particular business environment organizations operate B u s i n e s s F i n a n c e
Please respond to each DQ. Thanks.
In each of your response posts, identify two quantifiable business metrics that could be used to measure the ROI associated with the key considerations in your peer’s 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.
Respond to this below #1 – peter
Disclaimer: Please forgive me in advanced for any errors, I was just injured and one of my hands is covered in stitches and bandages.
As stated by Klipfolio (n.d.), “A Business Metric is a quantifiable measure that is used to track and assess the status of a specific business process. It’s important to note that business metrics should be employed to address key audiences surrounding a business, such as investors, customers, and different types of employees, such as executives and middle managers.” (Para. 1). Depending on the intent of the message, the business metric for assessing effectiveness will be based on the desired effects. An internal communication aimed at increasing innovation, the metric may be built upon quantifying or qualifying innovative designs from employees within the company. However, to do this, the company would need a baseline set of data. An external communication that is designed to increase the shares investors purchase, the metric would be designed to assess buys and sales. Metrics will be similar both internally and externally as they may be quantitative and or qualitative in nature. It is important that the business environment organizations operate in are important to consider as they define the domain in which data may be collected and interpreted.
Respond to this below #2 Ashley
What are some key considerations that could drive organizations to put metrics in place to measure the effectiveness of internal communication initiatives?
I think one reason a business could out metrics in place for this would be that they are finding their internal communications have not been effective, and want to work on making that better. Internal communication is very important when running a business. If they are not being done effectively this can be detrimental. Another reason could be to measure which form of internal communication employees respond best to. Whether it be email, teleconference, etc. This way they can use whichever employees respond most to. When a company sets goals for themselves and their employees these communications need to be sent out in the most effective way, that way all employees can adhere to these goals. This could be something like new trainings or changes happening in the company that it is important for all employees to know about. They could put in metrics like how many employees have completed the online training, and who is getting better sales because of it.
How might the metrics be similar or different with an external communications initiative?
Metrics for external communications would be very different than internal. The reasoning for it would probably be less focused on the employee performance, and more focused on things like sales or website traffic. For example, maybe the company wants to drive more users to their website to create more online sales. To do this they could start sending out more emails and Facebook ads, and then monitor the percentage that their website traffic grows. This is very different from internal performance because it is more related to the consumer than what the employee is doing.
Why is the particular business environment organizations operate in an important consideration when implementing metrics?
Different business environments have different things they need to be successful, which is why metrics would be different for different kinds of businesses. A marketing company would be most interested in how effective their ads are in selling products, while a software company would be most interested in what turns their customers into repeat customers. Both are generating revenue for the companies in very different ways.