Building the Information Center’s Value Proposition NOCALL Fall Education Workshop November 12, 2003 Libby Trudell Sr. Vice President Information Professional Development Dialog Value Proposition INFORMATION TO CHANGE THE WORLD 1
Building the Information Center’s Value Proposition • Linking Information Services to Compelling Business Events created by Net Worth Consulting, Inc for Dialog, 2002 • Marketing: Your Elevator Speech Value Proposition INFORMATION TO CHANGE THE WORLD 2
Today’s Schedule Value Proposition INFORMATION TO CHANGE THE WORLD 3
Quantum 2 • Linking Information Services to Compelling Business Events is part of Dialog’s Quantum 2 program • Quantum 2 is: – A professional development program for information professionals – A combination of training, communications and tools to help information professionals develop leadership skills and demonstrate the value of their services to their organizations – Available free to information professionals worldwide – Quantum. dialog. com Value Proposition INFORMATION TO CHANGE THE WORLD 4
Quantum 2 Leadership Circle Strategic Competencies • Environmental analysis • Knowledge culture vision • Perception analysis • Relationship management • Management buy-in Business Competencies • Needs assessment • Service definition • Marketing: Package, Promote, Persuade • Performance • Measurement Value Proposition INFORMATION TO CHANGE THE WORLD 5
Today’s Schedule Value Proposition INFORMATION TO CHANGE THE WORLD 6
Who Are Your Patrons & Clients? • Who are your current and potential patrons/clients? Why? – – Anyone who walks in? The funding department? The company/organization itself? A broader constituency (e. g. , shareholders, beneficiaries)? – The field of research itself, connecting to broader human knowledge? Value Proposition INFORMATION TO CHANGE THE WORLD 7
Who Are Your Patrons & Clients? Exercise #1 Anyone Funders Company/ Organization Broad Constituency Researchers Value Proposition INFORMATION TO CHANGE THE WORLD 8
Who Are Your Patrons & Clients? Value Proposition INFORMATION TO CHANGE THE WORLD Exercise #2 9
Who Are Your Patrons & Clients? Who is in your “inner circle” Who should be there? ØAnyone who walks in? ØThe funding department? ØThe company/organization itself? ØA broader constituency (e. g. , shareholders, beneficiaries)? ØThe field of research itself, connecting to broader human knowledge? Value Proposition INFORMATION TO CHANGE THE WORLD 10
Today’s Schedule Value Proposition INFORMATION TO CHANGE THE WORLD 11
What Are Compelling Business Events? • • • Mergers, acquisitions, divestitures Products changed or introduced Regulatory/legal changes Societal changes Staffing pattern changes (work-at-home, redundancies, increased recruitment) • Markets opening or closing • Distribution channel changes Value Proposition INFORMATION TO CHANGE THE WORLD 12
The “Magic Bullet” Compelling Business Events are the “magic bullet” to demonstrate the power of the Information Center Value Proposition INFORMATION TO CHANGE THE WORLD 13
The “Magic Bullet” • How can you recognize Compelling Events? – Sponsorship has been assigned – Action must be taken – Resources have been committed – Attention is on outcomes – within a particular time frame – Can Info Center help in demonstrable ways? Value Proposition INFORMATION TO CHANGE THE WORLD 14
Linkage Compelling Financial Events Client/Patron Priorities Info Center Assistance Value Proposition INFORMATION TO CHANGE THE WORLD 15
Making Trade-offs Among Customers • Choosing compelling financial events – Capture the needs of the broadest grouping of customers where success is most critical, And – Build the Info Center brand for the other, less crucial ones. Value Proposition INFORMATION TO CHANGE THE WORLD 16
Driving the Need for Information • How do compelling business events drive the need for information? Value Proposition INFORMATION TO CHANGE THE WORLD 17
Driving the Need for Information Value Proposition INFORMATION TO CHANGE THE WORLD 18
Driving the Need for Information Value Proposition INFORMATION TO CHANGE THE WORLD 19
Driving the Need for Information Value Proposition INFORMATION TO CHANGE THE WORLD 20
Today’s Schedule Value Proposition INFORMATION TO CHANGE THE WORLD 21
Exercise: Example #1 Information Solves Business Problems Acquire new/expanded practice area: Weil, Gotshal & Manges expands global competition practice with addition of Clifford Chance Partners. PR Newswire, Oct 16, 2003 Weil, Gotshal & Manges LLP, one of the world's leading law firms, today announced an expansion of its highly regarded global competition practice. Steven A. Newborn, James C. Egan, Jr. , John E. Scribner and Laura A. Wilkinson will be joining the firm as partners, resident in its Washington, D. C. , office. They join Weil, Gotshal & Manges from Clifford Chance. Assess from perspective of Weil, Gotshal or competing firm Value Proposition INFORMATION TO CHANGE THE WORLD 22
Worksheet: Example #1 Information Solves Business Problems Value Proposition INFORMATION TO CHANGE THE WORLD 23
Exercise: Example #2 Information Solves Business Problems Geographic market expansion: Dewey Ballantine Launches Italian Practice PR Newswire, Sept 23, 2003 International law firm Dewey Ballantine LLP announced today that, as the next stage in its planned European expansion, it will open offices in Milan and Rome and an Italian desk in the Firm's London office. The launch of the Italian practice, which will take effect on October 1, 2003. Dewey Ballantine's Italian practice will initially be staffed by approximately 20 lawyers. . . Assess from perspective of Dewey Ballantine or competing firm Value Proposition INFORMATION TO CHANGE THE WORLD 24
Worksheet: Example #2 Information Solves Business Problems Value Proposition INFORMATION TO CHANGE THE WORLD 25
Exercise: Example #3 Information Solves Business Problems New product Introduction: Introducing Morgan Lewis Resources: New Enterprise to Assist Companies With Federal Compliance Needs. PR Newswire, Sept 10, 2003 Morgan Lewis, one of the 10 largest U. S. law firms, today announced the launch of Morgan Lewis Resources, a major initiative to help corporate clients meet their increasingly demanding federal regulatory requirements by providing companies a full spectrum of legal risk containment products and services… Assess from perspective of either Morgan Lewis or a competing firm… Value Proposition INFORMATION TO CHANGE THE WORLD 26
Worksheet: Example #3 Information Solves Business Problems Value Proposition INFORMATION TO CHANGE THE WORLD 27
Exercise: Example #4 Information Solves Business Problems Change in legislation or policy: US govt uses Latham man in CSFB case Story from www. thelawyer. com/lawyernews Latham & Watkins co-chair of global securities David Brodsky has become the US government's star witness in the obstruction of justice trial against former Credit Suisse First Boston (CSFB) banker Frank Quattrone. The testimony of the lawyer, a former managing director and general counsel for the Americas for CSFB, who joined Latham's New York office in 2002, signifies another nail in the coffin of the hallowed attorney-client privilege following the publication of the Sarbanes-Oxley Act. The act gives corporations the option of allowing in-house counsel to testify in court by waiving attorney-client privilege. Consider impact from perspective of any corporate practice area Value Proposition INFORMATION TO CHANGE THE WORLD 28
Worksheet: Example #4 Information Solves Business Problems Value Proposition INFORMATION TO CHANGE THE WORLD 29
Exercise: Compelling Financial Events Assessing Business Risk! Value Proposition INFORMATION TO CHANGE THE WORLD 30
Today’s Schedule Value Proposition INFORMATION TO CHANGE THE WORLD 31
Two-way Linkage Compelling Financial Events Client/Patron Priorities Info Center Assistance Value Proposition INFORMATION TO CHANGE THE WORLD 32
Closing • Action • Support from Quantum 2 Value Proposition INFORMATION TO CHANGE THE WORLD 33
BREAK! Value Proposition INFORMATION TO CHANGE THE WORLD 34
Marketing: Your Elevator Speech Value Proposition INFORMATION TO CHANGE THE WORLD 35
The Marketing Message • Why do you use choose a product? • What makes you choose? – Value – Price – Emotional attachment • How does that product differentiate itself from others? What makes it unique? Value Proposition INFORMATION TO CHANGE THE WORLD 36
To whom are you marketing? • People – the original “P” • Who are your customers? – Now “core market” – Future “prospects” – Hidden audience? • What are your customers needs? • How well are you providing for them? – Customer Satisfaction – Do you track it? Value Proposition INFORMATION TO CHANGE THE WORLD 37
1. Your Target Customer Think in terms of: – What are my customers’ difficulties? – What motivates my customers? Value Proposition INFORMATION TO CHANGE THE WORLD 38
What are you marketing? • Can you easily describe your services/ products? • Can you describe the value/benefits they bring? • What is the message you are trying to put forward? – e. g. You provide a trusted, reliable information service that is the most cost effective alternative Value Proposition 39 INFORMATION TO CHANGE THE WORLD
2. Your Deliverables Use such questions as: – Who are we? – What do we offer? (the services or features we provide) – What are our key strengths? – What are our limitations? Value Proposition INFORMATION TO CHANGE THE WORLD 40
3. Benefits of Your Services Use questions such as: – What problem is solved by my service? – What solutions have worked? – What has failed? Value Proposition INFORMATION TO CHANGE THE WORLD 41
Why are you marketing? • Create a desire/need for your services? • Create understanding of the value of your services – develop identity? • Get that message out? • Expand your client base? • Grow your product line? • Counter threats – internal/external? Value Proposition INFORMATION TO CHANGE THE WORLD 42
4. Desired Customer Action • Call me? • Recommend me to someone else? • Stop by the IRC for a tour? • ? Value Proposition INFORMATION TO CHANGE THE WORLD 43
The Elevator Speech Formula • FOR (target customer) • WHO (needs or is an opportunity for) • THE (product or service name) • IS A (product category) • UNLIKE (primary competition) • OUR PRODUCT (primary difference) Value Proposition INFORMATION TO CHANGE THE WORLD 44
Sample Elevator Speech For Information Professionals who are interested expanding their roles as leaders in their organizations, Quantum 2 is a leadership development program that offers workshops based on strategic and business competencies. Unlike other similar programs, ours is not merely information posted on the internet. It also offers a combination of training, communications and tools to help information professionals demonstrate their value within their organizations. Value Proposition INFORMATION TO CHANGE THE WORLD 45
Marketing Plan Template • Market Analysis – Target Market – Competition • Environmental Analysis • Product Analysis • Marketing Strategies – Positioning and packaging – Promotion and persuasion – Pricing and Budget • Goals - Measurable and Quantifiable Value Proposition • Monitoring Progress INFORMATION TO CHANGE THE WORLD 46
Questions? quantum. dialog. com Thank you! Libby Trudell@dialog. com Value Proposition INFORMATION TO CHANGE THE WORLD 47
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