Incentives for Life: Impact and Rewards June 09, 2008 The New York Incentive, Rewards and Recognition Show Grows in its Second Year
By Leo Jakobson and Alex Palmer
This year's New York Incentive, Rewards and Recognition show offered attendees in-depth tips and broad perspectives on employee rewards and incentive programs. According to a number of exhibitors, the show was a substantial improvement over the initial NYIRR show last year (which was considered successful in its own right) in terms of the number of corporate end users and their interest in the incentive market.
Taking place at the Hilton New York, this year's show included 130 booths representing over 250 brands, with 1,143 actual registrants in attendance. The show included a keynote address by Don Peppers of the consulting firm Peppers & Rogers Group, a division of Carlson Marketing. In his address, simply titled "Brands and People," Peppers made the case that an organization looking for long-term loyalty must focus on creating the most value from each customer, rather than relying on products themselves to create value.
Later in the show, Rodger Stotz, research committee chair of the Forum for People Performance Management and Measurement, discussed the Employee Lifetime Value Study, recently completed by the Forum and the Incentive Marketing Association's Performance Improvement Council. Stotz described the study's purpose as looking at the internal side of Customer Lifetime Value, a metric currently gaining respect and attention in Corporate America.
"Most marketing people say customers have a lifetime value," Stotz says, explaining that if a customer spends $100 a week at a grocery store, that customer provides $5,200 worth of revenue over the course of a year; if that store retains that customer for 20 years, that customer's lifetime value to the company is more than $100,000. "Employee lifetime value is the internal side of customer lifetime value," Stotz adds. "View [it] through that lens." As for the study itself, Stotz says it was substantial enough that five white papers will be created from it.
RSS
