By Bruce Bolger
Click here for links to RRN Preferred Solution Providers.
The IRR Market Addresses Key Market Opportunities: Sustainability, Technology, and E-Commerce
The Opportunity to Address an Untapped Market
Hired at different times in my career to help educate promotional distributions on the incentive, recognition, and retail brand gifting marketplace, this recent Promotional Products Association outlook report published in PPB (Promotional Products Business) indicates that much work remains to convince distributors of the enormous potential role they can play in creating new value for clients.
The report makes almost no mention of the opportunities for incentives, recognition, loyalty, or retail brand gifting, other than pointing out all the reasons distributors indeed should be adding these services to their offerings.
Industry professionals in the report cite five key areas that represent opportunities for the industry to grow, improve or simply seize upon a horizon of new possibilities, three of which are directly related to the IRR (Incentive, Rewards, and Recognition) market and related brand gifting business, and yet makes little mention of the $176 billion field.
- 39% of the expert panel says sustainable and eco-friendly products are a key opportunity and yet...
- Only 13% see retail brands as an opportunity, even though retail brands are by their very nature more sustainable because recipients are far more likely to hold on to them.
- 28% says advancements in technology and 17% say e-commerce and online marketing are big opportunities but there is no mention of incentive, recognition or retail brand gifting technology.
While US organizations of all sizes and types face unprecedented employee and customer retention and recruitment challenges, there are no more than about 80 incentive or recognition companies in the US with any expertise in designing and implementing effective engagement programs. In the meantime, there are over 200,000 companies (not to mention tens of thousands of non-governmental organizations) with over $10 million in annual turnover—certainly large enough to benefit from a formal process to engage employees, customers, distribution partners, and other stakeholders with incentive, recognition, or gifting programs.
Several dozen brands and master fulfillment companies exhibit at the annual PPAI annual summit and convention coming up Jan. 14-16 in Las Vegas, and basic education on the field is always provided. But whatever is being done is not enough if the industry’s leading association and media platform doesn’t even include the field among its key opportunities.
The Enterprise Engagement Alliance’s Brand Media Coalition will reach out to leaders in the promotional products space to raise awareness about this issue.
Profit From the “S” of Environmental, Social, Governance (ESG)
Through education, media, business development, advisory services, and outreach, the Enterprise Engagement Alliance supports boards, business analysts, the C-suite, management in finance, marketing, sales, human resources and operations, etc., educators, students and engagement solution providers seeking a competitive advantage by implementing a strategic and systematic approach to stakeholder engagement across the enterprise. Click here for details on all EEA and RRN media services.
1. Professional Education on Stakeholder Management and Total Rewards
- Become part of the EEA as an individual, corporation, or solution provider to gain access to valuable learning, thought leadership, and marketing resources.
- The only education and certification program focusing on Stakeholder Engagement and Human Capital metrics and reporting, featuring seven members-only training videos that provide preparation for certification in Enterprise Engagement.
- EEA books: Paid EEA participants receive Enterprise Engagement for CEOs: The Little Blue Book for People-Centric Capitalists, a quick implementation guide for CEOs; Enterprise Engagement: The Roadmap 5th Edition implementation guide; a comprehensive textbook for practitioners, academics, and students, plus four books on theory and implementation from leaders in Stakeholder Management, Finance, Human Capital Management, and Culture.
- ESM at EnterpriseEngagement.org, EEXAdvisors.com marketplace, ESM e–newsletters, and library.
- RRN at RewardsRecognitionNetwork.com; BrandMediaCoalition.com marketplace, RRN e-newsletters, and library.
- EEA YouTube Channel with over three dozen how-to and insight videos and growing with nearly 100 expert guests.
Strategic Business Development for Stakeholder Management and Total Rewards solution providers, including Integrated blog, social media, and e-newsletter campaigns managed by content marketing experts.
4. Advisory Services for Organizations
Stakeholder Management Business Plans; Human Capital Management, Metrics, and Reporting for organizations, including ISO human capital certifications, and services for solution providers.
5. Outreach in the US and Around the World on Stakeholder Management and Total Rewards
The EEA promotes a strategic approach to people management and total rewards through its e-newsletters, web sites, and social media reaching 20,000 professionals a month and through other activities, such as:
- Association of National Advertisers Brand Engagement 360 Knowledge Center to educate brands and agencies.
- The EEA Engagement widget to promote, track, and measure customers/employee referrals and suggestions that can be connected to any rewards or front-end program management technology.
- The Stakeholder Capitalism free insignia to promote a commitment to better business.
- The BMC Brand Club and transactional storefronts to educate corporate and agency buyers on the IRR market.
- The EME Gold program to educate the top 3% of promotional consultants on selling engagement and rewards services