Measuring the impact of innovation
Sometimes gouging the impact of a new idea on your business is difficult. To meet this challenge, put one person in charge of tracking Innovations and set the well-defined quantitative criteria for measuring success.
If you’re trying to impact lead generation, for example, calculated the number of leads you can attribute to your initiative. If it’s customer satisfaction, you may need to conduct before-and-after surveys to determine how the initiative has impacted customer satisfaction.
Have the person in charge of tracking Innovations produce formal reports to help identify what’s working and what’s not.
When implementing new ideas be sure to clearly spell out criteria for success in quantitative means.
If you’re trying to impact Lead generation, calculate the number of leads you can attribute to your innovation. If improving customer satisfaction is the goal, then send the survey.
Reporting, particularly when you can use your CRM to impact the view on different market segments provides the feedback that guides future Innovations.