The Hidden Secrets of Employee Market Days You Need to Know About

All of us have used post it notes either for noting important points or as a reminder memo to keep up with the tasks. But did you know that this business innovation was developed because of 3M’s “15% rule” and “Science fair” initiatives!

Just like Post-it and scotch tape, many innovations like Gmail or Google news have originated from ideas bouncing during meetings discussions and innovative marketplaces. And hence companies today recognize the benefits of understanding their employees' entrepreneurial potential. To foster this, they implement Employee Market Day programs to boost innovative thinking and intrapreneurial potential of their employees.

What is an Employee Market Day?

Let’s look at it in this way- Imagine a bustling marketplace where employees are showcasing/pitching their innovative ideas and products. This vibrant setting is the essence of an Employee Market Day, particularly in the Fast-Moving Consumer Goods (FMCG) sector. Now it may seem like an only employee benefit program (which it is) but at the same time it helps the companies at two levels.

At the organizational level –

• These initiatives promote cross-functional collaboration and networking among employees leading to a strong intrapersonal relationship.
• Companies generate new business ideas by collecting potential new products or improvements that can be developed further to stay ahead of the market curve.
• Identify talent by discovering hidden talents and entrepreneurial skills within the organization.
• For all the employees to have a better understanding of all products and their SKUs.

At the employer level –

• When employers recognize and value the creativity of their employees, it fosters a sense of belonging and appreciation. This leads to higher job satisfaction, reducing turnover and associated recruitment costs.
• Engaged employees are more motivated and productive. When they feel their contributions are valued, they are likely to put in extra effort, leading to improved performance across the organization.

Looking at the spectrum of ideas and innovations that come up in these programs, many FMCG companies like Nestlé, Unilever, Procter & Gamble (P&G), etc. have developed their one-of-a-kind engagement programs like Annual Innovative marketplace, Foundry IDEAS and Connect+Develop respectively.

Famously Google’s "TGIF" (Thank God It’s Friday) while not specifically an Employee Market Day, share a similar spirit of employee engagement and idea sharing.

Though organizing events of such stature are not without their own set of challenges. And it’s obvious that such events become successful at the cost of time and resource consumption. Naturally, challenges like logistical, regulatory and compliance issues to come along too. But with good program structure and management, benefits are always overweighing the challenges.

So now the question is what, how and who can help you in walking through this tightrope.

The Essential Elements of a Successful Market Day program

Now typically in an employee market day event, the aim is to make cross-function teams visit the market, try pitching the products, and perform brand advocacy. But it is equally important to have a proper scoring construct to make sure efforts put in by teams are quantified and rewarded. Now as easy as it sounds having it well planned and consolidated can be tedious and time taking.

But if the same thing is well structured – it takes the whole event’s experience to the next level. And this is exactly what we see when seasoned companies like P&G or nestle set up their employee market day program. So, for ease of understanding let’s break it down in a ten-point setup process.

Here’s what’s happening:

1. Form a planning committee

Based on the target employee group, have a planning committee set up. The key roles of this committee will be planning teams, itinerary, roles and responsibilities setup, program guide, and event coordination.

2. Define roles and responsibilities

Once the planning committee is set, and have the roles and responsibilities defined and assigned for various aspects of the event. For example, one of our client for CPG analytics, decided to have their Zonal Sales Development heads to manage the committee for their market day. Their involvement not only bought market insights which helped in decision-making regarding event themes, promotions, and guest engagement strategies but also ensured that event aligns with broader business objective of sales performance and brand visibility in the market.

3. Budget and Resource allocation

After defining the organizing team structures, the first thing to do is to develop a comprehensive budget that outlines all anticipated expenses and revenue sources. It is preferable to involve senior management including members from commercials and as well as finance for this.

4. Define participants’ event objectives and team structuring

To maximize the effectiveness of the event, it is important for participants to have clearly defined objectives so that they can structure their teams accordingly. A good way to start with it is by dividing employees into small cross functional teams. For example, it can be structured in such a way that it’s led by one member from the sales team. Subsequently they visit a set of outlets, perform brand advocacy, and sell their brands with innovative sales pitches to the consumers.

5. Keep in mind the event logistics

Event logistics should be planned along with team formation keeping in mind that at such events the team travels from varied locations.

6. Promote Event amongst the employees

Now it’s equally important to create awareness and hype amongst the employee for nudging them in the direction of thinking and participating. To do so, start by sending Regular email reminders and posters to all employees over mail to boost engagement for the upcoming event.

7. Develop a Participation Plan

Make sure that Registration Process and Participation Guidelines are shared via Microsoft form/RSVP a month before event to invite participation and plan according to the strength of participation.

8. Plan Event Day Activities

The event schedule should ideally be kept as per geography with each team covering 5-8 outlets during the event and performing brand advocacy at each outlet. Teams must then put their feedback and responses in the app providing real time insights of the outlet.

9. Enablement and Support

Once all the backhand logistics is chalked out, on the day of the event ensure that the participants receive a program guide, content for preparing brand pitches, media content. Further, on event day with this they should also be provided with team information, itinerary, feedback forms and questionnaires.

Considering that number of resources to be given, the most effective way to elevate the experience is to have an app with all the prerequisites. Make sure to gamify the process to take the whole event experience to next level.

And to support users with queries related to tech support or program support, a dedicate support team and special warzone setup for the D-day will do the thing.

10. Follow-Up and Recognition

Having a Feeback and recognition loop in place is of utmost important in such events. Hence the data collected by the app/platform (mentioned above) can be used for analysis and take insights from the event. Through the app a post event feedback form will be shared to all employees to get their experiences, feedback, and ways to further improve upcoming programs.

Now it will be the company’s or the planning committee’s task to choose a platform that can support all the mentioned prerequisites essential resources along with creating a fun and gamified experience. Hence keeping this in mind, let’s look at the key features that these platforms/apps must offer.

Must have features for Market Day apps

1. Centralized Information Access

A successful Market Day program hinges on not only thorough planning but also on providing participants with the right tools to facilitate their engagement and collaboration. And to achieve this, market day app provides a centralizes information access of:

- Team Information: Detailed information about each participating team, including member names, roles, and contact details are included. This facilitates easy collaboration and communication among employees.

- Outlet Itineraries: Employees can access their assigned outlet visit schedules, allowing them to plan their day efficiently and arrive at their destinations on time.

- Brand Information: It also offers comprehensive details about the brands employees are highlighting or learning about. This ensures that participants are well-informed and equipped to engage with consumers effectively.

2. Enhanced Engagement through interactive content

Now having interactive content at the fingertips creates a dynamic and engaging environment. Hence this category includes content like:

- Leadership Videos: These videos help create a sense of purpose and excitement among participants. Hence, having access to inspirational videos from company leaders can motivate employees and foster better alignment with the event's objectives.

- Digital Guidebook: Have access to a digital guidebook providing step-by-step instructions, tips, and best practices for participating in the event comes in handy. This resource serves as a valuable reference for employees throughout the day.

- Photo and Video Uploads: Participants can upload photos and videos, sharing their experiences and highlighting their innovations. This feature fosters a sense of community and allows for the recognition of outstanding contributions.

3. Real-time feedback and Continuous improvement

As discussed above, it is essential to have the ability to gather real-time feedback from participants. By integrating effective feedback mechanisms into the event app organizations can foster a culture of continuous improvement.

- Feedback forms:  Employees should be able to provide feedback at each outlet, capturing real-time insights and suggestions. This allows organizers to identify areas for improvement and make necessary adjustments during the event.

4. Scalability and Usability

Lastly, for a Market Day app to be truly effective, it must prioritize both scalability and usability. These elements ensure that all participants can engage fully without technical barriers. How to make it happen is by having: where

- User-Friendly Interface: The appsare designed to be intuitive and easy to use, ensuring that all employees, regardless of their level of tech proficiency, can navigate it smoothly.

- High Capacity: Built to handle a large influx of simultaneous users, the app ensures seamless access for all participants without performance issues. This scalability allows for larger events and increased participation.

Wrapping up

Integration of technology into the Employee Market Day program through a customized app can significantly enhance employee engagement initiatives. By providing centralized access to information, facilitating engagement through interactive content, enabling real-time feedback, and ensuring scalability and usability, having such platforms makes the event more organized, interactive, and impactful.

And it’s not just about the operational aspects but also about how tech enablement can transform traditional employee engagement initiatives, making them more fruitful and aligned with modern workplace expectations.