That Timesheet Thing Again
Stumbled onto this piece (sub required) from Peter Arnell that hits nicely at what I keep ranting on timesheets and agency billing about. In this case, replace hours billed with request for a full time equivalent employee:
It is time to reconcile archaic FTE accounting with the talent-driven, multidimensional world we live in today. There is more creative doing, more crossing of traditional boundaries, more thinking and contributing by talent who multitask and participate on many levels at once. Great ideas are the cultural currency that clients will profit from in the end, and attaining this level of contribution does not run on a clock or time sheet.
Let’s put a typical staffing allocation formula in terms of MasterCard:
An experienced account director: FTE of 1
A sane creative team: FTE of 3.2
A person with one good idea: PricelessThe goal of clients should be to seek what is priceless at a cost agencies and their talent deserve.
Source: Advertising Age – CMO Strategy – Peter Arnell: Find Value in Results You Cannot Measure
Measurement Landscape Shifts
One of the two leaders in communications measurement – CYMFONY – just got gobbled up. Consolidation was inevitible in this market – and as I’ve said before, it won’t serve communicators as well as it will serve marketers.
Ultimately what we needed was an evolution of communications measurement that was an inch wide and a mile deep. Maybe we will get that… But back to the announcement:
Steven Fredericks, TNS MI president and CEO, said the company had been looking to acquire a company in the market influence analytics space for about a year and decided on Cymfony because “they were the most advanced in terms of the technology.”
“We decided we had to go and get the leader [in the space],” he added. “We think this whole area is going to explode in the next couple of years. We think it’s going to reach the tipping point very quickly and we wanted to target it.”
Now, CYMFONY is a very fine company with some great talent and neat innovations – I’m not sure there is much credence to them being the most advanced in technology or being the leader in the space, but then his guess is as good as mine on both fronts. What I do agree absolutely with is that this validates the incredible investment of time and money made by the big measurement vendors.
Where CYMFONY had established an enviable lead is in measuring conversations across blogs and in the various recommendation zones of sites such as Amazon. When coupled with core media data, this is immensely powerful to everyone from product management through customer service. Brand tracking is just one dimension that this capability delivers. CYMFONY were on the right track in delving into product monitoring, reputation analytics, and marketing performance measurement.
The real rub here is that the kind of data and insight CYMFONY and Biz360 have been generating is of immense value to media planners and marketers as a whole. TNS are now armed with the most complete set of tools for the CMO and that will make for a pretty compelling proposition that others will have trouble competing with – especially the smaller vendors who are already under substantial pressure. As Katie says, the giants are lining-up.
We needed a powerhouse and we got one. Congrats to TNS and go for it – you have a very large market waiting for what you have just created. In many respects they could be answering a question that many of us have had about this space for some time – “is communications measurement a feature of a broader marketing performance and analytics tool-kit, or, a stand-alone industry serving the communicator…?”
BTW, hat-tip to CYMFONY’s PR team – they did a great job of SEO optimizing the announcement and complementing the press release with blog posts and a podcast.
Prediction Markets at confab.yahoo
Good read over at Read/Write web and the Software Abstractions Blog. Quick summary.
- Prediction Markets are a great mechanism to extract knowledge already present within the organization and to make better predictions
- These markets highlight both the collective wisdom which no one person knows individually, and common knowledge which no one is willing to talk about openly
- They work properly only when they have an adequate number of knowledgeable participants who work individually
- Participants must have reasonable incentives (financial or social) to make their efforts worthwhile
- If the group is large enough, the ratio of experts vs amateurs does not have much impact; often, the real experts are unexpected
- The results of a Prediction Market are probabilities; they must be confirmed through other, external, means
Loved the idea of tracking team progress against a goal using collective wisdom and predictive markets theory. This should be a feature in all project management software.
A Manifestation of the Medium
Interesting idea Tim:
You may think I’m getting obsessed with Google News these days. I assure you I’m not but I did think it was quite revealing that when I searched on ‘Edelman Walmart blog’ I got twelve news responses. When I used the site to search for blogs with the same criteria I got 1,458 responses. That means for every news item there were over 120 blog mentions. Going back to my HP item the ratio was more like 1.5 blog mentions to each news item. I guess this shows how the blogging world works.
Neither of us have the time to validate this but I suspect that they vast majority of the blog posts are “echoes”.
The echo in traditional media tends to be word of mouth and email chatter. The echo in the blogosphere tends to be text reposts – as in “Nice post on Tim’s blog – I agree…”.
So, while it would appear that there is more activity, that activity is a manifestation of the medium. The blogosphere in effect becomes a barometer of interest with one of your audiences – bloggers, and their constituents. What it isn’t – necessarily – is a reflection of interest by your target audience.
See Katie on this as well…
Measuring Engagement
The degree to which readers engage with media should be a critical factor in understanding the value of that media. My view has been that the degree to which actions intended from any marketing activity – say downloads – occur is proportional to participation in that media by readers/ views/ the community. For this reason I like Scoble’s idea on measuring media engagement.
This will require a step-change in thinking by communicators. Rather than looking at the reach of publications, we need to think in terms of participation.
Illuminating Buzz’s experience in downloads driven by USA Today vs. Scoble is our experience with online tech media. From them, the traffic is nominal. But a post by James Governor of Redmonk referring to LogLogic on average drives a 14% spike in traffic to the site. This is just one dimension of participation and probably the most base level (traffic, link push-through, etc.).
Where Scoble starts going with this idea is really interesting and where you get to the heart of participation. Do people not only scoot from James to us but when they arrive do they start doing things – like downloading, viewing, registering, commenting? That is where traffic becomes exponentially available.
So which is more valuable to me. InfoWorld or Monkchips? The lazy answer is both. But in resource constrained start-ups you punt on the media driving hardcore participation.
