four steps to cfo funding for your employee communications platform
TRANSCRIPT
Four Steps to CFO Funding for Your
Employee Communications Platform
October 12, 2017
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OUR SPEAKERS
Greg Shove
Founder & Executive Chairman
SocialChorus
@gregshove
Brian McDowell
VP of Sales
SocialChorus
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JOIN THE CONVERSATION!
Chat with us on
ReadyTalk!
Our agenda for today:
1. The Modern Employee Comms Opportunity - Getting to
3.0
2. The Business Case and Approval Roadmap
3. Questions the CFO will ask - and you need to answer!
4. Building your Business Case
5. Building your Coalition and Getting Approval
6. Now what?
THE OPPORTUNITY FOR
EMPLOYEE
COMMUNICATIONS
Comms 1.0
LEADERSHIP COMMS EVERYONE
Comms 1.0
LEADERSHIP COMMS EVERYONE
Comms 2.0
LEADERSHIP COMMS EVERYONE
Comms 3.0
LEADERSHIP COMMS
PEOPLE AND
TEAMS
PEOPLE AND
TEAMS
PEOPLE AND
TEAMS
THE BUSINESS CASE AND
APPROVAL ROADMAP
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THE KEYS TO BUSINESS CASE SUCCESS
• Follow our Roadmap• Get the sequence right
• Be Ready for the important questions
• Build your OWN business case - show the $$
• Build a coalition
What budget requisition feels like
What it can be – the first step on your journey
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PROGRAM BUSINESS CASE AND APPROVAL ROADMAP
1 2 3 4 5
PROBLEM
DEFINITION
SOLUTION
DEFINITIONBUSINESS CASE
ORGANIZATION
INTEGRATION
LAUNCH
PLANNING
Define the scope
& urgency of the
communication
issues
Agree on the
overall philosophy
and model for the
solution
Confirm
commitment of
resources and
senior leader
support
Validate all
integration points
and support from
relevant
stakeholders
Commitment with
tech partner to the
program
outcomes
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SEQUENCE IS CRITICAL - GOLDILOCKS ZONE
TOO LATE
TOO EARLY
JUST
RIGHT!
Problem
Problem
Problem
Solution
Biz Case
Solution
Integration
Solution
Biz Case
Launc
h
Integration
Integration
Biz Case
Launc
h
Launc
h
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QUESTIONS YOUR CFO WILL ASK
Why make a change?
•Can’t any of our current technologies do this?
•How does this fit into all of that technology?
Why spend $$ now?
•How much will this cost – hard $, soft $? What is the 5 yr TCO?
•What is the expected return? Hard $, Soft $, Savings?
Why this solution?
•Will it deliver the results?
•Do you have strong support from: IT, HR, Legal, LOB Leaders?
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THREE PART BUSINESS CASE
OVERVIEW COMMUNICATION
OUTCOMES
BUSINESS OUTCOMES
1 2 3
◈ Current State: The problems
to be solved
◈ Desired State: The solution
and what it will enable
◈ Audience: List of relevant
groups that will be impacted
◈ Critical Content: High value
content to be delivered to
each group
◈ Stakeholder Benefits: The
executives or other leaders
that will benefit, and how
◈ Revenue: Increases in
productivity, customer results,
anything that makes money
◈ Cost: Reductions in cost –
replacing or removing other
expenses, or
reducing/avoiding costs
◈ Risk: Reducing exposure,
mitigating risk
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THREE PART BUSINESS CASE
OVERVIEW COMMUNICATION
OUTCOMES
BUSINESS OUTCOMES
1 2 3
◈ Current State: The problems
to be solved
◈ Desired State: The solution
and what it will enable
◈ Audience: List of relevant
groups that will be impacted
◈ Critical Content: High value
content to be delivered to
each group
◈ Stakeholder Benefits: The
executives or other leaders
that will benefit, and how
◈ Revenue: Increases in
productivity, customer results,
anything that makes money
◈ Cost: Reductions in cost –
replacing or removing other
expenses, or
reducing/avoiding costs
◈ Risk: Reducing exposure,
mitigating risk
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THREE PART BUSINESS CASE
OVERVIEW COMMUNICATION
OUTCOMES
BUSINESS OUTCOMES
1 2 3
◈ Current State: The problems
to be solved
◈ Desired State: The solution
and what it will enable
◈ Audience: List of relevant
groups that will be impacted
◈ Critical Content: High value
content to be delivered to
each group
◈ Stakeholder Benefits: The
executives or other leaders
that will benefit, and how
◈ Revenue: Increases in
productivity, customer results,
anything that makes money
◈ Cost: Reductions in cost –
replacing or removing other
expenses, or
reducing/avoiding costs
◈ Risk: Reducing exposure,
mitigating risk
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THREE PART BUSINESS CASE
OVERVIEW COMMUNICATION
OUTCOMES
BUSINESS OUTCOMES
1 2 3
◈ Current State: The problems
to be solved
◈ Desired State: The solution
and what it will enable
◈ Audience: List of relevant
groups that will be impacted
◈ Critical Content: High value
content to be delivered to
each group
◈ Stakeholder Benefits: The
executives or other leaders
that will benefit, and how
◈ Revenue: Increases in
productivity, customer results,
anything that makes money
◈ Cost: Reductions in cost –
replacing or removing other
expenses, or
reducing/avoiding costs
◈ Risk: Reducing exposure,
mitigating risk
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BUSINESS OUTCOMES
• Reduce current costs
• Labor savings
• Retire other systems
• Reduce training, compliance, certification costs
• Expand access to existing systems
• Advocacy, social sharing
• Increase engagement
• Reduce attrition
• Accelerate onboarding
Hard $$$
Soft $$$
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HARD $$
Category Examples Example $$
Reduce current
costs
• Print less
• Stop upgrades to intranet, CMS, etc.
• $1 – 5 per print piece
• Upgrade projects are $50-150K
Labor savings • Publishing efficiency
• 3rd party services
• Typical savings of 4-8 hours per
week
Retire other
systems
• Email newsletters
• CMS
• Intranet
• LMS
• Annual SW license fees
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FIRM $$
Category Examples Example $$
Reduce training,
compliance,
certification costs
• Move classroom content into the app
• Deliver critical content in the app
• 1 day of training = $400-2000
Expand access to
existing systems
• Reports & updates from transactional
systems
• Saved user license fees
Advocacy • Earned Media Value of social sharing • 100 people sharing 10x a month
generate $13K in EMV
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SOFT $$
Category Examples Example $$
Increase
engagement
• 74% of app users “feel more
connected to my company”• A 5% increase of engagement is
linked to:
• 3% increase in revenue growth the
following year
• 3.5 fewer absence days per year
Reduce attrition • 66% of app users “have a better
understanding of how my role fits
into the company strategy”
• Talent Replacement costs:
• Entry-level: 30-50% of annual
salary
• Mid-level: 150% of annual salary
• Specialized, high-level: Up to
400%
Accelerate
onboarding
• 33% of new hires leave their job
in the first 6 months.
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THE MATH WORKS!
CategoryBEFORE
SocialChorus
AFTER
SocialChorus
Email Newsletter Tool & Design Services $1 $0
Intranet Upgrades & Management $4 $3
Compliance Training – 2 hr/month $50 $25
Attrition – Amortized, from 10% to 9% $208 $187
SocialChorus $0 $4
MONTHLY COSTS PER EMPLOYEE $263 $219
Spend $4 and save $44
Assumptions: 5,000 employees, $50K annual salary
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BUILDING A COALITION
DepartmentMust
Have?
Nice to
Have?When Needed
IT X
• Check-in before Biz Case
• Contribute to Biz Case
• Validate after Biz Case
HR X • Collaborate on Biz Case
Marketing X • Contribute to Biz Case
CFO X • Review/approve Biz Case
CEO X • Anytime – pressure all others
Legal X • After Biz Case to approve
Business
LeadersX
• Collaborate/support overall project & biz
case
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NEED A BUSINESS CASE?
PROCESS
◈ Interviews: Assess current state &
priorities
◈ Workshop: Communication Outcomes
◈ Confirm communication priorities
◈ Data gathering – business impact
◈ Workshop: Business Outcomes
◈ Review & finalize presentation
◈ 2 weeks total time
◈ 2 workshops @ 2 hr each
TIMING
SONIA FIORENZA
Strategic Advisor
NICOLE ALVINO
Co-founder
CHUCK GOSE
Strategic Advisor
◈ Senior corporate communications and management
consulting professionals
◈ Focus based on industry, business objective, or
strategic priority; driven by your vision and goals and
informed by SocialChorus best practices
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Transforming how workers & organizations stay connected every day
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