Engagement Strategies e-News - March 2010
- Engagement Links Directly to Higher Sales, Says Study
- Hay Group Research Identifies Key Drivers of Reward
- Partnership Designed to Generate Enterprise Engagement Synergy
- Mark Your Calendar for the 2010 EEA Networking Expo!
- EEA Debuts Two Key Engagement Measurement Tools
- Small Rewards Thrive During Lean Times
- TD Canada Calls ‘Wow Moments’ a Great Recognition Tool
- The Enduring Popularity of Gift Cards
- Is the Traditional Approach to Engagement All Wrong?
- Whitepaper Connects Engagement with Economic Recovery
- About Selling Communications Inc.
Engagement Links Directly to Higher Sales, Says Study
An in-depth review of a 2009 annual meeting of a major healthcare provider reveals that a comprehensive engagement strategy can help increase sales and boost profits. Researchers from the ROI of Engagement Group and the Enterprise Engagement Alliance recently measured the return on investment (ROI) from a gathering of brokers and management personnel that featured a program of training, relationship building and networking opportunities designed to increase sales and profits in specific markets and engage channel partners. The report, The ‘ROI in Channel Partner’ Conferences – A Case Study, found that the engagement program translated into brokers presenting and quoting the company’s products more frequently, which in turn resulted in significantly stronger reported sales from event participants. Specifically, 94% presented the firm’s products more often; 98% quoted them repeatedly; and 90% reported greater sales of these products. This is the third major research study released by the Enterprise Engagement Alliance examining the effectiveness of corporate engagement strategies. The company in question (referred to in the report as “Allsante, Inc.” at the company’s request, due to competitive reasons) wanted to measure the effectiveness of the “Allsante, Inc. Encounter” conference and come up with hard data against which to make decisions about improving future programs. Initial results reveal that the program had a profound impact on the way brokers thought and felt about Allsante, its products and its people. A copy of the study, The ‘ROI in Channel Partner’ Conferences – A Case Study, can be downloaded at http://www.enterpriseengagement.org/research/
Global management consulting firm Hay Group has released a study called The Changing Face of Reward that examines the drivers in reward and remuneration that now dominate the thinking at most companies. Three clear messages emerge from the findings:
- Companies are looking for ways to balance the need to reward employees responsibly with increasing scrutiny from government regulators
- Recruiting and retaining key talent continues to be an important strategy, with the focus on motivating, engaging and rewarding critical high performers
- The use of bonuses is increasing; incentives are a critical lever for motivating performance and employee engagement.
“Reward strategy is now driven in the Boardroom as executives recognize that the war for talent knows no boundaries,” says Nick Boulter, Global Managing Director of Reward Services at Hay Group, “so strategies for retention, motivation, engagement and performance improvement are integral to competitiveness.” The war for talent has narrowed to three fronts, the study finds: around high performers, high potentials and “mission-critical” roles. Companies are now channeling what limited rewards there are to these key groups, often drawn from Generation Y, for whom money in itself is not the only motivating factor. As a result these differentiated reward programs are now geared toward offering clear career paths, global mobility and targeted development in addition to higher monetary awards. To read more, go to: www.haygroup.com/Downloads/ww/misc/CFR_global_report.pdf
A new alliance between the public sector and private sector will facilitate the flow of research on the emerging field of Enterprise Engagement between businesses and government agencies, increasing their economic efficiency and operational effectiveness. The partnership between TMGov.org (http://tmgov.org), a portal serving the government sector, and the Enterprise Engagement Alliance (www.enterpriseengagement.org) will provide research and education via online and print – TMGov.org’s digital magazine, Leadership Excellence in Government and EEA’s quarterly print publication, Engagement Strategies Magazine – as well as through other media and events. “Engaging all of our key constituencies, whether in the government or private sector, will be critical to our ability to improve performance and compete in the coming years,” says Allan Schweyer, Principal of the Center for Human Capital Innovation and Chairman of the Enterprise Engagement Alliance. “The government has a lot to learn from the private sector about how to become customer-focused and maximize talent, while at the same time working within the framework of public service. We are hoping we can help further this effort by exchanging information across all sectors of the economy.”
Attention suppliers and program providers! The Enterprise Engagement Alliance will hold its first annual EEA Networking Expo at the Doral Arrowwood Hotel Conference Center in Rye Brook, NY, June 3-5, 2010. The event is designed to help organizations profit from engaging their key audiences and engineer new ways to use rewards and recognition to drive performance. A slate of interactive education sessions will enable attendees to share the latest and most effective policies, procedures, strategies and tactics in the field of engagement, offering unique, actionable ideas and information they can use to boost performance and profitability, and build relationships with all key audiences. Exhibitors representing the top products, programs and performance-improvement companies will be available during eight hours of dedicated exhibit time, as well as at other networking events and activities during the EEA Networking Expo, to share their extensive expertise with attendees. The Doral Arrowwood is convenient to all major metropolitan areas in the Boston/NYC/Philadelphia/Washington, DC corridor, located only 10 minutes from Westchester Country Airport and 40 minutes from New York’s LaGuardia airport. For more information about the Enterprise Engagement Alliance Networking Expo, go to www.eeaexpo.com
The Enterprise Engagement Alliance (EnterpriseEngagement.org) recently announced two key initiatives to help companies understand, analyze, implement and measure engagement within their organizations:
The Enterprise Engagement Indicator (EEI), developed by EEA Chairman Allan Schweyer with assistance from Rodger Stotz of Delta Qi Consulting and Tom Lacki of Peppers & Rogers Group, is an online survey tool that is used to quickly determine whether an organization can benefit from a more formal engagement strategy. The results pinpoint where and how an engagement strategy would be most effectively applied – from consumer and channel marketing to sales, customer service, operations and/or administration. The survey takes under 15 minutes to complete, and all data are confidential. Go to www.EnterpriseEngagement.org/indicator to view the EEI survey and a sample follow-up report.
In conjunction with PollStream Inc., a leading social software and technology firm based in Toronto , Ont., EEA has also created the Enterprise Engagement Meter (EEM), which resides on the EEA Portal. Unlike the more comprehensive EEI that collects information from an entire management team, the EEM allows any individual to quickly and privately assess their organization’s engagement opportunities. The results are instant and there is no charge.
Small Rewards Thrive During Lean Times
According to a recent article in the Wall Street Journal, “Rewards for Extra Work Come Cheap in Lean Times,” companies are putting a greater focus on low-cost incentives such as thank-you notes and gift cards. With pay increases small, and bonus dollars tight, the article said, companies such as Ford, Sanofi SA and Rockwell Collins are putting more emphasis on one-to-one communication with employees in order to help keep up spirits as layoffs increase the workload for those who remain, as well as to encourage team members to do more to help increase sales.
To read more blog postings on Engagement, go to: www.enterpriseengagement.org/blog/
The March/April issue of Engagement Strategies Magazine will be mailing soon. Here's a preview of what you'll find inside:
TD Canada Calls ‘Wow Moments’ a Great Recognition Tool
Karey Stanley, who holds the unique title of Senior Manager, Employee Spirit and Recognition at TD Bank Financial Group, says the company’s Wow Moments program is a unique tool – not only for informal recognition, but for talent spotting and creating a unique customer-oriented business culture. Read more about this unique recognition/communication strategy in the March/April issue of Engagement Strategies Magazine or click here.
Things have gotten so bad in the Gift Card industry that reviewing a company’s financials is a necessary step in shopping for a birthday gift or adding new merchants to an incentive program, says Stacey McAllister, VP at RK Incentives and Director of Media Relations at the Incentive Gift Card Council. Recently, McAllister sat down with Nick Balestino, Manager of Award Partnerships at Hallmark Insights; Dana Slockbower, Marketing Director at Rymax Marketing Services; and Joan Travelstead, VP of Business Development at National Gift Card Group to discuss the evolution of this adaptable and accessible motivational mainstay. Don’t miss this important article! To make sure your subscription is up to date, go to www.enterpriseengagement.org/account/login/. You can also read the full article here.
Leaders have to drive engagement, says Judy McLeish, Founder and President of McDaniel Partners. Yet, according to Development Dimensions International, only 25% of senior leaders and 17% of frontline leaders are highly engaged. No wonder companies are having a difficult time making progress with broad-based engagement initiatives. To reap the full benefits of engagement, companies must first engage those who lead the effort. Find out how to get leaders more involved in the next issue of Engagement Strategies Magazine.
Whitepaper Connects Engagement with Economic Recovery
One of the greatest opportunities to increase corporate profits – and subsequently boost the economy – lies in motivating workforces to improve performance, drive greater customer engagement and ultimately increase revenue, according to a new report from the Enterprise Engagement Alliance (EEA) and the Human Capital Institute (HCI). The Enterprise Engagement Alliance is a coalition of companies and associations dedicated to promoting the importance of engagement, founded last year by the Human Capital Institute, Peppers & Rogers Group, 1to1® Media and Selling Communications, Inc. Entitled The Economics of Engagement, the report provides a comprehensive analysis of research in the field of Enterprise Engagement and offers how-to information on benchmarking tools that can quantitatively measure the benefits of employee and customer engagement. These measurement tools are critical to demonstrate the bottom-line impact of enterprise engagement, both to corporations and to the economy as a whole, using financial language that senior executives, investors and economists are accustomed to. "One of the most encouraging findings of this report is the revelation that vast reserves of overall performance potential are essentially hiding in plain sight," says Bruce Bolger of the Enterprise Engagement Alliance. "Engaging the people that companies deal with on a day-to-day basis – both internally and externally – in a comprehensive, compelling and connected way will create a result that is more than just the sum of its parts. Naturally, as with any such investment, the return needs to be demonstrated to decision makers, and there's a growing body of evidence in the engagement arena that does just that." Get a copy of the report >>
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