Outcome-Based Reporting
Our performance, your evaluation.
Outcome-based reporting is a comprehensive and ongoing strategy that enables you to determine the proportion of your goals while also demonstrating your ability to enhance customer service. The steps of outcome-based reporting are as follows:
Define Goals
Set your goals that will assist you in measuring your performance after defining your goals.
Collect Data
Continuously collect information from established metrics (outcome indicators). To determine an outcome’s achievement ratio, there must be at least one indicator.
Measure Performance
Analyze the data in relation to your desired expectations, such as whether or not you were successful in achieving all of the goals and indicators you set, and if not, to what extent.
Outcome Report
Produce a report after measuring your performance to evaluate your future performance in relation to new goals and their proportion of achievement. Besides, this report is likewise essential for senior leaders of the organizations to distribute assets to another mission project and so on as well as devise future techniques appropriately. The following is a general illustration of the Outcome-Based Reporting model:
Inputs
Activities
Outputs
Outcomes
However, it can be challenging to identify outcomes. In order to expedite this process and efficiently identify outcomes, we need to choose some outcome targets and indicators that will help us track your progress and allow you to determine whether or not you have succeeded in achieving your goals.
Outcomes
There are three types of outcomes that eventually lead to the desired result:
Initial Outcomes: Short term results that correspond to your initial expectations regarding a project’s outcome.
Intermediate Outcomes – the general connection between your short-term and long-term objectives to help determine the connection between your short-term and long-term outcomes
Long-term Outcomes – The expected final result of a campaign or project is referred to as the project’s final outcome.
Regarding indicators, there are a number of outcome indicators that can be used to evaluate your performance. However, following are the major indicators:
Sales
You can easily determine whether you have met your goal by looking at the percentage of sales you have made from the beginning to the end of a campaign. If the outcome is what you expected, you can simply plan future campaigns accordingly. However, if it is in opposition to your expectations, you need to make the necessary adjustments and figure out what has been missing.
Customer Happiness
Your success ratio is influenced by a number of factors, the most important of which is customer satisfaction. Customer happiness is the heart of any organization. It also suggests potential future business opportunities from your existing customer base and the possibility of gaining referrals which means future customers. You can use the Customer Happiness outcome indicator in conjunction with the Sales milestone to improve your efficiency and determine the success ratio of your outcome targets. For example, if the ratio of sales to customer satisfaction is sufficient or gradually increases throughout a campaign, you have succeeded in achieving your objectives.
Customer Retention
Customer Retention can be used to measure the achievement ratio of your desired goals and increase the precision of Customer Satisfaction outcome indicator. For example, a higher customer retention ratio indicates more referrals in the future. With this, you can figure out how many customers are satisfied with you and how many of them are more likely to bring in new customers through referrals.
Company Growth
Progressive development is a great inspiration for your workers and also serves as a fundamental aspect to check your accomplishments. Every organization wants to extend and estimating growth ratio can assist us with achieving this outcome. For instance, since company growth is one of the most important goals of any modern business, it would indicate that they are successfully achieving their goals if their company is gradually expanding.
Competition
We understand that the primary goal of your organization is to establish and maintain a competitive advantage over its rivals. Typically, this is accomplished by consistently adhering to the most recent consumer and technology trends. We can help you increase your competitive advantage by using a number of additional milestones, such as complete analysis, customer churn rate, acquisition cost, and happiness ratio, among others. In order to accomplish that, you will need to select some initial, intermediate, and long-term outcomes in accordance with specific metrics. This will enable you to effectively accomplish your objectives and monitor your progress.
Agile Approach
A latest approach, the agile methodology, has recently gained momentum in addition to the conventional campaign-based method of measuring the percentage of your efforts. We prefer an agile approach over traditional ones because it gives you the flexibility to scale your goals in accordance with when you want to evaluate your efforts and when you don’t. Based on the results of the previous month, if you plan to double your sales the following month, the agile approach is your best friend. We are able to accurately and consistently calculate your sales ratio and measure our performance using this approach. Other metrics, such as customer satisfaction, retention, company expansion, and even competitor analysis, present a similar scenario.
We can better meet your expectations and requirements by measuring and comparing weekly, monthly, and quarterly results using an agile approach.
Final Words
At ChatPandas, we understand that every company has a set of objectives that they hope to accomplish within a specific amount of time. Some of these objectives include increasing the number of sales, increasing product awareness, increasing customer retention, increasing customer happiness ratio, or creating a competitive advantage to attract new customers. Outcome-based reporting is essential for success if you want to effectively accomplish any of these goals and constantly evaluate your performance. Due to its direct connection to your company’s growth and success, we consider outcome-based reporting to be a current requirement.