Blogging ROI
September 10, 2005
Remember Conversations 101? I posed the question:
So what choice are you going to make?
- Waste 45 minutes on three non-productive calls or…
- Spend ten minutes writing a post while you’re having coffee
45 minutes at say £120/hr = £90
10 minutes = £20
Additional costs:
- Crank out standard letters (personalized using MS Word macros (yuk), post them, send them emails - cost £?? - whatever you impute on the basis of charge out/recovery rates
- Buffet lunch - 10 people + 2 staff at say £10/head = £120
- Staff time at event: 1 x partner @ £120/hr - 1 x manager @ £80/hr. Time at event: 2.5 hours = £500
- Net cost = £120+500-70-?? = £550-??
But there’s another way to look at this:
- You asked them to turn up and let you know by adding a comment - the comment could include a question. That could end up as chargeable time. Clients might call you (because you’ve supported the distribution with an email) - more chargeable time.
- You’ve offered them a chance to come together as like-minded people. They will know others, they will hold conversations with you and others, you learn.
- Those that attend will stay because you’ve given them a reason to: food + conversation…what could be better?
- You’ve solved their generic problem in one hit but you’ve created fresh opportunities to add value.
- That’s all I can think of at the moment…I’m sure there’s more.
Questions:
- How much consulting revenue have you generated on the basis of individual consultations?
- Have you deepened your relationship with your clients?
- Have you learned something from the conversations?
- What could you do better?
- What might be different next time you arrange a similar event?
Note: Anyone reading this is almost certain to be working on a spreadsheet testing my assumptions. Feel free to criticize, add value by adding comment, help figure out the ROI.
