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If you want to increase productivity you might want to listen to your stakeholders. Katalyst Agency recently deployed a Stakeholder Listening Survey to understand how companies were listening to their stakeholders. The results showed over 90% of those who responded claimed listening as important. Many responses echoed the sentiment that every meeting with a customer, was a listening meeting. Excellent! But don’t stop there — go for the 360 and listening to all your stakeholders. We call this VOS or Voice of the Stakeholder.
360 listening means engaging all stakeholder groups and your competition. Everyone in your industry has something to say, and you need to hear it. Person to person. Without Stakeholder Listening, you are missing the voice of your clients, past clients, the customer, the voice of the RFP that got away, the voice of your industry and, most importantly, the voice of your team.
These voices provide critical business information that can drive strategy, branding and expansion direction.
Corporate sustainability depends on many factors, key among those are being transparent with stakeholders and engaging them in two-way dialog. A good example of a company that takes the 360 listening approach can be seen in a case study of Cadbury Schweppes. Cadbury Schweppes established a relationship with their stakeholders from the origins of the company almost 200 years ago by responding positively to their needs. The company held regular and open discussions to determine what influences they felt would benefit the brand. They also listened to their consumers so they could adapt their research and development to make products that the consumers wanted.
This resulted in a boost of productivity, more engaged stakeholders and consumers, and a way for Cadbury Schweppes to take advantage of the knowledge the people on the front lines of the business have obtained.