Measuring the Intangible for Tangible Results

"No snowflake in an avalanche ever feels responsible." - George Burns

There are lots of concrete things business owners can do to measure the performance of their businesses. You can measure profit and loss, the number of clients you have, your market share, or the number of widgets that you can produce in a day.

These are all important measures that can be seen in black-and white reports, but there are other less tangible items that should be also be measured.

Most business owners have a feel for how some of the more intangible factors are helping or hindering their performance. The problem is that a feeling is not an accurate enough measure of important factors like:

  • brand/name awareness in the community
  • customer satisfaction
  • employee morale
  • systemization of your business
  • cutting edge ideas

All of these factors are vital to the long-term success of your business. It is not easy to quantify some of these subjective categories, but think of yourself as a judge in an ice skating event. There is no black-and-white measurement of performance on ice, a bunch of judges hold up numbers and the other competitors can be judged plus or minus that score. You must do the same for your business.

Take a topic like employee morale and score it from minus ten to plus ten with zero being neutral—where you have as many unhappy as happy employees. Where do you stand right now? If you are not well into the plus side, you have problems.

Let’s take a statement that might be part of our strategic plan like, “We are a cutting-edge company in our industry” and try to measure it in a way that makes it more tangible.

Here are a few of the questions we ask at Legendary Marketing to measure that intangible statement on a scale of minus ten to plus ten.

  •  Do we visit our competitor’s websites once a week and look for new products or services?
  •  Do we scan the trade magazines and trade websites to look for mentions of what they might be doing?
  •  Do we attend industry trade shows and events?
  •  Do our people attend seminars and conventions to increase their knowledge?
  •  Are our staff reading books and listening to audios that increase not only their job-specific skills, but more general skills like time management and communication skills?
  •  Do we look outside our industry each month for ideas that we could apply to our business?
    Do we come out with new products and ideas at least once a quarter?
  •  Do we effectively communicate our forward progress and leading-edge status to our employees?
  •  Do we effectively communicate our forward progress and leading-edge status to our clients?
  •  Do our clients and prospective clients view us as a leading-edge company based on the comments and emails to or about us?
  •  Do we upgrade our internal technology every quarter to improve the speed and performance of our employees?

By reviewing each of these questions each month, we can come up with a number and measure our relative performance as a leading-edge company. There are lots of other areas in which we try do exactly the same thing.

Tracking and measuring these intangibles will only make your business a better place to work and a better functioning, more profitable business. Think of all the factors in your business that would be good track, then follow this system for doing it. You will quickly discover that what gets measured gets done and that it quickly gets done better.

What gets measured, including the intangibles, gets done—better.

For more great sales, marketing and business growth advice read or listen tocce-buynow-2

Please note: I reserve the right to delete comments that are offensive or off-topic.

Leave a Reply

Your email address will not be published. Required fields are marked *

27 thoughts on “Measuring the Intangible for Tangible Results

  1. Green Bay Packers Green Bay Packers 1958 Round Pick Player Position Games Pro Bowl Misc 3 36 Ray Nitschke LB 190 1 Hall of Famer, 5-time NFL champion 2 15 Jim Taylor RB 129 5 HOF, first RB with 5 consecutive 1,000-yard seasons 4 39 Jerry Kramer G 130 3 NFL 1960s All-Decade Team, 5-time champion 1 3 Dan Currie LB 118 1 All-Pro & Cover of SI, 1961 6 62 Ken Gray G 162 6 Released, made 6 Pro Bowls with Cardinals The Packers nailed three drafts in a row from 1956-58, cushioning Vince Lombardi’s arrival in 1959 after a 1-10-1 season.
    cheap nfl jerseys

  2. I like the helpful information you provide in your articles.
    I will bookmark your blog and check again here frequently.
    I am quite certain I will learn many new stuff right here!
    Best of luck for the next!wholesale nba jerseys

  3. hello there and thank you for your information – I’ve definitely picked up something new from right here.

    I did however expertise several technical issues using this website, as I experienced to reload the web
    site many times previous to I could get it to load properly.

    I had been wondering if your web host is OK?
    Not that I’m complaining, but sluggish loading instances times will very frequently affect your placement in google and can damage your high-quality
    score if advertising and marketing with Adwords. Anyway I am adding this RSS to my e-mail and could look out for a lot
    more of your respective fascinating content.
    Ensure that you update this again soon.
    cheap nba jerseys

  4. Hey there! I know this is kind of off-topic however I had to ask.
    Does running a well-established blog like yours take a
    lot of work? I’m brand new to operating a blog however I do write in my journal on a
    daily basis. I’d like to start a blog so I can share
    my experience and feelings online. Please let me know if you have any kind of ideas or tips for brand new
    aspiring bloggers. Appreciate it!wholesale NFL jerseys

  5. When someone writes an post he/she retains the image of
    a user in his/her mind that how a user can be aware of it. Thus that’s why this paragraph is outstdanding.
    Thanks!cheap jerseys (Chu)

  6. Magnificent goods from you, man. I’ve understand your stuff previous to and you
    are just too wonderful. I really like what you’ve acquired here, certainly like what you’re
    saying and the way in which you say it. You make it entertaining
    and you still care for to keep it sensible.
    I cant wait to read far more from you. This is really a tremendous website.

    wholesale jerseyshttp://crystals-dreams-forum.1129744.n5.nabble.com/Analyzing-its-6-most-useful-gambling-qb-selections-td227.html