides and developed the prototype. Once the prototype was accepted, we converted those slides into template were the developers can change the content easily. Also provided a step-by-step documentation for each template.
At the end of the project we found that previously the time taken to develop a one hour elearning course was approximately 12 – 15 days but now it has came down to 3 – 5 days.
For the first three lessons we exceeded the submission date but after that the development went off very smoothly and without any rework. We put 80% of effort in the prototype and in the planning. As a result of which with 20% effort we complete the project.
With excellent project management strategy, we found a new way to increase the ROI.