Impact measurement strategies are series of firm-level indicators, used to track social and environmental progress. The impact metrics you choose will determine the communication and outreach of each project.
These indicators need a plan. Developing an impact measurement strategy will set you apart from most impact projects out there. With metrics strategies in place, companies work in the direction of clear and unbiased objectives.
The theory on impact metrics is straightforward. Nonetheless, implementing them as a strategy can be a challenge. Every strategy depends on a specific set of goals. Your impact metrics plan will rely on your objectives as a company or social project, the context you are operating in, and your global theory of change.
Let’s dig deeper with an example. A pharmaceutical firm is leading a birth assistance project meant to be implemented in rural Brazil. The firm will have to include metrics on multiple aspects such as fluctuations of child/baby mortality rates, parents’ satisfaction, community feedback, and many other social-based indicators.