How do you measure the value of CRE stakeholder engagement?

1 Define your stakeholders

The first step to measure the value of stakeholder engagement is to identify and categorize your stakeholders, based on their level of influence, interest and involvement in your CRE project. You can use tools such as stakeholder maps, matrices or personas to visualize and prioritize your stakeholder groups, and to understand their needs, preferences and concerns. This will help you tailor your communication and engagement strategies, and to set clear and realistic goals and expectations for each stakeholder.

2 Choose your methods

The next step is to choose the appropriate methods and tools to collect and analyze data on your stakeholder engagement activities. Depending on your project scope, budget and timeline, you can use a combination of qualitative and quantitative methods, such as surveys, interviews, focus groups, workshops, feedback forms, observation, analytics, etc. You should also consider the frequency, format and channel of your data collection, and ensure that you have a consistent and transparent process to manage and store your data.

3 Develop your metrics

The third step is to develop your metrics and indicators to measure the value of stakeholder engagement. These metrics should be aligned with your project objectives, stakeholder expectations and engagement goals, and should reflect the outcomes and impacts of your engagement activities. Some examples of metrics that can be used to measure stakeholder engagement are: satisfaction, loyalty, trust, advocacy, participation, collaboration, innovation, learning, performance, efficiency, quality, risk, value, etc. You should also define the baseline, target and threshold values for each metric, and establish a reporting and evaluation system to track and communicate your progress and results.

4 Benchmark your performance

The fourth step is to benchmark your performance against your own or external standards and best practices. This will help you identify your strengths and weaknesses, and to compare your results with your peers or competitors. You can use tools such as benchmarking frameworks, scorecards or dashboards to visualize and compare your metrics and indicators, and to identify the gaps and opportunities for improvement. You should also consider the context and limitations of your data, and avoid making simplistic or misleading comparisons.

5 Learn from your feedback

The fifth step is to learn from your feedback and use it to improve your stakeholder engagement practices. You should collect and analyze both positive and negative feedback from your stakeholders, and use it to understand their perceptions, opinions and suggestions. You should also acknowledge and respond to their feedback, and show them how you have incorporated their input into your decision-making and action-planning. This will help you build trust and rapport with your stakeholders, and to foster a culture of continuous learning and improvement.

6 Demonstrate your value

The final step is to demonstrate the value of your stakeholder engagement to your organization and your stakeholders. You should communicate and showcase the outcomes and impacts of your engagement activities, and how they have contributed to the success of your CRE project. You should also highlight the benefits and challenges of stakeholder engagement, and how you have overcome or mitigated them. You should also celebrate and recognize the achievements and contributions of your stakeholders, and thank them for their support and involvement. This will help you enhance your reputation and credibility, and to create a positive and lasting impression.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?