In today’s competitive entrepreneurial world, there are two key aspects of your business to focus on.
First, you need to keep your employees engaged and satisfied. Statistics say that the cost of disengaged employees reaches $550 billion annually. Moreover, 73% of your top-notch employees that feel bored with their jobs and don’t see any advancement opportunities are more likely to hop jobs.
Second, you should boost your clients’ loyalty to your brand. The number of your rivals is growing in the online world. And, if your clients aren’t satisfied with your services, they will simply leave you for your competitors.
Even though these two areas of your business require completely different strategies, there is something that connects them.
This amazing practice will not only help you retain your loyal employees and customers, but also build a unique corporate culture.
The Impact of Reporting on Agency-Client Relationships
Clients constantly ask questions about the strategies you use, the metrics you track, and the impact of your tactics on their bottom line. In other words, they want to see whether you’re capable of delivering the results you promised.
This is where client reporting shines.
Creating Comprehensive Reports Proves your Knowledge
Remember that most of your clients have little or no understanding of your industry. After all, that’s why they hired you. Now, leaving them to analyze your metrics may result in misunderstandings.
It’s part of your job to inform your clients about the basics of your industry and teach them to interpret your reports.
Therefore, when building client reports, don’t use overly complicated industry jargon. Instead, explain your goals, metrics, and predictions in plain language. Include numerous graphs, charts, and similar visual elements to make your reports easier to digest.
Using simple words, giving explanations of every metrics, and making your reports visually appealing will indicate that you really understand your industry. Most importantly, your clients will be encouraged to ask questions and participate actively in your future strategies.
Building Trust with Clients
A client wants to see whether investing in your tactics makes sense for them.
But, what would you do if the results aren’t as great as they should be?
It’s not your fault, but how to explain that to your client?
Let’s take the example of digital marketing. When hiring a digital marketing company to handle their SEO, they expect to see serious results, such as higher traffic, top rankings, better conversions and, of course, positive ROI.
However, in the turbulent digital marketing industry, things are changing rapidly. A slight change to Google’s algorithms and your client’s rankings may drop overnight. In order to keep a client, you need to act fast and pull out a thorough report, showing them that just because their rankings plummeted, this doesn’t mean your practices are purposeless.
This is where reporting shines. For example, with automated reporting tools, you can now track your major KPIs on a single dashboard and share your data with your clients in real-time. This way, they will be able to observe the effectiveness of your practices in the long run and won’t blame you for minor problems.
Nurturing Transparent Client Relationships
In the past, it was possible to manipulate the client data and show them positive information only. Today, in the era of transparent client relationships, it’s your obligation to disclose both positive and negative reports is your priority.
And, comprehensive client reports will make your client relationships more open and transparent.
A report should tell your client what has changed from the moment they hired you and where they are right now. By sending them real-time and honest feedback and providing reasonable solutions to specific problems, you will earn their trust and build stronger relationships with them.
How Employee Progress Feedback Builds your Corporate Values
The reasons why good employees leave your organization are multiple. However, one of the major problems they highlight is the lack of management’s recognition of their performance. Most importantly, they usually don’t see how they fit in a certain corporate structure.
These are just some of a plethora of reasons why you need to provide your employees with regular feedback. Here are a few benefits of this tactic:
Increased Employee Productivity and Engagement
Managers usually state what they expect of their employees, but they rarely inform them about how well they’re meeting these expectations. This is a huge mistake and a major cause of frustration among your staff.
To improve their performance, your employees first need to know where they stand compared to what you expect of them. And, stats back me up on that, saying that engaged workers receive feedback weekly. On the other hand, those that don’t get performance reports regularly are more likely to underperform.
Tracking their performance regularly, your employees will be able to improve certain aspects of their jobs and meet your requirements effectively. Transparent feedback will also boost their satisfaction and get them to stay loyal to you.
Showing Incentives are Fair
It’s fine to make rewards a part of your corporate culture. No matter if it’s raises, bonuses, flexible working hours, or a free lunch, incentives motivate your employees to give their best. However, such compensations can be extremely tricky, as it’s difficult for managers to prove they’re not playing favorites. This is where employee reports can help, as they increase the transparency of your incentive programs and ensure that this process remains unbiased.
Better Communication between Managers and Staff
Open communication between management and employees is the nerve center of any business. And, this is where a good performance report steps in, making communication between employees and managers more pleasant and transparent. By investing in automated employee reporting tools, bosses will leave manual work to software and spend more time helping employees feel more engaged and improving their productivity.
Reporting plays a fundamental role in building a solid corporate culture. Sending regular reports to your clients will help you build stronger client relationships, earn positive word of mouth, and position yourself as professional and trustworthy. On the other hand, using reports in employee management will boost the overall workplace performance and satisfaction and result in creating highly transparent workplace relationships.