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)

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

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

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. Today
• Selling and scoping
• Estimating value/ROI
• Measurement
6

7. But first…
some anger management

8. 1.It’s not (always)
about disrespect
or even money.
Photo: ©2012 John Alderman

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

12. 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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13. “Content strategy” is a
service
•
•
•
•
13
“New” industry
Very diverse
No obvious accreditation
Doesn’t fit nicely into a traditional business

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

15. Measurement is…
A set of observations that reduce uncertainty where
the results are expressed as a quantity.
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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
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17. 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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18. Selling and scoping
(building a relationship)
Photo: © 1978 Betty Weinaug

19. The goal:
Make a confident decision that’s
beneficial to everyone.
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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?
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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
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22. 3. Make connections
22
Photo: © 1980 Betty Weinaug

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
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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
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25. 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

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

27. Value = Benefits-Costs

28. Value of what?
Strategy
or Service
Content as
product
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Content as
influence
Efficiency
tool

29. Value of what?
Strategy
or Service
Content as
product
29
Content as
influence
Efficiency
tool

30. 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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31. Photo: © 1980 Betty Weinaug

32. Value of what?
Strategy
or Service
Content as
product
32
Content as
influence
Efficiency
tool

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. 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
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35. Value of what?
Strategy
or Service
Content as
product
35
Content as
influence
Efficiency
tool

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
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37. Intermission
Photo: © 1982 Betty Weinaug

38. Value of what?
Strategy
or Service
Content as
product
38
Content as
influence
Efficiency
tool

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
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40. Estimating results
BEFORE
the content is done

41. Max Gain x % Fail = Risk if denied
Max Loss x % Success = Risk if approved

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

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

46. Score!
Section score:
88 out of 100
↑ 15% since April

47. Measure often, expect
long-term results
• Establish a baseline
• Measure consistently over time
• Use different timelines for different types of
content
47

48. Photo: © 1977 Betty Weinaug

49. Photo: ©2012 John Alderman

50. It’s about
decisions
not
disrespect

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

52. It’s about
reaching understanding
and
reducing uncertainty

53. It’s about
estimates
not
exacts

54. It’s not
traditional
but it’s
achievable

55. Your work is valuable.
Go prove it.

56. Thanks!
@melissarach
melissa@dialogstudios.com
www.dialogstudios.com
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Photo: © 1981 Betty Weinaug

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
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