b'SECTION 09 DEMONSTRATE RETURN ON INVESTMENT Tip 4: EvidenceIn the first book in this series we looked at some of the ways in which an Insight Community typically provides ROI for a business. This is an incomplete list but gives some idea of the sources of ROI from an Insight Community.How has the Insight Community and the projects run through it helped stakeholders? Have its insights been valuable? Has it provided strong findings for negotiations with buyers or suppliers? Has it made senior peoples job easier? Have processes changed because of it? This might be a bit tricky to measure but by looking through the different projects youve used your community for, youll soon have a good idea on the impact it might have had. Value creation: Creating value. SavingInsight accessibility: A community that money. Preventing losses. These are themakes insight more accessible and more three broad ways in which insight canembedded within the business is doing a help you to support profitability andgood job, and this can be measured in growth. Value creation is the mostmultiple ways - views of outputs, internal eye-catching of these. Has the Insightemail open and click rates, qualitative or Community led to decisions which havesurvey feedback, and requests for user created new value for the businessforaccess. instance product launches, changes in policy, or other customer closenessVolume & value of insight: One major initiatives?reason for running an insight community is to replace and expand on existing Cost efficiencies: Has an Insightresearch work while saving money in the Community identified efficiencies andlong term. Run more projects and deliver saved the business money? In many casesmore results, while reducing the cost.an Insight Community will itself be aThese are some of the measures you can monitor as a long-term cost efficiency compared to theCross-charging: Some brands run their cost of the discrete research pieces itinsight community as a chargeableway of demonstrating ROI. But in themselves they dont replaces. The feedback from theinternal resource, with other community can also be vital forunits/functions paying to conductprove that the Insight Community has been a business identifying areas of low priority forprojects through it. If this is the case, ROIsuccess. This is where you need to connect your customers where money can be saved.will be whether the community is paying for itself via internal usage.measures to business issues and provide evidence that Loss prevention: Prevent your brand fromthe community has had a beneficial impact. making mistakes and bad investments. Whilst Insight Communities can help with this, its the hardest to prove the value of, since its tricky to measure predicted losses. In some cases, though, the advice of an Insight Community will have been critical preventing such errors. 61 | INSIGHT COMMUNITIES 2023 62 | INSIGHT COMMUNITIES 2023'