Friday, December 17, 2010

How do you measure the value of your services?

There's more than one way to measure value.  The obvious one is dollars and cents but the value of the service should always be measured in terms that are important to the business that drives it.  For example,  if you have a social media service offering, the business may want to measure it's value in terms of number of followers or engagement of the audience.

These things will ultimately affect the revenue bought in to your organization but it's very difficult to equate especially in the early days of a campaign.  Over time however, you'll be able to demonstrate the correlation between what you're measuring and it's affect on revenue.

So measure what the business sees value in and what is easy to measure.  By this I mean don't try to measure some obscure thing that you don't have the data readily available for.  If the cost to measure a specific value outweighs the benefits then you better be dissuading the executives and coming up with an alternative, easy to obtain, measurement.

If you're truly measuring something of value to the business then your reporting tasks will be much easier.  You'll be able to focus your continuous improvement initiatives on items that matter to your consumers and demonstrate the value your services bring.

For more information on measuring the value of your services contact

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