Attempts to Quantify Its ROI Say YES
By Ken Lizotte
Have you ever thought about or noticed a competitor utilizing "thoughtleading" as a business development strategy? Positioning yourself and your firm as leading-edge thinkers in your field involves publishing articles and books, speaking regularly to professional groups, getting yourself noticed by the media and surveying your target market in order to produce research data that only you possess.
If that sounds like fun, or simply a potentially advantageous way to distinguish your firm's services, one major hurdle to choosing to implement such a novel strategy might be the question of ROI, specifically: Does evidence exist that a thoughtleading strategy really will generate new business growth? Is there any way to accurately measure this? Can a "thoughtleading Return-on-Investment (ROI)" be quantified? More importantly, can it pay dividends for YOU?
Happily, the answer to all four questions is "yes." Studies indicate that a quantifiable ROI can in fact be discerned, and, just as happily, indications are that results will be overwhelmingly affirmative. Getting to the heart of the issue, however, first requires an understanding that age-old ways of measuring ROI may not always apply here. That's because a new equation in our economy, one that's mistier than traditional bottom-line measurements, demands alternative methods of measurement. This new equation is the economic asset of "intellectual capital" (or IC).
The concrete ROI metric standard until now has always been based on "I-can-see-it-with-my-own-eyes." This still applies to material goods of course, but IC's decidedly non-Industrial Age elements can be harder to fathom. Mary Adams, Managing Principal of Trek Consulting LLC (http://www.trekconsulting.com/), and a specialist in the developing study of IC as an asset that can be measured, explains it this way:
"Can you imagine a merchant without an inventory report, having to sell a product without knowing the quantity or price of goods he owns? Yet this is the position that most corporate leaders are in today. They lack basic consolidated information about their most important resources: Do we have the right people, network, and knowledge to meet our goals? Are we positioned for continued innovation? Where are we at risk?"
Such relatively "soft" questions leave the interpretation of data and resulting ROI conclusions in the hands (and minds) of analysts to a greater degree than has been true of traditional ROI measurement with its clear numbers and black-and-white company balance sheet. As one example, Kennedy Information, the nation's premiere management consulting think tank, which regularly conducts surveys of management consulting compensation, has found that firms and individual consultants at the topmost point of the compensation chart are paid way, way better than the remaining 99% below. When asked how the top 1% manage this, the response is crisp and clear: "Oh, those highest revenue-producers are the ones who regularly publish articles and books, do speaking engagements, and connect with the media," the Kennedy people explain. "They are the thoughtleaders."
Another recent study has also correlated increased revenue with publishing, speaking, media and other individual thoughtleading actions, adding that thoughtleading's ROI will be measurably high when thoughtleading actions are integrated with a firm's more traditional marketing and sales activities. Article-publishing ROI, for example, incorporated in the marketing and selling pipeline, can easily be measured by asking prospects if the firm's published articles had played any part either in their initial decision to approach the company or in their ultimate decision to do business with the company. One professional services firm can testify to this personally.
"We always email prospects a PDF or two of our published articles early in the sales process," says the firm's president. "We want our prospects to see a relevant published article of ours so they will glance at it and be impressed. 'Wow, this looks pretty cool' may be all they say, and then we move on. But that's sufficient to stamp my firm as something more than some run-of-the-mill consultancy, which is what they may be thinking."
Some studies have even produced clear and definitive measurements sufficient to satisfy even the most old school quantifiability standards. One survey of law firms by Levick Strategic Communications and PR Newswire surveyed 200 firms that had gotten themselves mentioned consistently in the legal media. Their survey found that the 25 firms on its list with the highest revenues were also those with an average increase of nearly 20% in overall media presence over the previous two years. Firms ranked below these 25 in terms of income, however, reported a mere 1% increase in media presence.
Is there also anecdotal evidence that thoughtleading produces a measurable ROI? You bet. Former top executive recruiter Jim Masciarelli, now founder and CEO of PowerSkills Solutions, a "relationship capital" consulting firm, recalls one time when his book PowerSkills: Building Top-Level Relationships for Bottom-Line Results clearly led directly to a piece of business that he certainly would not have landed on his own:
"A partner of a top venture capital firm who knew me from my past career as a retained executive search consultant called me up after receiving an announcement of my book PowerSkills, which details a system I created for building profitable business relationships. He said, 'I understand you're now doing advisory and alignment work with CEOs and executive teams. We could really use your help!'
"Their portfolio company had just acquired a major Internet company in a 22- billion dollar stock deal," Jim recalls, "but the CEO did not yet have a plan to integrate these companies. The mere announcement of my book (and, with it, my new practice) repositioned me as an expert in his mind in this new line of work I was now pursing. As a result, I got the introduction to the CEO and ultimately the assignment as well."
Are you wondering if all this means that publishing an article or a book, or engaging in other thoughtleading actions such as public speaking, media and research, will automatically yield you new business and/or drive your incomes levels up above that of your competitors? Well, there are no guarantees in life, so no one can say for sure. But it is clear from all the data and anecdotal evidence that the likelihood is there. Since most of your competitors will ignore it, a thoughtleading business development strategy could be the smartest decision a professional services firm could make. There are just so very many facts, figures, studies, stories and personal experiences to back you up.
Ken Lizotte is Chief Imaginative Officer (CIO) of emerson consulting group inc. in Concord, which enables professional service firms to position themselves as "thoughtleaders." This article is excerpted from his new book The Expert's Edge: Become the Go-To Authority People Turn to Every Time (McGraw Hill). He can be reached by visiting www.thoughtleading.com
How HR Can Win Buy-In from Skeptics on Communications Coaching
(Excerpts from Employment Relations Today, September 2006)
Communicating vision and values is essential in driving business results. By definition, leaders cannot do the work of the enterprise; they can only communicate what needs to be done, inspire trust, and motivate others to execute the plans.
Many admired leaders are able to inspire people to action by articulating vision, achieving buy-in, and moving the enterprise forward through effective communication. But, others can fail to get their message across even though they are intelligent, analytical, and decisive leaders.
Human resource professionals know that consequences are serious if leaders cannot successfully communicate a vision. Executives must do this or they will fail. One role of HR professionals is to recognize when there is an issue, and then help leaders to further develop their communication skills.
Why don’t more leaders communicate effectively? There are several reasons. Few business schools teach the techniques, and few companies devote significant resources to them.
Companies tend to evaluate leaders on management and leadership criteria that do not emphasize effective communication. Even if communication is mentioned in the professional development plan, the organization may not have the adequate resources. And, with numerous business priorities, individuals may resist devoting time and energy to communication.
The result is that executives often don’t “discover” they need to speak well until a problem presents itself. They arrive at a new level and suddenly their skills are not up to par. They may give PowerPoint presentations on their business, but those are informative, not visionary. They do not know how to exude passion or describe a comprehensive vision that gets people moving ahead together.
Recognizing this issue is often the job of Human Resources. HR professionals can and should provide the necessary support and coaching for senior managers. To support them, you must be able to evaluate the ROI of various types of training, and then win buy-in from skeptical leaders who don’t always place a high priority on communication.
Many leaders receive only vague feedback on their communication skills. When they do, it’s typically related to interpersonal skills. They receive very little if any information on how they present their ideas, other than some basic pointers on how to stand, what to do with their hands, or how to use PowerPoint.
Winning Buy-In From Skeptical Leaders
As an HR professional, you know how important it is to form a business partnership with the leadership team. Our HR clients who succeed in bringing in a robust professional development program to their organizations and who win buy-in to spend the sufficient resources on this, do a good job of asking questions and articulating how their plans will help the business.
One important thing we have learned through years of communication coaching: leaders do not decide to spend resources on what they should do; they spend resources on what they must do.
Organizations decide to invest, or invest further, in communication training and development as a result of one of several precipitating events or urgent needs, for instance:
• You receive negative feedback about a high-potential leader or a current leader who has other valuable business skills, and you don’t want to lose him or her.
• You place a leader in a new role or bring on a relatively inexperienced team, and need to get everyone off on the right foot.
• A survey or feedback program reveals a serious breakdown in communication among individuals or a group.
• You want to groom an individual or emerging leadership group to move the succession plan forward.
• You have a new initiative, a major change, or a new project that requires you to communicate your vision clearly and win buy-in from internal and external audiences.
• The company wants to achieve a specific goal such as increasing sales, improving the stock price, enhancing customer relations, or anything that will drive business results.
• You have a major upcoming event, such as an annual meeting, marketing conference, keynote opportunity for an executive, company-wide employee meeting, important board meeting, road show, or pending merger or sale.
• Part of the company’s business strategy is to position some experts as thought leaders in the industry and attract positive attention through media or marketing.
These precipitating events are a good time to raise the subject of communications development.
Leaders will be more receptive to it and more willing to engage in conversation about it, endorse it, and get behind it.
HR Executives have an opportunity at this juncture to show they maintain a view from the top.
By asserting how current situations or events, as noted in the above, may impede corporate success, they may press for communication skill development as a means to improve the outcome.
As an outside communication consultant, I have learned that asking a lot of questions eventually leads to buy-in. By this method, I find out about challenges the organization and the individual executive face. I also gain better information, build rapport, demonstrate my expertise, and lead executives to reach their own conclusions, rather than me telling them what they need.
Good questions to ask are:
• What do we want to achieve in the next 1-2 years?
• What is standing in our way?
• How does communication play a role?
• Where do you see our gaps, when it comes to communication?
• What will happen if we do nothing?
• What difference would it make to us if we achieve these goals?
• What is it costing not to invest in this?
• How would you want to measure improved performance?
As an HR leader you’re aware that many of your executives are confident people who have risen to the top of their game and don’t always articulate a concern about their effectiveness as communicators. They feel comfortable getting up in front of a group and giving a presentation.
That, of course, does not make them inspirational speakers or leaders. Therefore, it’s up to the HR professionals in any organization to make sure that their senior executives, regardless of their level of confidence, are truly up to the task of motivating employees and communicating corporate messages to other constituencies.
With Barbara and Peter Marx
As web and electronic media become more common in the business community, podcasts are one more useful medium to boost business development, marketing, and recruiting. This month we sat down with Barbara and Peter Marx, co-CEOs of Legal Insight Media, Inc., to discuss strategies for effective podcasting: what it is, who should do it, and what to include.
Q: What is podcasting?
A: Podcasts are digital recordings made available on the Internet for downloading. Podcasts are inexpensive to produce and require minimal technology – just a PC, microphone, simple software, and access to the Web.
Q: Who should podcast?
A: Firms that wish to expand the ways they reach potential clients and other audiences should consider incorporating podcasts into their communications mix. Podcasting offers great opportunities for immediacy, authenticity, and believability in marketing, client education, and recruitment efforts. Also, podcasting is cost-effective and efficient, making it especially appealing for smaller firms.
Q: What do you need to consider before creating a podcast?
A: Though podcasts are indeed inexpensive, producing a great podcast is not simple. Creating a podcast that represents your firm in the way you want it to be perceived requires thoughtful planning, strategic messaging, and effective execution.
Q: Can you provide some helpful tips on how to create a strategic podcast?
• Know your audience. Before anything else, consider whether your specific target
audience would be inclined to listen to a podcast. For instance, podcasting is an
ideal vehicle for reaching younger generations, who want to control how, when,
and where they get their information. On the other hand, this method will probably
not be as effective in communicating with senior executives.
• Beware of the home video syndrome. In order to be effective, a podcast must be
professional and compelling. Make sure that what you produce will convey the right
image and be of interest beyond your office walls.
• Recognize that technology is a means to an end. The technology utilized in a
podcast is user-friendly, readily available, and affordable, but, remember, a good
podcast should always be about the messages you choose to convey.
• Be authentic. Don’t use a professional speaker; instead, pick an articulate person
from your firm who is knowledgeable and passionate about the subject.
• Use an interview format to elicit spontaneity. Setting up your podcast in interview
format will provide structure without sounding forced.
• Understand how your audience will listen. Many people will choose to listen to
podcasts on your website rather than downloading them to an iPod. Think about
where on your site you will place podcasts and consider what other content will
accompany them.
• Take advantage of the medium’s immediacy and frequency. For example,
in practice areas where your industry is rapidly changing. Podcasts are also
effective in teaching series.
• Don’t use podcasts for everything. Podcasts are ideal for conveying passion,
personality, and a limited amount of content.
Q: Any last words of advice?
A: You can create a great podcast, but if no one listens to it, it won’t matter. As with any
marketing and recruiting program, you need to create awareness for your podcasts. The power of your podcast will increase exponentially if it is integrated into your overall marketing plan!
To contact Barbara or Peter Marx:
Legal Insight Media, Inc.
www.legalinsight.com
781-235-2888
bmarx@legalinsight.com
Giving a "wow" presentation is about so much more than doing your research, analyzing your audience and selecting the cool facts, statistics, examples, and anecdotes that will be most compelling and interesting.
How you SAY all of those things matters just as much, if not more! The way you use the many aspects of your voice often determines how well you capture and hold the audience's attention.
When I cover this topic in coaching, clients often admit they hate the sound of their own voice on their outgoing voice mail message. But probe a little deeper and most say they have absolutely recorded that message over and over until it sounds at least acceptable.
I am always fascinated that clients take the time to do that, but give little thought to the sound of their voice in meetings or in presentations!
Your voice is part of your personal signature. It is a powerful instrument and speaks volumes about your confidence, conviction, and ability to persuade. It is designed to convey not only meaning but also different levels of interest, enthusiasm, and energy.
Still, in her book Voice Power: Using Your Voice to Captivate, Persuade and Command Attention, author Renee Grant-Williams says that most of us "take our voices for granted. This is the voice I was born with, so this is the voice I'm stuck with."
And while it is true that you cannot completely restructure your vocal chords, you absolutely can improve various aspects of your voice! Again, Grant-Williams points out, that you are born with a certain kind of hair too. But that doesn't stop you from styling and restyling it so that you look your very best.
You can do the same with your voice.
For example, do you speak too fast? So fast that people have a hard time understanding you? Or do you speak slowly so that the audience sees no energy or passion in your delivery? Do you speak without pauses or without variation in your pace? Does your tone suggest appropriate interest, excitement, or concern, or does it simply put people to sleep?
All of these issues can be fixed with the help of electronics and some concentrated practice.
Here are some tips we always share with clients:
- Get a tape recorder!
- Use it in the privacy of your own home or office to record your voice in everyday conversations with friends, family, or even your end of a business conversation.
- Use it especially to practice and to record your business presentations. (Recorders today are so small, it's easy to hide them from view)
- You will then have a baseline understanding of how you sound both in natural conversation and in more formals settings.
- Analyze: What do you like about your voice and your vocal delivery? What don't you like?
- Experiment! Try different paces and tones while recording. Go beyond what feels comfortable just to hear what it sounds like. You may be surprised to learn that something that felt a bit "over the top" actually makes you sound more confident or more interesting.
- Don't forget to experiment with pausing after important thoughts or concepts, or to signal a change of topic or direction. Usually, when you play that back you realize that no pause is ever as long as it felt to you in the moment; and that pauses actually help audiences digest what you've just said and make you appear comfortable and in command.
- Finally, seek feedback from someone you trust after implementing new vocal techniques.
Soon, you will be well on your way to developing a reputation as one of the better speakers around. Remember, you are as good as you decide to be.
By Suzanne Bates
Excerpt from Motivate Like a CEO: Secrets to Communicating and Driving Strategy Forward
It was a workshop like none other. Roger Nierenberg, a conductor who had enjoyed a distinguished career at the helm of two American orchestras, walked his audience through lessons in leadership. We were invited to sit right in the orchestra pit next to musicians and were instructed to watch and listen from the musician's point of view.
At one point, he comically walked away from the stage and instructed the orchestra to play without him. They did a pretty good job. "Scary, huh?" he said. Yet, when he came back to the podium and took up the baton, directing with intention and intensity, he brought from that same group a peak performance. The musicians produced a far richer sound, a more cohesive piece with perfect interplay between the musical sections. This performance moved almost every audience member to tears. A few were actually sobbing.
Sitting no more than five feet from the conductor I experienced the importance of this emotional intensity to the orchestra's performance. Energy radiated from every part of his body and through his baton. I could see how powerful and passionate the conductor had to be to bring out the best in each musician. It was clearly analogous to how a leader who wants to motivate and inspire others must be on stage. You must be able to communicate energy, enthusiasm and passion for the people and the message.
In order to communicate feelings you have to feel them, while you're on stage. This means getting in touch with those feelings before you begin your presentation. You aren't going to be successful in connecting people to the mission if your presentation is all facts, figures and logic. Leaders know that to inspire others they must connect through both logic and emotion.
People often talk about how they wish their leaders demonstrated more passion. In a survey of 157 managers and employees, one told us, "If a leader isn't passionate about the strategy he/she wants others to follow, then the results will be marginal and difficult to measure." "Good communication skills and passion create something intangible that drives an organization forward," said another.
It Comes From Within
People know when your emotion is real and when it isn't. If you don't feel it from within you won't be able to communicate it to your audience. Remember, just like Nierenberg, you are communicating all the way to the back of the room. It has to be big and bold; not overly dramatic, but large enough that people really get it. You need to radiate that sense of purpose in order for people to believe it.
You may need to dig deep to find the emotions you want to convey them to the audience. Many of us divorce ourselves of emotions when we walk on stage. Either because we feel nervous, or because we don't think it's appropriate, we go into "business" mode.
Business speaking is not the same as a theatrical performance; however, there is more than a dash of performance art to it. We can all learn from the great Method actors; they don't pretend; they draw on their personal experiences to find the emotion for the performance. Transport yourself back to the moment and feel the feelings you felt then. This is how to be convincing on stage. You don't need to "act" so much as just convey the actual emotion you feel.
This article is an excerpt from Motivate like a CEO: Secrets to Communicating and Driving Strategy Forward, by Suzanne Bates, release date from McGraw Hill to be announced!