In our previous post, we discussed how to measure the return (R) on a content management system (CMS). In this entry, we complete the return-on-investment (ROI) calculation and examine the investment portion (I).
As we discussed, CMS can have significant benefits to your organization helping employees work more efficiently and improving knowledge sharing. However, implementing a CMS does have its costs and understanding the drivers is helpful in the selection process:
Operations – If the CMS is being installed you will need to consider the time, hardware, and software required to set it up and run it.
- Setup – During the setup phase your IT and Knowledge management teams may need to work with the vendor to understand system requirements and develop a roll-out plan. You should consider the time they put into the process as an investment.
- Run – What software or hardware do you need to run the solution? Is it a cloud offering (in this case there may be a saving over your current CMS)? The software licenses and hardware costs to support the CMS should be included. Will maintenance be required? If so, the IT personnel cost should also be included. These numbers need be discounted by the cost of running your current system.
Migration – The costs for migrating to a new CMS comprise all efforts of moving existing data from the existing platform to the new system. You may need to build tools or take the time to migrate your content between old and new systems manually. Often a middle ground is chosen in terms of some steps being executed automatically by tools with some manuals steps left for content experts. The tasks could include exporting, converting, importing, reorganizing, and correcting content. This time and resources required to build any custom tools or simply even monitor the migration needs to considered as part of the investment.
During the migration phase will you have to run your old and new CMS concurrently? If so, you may not be able to switch your resources over immediately and the cost of running both systems for a few weeks or months needs be considered.
Training and communication – Once the new CMS is ready, your team will have to build communication and training collateral. In addition, you may have to hold live training sessions. The time it takes your staff to complete these tasks and the time it takes all users to learn the new system should also be included.
CMS license cost – And lastly, the cost of the actual CMS license is a critical component of the investment cost. Be sure to understand how this might change over time if you are ramping up or will be adding more users in the future. You can, of course, deduct the license cost of your current CMS.
When considering new content management systems (CMS) one of the primary decision factors is the return-on-investment (ROI). However, calculating the ROI is not typically straightforward and can require a combination of judgement and strict data. In this blog entry, we will focus our attention on the return (R) or the benefits side of the equation. In Part 2 we will explore the investment (I) or the cost side of the equation.
Measuring the benefits of a CMS requires a number of assumptions and therefore can be quite subjective. We think it make senses to try and capture the assumptions that have the largest impacts and where possible quantify the return:
Time savings – Will the CMS help your staff find content more quickly than your current solution? To calculate this benefit, you would:
- Count the staff using the CMS and determine their weighted average salary
- Estimate the time savings the employee saves each time they use the CMS
– The CMS may enable them to find content faster
– If the CMS allows them to find content that wouldn’t have been founded otherwise, you can count the savings from recreating content
- Multiply the average salary by the amount of time the CMS will save
For example, let’s say you have 1000 employees with an average salary $100/hour using the CMS an estimated 10 times a month saving 6 minutes each time they use it. So each month they save 1 hour for a total of 12 hours a year. In addition, they save about an hour each month because the CMS exposes more content and reducing content recreation. This is an additional 12 hours a year for a total of 24. Therefore, the savings per employee ($100/hour * 24) is $2,400 and the savings across all employees is $240,000.
Now you may want to discount this because all your employees may not use all the saved time valuably. However, having your employees work less may also have benefits in terms of job satisfaction and productivity. Typically, these factors are hard to measure and you have to make a rough judgement.
Productivity, knowledge capture, and sales – A good CMS will also provide a long list of the softer benefits that may be hard to explicitly measure:
- Are you capturing more knowledge? Is it easier to deal with employee turn-over?
- Is your output and operations going to improve because your employees have better access to content?
- Are you able to close more deals because your pitches have improved?
You could calculate the sales benefit by estimating the percent increase in winning a deal and the average size of a deal. However, these numbers tend to be hard to defend. Instead, you could ask your vendor to speak with other customers to understand subjectively what benefits they are seeing on a consistent basis. This should give you a rough sense of the value of the subjective, softer benefits.
You can then combine the value of all the benefits to estimate to the total return on the investment.
The sales presentation is a great opportunity to establish a relationship with the customer and align your offering with their specific needs. Whether delivered in person or using a web conferencing solution, the presentation should serve as a launching point for a collaborative working model.
Often times, however, sales presentations become a one-way conversation and a rush to flip through as many slides as possible. Here are 3 tips that can help improve your presentations:
1. Tailor the presentation to the customer: Do you have a good understanding of the customer’s needs and perspective prior to the call? What are their primary pain points? Are they using a competitive product? Why are they considering your offering?
While it may take additional effort, tailoring your slides to resonate with the customer’s expectations can significantly improve outcomes. Try splitting all your sales collateral into modules that you can pull together and edit to build a story relevant to your customer.
2. Engage the audience: Through your presentation style and the PowerPoint slides aim to establish a collaborative and engaging meeting. Here are a few ways to achieve this:
– Pause to ask questions and ensure that your audience is following along
– Keep your slides simple and use images and charts appropriately to bring your ideas to life
– Ensure that your slides add to any knowledge the customer may have already acquired from your website or other sources
3. Understand your desired outcome: The presentation is likely an early step in the sales process and it’s unlikely the customer will immediately send you a PO. However, each presentation does have a goal even if it’s as simple as setting up another meeting. As such, you should build the goal into the presentation and leave enough time to address it. Otherwise you may find that the customer was engaged but that the next steps were unclear.
If the presentation goal is logical and represents a small step in the sales process it may make sense to devote a slide to it. However, if the ask is large and the customer not prepared, it may make sense to more gently bring it up.
A quick Google search will point you to hundreds of articles on content marketing and how the buying/selling paradigm is changing. Essentially, content marketing is the act of delivering useful information that makes buyers smarter and establishes a collaborative sales process. Instead of pitching your products, you share relevant content that helps your prospect learn about the problems you are solving. As a result, you’ll generate more leads, have engaged prospects, build your brand, and most importantly, close more deals.
You’ll find articles on how to write blog entries, manage your social media campaigns, and deliver online seminars to operationalize your content management strategy. However, once you have a warm prospect you need to ensure that your sales team is armed with the tools and content required to continue the conversation and deliver the next level of value.
Consider these questions when extending your content marketing strategy to your sales teams:
- Do you have additional content that they can use to continue to engage the prospect?
- Is your content specific to the types of customers you are targeting? Is it tailored for different verticals, company sizes, or the prospect’s role?
- What type of content does your sales team need? PowerPoint slides, PDFs?
- How will your sales team access the content? Do you have a slide library or a digital asset management system? Is it working efficiently?
- As your product and messaging changes, how will you ensure your sales team has access to and uses the latest content?
For some sales teams, PowerPoint slides play an important part in sharing content with customers. In these cases, marketing will need to create a library of slides that explain the market, products, and benefits as it pertains to each specific set of targeted prospects. These slides will need to be formatted to deliver a consistent brand and message. Further, the slides will have to be consumable individually or in groups as sales teams use them to build a customer specific story. As a result, sales teams will need unbelievable easy access to the PowerPoint slides to ensure they stay on script and always use the latest available information.
As enterprises become more data driven, knowledge management has become a competitive differentiator. Some firms have even created knowledge management groups including a Chief Knowledge Officer role. As knowledge is often distilled into PowerPoint presentations, a clear slide management solution is required to maximize the value of product summaries, financial analysis, workflow outlines or even templates and graphics. As you think through your slide management solution, here’s a set of 5 best practices you should consider:
- Easy access to slides is imperative – If retrieving slides takes too many clicks or too long your team just won’t do it. As a result, they’ll be recreating slides, using old slides, and losing productivity. Consider a solution that integrates with PowerPoint so users don’t have to open an Internet browser just to find slides.
- Manage slide updates – Over time slides evolve as the messaging becomes more refined or data is updated. As a result, users need access to the latest material without having to manually search and retrieve each slide. Effective slide management solutions need to be able to automatically find and retrieve slide updates. Ideally, it should warn users if they’ve made local edits to the original slide allowing them to transfer the edits to updated slide if needed.
- Control who exactly has access to each slide – While companies are typically focused on protecting their content from outside threats, they should equally consider who within the company needs access. Otherwise, even harmless mistakes can lead to inaccurate knowledge sharing or content loss. Your slide management solution should allow you to set detailed access rights allowing some users full access, some just download access, and others with no access at all.
- Metadata helps but your search engine needs to be powerful – While it is important to try and accurately catalog all your slides this is not always feasible. As deadlines hit, users will inevitably not add strong metadata. As such, your slide management solution needs a powerful search engine capable of full-text search and incorporating different elements including the slide title and author.
- Continuously measure usage – What slides are used by your teams most often? Which users are actively using the slide library solution? Tracking usage helps identify opportunities for optimizing content and helps find users that are likely not using compliant slides. It also helps justify they ROI of the slide library solution itself.
With SharePoint 2013, Microsoft unfortunately discontinued the slide library feature due to an unspecified design limitation. As result, PowerPoint users are losing this time-saving feature as their IT departments upgrade to SharePoint 2013 or newer versions.
While there are many web-based slide management solutions the lack of PowerPoint integration is not ideal as switching back and forth between PowerPoint and a web-browser is extremely inconvenient. For many, even SharePoint’s slide library feature had significant room to improve.
At TeamSlide, we’ve developed a solution that can integrate with your SharePoint installation and provides powerful slide library features. When we first set out to build TeamSlide we spoke with a variety of power users and experts which fueled a set of 3 primary principles:
- Easy to use: As a large variety of employees use slides, TeamSlide would have to provide features in a highly intuitive manner
- Tightly integrated: TeamSlide would need to integrate with PowerPoint and with any existing content repositories
- Powerful search: As the number of slides grow, TeamSlide would have to keep up and ensure users can quickly find what they are looking for
As we built TeamSlide we took these principles to heart and ensured that we could easily work with customers that had SharePoint implementations. Now users can search for slides from within PowerPoint and insert them into their active presentation with a simple click. Those used to SharePoint’s old slide library function will find TeamSlide easy to use and full of new features including the ability to quickly update slides. Users new to slide libraries will be able quickly get up to speed and start benefiting from TeamSlide in a few minutes.
Whether you are looking to augment your SharePoint capabilities or looking for a slide library solution that works without SharePoint take a moment to try TeamSlide!
At TeamSlide, we are consistently improving our slide library solution. If you have any questions or feedback, please contact us and we’d be happy to help or learn from your perspective.