Uncover the Best Ideas
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- Claribel Hopkins
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1 Uncover the Best Ideas Table of Contents: overview 2-4 [INNOVATION] overview 5 picture this 6 roi metrics 7-8 [EMPLOYEE NETWORKS] overview 9 picture this 10 roi metrics [CITIZEN RELATIONSHIPS] overview 13 picture this 14 roi metrics wrap-up 17 it s those people you ve never heard from who just might Develop a more cost efficient and effective research process Strengthen competitiveness Improve success rate of new products and service enhancements Increase customer satisfaction and loyalty Increase potential for revenue growth and profitability Support decision making Improve employee performance and productivity Decrease churn by delivering better customer service Increase employee retention Increase potential for revenue growth and profitability Reduce public outreach costs Budget and allocate resources more efficiently Increase citizen involvement and participation Improve citizen relationships
2 WHAT IS? [ COLLABORATION EVOLUTIONIZED ] TM REVEAL is the solution for enterprises that are seeking to collaborate in-network leveraging their customers, employees, partners or constituents to generate ideas that lead to value and drive success. With REVEAL, you can sharpen your focus on those big ideas that show the most promise of success ideas that advance your company or organization through: Improved product or service offerings Strengthened competitiveness Better allocation of resources Greater productivity Increased customer retention and loyalty Get in-network and start driving business value
3 HOW DOES IT WORK? [ TRANSFORMING THE BRAINSTORM ] The process is simple and straightforward; the results are meaningful and actionable: 1. Determine Your Needs What are you looking for? What are you trying to do? What do you need to know? Who do you want to engage? 2. Create a Call to Action Reach out to your network. Invite them to participate. Solicit their ideas and input. 3. Let Your Network Go! Members post their ideas The community comments on, adds to and rates the submissions With positive ratings, watch the most favored ideas rise to the top of the list 4. Listen and Learn Easily identify the strongest ideas and the priorities of your network. REVEAL elevates traditional brainstorming to a whole new level. 5. Take Action! Demonstrate commitment to your network by communicating how you have implemented the best ideas Achieve better success by focusing your resources and efforts on initiatives that matter most
4 WHY DOES IT MATTER? [ ATTENTION. THE NEW CURRENCY ] In business today, effective engagement with the audiences you serve is paramount. Allowing them to communicate their thoughts, needs and concerns not only gives you a solid foundation to create actionable steps towards business improvement, it gives your networks a sense of transparency, trust, inclusion and value. Consumers want it: Companies and organizations need it: WE HAVE A VOICE 56% of American customers feel both a stronger connection with, and better served by, companies when they can interact with them in a social media environment (2008 Cone Business in Social Media Study) 41% want companies to solicit feedback on their products and services (2008 Cone Business in Social Media Study) Companies that maximize the value of customer feedback are 8x more likely to increase customer satisfaction than those who don t (The Aberdeen Group) These companies are also 26x more likely to increase customer retention than companies who don t collect and utilize customer feedback (The Aberdeen Group) With REVEAL you can remain competitive by collecting network feedback and channeling it to your advantage.
5 CREATE THE NEXT BIG THING INNOVATION [ AND LOWER YOUR COSTS WHILE YOU'RE AT IT ] Fast Company recently reported that between 50 and 75% of R&D expenditures are invested in products that fail when launched (October 2008). That means the average Fortune 500 company wastes at least half of the multimillion dollar investment they devote each year to creating new products and services. REVEAL can minimize this risk by enabling you to: Develop products that customers are telling you they want Expand research beyond focus groups to gain wider representation & ongoing intelligence Bring new products to market faster and stay ahead of the competition
6 CREATE THE NEXT BIG THING INNOVATION [ AND LOWER YOUR COSTS WHILE YOU'RE AT IT ] Picture this: A global consumer electronics company is interested in developing a new product: a digital photo printer. Knowing that this is already a saturated market, the company employs REVEAL to tap into its customer base to determine the features and components that are desired and will make the launch a success. In a matter of weeks, the company has a rich pool of input and ideas from which to draw, and knows which suggestions are worth applying and undertaking. It can then create a product with a built-in demand and an increased chance of a profitable launch. Additionally, they now have a valuable collection of general insight that can be used to drive future development. Picture this: A regional bank needs to identify ways it can better serve its customers. Knowing how important it is to be convenient and accommodating, the bank employs REVEAL to determine what changes are necessary to become a better provider. The bank invites feedback on its numerous touch points including ATMs, online account management and physical branches. In a matter of weeks, the bank can easily establish its strengths and, more importantly, its weaknesses. Whether it s a need for more ATMs in a particular area, a better online user experience or more flexible bank hours, the bank can prioritize its goals and act accordingly.
7 CREATE THE NEXT BIG THING INNOVATION [ ROI: PROVE IT ] Increased Revenue Increased Revenue 60% 50% 40% Probability of Sales Success: $1 in Online Sales Influences $3.45 in Store Sales 60% Decreased Costs $5.00 $ % $3.00 $ % 10% 0% 5% New Prospect 20% Former Customer (low range of estimates given) Existing Customer Customer churn rate decreases significantly when customers have a connection. The impact? A 5% decrease in churn can translate into a 20% boost in profits. $2.00 $1.00 $0.00 $1.00 Online Stores Companies have a 60-70% probability of success selling more services to a current customer, compared to a 5-20% probably of selling to a new prospect. Keeping customers engaged and happy directly impacts your ability to drive both revenue and referrals. ( low range of estimates given ) Customer Winback by Griffin & Lowenstein Frederick Reichheld, The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value The online customer experience extends beyond the Web to drive additional revenue. Every dollar of online sales can influence store sales by as much as $3.45. emarketer 2007 cited:
8 CREATE THE NEXT BIG THING INNOVATION [ ROI: PROVE IT ] Increased Revenue Fully Engaged Customers Spend 23% More Decreased Costs Average Customer $ Increased Revenue Costly focus groups provide two hours of insight. Online networks provide years of ongoing intelligence, enabling you to quickly respond to market trends and changes in consumer demand at a fixed, predictable cost. Brad Bortner, Forrester Research, Nov 08 Fully Engaged $$ Gallup research cited: When customers are fully engaged, they are more likely not only to buy, but also to spend more. Gallup s research shows a 23% premium over the average customer in terms of share of wallet, profitability, revenue and relationship growth. The best way to sell a product is to ask customers what they want. Ask before it s developed to 1) make a better product and 2) engage them so they ll be primed to buy. Dan Adams, President of Advanced Industrial Marketing, 2008: B2B_Recession.htm
9 ENABLE YOUR TROOPS EMPLOYEE NETWORKS [ LEARN FROM ONE OF YOUR GREATEST ASSETS ] Failure to engage their employees to the fullest can be detrimental for companies and organizations. A Gallup study estimated that the lower productivity of unengaged employees costs the U.S. economy a staggering $328 billion. Research proves that engaged employees are more productive, more satisfied, and more committed to the overall success of their employer. Employee networks represent a valuable collective of business intelligence, experiences and ideas that can provide benefit to the whole organization. Remove Borders Empower your best minds to share ideas, or unite disconnected teams even if they re across the globe Improve Productivity Improve productivity by enabling employees to share cost savings or job efficiency ideas Optimize Your Investment Maximize the talents of your workforce through collaboration and knowledge sharing while reducing the high costs of turnover
10 ENABLE YOUR TROOPS EMPLOYEE NETWORKS [ LEARN FROM ONE OF YOUR GREATEST ASSETS ] Picture this: A global company with an expansive network of employees wants to revamp how it is currently running its business. The company employs REVEAL to gain a more comprehensive business point-of-view with a more customer-centric approach. Employees are invited to contribute their thoughts on the company s policies, best practices, training programs, product offerings, advertising and promotions. Within weeks, the company has a better understanding of what happens at the ground level and what actions it needs to take to improve efficiencies and deliver a more competitive product. Instead of taking a directive approach and merely making demands, this collaborative method ensures that any proposed changes or ideas are desired, implemented, and adopted company-wide.
11 ASSEMBLE YOUR TROOPS EMPLOYEE NETWORKS [ ROI: PROVE IT ] Creativity Employee Retention 59% PERCENTAGE OF EMPLOYEES WHO STRONGLY AGREED: MY CURRENT JOB BRINGS OUT MY MOST CREATIVE IDEAS Innovation BestBuy measures 85% lower employee turnover as a result of its Blue Shirt community. KDPaine & Partners, Best Practices in Social Media Measurement ppt 17% 3% Engaged Not Engaged Actively Disengaged EMPLOYEE ENGAGEMENT LEVEL Source: Gallup Study, Engaged Employees Inspire Company Innovation CREATIVITY ON THE JOB Engaged employees are likely to be a company s best source of new ideas: 59% of engaged employees strongly agreed that their current job brings out [their] most creative ideas; only 3% of actively disengaged employees strongly agreed. EMPLOYEE ENGAGEMENT LEVEL Source: Gallup Study, Engaged Employees Inspire Company Innovation Employees-Inspire-Company.aspx The TSA leveraged the collective wisdom of its security workforce to improve efficiencies. Within 12 months, 4,500 ideas were shared and 20 new national policies had been implemented. Power to the People AND the Government, Paul Greenberg, Inside CRM Sept. 29,
12 ASSEMBLE YOUR TROOPS EMPLOYEE NETWORKS [ ROI: PROVE IT ] Customer Service Engaged Employees 43% of customers who stopped doing business with a company made their decision based on poor customer service. Engaged employees are the key to excellent customer service. 90% (16% for disengaged employees) Research from Maritz, 2008 cited here. incentive/e3i561563ef885396db4736cedcd2d933e8?imw=y Engaged Employees Who Know Where to Go With an Idea to Improve Customer Service Gallup Study; Engaged Employees Inspire Company Innovation Employees-Inspire-Company.aspx
13 HARNESS THE COLLECTIVE VALUE citizen relationships [ WITHOUT COMPROMISING YOUR NEED FOR STRUCTURE ] For the public sector, improving public outreach is imperative to optimize resources and build relationships with constituencies. REVEAL can lay the foundation for more open and beneficial communication, while upholding the security and privacy requirements necessary for government and public organizations. With REVEAL, collaboration with citizens becomes a catalyst for problem-solving and enables governments to remain competitive. Improved Productivity Gain efficiencies while reducing costs Bet ter Re s o u r c e Al lo c at io n Align public resources with citizen needs and interests Greater Innovation Empower networks to bring the best ideas forward
14 HARNESS THEIR COLLECTIVE VALUE citizen relationships [ WITHOUT COMPROMISING YOUR NEED FOR STRUCTURE ] Picture this: A local government organization needs to determine how to best distribute its resources among several planning initiatives. Knowing that decisions must remain within tight budget constraints, the organization employs REVEAL to ensure that resources are used effectively, and allocated to areas of highest importance. The public is invited to weigh in on the decision and express their opinions. Within weeks, the organization learns which programs are the most valuable to its citizens and which ones provide the least benefit. Resources are designated correspondingly and the most important programs thrive.
15 HARNESS THEIR COLLECTIVE VALUE citizen relationships [ ROI: PROVE IT ] Innovation Increased Efficiencies Before funding approval would be granted for the $2.8B Atlanta Beltline project, the Atlanta Development Authority was required to prove that opportunities for public involvement were equally accessible by all citizens impacted by the proposed rail line. Within six weeks, 10,000 residents participated, community concerns and ideas were addressed early, credible data and reports accompanied final recommendations, and the $2.8B funding was approved. Neighborhood America customer example The TSA leveraged the collective wisdom of its security workforce to improve efficiencies. Within 12 months, 4,500 ideas were shared and 20 new national policies had been implemented. Power to the People AND the Government, Paul Greenberg, Inside CRM, Sept. 29, features/new-media-government / Innovation The Dept. of Defense faced a challenge familiar to most government agencies: reform its defense acquisition program by reducing costs and improving efficiencieswith minimal resources and aggressive deadlines. The DoD engaged a global network of key military personnel to capture ideas and feedback for improving the Defense Acquisition System. Feedback was incorporated into final recommendations delivered on-time, within budget. Neighborhood America customer example
16 HARNESS THE COLLECTIVE VALUE citizen relationships [ ROI: PROVE IT ] Increased Involvement Decreased Costs Citizens' Health Care Working Group: $ From $250 to $7.50 Outreach Cost Per Participant When the Citizens Health Care Working Group (commissioned by the DHHS) invited the American public to participate in national health care reform, they leveraged both the traditional town hall setting as well as Neighborhood America s online solution. The results of their outreach were dramatic, proving that online networks result not only in increased participation, but also in significantly lower costs. Increased Participation Citizens' Health Care Working Group: Participation Quadrupled Neighborhood America customer example $7.50 Town Hall Online Neighborhood America customer example Town Hall Online Neighborhood America customer example
17 GET TO KNOW [ and that's not all ] REVEAL provides everything you need to focus on those big ideas that will lead to innovation, cost savings and greater productivity. REVEAL includes: Components of Neighborhood America s award-winning enterprise social networking platform, ELAvate Hosting from an enterprise-scale infrastructure Professional services and guidance to ensure your success With Neighborhood America as your solutions partner, you can implement one or many of our Business Services to meet multiple needs throughout your enterprise. Additional Business Services offered by Neighborhood America include: TM CONVERGE Destination Community CAPTURE User Contribution UNIFY Public Comment TM TM TM MOVO Mobile Marketing Create a complete, branded social networking destination Generate new revenues through a highly targeted community, where the interaction around shared content, stories and recommendations drives retail sales or advertising revenues Bring citizen input into the decision making processes of government through constructive public comment and collaboration Launch mobile marketing campaigns to drive immediate revenue or reach mass audiences quickly Get 'In Network' and start driving business value. Call an expert today
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