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Melissa Rach
@melissarach
DialogStudios.com

Content

CASH
Photo: © 1984 Betty Weinaug
I am two people.
Johnny is the nice one.
Cash causes all the trouble.
—Johnny Cash

2
Business expectations
To make an investment, funders expect:
• To know exactly what content will do for the
organization
•...
yikes.
We can do it
• We know content work is valuable
• We know content is a benefit (necessity) for
businesses
• And the organi...
Today
• Selling and scoping
• Estimating value/ROI
• Measurement

6
But first…
some anger management
1.It’s not (always)
about disrespect
or even money.

Photo: ©2012 John Alderman
Decision making is scary
Investing in content:
• Means NOT investing in other things
• Might result in loss of:
• Money
• ...
And hard…
People:
• Are limited by what they know
• Latch on to things that are familiar
• Choose the safest option
• And ...
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
• Endles...
“Content strategy” is a
service
•
•
•
•

13

“New” industry
Very diverse
No obvious accreditation
Doesn’t fit nicely into ...
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.

15
As far as the laws of
mathematics refer to reality,
they are not certain; and as
far as they are certain, they
do not refe...
Exacts are impossible
Numbers reduce uncertainty:
• Approximate values
• Shortcuts for the brain
• Common vocabulary
Think...
Selling and scoping
(building a relationship)

Photo: © 1978 Betty Weinaug
The goal:
Make a confident decision that’s
beneficial to everyone.

19
1. Do your homework
Get all the information you can, find out:
• What is the decision?
• What impacts that decision?
• Wha...
2. Narrow down the need
What is the need? What are you offering?
• Unifying strategy
• New or updated content
• Cleaned up...
3. Make connections

22

Photo: © 1980 Betty Weinaug
4. Understand all benefits
and costs
Type

Benefits

Costs

Monetary

Profit or savings

Cost of creation

Sensory

Get sa...
5. Tell a hopeful story
Create a story that highlights key benefits, such as:
• We can serve users better
• We can be more...
6. Eliminate fear
•
•
•
•
•
•

25

Discuss the details
Answer questions
Address concerns
Start small or do some proof of c...
Estimating value and ROI
(the magic formula)

Photo: © 1980 Betty Weinaug
Value = Benefits-Costs
Value of what?
Strategy
or Service

Content as
product

28

Content as
influence

Efficiency
tool
Value of what?
Strategy
or Service

Content as
product

29

Content as
influence

Efficiency
tool
Content as product
What is the content product worth?
• Benefit: Profit from the sale of the product
• Cost: Cost to creat...
Photo: © 1980 Betty Weinaug
Value of what?
Strategy
or Service

Content as
product

32

Content as
influence

Efficiency
tool
Content as influence
What is the piece of content worth?
• Benefit: Increased profit as the result of an enduser behavior ...
Estimates, not exacts
Figure out what you know; fill in the blanks with assumptions
• The average Johnny Cash t-shirt cost...
Value of what?
Strategy
or Service

Content as
product

35

Content as
influence

Efficiency
tool
Efficiency tool
What is the tool worth?
• Benefit: Cost savings as the result of employee
behavior change (or happiness)
•...
Intermission
Photo: © 1982 Betty Weinaug
Value of what?
Strategy
or Service

Content as
product

38

Content as
influence

Efficiency
tool
Strategy (or service)
What is the strategy worth?
• Benefit: Combination of:
• Savings/profit from:
• Content as product
•...
Estimating results
BEFORE
the content is done
Max Gain x % Fail = Risk if denied
Max Loss x % Success = Risk if approved
Estimating probable results
Basic project information:
• Maximum gain: €216,000
• Maximum loss: €5,000
• Chance for succes...
Measurement
(being well-rounded)

Photo: © 1977 Betty Weinaug
Our friend, Johnny…
Stats

Honors

50+ million albums sold

17 Grammy Awards
9 CMA Awards

Created:
96 studio albums
63 co...
Variety of measurements
•
•
•
•
•
•

Analytics
Qualitative assessments
User research and usability
External expert review
...
Score!
Section score:

88 out of 100
↑ 15% since April
Measure often, expect
long-term results
• Establish a baseline
• Measure consistently over time
• Use different timelines ...
Photo: © 1977 Betty Weinaug
Photo: ©2012 John Alderman
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

estimates
not

exacts
It’s not

traditional
but it’s

achievable
Your work is valuable.
Go prove it.
Thanks!
@melissarach
melissa@dialogstudios.com
www.dialogstudios.com

56

Photo: © 1981 Betty Weinaug
Want to know more?
Content Strategy for the Web (second edition)
Check out chapter 10
By Kristina Halvorson and Melissa Ra...
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Content & Cash (Netherlands 2013 Edition)

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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)

Published in: Technology, Business
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  • This is about storytelling
  • ChallengesProjecting the market value of the product (price people willing to pay or do without) Remembering all of the steps in the content creation process
  • Transcript of "Content & Cash (Netherlands 2013 Edition) "

    1. 1. Melissa Rach @melissarach DialogStudios.com Content CASH Photo: © 1984 Betty Weinaug
    2. 2. I am two people. Johnny is the nice one. Cash causes all the trouble. —Johnny Cash 2
    3. 3. 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
    4. 4. yikes.
    5. 5. 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
    6. 6. Today • Selling and scoping • Estimating value/ROI • Measurement 6
    7. 7. But first… some anger management
    8. 8. 1.It’s not (always) about disrespect or even money. Photo: ©2012 John Alderman
    9. 9. 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 9
    10. 10. 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 10
    11. 11. 2. Content is a harder decision than most Photo: ©1980 Betty Weinaug
    12. 12. Content breaks all the economic rules • Things of value are usually • Exclusive • Transparent • Hard to replicate • Endless supply AND endless demand 12
    13. 13. “Content strategy” is a service • • • • 13 “New” industry Very diverse No obvious accreditation Doesn’t fit nicely into a traditional business
    14. 14. 3.Numbers don’t need to be exact. Photo: ©1980 Betty Weinaug
    15. 15. Measurement is… A set of observations that reduce uncertainty where the results are expressed as a quantity. 15
    16. 16. 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
    17. 17. Exacts are impossible Numbers reduce uncertainty: • Approximate values • Shortcuts for the brain • Common vocabulary Think about numbers as a communication tool. 17
    18. 18. Selling and scoping (building a relationship) Photo: © 1978 Betty Weinaug
    19. 19. The goal: Make a confident decision that’s beneficial to everyone. 19
    20. 20. 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? 20
    21. 21. 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 21
    22. 22. 3. Make connections 22 Photo: © 1980 Betty Weinaug
    23. 23. 4. Understand all benefits and costs 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 23
    24. 24. 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 24
    25. 25. 6. Eliminate fear • • • • • • 25 Discuss the details Answer questions Address concerns Start small or do some proof of concept work Provide references (services) or samples (goods) Be patient
    26. 26. Estimating value and ROI (the magic formula) Photo: © 1980 Betty Weinaug
    27. 27. Value = Benefits-Costs
    28. 28. Value of what? Strategy or Service Content as product 28 Content as influence Efficiency tool
    29. 29. Value of what? Strategy or Service Content as product 29 Content as influence Efficiency tool
    30. 30. Content as product What is the content product worth? • Benefit: Profit from the sale of the product • Cost: Cost to create the product 30
    31. 31. Photo: © 1980 Betty Weinaug
    32. 32. Value of what? Strategy or Service Content as product 32 Content as influence Efficiency tool
    33. 33. Content as influence What is the piece of content worth? • Benefit: Increased profit as the result of an enduser behavior change • Cost: Cost to create the content 33
    34. 34. 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 €144,000216,000 per year (€20 x 20-30 people x 30 days X12) • The cost of fixing the content is approximately €5,000 34
    35. 35. Value of what? Strategy or Service Content as product 35 Content as influence Efficiency tool
    36. 36. 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 36
    37. 37. Intermission Photo: © 1982 Betty Weinaug
    38. 38. Value of what? Strategy or Service Content as product 38 Content as influence Efficiency tool
    39. 39. 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 39
    40. 40. Estimating results BEFORE the content is done
    41. 41. Max Gain x % Fail = Risk if denied Max Loss x % Success = Risk if approved
    42. 42. 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 42
    43. 43. Measurement (being well-rounded) Photo: © 1977 Betty Weinaug
    44. 44. Our friend, Johnny… Stats Honors 50+ million albums sold 17 Grammy Awards 9 CMA Awards Created: 96 studio albums 63 compilation albums 153 singles 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 44
    45. 45. Variety of measurements • • • • • • Analytics Qualitative assessments User research and usability External expert review Internal expert review Efficiency measurements
    46. 46. Score! Section score: 88 out of 100 ↑ 15% since April
    47. 47. Measure often, expect long-term results • Establish a baseline • Measure consistently over time • Use different timelines for different types of content 47
    48. 48. Photo: © 1977 Betty Weinaug
    49. 49. Photo: ©2012 John Alderman
    50. 50. It’s about decisions not disrespect
    51. 51. It’s NOT us-against-them it’s about building relationships
    52. 52. It’s about reaching understanding and reducing uncertainty
    53. 53. It’s about estimates not exacts
    54. 54. It’s not traditional but it’s achievable
    55. 55. Your work is valuable. Go prove it.
    56. 56. Thanks! @melissarach melissa@dialogstudios.com www.dialogstudios.com 56 Photo: © 1981 Betty Weinaug
    57. 57. 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
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