An Insight Community should have everything you need to generate insight that can prompt action, and yet as time goes on it can be increasingly difficult to tie a community back to its original objectives.

Here's some ways in which you can quantify the success of your community.
Stakeholder Impact

How has the insight community and the projects run through it helped stakeholders? Have its insights been valuable? Has it provided strong findings for negotiations with buyers or suppliers? Has it made senior people’s job easier? Have processes changed because of it?

Value Creation

There are three very broad ways insights can create profitability and growth – by creating value, saving money, or preventing losses. Value creation is the most eye-catching of these. Has the Insight Community led to decisions which have created new value for the business – for instance product launches, changes in policy, or other customer closeness initiatives?

Cost Efficiencies

Has an Insight Community identified efficiencies and saved the business money? In many cases an Insight Community will itself be a long-term cost efficiency compared to the cost of the discrete research pieces it replaces. But also, the feedback from the community can be vital for identifying areas of low priority for customers where money can be saved.

Loss Prevention

Another way an insight community can contribute directly to business profitability is by preventing the business from making mistakes and bad investments. This is something the insight function in general is particularly useful for, but it’s also the hardest to prove the value of, since it’s tricky to measure predicted losses. In some cases, though, the advice of an Insight Community will have been critical preventing such errors.

Hero Stories

All of the above are quantifiable and are important areas to look for proof of community ROI. But they become doubly powerful when allied to a ‘hero story’. It’s a way of framing the work of the community so it becomes a strong narrative in its own right, one that can be retold (internally and externally) in ways that put the business and its management in a better light.

These are some of the measures you can monitor as a way of demonstrating ROI. But in themselves they don’t prove that the Insight Community has been a business success. This is where you need to connect your measures to business issues, and provide evidence that the community has had a beneficial impact.

If you want to ensure your Insight Community truly delivers ROI, why not get in touch and demo ex-plor?