I wrote a piece on metrics/ROI (return on investment) and created a deck for my presentation on this topic at the 2013 FMI Health & Wellness @ Retail Conference as a founding member of RDBA, and Phil Lempert recorded a video based on the content in 2013.
This remains a “hot topic” for professionals of many types, and it’s of particular interest for health professionals, because our metrics are truly about the win-win-win, so when I was going back through work I have done on ROI/metrics over the years, it inspired me to share this great work we did back then. Here is the piece I wrote, including the header edits from Allison Beadle, the editor of “RDBA Weekly” at the time, along with some snippets from my deck from that 2013 FMI show:
ROI, or return on investment. Supermarket dietitians need to be effective not only in their program building and execution, but in the tracking of these events. In fact, all dietitians in all settings need to look at evaluating our effectiveness or success, and just like the settings we work in vary, how retailers measure success for our programs can vary, too.
The reality of today’s work world is that we all need to be able to articulate how we’re impacting the business, and ROI is an especially important discussion currently in light of the status of the economy….Here are some points for you to consider and that we will be digging deeper into over the coming months.
Understand Which Metrics Matter
Review what your merchandising, communications, marketing, and operations teams are using to measure success, and how often (and to whom) they report them to. Determine how to apply these tools to your job so your reports line up with internal business standards
Use a Variety of Measurement Tools
Use all the tools available in retail. Increasing traffic to stores and frequency of visits, and market basket size, as well as conversion of pharmacy customers to food customers in combo stores are all relevant and helpful ways to talk about success.
Beyond the store, media impressions in both traditional and social media as well as visits to websites from click throughs to your content to time spent on those pages can be important tools for tracking impact as well. If you have a call center, be sure to connect with them to gather metrics you can use in your report and how your program offerings line up with the biggest questions your consumers have to help build that loyalty and become a trusted resource within your community…
Communicate What You’re Doing
Be sure to share your recaps with leadership in all areas of the business to help them see how you are supporting their goals with your work and how valuable your contributions are both for the bottom line and building relationships within the community.