There are no easy solutions to measuring the benefit from publications. Given long lead times, it can take a number of years before the benefits of a publication programme are realised and even then it is often difficult to link specific activities to hard returns. The difficulty of calculating an accurate ROI can be insuperable in some cases and prohibitively expensive in others.
The evaluation and measurement of marketing spend has leapt up the management agenda of professional service firms. With publications accounting for a significant portion of the marketing budget, marketing directors are facing challenging questions over the return on investment (ROI) that publications provide – both to justify past campaigns and better allocate future resources.
There are no easy solutions to measuring the benefit from publications. Given long lead times, it can take a number of years before the benefits of a publication programme are realised and even then it is often difficult to link specific activities to hard returns. The difficulty of calculating an accurate ROI can be insuperable in some cases and prohibitively expensive in others.
This does not negate the need to evaluate, and where possible measure, qualitative and quantitative results. Being clear about where publications fit into the organisation’s strategic priorities, is the vital first step to understanding – and exploiting – the value that publications provide.
Establishing strategic priorities
In an increasingly competitive business environment, professional service firms are struggling to differentiate themselves from the competition and grow their business. Leading-edge firms are using integrated publication programmes to support their growth objectives by communicating their expertise effectively – building brand awareness, communicating practice competency and developing closer relationships with new or existing clients. Clear business objectives and editorial mission are therefore the essential starting point for successful publications.
BDO Stoy Hayward, the UK member firm of BDO International, the world’s fifth largest accountancy network, produce a series of International Business Briefings to help business leaders understand the key questions affecting their potential for international growth. While many companies have the ambition and the potential to grow and thrive internationally, they don’t necessarily have the skills and experience. BDO Stoy Hayward does. The firm demonstrates its global strength and expertise to the market through the in-depth research that sits behind the publications. According to Dermot Matthias, Chair of BDO International Policy Board, the publications “demonstrate our in-depth understanding of the challenges and issues facing today’s business leaders who want to expand internationally.”
Publications can also be used to change client perceptions, according to Angela Bowland, Director of UK Marketing & Communications at CSC Computer Sciences Corporation, a leading global IT services company. “We have a well-deserved reputation for the successful delivery of large-scale, long-term outsourcing contracts. In the past it's been less well known that CSC's capability goes beyond traditional IT outsourcing delivery, to include business transformation outsourcing.” They wished to demonstrate their higher value expertise and created a compelling executive briefing aimed at convincing board members and senior executives in FTSE 250 companies of the potential for business transformation through a dynamic outsourcing partnership. This helped change market perceptions of CSC from outsourcing supplier to strategic partner.
It can be a learning exercise too. Carrying out an in-depth research programme enabled Jardine Lloyd Thompson, a leading insurance and reinsurance broker, to better understand the issues, challenges and opportunities facing large corporates when procuring insurance solutions. Publishing a research report exploring the evolution of a new tendering model helped establish a thought leadership position. “If you want to develop closer relationships with new and existing clients you need a clear understanding of their needs – our publishing programme was an effective way to do this and demonstrate value,” according to Tony Tyler, Associate and Marketing Manager.
Understanding the return
Clear business objectives and editorial mission are therefore the essential starting point for successful publications, but proving that success is notoriously difficult. Broadly speaking, however, there are two avenues that marketing directors can explore. First a qualitative measure of whether client perceptions are being changed. Secondly, a quantitative measure of the degree to which these behavioural shifts are being translated into harder returns – sales leads and new business.
Qualitative measures
Do BDO’s clients understand their international expertise? Have CSC changed their clients’ perceptions? Will JLT develop closer relationship with its clients? Understanding whether branding messages and competitive differentiation are being communicated – in effect whether clients are more likely to look favourably on your services after reading your publications – requires direct communication with the target audience, most commonly via readership research. A complex and often lengthy process, research can take a number of formats: face-to-face, by post, telephone, internet, on-page surveys or panel studies. All work on the basis that a properly drawn sample will share the attributes of the population it is drawn from, so getting the sample right is key. Face-to-face interviewing, the most expensive, is generally the most insightful.
As part of their client communication strategy, Clifford Chance, the world’s largest law firm, produce a suite of publications which demonstrate their understanding of the latest legal and regulatory developments. They are currently in the process of a publications audit to better understand how effective they are and ultimately make improvements. Nicola Clayton, Project Manager for the audit reveals, “We had a number of research options available to us but opted for a programme of over 30 semi-structured interviews with key clients. Given the complexity of issues involved we outsourced the research to publishing professionals. We expect interesting findings in terms of identifying the products which most clearly differentiate us, and also developing the processes by which we can most cost effectively produce them.”
Of course contacting key clients must be handled sensitively and should always be placed in a wider customer relationship management context. It is important that clients are not overburdened, particularly at key moments in the sales process. But unless the organisation is in a time of rapid transition and brand messages are changing frequently, you’re unlikely to be undertaking readership research often anyway.
Quantitative measures
Hard financial measures can also be explored. To achieve this marketing directors could start by measuring the quantity and quality of leads developed as part of the integrated publications programme. Using the appropriate conversion ratios from the sales process (prospects into sales calls, sales calls into contracts, average value of contracts and lifetime value etc), will enable organisations to roughly estimate ROI.
H-I Network, an innovation and operational excellence consultancy, produce a series of research reports on strategic corporate innovation which reinforce their leadership position and generate face-to-face meetings with prospective new clients who understand their expertise and business proposition. According to Andy Gaule, CEO, “This initiative throws up some really interesting business development leads for us. The reports are distributed to around 100 senior executives in FTSE 250 companies who are wrestling with the key issues which we have identified through our research and client work. Reading the reports obviously provides them with a real understanding of our expertise and capabilities. This allows us to develop important new relationships based on a common understanding and sense of purpose.”
Readers are invited to a complementary seminar hosted by H-I where they can pick up on the key themes with the report’s authors and their peers. The seminars provide a further opportunity for H-I to engage with the 30 or so key prospects who attend. And using the business development ratios discussed above, H-I can plot their return. The publishing programme provides further opportunities also: the in-depth research programme helps H-I develop a better understanding of their client’s issues and the results make the perfect foundation for a widespread press campaign which increases the chances of success.
A pragmatic view
There are a number of reasons why measurement is often not addressed. There is rarely room in the budget for this kind of activity, marketers are generally too busy on the next initiative to look backwards and it is difficult to link publications to specific returns. Indeed many marketing directors question whether the return on publications is worth the effort.
But it’s worth taking a pragmatic view. Articulating the role of publications and their alignment with the firm’s strategic priorities will play a key role in determining the success of the venture, whether the outcome is measured or not. Publications are widely regarded as one of the most effective channels for communicating expertise; so producing quality publications, which meet the needs of readers, can only serve to enhance your reputation.
Author
Andrew Rogerson is director and co-founder of Grist, a business-to-business contract publishing agency specialising in creating thought leadership magazines, newsletters and research reports which support clients sustainable business growth. Current clients include: BDO Stoy Hayward, British Standards Institution, Clifford Chance, Computer Sciences Corporation, EC Harris, Jardine Lloyd Thompson, QinetiQ and Siemens. Grist also produce Strategy Magazine for the Strategic Planning Society.
