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Updated version of Content & Cash delivered at the What's Up? Content Strategy Conference sponsored by Lectric Groep/Someone in 's-Hertogenbosch, Netherlands (November 2013)
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CASHContent &
Photo: © 1984 Betty Weinaug
Melissa Rach @melissarach
DialogStudios.com
“I am two people. Johnny is the nice one. Cash causes all the trouble. —Johnny Cash
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Business expectations To make an investment, funders expect: • To know exactly what content will do for
the organization • Proof of competency/quality • Exactly how much it will cost • Provable value and ROI
Hard numbers. Right now.
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yikes.
We can do it
• We know content work is valuable• We know content is a benefit (necessity)
for businesses• And the organizations are catching on,
too
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Today
• Selling and scoping• Estimating value/ROI• Measurement
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But first…some anger management
1.It’s not (always) about disrespect or even money.
Photo: ©2012 John Alderman
Censored
Johnny “Cash” Alderman
Decision making is scaryInvesting in content:• Means NOT investing in other things • Might result in loss of:
• Money • Time• Other opportunities• Professional reputation • Emotional anguish
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And hard…
People: • Are limited by what they know • Latch on to things that are familiar • Choose the safest option • And then immediately start worrying that
they’ve made the wrong decision
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2. Content is a harder decision than most
Photo: ©1980 Betty Weinaug
Content breaks all the economic rules • Things of value are usually• Exclusive• Transparent • Hard to replicate
• Endless supply AND endless demand
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“Content strategy” is a service• “New” industry • Very diverse • No obvious accreditation • Doesn’t fit nicely into a traditional
business
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3.Numbers don’t need to be exact.
Photo: ©1980 Betty Weinaug
Measurement is…
A set of observations that reduce uncertainty where the results are expressed as a quantity.
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“As far as the laws of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality.
—Albert Einstein
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Exacts are impossible
Numbers reduce uncertainty: • Approximate values • Shortcuts for the brain • Common vocabulary
Think about numbers as a communication tool.
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Selling and scoping(building a relationship)
Photo: © 1978 Betty Weinaug
The goal:
Make a confident decision that’s beneficial to everyone.
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1. Do your homework
Get all the information you can, find out: • What is the decision?• What impacts that decision? • What experience do stakeholders have
with content? • Is there a budget?
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2. Narrow down the need What is the need? What are you offering?• Unifying strategy• New or updated content • Cleaned up content/fixed mistakes • More efficient, happier workplace
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3. Make connections
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Photo: © 1980 Betty Weinaug
4. Understand all benefits and costs
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Type Benefits Costs
Monetary Profit or savings Cost of creation
Sensory Get satisfaction/alleviate pain
Endure extra pain or reduce satisfaction
Temporal Save time Lose time
Opportunity-based Gain advantages Eliminate possibilities
Psychological Reduce anxiety Add anxiety
Social Increase stature Blamed for problems
Convenience-based Makes things easier Makes things more difficult
5. Tell a hopeful story
Create a story that highlights key benefits, such as:• We can serve users better• We can be more efficient• We can beat the competitors• We can be more accurate
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6. Eliminate fear
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• Discuss the details • Answer questions • Address concerns • Start small or do some proof of concept
work • Provide references (services) or samples
(goods)• Be patient
Estimating value and ROI(the magic formula)
Photo: © 1980 Betty Weinaug
Value = Benefits-Costs
Value of what?
Strategy or Service
Content as product
Content as influence
Efficiency tool
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Strategy or Service
Content as product
Content as influence
Efficiency tool
Value of what?
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Content as product
What is the content product worth?• Benefit: Profit from the sale of the
product • Cost: Cost to create the product
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Photo: © 1980 Betty Weinaug
Strategy or Service
Content as product
Content as influence
Efficiency tool
Value of what?
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Content as influence
What is the piece of content worth?• Benefit: Increased profit as the result of
an end-user behavior change• Cost: Cost to create the content
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Estimates, not exacts Figure out what you know; fill in the blanks with assumptions • The average Johnny Cash t-shirt costs €20
• Analytics show that 50 people start the process of purchasing a t-shirt online every day, but only 10 finish the process
• User research shows that the instructions on the purchase pages are very confusing
• We assume 5-10 people leave the purchasing process because of something unrelated to the site, and 5-10 leave the process when they see the shipping costs
• We assume the remaining 20-30 people would complete the purchasing process if the instructions were more helpful
• Therefore, the value of the instructional content is likely around €144,000-216,000 per year (€20 x 20-30 people x 30 days X12)
• The cost of fixing the content is approximately €5,000
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Strategy or Service
Content as product
Content as influence
Efficiency tool
Value of what?
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Efficiency tool
What is the tool worth?• Benefit: Cost savings as the result of
employee behavior change (or happiness)
• Cost: Cost to create/maintain the tool and train people to use it
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IntermissionPhoto: © 1982 Betty Weinaug
Strategy or Service
Content as product
Content as influence
Efficiency tool
Value of what?
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Strategy (or service) What is the strategy worth?• Benefit: Combination of: • Savings/profit from:
• Content as product• Content as influence• Tools • Sub-services
• Value of non-monetary benefits• Cost: Cost to create/implement the
strategy
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Estimating resultsBEFORE
the content is done
Max Gain x % Fail = Risk if denied
Max Loss x % Success = Risk if approved
Estimating probable resultsBasic project information: • Maximum gain: €216,000• Maximum loss: €5,000• Chance for success: 70%
Expected opportunity loss: • Risk of approved: €5,000 X 30% =
€1,500• Risk if rejected: €216,000 X 70% =
€151,200
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Measurement(being well-rounded)
Photo: © 1977 Betty Weinaug
Our friend, Johnny…Stats 50+ million albums sold
Created:96 studio albums 63 compilation albums 153 singles
Honors17 Grammy Awards
9 CMA Awards
Rock and Roll Hall of Fame Rockabilly Hall of Fame
Songwriters Hall of Fame Gospel Music Hall of Fame
Country Music Hall of Fame Nashville Songwriters Hall of
Fame
Kennedy Center HonorsNational Medal of Arts
Hollywood Walk of Fame
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Variety of measurements
• Analytics • Qualitative assessments• User research and usability • External expert review • Internal expert review • Efficiency measurements
Score!
Section score:
88 out of 100↑ 15% since April
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Measure often, expect long-term results • Establish a baseline • Measure consistently over time • Use different timelines for different types
of content
Photo: © 1977 Betty Weinaug
Photo: ©2012 John Alderman
Censored
It’s about
decisions not
disrespect
It’s NOT
us-against-them it’s about
building relationships
It’s about
reaching understanding and
reducing uncertainty
It’s about
estimatesnot
exacts
It’s not
traditional but it’s
achievable
Go prove it.
Your work is valuable.
Want to know more? Content Strategy for the Web (second edition)
Check out chapter 10
By Kristina Halvorson and Melissa Rach
How to Measure Anything
by Douglas W. Hubbard
Marketing Professional Services
by Philip Kotler, Thomas Hayes, Paul N. Bloom
Naked Economics: Undressing the Dismal Science
by Charles Wheelan
57
