Stats, fact and figures, and data in general can be a tricky thing if not used properly. This type of information can often have a wow factor to help prove a point, sway a vote, inform an audience, or just support an overall argument.
Here at All Star, we use them often to relate what is happening in our industry – we talk about engagement, loyalty and safety all with the support of research studies highlighting key data that reinforce why rewards and recognition programs work and what makes them successful.
One of the single-most frequent questions I get, from prospects and clients alike, is “How will I know my program is working?” What we often find when talking with potential clients is that most of them do not have a benchmark of where their audience (employees, customer, etc.) currently stands relative to their program objectives. This, of course, makes it quite difficult to really begin to measure results. Ultimately, if a program’s results can’t be measured – then one cannot quantify the value of the program being proposed or implemented.
It is truly critical to mine this data prior to launching a program. Depending on the type of program being launched – this information may include safety records such as accidents and near-misses, sales figures, customer service scores, employee satisfaction levels, retention, and more. In some cases, companies may have this information on hand and in other situations the data may need to be obtained through additional surveys and research. In either case, it is important that the data be pulled together and used as the yardstick by which to measure all future results.
The next step in the data process is to measure results frequently – collect data along the way and analyze it so that you may use it to your advantage. If the results of your data are not measured against the benchmark – then it is just data for the sake of data. Be sure to take the information and utilize it to refine and enhance your program. Even facts that show your program is on a successful trajectory have the ability to identify areas where improvements can be made.
At minimum, we would recommend that program results be analyzed annually but consideration should be given to more frequent assessments to insure that the program is on its way to achieving company goals as well as a positive ROI.