To influence the critical components for success, would include employee satisfaction, employee retention, employee performance, and employee engagement, are all internal communications which will create a direct impact on a company's bottom line. Therefore, when an employee is in alignment with the company's goals, then customer success rates will also improve and create higher revenues (Mazour, 2019).
The reason that I began with the Mazour statement was that communications play a role as to how an employee will perform and how communication can affect the company (Mazour, 2019). The key considerations which can drive companies to install metrics to measure the effectiveness of their internal communication are to achieve total success for the company. Success is not only limited to an increase in sales and higher bottom lines, but also increases employee performance, engagement, and satisfaction which together are the ones that, create a successful company.
Business metrics that are utilized for the measurement of internal communications are listed below but are not limited to just these metrics (Klipfolio, 2019). To measure employee awareness can be accomplished through employee surveys, this will also help to gauge their interest and engagement. To measure the impact of internal communication to the business, this can be accomplished by measuring the influences of a specific KPI which would be as a result of effective communication versus only a result of a business function itself. To measure customer satisfaction relates to defining clearly the goals and objectives and therefore effectively communicating both to your employees so that in this way, the employees will help to serve the customer better.
There are other business metrics which can be measured relating to the internal communication and its effectiveness on the success of the company.
In viewing external communications, the same metrics mentioned prior can also be measured for the external audience as an example, surveys (Klipfolio, 2019). Surveys can be utilized to communicate with an external audience and measure the satisfaction of products and or services. The business environment where the company operates is crucial because the metrics which are utilized will depend on what the company wants to gauge from these metrics. Metrics can be used for marketing and sales, as there are metrics for finance, and each metric will play a different role. As an example, a marketing metric measures the value utilized by the marketing team to show the total picture of the performance of the company's campaigns, social platform account, and lead generation (Klipfolio, 2019). With relation to sales, the metrics which are measured will be the growth of sales, and the average profit margin and the metrics for finance will be the different financial ratios and working capital to name but two.
Identify two quantifiable business metrics that could be used to measure the ROI associated with the key considerations in the above post. How do those metrics measure what is intended? How might they inform decision making or next steps? Support your reasoning with examples, if possible.