How to Measure the ROI of Your Higher Education Badging Program
How to Measure the ROI of Your Higher Education Badging Program
Discover how to efficiently measure the ROI of your higher education badging program to demonstrate its value, boost student success, and make informed program improvements.
June 7, 2023
In today's competitive education landscape, higher education institutions continuously explore innovative methods to inspire and enrich student learning while providing long-term value.
One such approach that has gained traction is the utilization of digital credentials. These credentials have proven to offer positive outcomes to institutions and students. For example, 86% of students recognize the value of earning industry micro-credentials in distinguishing themselves from potential employers and securing post-graduation employment opportunities.
A digital credential is a verified and shareable representation of the skills and knowledge acquired through a student's participation in your institution's programs. It offers students a tangible means to showcase their accomplishments and effectively communicate their abilities to prospective employers. However, to fully maximize the outcomes of these badging programs, you must evaluate their effectiveness and impact by measuring the Return on Investment (ROI). This evaluation process allows institutions to make informed, data-driven decisions and justify the allocation of resources.
In this blog post, we will delve into the significance of measuring the ROI of your higher education badging program, ways to assess the program and how to simplify tracking with the Acclaim platform.
Why Measure the ROI of Your Badging Program?
While digital credentials have proven beneficial to institutions and students, such as improved student employability and reduced administrative costs, evaluating the effectiveness and impact of your badging program is essential. Here are the key reasons why you should start measuring the ROI of your badging program:
Demonstrate value and impact
Measuring the ROI of your badging program allows you to showcase the value and impact it brings to your institution and its stakeholders. By quantifying the benefits and outcomes, you can communicate the tangible value of the program to key stakeholders across different areas. For example, Colorado Community College was able to achieve increased job placements for their students, as well as increase brand awareness with 50,000 social media impressions.
Enhance student success
Measuring the ROI of your badging program allows you to assess its impact on student success metrics, such as retention rates, course completion rates, and post-graduation outcomes. This insight lets you identify how the program contributes to student achievement and make data-driven interventions to support student success.
“Students are working harder and staying longer because of digital credentials. And students are asking for more digital credentials.” - Lesley Voigt, Director Digital Credentials Institute, Madison College
Inform program improvements
ROI measurement provides critical insights into the strengths and weaknesses of your badging program. It helps identify areas for improvement, enabling you to enhance the program's effectiveness, alignment with learning outcomes, and overall value proposition.
Optimize resource allocation
By evaluating the ROI, you can make informed decisions about resource allocation. This includes financial resources, staff time, and technological infrastructure. Measuring the ROI helps ensure your institution invests its resources wisely and strategically. Take Madison College as an example, following the high acceptance rates and student engagement, Madison College were able to learn from the performance and grow its program by 25% year on year.
Key Steps in Measuring ROI
Now that you understand the significance of tracking the performance of your badging program, we are going to explore essential components of a comprehensive ROI measurement process:
Determine metrics and data collection methods: Identify the metrics that align with your objectives and outcomes. These may include completion rates, student satisfaction surveys, employer feedback, or academic performance indicators. Next, establish data collection methods, such as surveys, interviews, or data tracking systems, to gather the necessary information.
Collect and analyze data: Collect data according to your defined metrics and analyze it to assess the program's impact. With Acclaim, our analytics dashboard enables you to derive meaningful insights from the data collected. Then, compare the outcomes to your initial objectives to evaluate the program's effectiveness.
Calculate ROI: Calculate the ROI of your badging program by comparing its benefits (such as increased course completion rate) against its costs, including development, implementation, and maintenance. Consider both tangible and intangible benefits and factor in any associated expenses.
Interpret and communicate results: Interpret the ROI findings and identify key takeaways. Highlight successes and areas for improvement. Use the results to inform program enhancements, resource allocation decisions, and stakeholder communication. Present the findings clearly and compellingly to engage stakeholders and gain their support.
Streamline Your ROI Measurement with Acclaim
With Acclaim, the evaluation process is straightforward. Our user-friendly interface and robust analytics capabilities streamline the collection and analysis of data related to badge earning rates, learner engagement, and learner progress. With comprehensive data analytics, you can gain valuable insights into the effectiveness and impact of the badging program. These insights can be used to evaluate the program's success, identify improvement areas, and make data-driven decisions for resource allocation.
Additionally, Acclaim's seamless integration with existing systems, such as Learning Management Systems (LMS) and education technology tools, ensures a smooth data flow, eliminating manual data entry and saving administrative time. With Acclaim, you can easily track and measure the ROI of your badging program, demonstrate the value of your initiatives and drive continuous improvement in student learning and outcomes.
To see how Acclaim can benefit your institution, get in touch with our team today!
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