Retail is a highly competitive industry so it’s crucial for retailers to know everything about their business to stand out from their competitors. What’s not working is just as important as what is. One of the first, and often overlooked, steps to achieving success is starting from the inside out and assessing your company's internal communications strategy. It's important to assess whether or not your business measures up to internal communications best practices so that you can develop ways to ensure more effective team communication.
Internal communication platforms play a critical role in a company’s success and directly affects the bottom line. If all retail employees—floor managers, sales associates, and corporate staff alike—can communicate seamlessly, they have the power to directly increase sales and customer retention
. When employees are aligned with business goals, consistent with their sales strategy, and pushing the right products and promotions, this is effective team communication in action. In turn, having internal communication platforms in place to streamline these operational processes and internal communications translates into better ability to provide a positive customer experience.
Now that we’ve established how important building an internal communication strategy
is, let’s discuss how to evaluate its effectiveness with an internal communications app. While it may seem tricky to identify key performance indicators (KPIs) in this area, there are many ways to measure the victories or shortcomings of your internal communications strategy using this technology. Here are 10 internal communication KPIs you should and can easily track with an internal communications app if you work in a retail chain.
1. Performance and productivity
Workforce productivity can be quantified by estimating the time and money saved when knowledge is made more accessible. Increased accessibility means staff members can spend less time asking questions about inventory or hunting for other information, and more time on meeting performance goals. With an internal communications app like Beekeeper, internal communications are centralized so that crucial information like weekly sale goals or where to place new inventory on the floor is available at a moment's notice, across teams and departments. This is an especially significant step towards implementing internal communications best practices because goal alignment is visible to employees working different shifts and in various time zones.
2. Customer satisfaction
If sales associates can find relevant information quickly, they can deliver a better customer experience. Take a step further and highlight customer success stories in your internal communications app by tagging relevant team members to quickly recognize exceptional service and it will encourage others to shine as well.
3. Internal communications apps improve retention rater
On average, replacing an employee costs 16-20% of their annual pay
. Instilling a sense of community by investing in internal communications platforms will encourage employees to stick around because they have a voice and information transparency. Reduced turnover translates to substantial savings for the company.
4. Internal communication platforms for collaboration
Team collaboration is a key indicator that your internal communication strategy is flourishing. Set collaboration goals and track the journey using analytics accessible via your internal communications app. For example, have sales associates establish a sales goal and a plan to meet it and post to a dedicated sales stream on a regularly-scheduled basis. Having those metrics visible on the internal communications app means they are stored by date and time and available for later evaluation of their progress and accomplishments.
5. Engagement as internal communication strategy
An actively engaged employee is generally a happier one who works harder because they respect the retail organization and its personnel. Internal communication platforms can help to assess engagement through social marketing KPIs such as likes, comments, and shares. Additionally, you can gauge the number and quality of interactions between employees with an internal communications app.
6. Reduced scheduling conflicts
Scheduling is a notorious headache in the retail industry with frequent adjustments. If your internal communications app includes team schedules, they are easily viewable to employees that work different shifts and in different retail locations. A reduction in conflicts is a sign that employees are utilizing the internal communications app, and that your internal communication strategy is working.
7. Cultivate effective team communication with staff ideas and solutions
Companies excel when they stay ahead of trends. Cultivate a successful company culture of creativity, diversity, and transparency by encouraging employees to share ideas and solutions. Determine the volume of quality ideas that can improve your organization.
8. Page views
One of the easiest ways to see if workers are actually using your internal communications app is by simply checking the page views and read receipts. Post something new, whether it’s about a new brand the store’s carrying or a new security system, and look at how many people read it.
9. Subscriptions and open rates
Similarly to page views, open rates and the number of clicks on embedded links you receive can easily be determined. Internal communications platforms are useful tools to find out how many employees are receiving important company information.
10. Creating employee profiles
Not only can employee profiles showcase their skills and interests, they can also list schedule preferences, professional goals, etc. Measure the completeness of each profile and how often they are updated to monitor engagement.
Putting an effective internal communication strategy in place is essential to keep a retail chain profitable and operating smoothly. It’s important to follow internal communications best practices, set goals, and to ensure those goals are met by tracking these KPIs. Use an internal communications app to measure employee engagement and performance early, often, and in consistent intervals and watch your company thrive!
Find out if Beekeeper is the right internal communication platform to engage your workforce and help track KPIs.