From speaking with Quorum users and other industry leaders, we've identified five strategies as the leading ways organizations are measuring the return on investment of government affairs. Read this blog to see how you can measure ROI by the financial impact of the government affairs department, or download our E-Book for all five strategies and explanations of how Quorum can help.
One leading strategy for measuring the return on investment of government affairs is reporting on your ability to strengthen relationships with stakeholders. To do this, you first need to map your organization’s stakeholders by tiers. Organizations use varying terminology to map their stakeholders—while we will refer to the tiers as “Support”, “Neutral”, “Detractor”, other organizations use “red”, “green”, and “blue”, “Tier 1”, “Tier 2”, “Tier 3, or some other hierarchical system.
It’s up to your organization how you want to determine what qualifies a stakeholder for a particular category and whether you wish to use qualitative or quantitative metrics to assign a stakeholder to a tier.
Qualitatively, someone may be a Supporter if they know and recognize your team if you were to run into them at an event, they know your organization’s top issues, and they’ll return your phone call if you contact their office. A neutral stakeholder may fit into one of those categories—like recognizes you at an event—but not the others. A detractor may not check any of those boxes.
If you’re using a qualitative system, you could make each column one of the factors listed above—knows our team, knows our issues, and answers our calls. Then use a checkbox in each category. As you check the boxes for each column, update the tier in the tier column and it will automatically update throughout the site.
You may also map your stakeholders using a quantitative system. For example, you could assign points based on different activities, such as attending one of your events, sponsoring a bill on one of your key issues, or mentioning your issue a certain amount on social media.
If you’re using a quantitative system, make a column with the tier, then add columns for the metrics you’re using to calculate a score (number of engagements with your team, number of mentions of a particular issue, number of bills sponsored on your issue). Use math columns to either weight the score towards a particular category or sum each of the metrics you’re using to get a master score. As a stakeholder earns enough points (or loses points) to change tiers, update the tier column and it will update throughout the site.
At the end of the year, see where your stakeholders stand and how that compares to the beginning of the year. How many neutral stakeholders moved to champions? How many detractors are no longer detractors? Then analyze the activity you had with the new champions or new neutral stakeholders to see what strategies worked over the course of the year and how you can replicate those.
Use custom fields on a stakeholder’s profile to visually represent what tier they are in. Then, use Quorum Sheets to track your engagements with that office. Add their tier as a column in the sheet, then add additional columns based on the system you’ve implemented to determine someone’s tier.
Then, visualize your stakeholders to see a breakdown of how many you have in each category and compare to the previous year.
To see how Quorum can help you map your stakeholders and measure ROI by stakeholder scoring, request a demo.