Are annual reports still relevant? This is a question I found in a year 2000 copy of @Issue: The journal of Business and Design. The same year, according to a survey of communication executives by Roper Starch Worldwide titled “Annual Reports in the New Economy,” respondents said that printed annual reports serve so many purposes they will always be around.
It's now 2007, and annual reports continue to be printed -- and read. Some companies use them as part of their integrated communications with external and internal audiences: customers and employees read from the same pages. Whether they are used as marketing pieces, recruiting brochures, brand-builders, corporate image books, and strategic positioning tools, the opportunity resides in focusing the message from year to year.
This is exactly the use Campbell’s made of its printed annual reports, especially since Doug Conant joined the company as CEO from Nabisco in 2001. We took a look at The Campbell’s Journey last week during a meeting with Judy Freedman, Group Director of the company's Public Affairs Department.
The transformation that occurred in the years 2001-2004, according to Freedman, led to an emphasis on growth and investment starting in 2005. So the company went from a unilateral focus on building shareholder wealth to delivering a superior employee experience. Conant’s vision was to affect the above average performance in the marketplace by improving the engagement ratio from year to year in the workplace. That vision and focus are both communicated in the company's annual reports.
The journey started with the intent of articulating what makes the company different and translating that into values. Character, competence, and teamwork meant that Campbell’s began a conversation with its employees to communicate that they really value people. It’s not enough to talk; changes in the work environment are also being made.
How did they bring to life the idea that people are valued? The building blocks are embedded in the consistent messages the company broadcasts internally and externally. Their brand program is so extensive, integrated, and deep that every single person working at Campbell’s has a chance to be included.
Some examples of internal campaigns are:
- the extraordinary people/moments;
- the extraordinary performance awards;
- thank you cards for service recognition imprinted with the company values.
Some examples of external messages:
- printed annual reports;
- branded visitors badges;
- the corporate social responsibility reports.
A total of 350 senior leaders participate very actively in a continuing learning and feedback conversation within the company. "It’s not enough to be a legend", declared the company’s annual report in 2001. To move to a growth position, the following year Campbell’s got down to "Working the Plan", then "Building Momentun the year after, followed by "Simply Better" and "Driving Quality Growth" to "On the Move" last year. The company’s annual reports tell the corporate story, year after year.
I met Doug Conant at the Wharton Leadership Forum in Philadelphia in June 2004. At the time, the company was halfway into its journey to transformation. The internal alignment was starting to bear fruit in the marketplace, where the company was beginning to shift its focus on becoming the preferred brand for simple meals.
One quote stands out from Roper Starch Worldwide survey; an annual report "should be the face of the firm." Campbell’s annual reports use narrative to elaborate on the company’s performance, introduce new products, explain the corporate culture, and lay out strategy.
Form Campbell's 2006 annual report, "On The Move", the company's quality growth strategies "On trend, on target, and on demand" are:
- Expand our icon brands within Simple Meals and Baked Snacks.
- Trade consumers up to higher levels of satisfaction centered on convenience, wellness, and quality.
- Make our products more broadly available in existing and new markets.
- Increase margins by improving price realization and company-wide productivity.
- Improve oveall organizational diversity, engagement, excellence, and agility.
The visual imagery and design are created to distinguish the company’s values and brand. Design is viewed as a greater part of today’s communications. Only one goal of design today is to make the annual report look good. It is as important to highlight the year’s message by visual impact, as well as perpetuating the company’s brand image. Has Campbell’s executed on its message well? What is your take on the importance of design in communications?
[Campbell’s Covers -- Building brand at Campbell’s means giving readers the feeling that the company’s journey started with tomato soup and has now evolved to what motivates people.]