Friday, February 23, 2018

A Closer Look at Business Value Models

In “A Deeper Dive into the Communication Value Circle”, we considered action items that communication professionals could initiate to bring the Value Circle into their practice.  For instance, a key item to start today is to use the value nomenclature when working with organizational partners in communication planning as well as in management reporting activities. In addition to “talking the talk,” communication professionals can begin to shape a value strategy to guide the focus of what they do, the time allotted to do it and an anticipated result – think value here -- from doing it.

Drs. Zerfass and Viertman, Communication Value Circle designers, referred in their research submission,* to work in value-based management that has been done which informed the Communication Value Circle.  Of particular interest, is Michael Porter’s  work (below top)in developing specific activities a company can do that add value and give the company a competitive advantage.  Philip Kotler’s marketing value system (below middle) provides a visual of the complexities surrounding the marketing function as marketing value is derived from a value network composed of internal and external stakeholders.   In viewing these, we see how the Communication Value Circle (below bottom) provides communication with a value framework that is in alignment with key existing value-based management work and provides guidance in organizing where to focus communication activities.

In downloading the Communication Value Circle into communication strategy, might a stakeholder analysis and audit align daily activities with delivering maximum value to the organization? As a starting point, might the exercise include the following analysis to ensure communication is aligning its activities to where it can deliver its greatest value?
  • Stakeholder Group - General categories or segmented
  • Impact on Organization (power & Interest) - Use the power/interest matrix
  • Current Communication Activities Description - Channels, frequency, feedback
  • Current Communication Resources Consumption - Time, people & money
  • Value Circle Component - Enabling operations, ensuring flexibility, building intangibles, adjusting strategy

As you think about bringing the Communication Value Circle into your work, what additions or deletions would you make to the analytical elements above?  We’re “thinking out loud” here. Be creative.

As the Communication Value Circle is applied more in communication management, it is interesting to consider what we might discover about our profession and the value we deliver every day.

This is the third in a three-part series on The Communication Value Circle framework of value measurement.  The first – Might The Communication Value Circle, Finally, Get Us a Seat at the Table? and second – A Deeper Dive into the Communication Value Circle – were previously published.

*Journal of Communication Management, Vol. 21, No.1, 2017.

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