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CASH Content & Photo: © 1984 Betty Weinaug Melissa Rach @melissarach DialogStudios.com

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I am two people. Johnny is the nice one. Cash causes all the trouble. —Johnny Cash 2

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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. 3

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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 5

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Today Selling and scoping Estimating value/ROI Measurement 6

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But first… some anger management

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1.It’s not (always) about disrespect or even money. ©2014 Abbey Hambright Etsy.com/shop/abbeychristine

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Economics is making the best out of life. —Gary Becker 9

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Decision making is scary Investing in content: Means NOT investing in other things Might result in loss of: Money Time Other opportunities Professional reputation Emotional anguish 10

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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 11

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2. Content is a harder decision than most Photo: ©1980 Betty Weinaug

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Content breaks all the economic rules Things of value are usually Exclusive Transparent Hard to replicate Endless supply AND endless demand 13

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Content work is a service “New” industry Very diverse No obvious accreditation Doesn’t fit nicely into a traditional business 14

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3.Numbers don’t need to be exact. Photo: ©1980 Betty Weinaug

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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 16

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Measurement is… A set of observations that reduce uncertainty where the results are expressed as a quantity. 17

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Numbers are a communication tool Numbers reduce uncertainty: Approximate values Shortcuts for the brain Common vocabulary 18

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Selling and scoping (building a relationship) Photo: © 1978 Betty Weinaug

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The goal: Make a confident decision that’s beneficial to everyone. 20

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1. Define the need What is the need? What are you offering? New or updated content Cleaned up content/fixed mistakes More efficient, happier workplace Unifying strategy Ongoing service How does this work benefit the business? How do (will you) you know? 21

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2. Understand the process Get all the information you can, find out: What is the decision? What impacts that decision? Who impacts the decision? What experience do stakeholders have with content work? Is there a budget? 22

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3. Make connections 23 Photo: © 1980 Betty Weinaug

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4. Understand all benefits and costs 24

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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 25

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6. Eliminate fear 26 Discuss the details Answer questions Address concerns Start small or do some proof of concept work Provide references (services) or samples (goods) Be patient

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Estimating value and ROI (the magic formula) Photo: © 1980 Betty Weinaug

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Value = Benefits-Costs

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Value of what? 29

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Value of what? 30

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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 31

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Photo: © 1980 Betty Weinaug

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Value of what? 33

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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 34

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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 35

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Intermission Photo: © 1982 Betty Weinaug

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Value of what? 37

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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 38

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Value of what? 39

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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 40

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Estimating results BEFORE work starts

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Max Gain x % Success = Risk if denied Max Loss x % Failure = Risk if approved

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Estimating probable results Basic 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 43

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Pricing basics Look for comparables Give ballpark estimates early Estimate on time, price on value Aim for a consumer surplus Always provide numbers in person 44

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Price is like setting a screw. A little resistance is a good sign. —Harry Beckwith 45

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There are a lot of good economists, but there is only one Roger Clemens. — Robert Solow (1987 Nobel laureate) 46

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Measurement (being well-rounded) Photo: © 1977 Betty Weinaug

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Our friend, Johnny… Stats 50+ million albums sold Created: 96 studio albums 63 compilation albums 153 singles Honors 17 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 Honors National Medal of Arts Hollywood Walk of Fame 48

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Variety of measurements Analytics Qualitative assessments User research and usability External expert review Internal expert review Efficiency measurements

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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 50

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Score! Section score: 88 out of 100 ^ 15% since April

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Photo: © 1977 Betty Weinaug

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©2014 Abbey Hambright Etsy.com/shop/abbeychristine

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It’s about decisions not disrespect

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It’s NOT us-against-them it’s about building relationships

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It’s about reaching understanding and reducing uncertainty

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It’s about estimates not exacts

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It’s not traditional but it’s achievable

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Go prove it. Your work is valuable.

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Thanks! SLIDES: bit.ly/CIDMCash @melissarach melissa@dialogstudios.com www.dialogstudios.com 60 Photo: © 1981 Betty Weinaug

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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 61