Welcome to our newsletter for August-October 2006

This issue focuses on the importance and benefits of Marketing & HR collaborating and key elements of strategic networking.

Please forward this newsletter on to colleagues and friends who may also find it of interest.

As always, we want to ensure your continued interest in receiving our newsletter - so if you wish to unsubscribe, please email us at: info@davismarketing.com.au.

Dianne Davis
Principal and Managing Director

www.davismarketing.com.au

34

IN THIS EDITION

Item 1 :
Australians & Online Banking

Item 2 :
HR & Marketing - Collaboration that Makes Sense

Item 3 :
Networking Strategically

Item 4 :
In The News

Item 1: Australians & Online Banking

The Commonwealth Bank's inaugural E-Money Survey (June 2006), confirmed that 6.8 million Australians have used online banking - with 85% of them preferring to use the internet for managing their day-to-day banking needs.

The reason - convenience


 "The convenience of online banking is helping people gain greater control of their finances and contributing to changing patterns in cash withdrawal and day-to-day money management," according to the survey's sponsor - the Commonwealth Bank.

However, security issues, while diminishing, remain a constraint.

For instance, the survey shows that while current internet banking customers believe online is 'generally' secure, amongst those yet to try internet banking, only 32% are convinced of internet security.

The survey confirmed that the most popular online banking activities are:

  • Transfer of funds between accounts 
  • Bill payments.

Australians show a clear preference for going online to complete these tasks, rather than accessing a call centre or visiting a branch in-person.

Item 2: HR & Marketing - Collaboration that Makes Sense

Organisations are increasingly realising that for business and brand strategies to be effectively aligned, the brand can no longer be driven and managed just by Marketing.

Consistently delivering on the brand promise means that the whole organisation - at every level - needs to "live" the brand. This requires effective cross-functional collaboration.

And the most critical collaboration - that of Marketing and Human Resources working together to build a truly brand-based culture.

The Benefits to Marketing

HR's core audience are the organisation's employees. Because a brand's enduring strength comes from consistent delivery against the brand promise, HR can play a seminal role in establishing and sustaining a brand-based culture through recruitment, induction, performance reviews / appraisals, reward & recognition programs, and training and development.

HR can also work closely with Marketing in developing internal communications that demonstrate and reinforce how employees should "live" the brand.


Aligning the internal and external brand is, in essence, about changing and shaping organisational culture; research undertaken by McKinsey into critical success factors underpinning change management initiatives (like brand alignment programs), identified the need for "change agents" at every level of an organisation who embody and live the core values and who are individuals respected within the organisation. By identifying such individuals (and aligning their messages and behaviours), powerful internal role models are created. HR is without question the function best-placed to identify and foster the participation of such internal change agents.

The Benefits to HR

HR functions can also benefit from closer collaboration with Marketing.

Through effective brand positioning and communications, Marketing strengthens HR's ability to attract and retain employees committed to advancing the organisation's brand and business strategies.

Today, recruits look for employers who will enhance their market profile and value, and an organisation's brand can play a vital role in attracting and retaining good talent.

From an HR perspective, this has undoubtedly elevated the importance of branding and increased the need for HR to work more closely with Marketing. Indeed, Marketing's understanding of external customers helps HR determine the tools and messages to help employees deliver on the brand promise.

Effective Collaboration

Meaningful collaboration between HR and Marketing, however, requires addressing some likely key barriers (e.g. different cultures and remuneration structures, a lack of commitment and understanding from senior management, an organisational focus on short rather than longer-term results).

In many organisations, HR "own" the internal values while Marketing "own" the values the organisation wants customers to experience. But without real functional collaboration, brand initiatives will remain disparate and confuse rather than motivate employees.

To reap the full benefits of a Marketing-HR collaboration, requires that a genuine partnership be forged between the two functions.

To this end, regular cross-departmental meetings should be held where strategies are shared, synergies identified and any duplication resolved. Collaboration should be based on organisation-wide business objectives, rather than functional objectives.

In terms of implementation, agreement on what needs to be done collectively and as individual functions is core.

More specifically, a joint management structure facilitating frequent evaluations and strategy refinements is fundamental. This can be in the form of a cross-departmental Steering Committee or a joint Working Group.

In monitoring and managing HR and Marketing's collaboration, the two functions should provide regular progress updates.

HR and Marketing might not be natural allies, but experience shows that effective collaboration increases successful recruiting, and overall employee understanding and support of the brand. This helps organisations build a more robust culture and brand - and ultimately, achieve superior business results.

Item 3: Networking Strategically

The Challenge: To avoid networking in the wrong places for the wrong reasons and saying the wrong things to the wrong people.

Common Scenario: Many professionals are uncomfortable with / unsure about developing business contacts & networks.

As a consequence, partners and managers often have an under-developed networking capability, and little or no strategic framework for networking.

Strategic Process:

Networking Audit

Such audits frequently show that professional networks tend to be developed from the wrong perspective (i.e. based too much around current personal interests rather than client-prospect needs & future professional development needs).

Ideally a network should have two layers:

     1. One that gets you close/closer to your clients & prospects

     2. The other built to meet future professional development needs.

Networking Alignment

Networks & networking activities need to be aligned with:

  • Who you need / want to meet (e.g. key decision-makers & coaches at prospects; new "buyers" & referrers at clients; influencers/decision-makers within key industry associations; Board directors etc)
  • The forums/associations/groups you need to access
  • Core networking objectives.

Networking objectives, may include:

  • Deepening existing client relationships
  • Expanding business networks/meeting prospects
  • Gaining new business
  • Building the firm's profile / building one's personal profile
  • Staying abreast of industry & technical issues-developments
  • Developing conversational & people skills.

Strategic Networking Plan - Networking Analysis (Clients & Prospects)

Then integrate the results from:

  • Networking Audit
  • Networking Analysis
  • Plus Desk Research

..to create a relevant knowledge tool to help network with the right people in the right forums for the right purpose.

Evaluation: KPIs could include a mix of the following quantitative & qualitative measures:

  • No & type of networking events attended (broken down for: prospect, client & personal)
  • No of presentations given at networking events
  • No. & type of individual association memberships relevant to prospects/ clients
  • Committee memberships (no/type) of relevant associations-bodies (for: prospects, clients, personal)
  • No & type of new relationships developed (e.g. agreement for follow-up phone call/next meeting)
  • No & type of existing relationships advanced (e.g. agreement for follow-up meeting, introduction/referral to other key contacts & other parts of the organisation)
  • No & type of introductions to contacts within own network to key prospect-client contacts
  • As a result of networking, no. & type of capability statements submitted
  • As a result of networking, no. of invitations to tender
  • No. of referrals via networking
  • From networking, initial assignments won (i.e small jobs: type & value)
  • From networking, work won (medium-major opportunities)
  • Overall value of work/fees earned via networking.

Item 4: In the News

Dianne Davis was quoted in B&T (7 July) on the Commonwealth Bank's new advertising campaign.

 

NEXT ISSUE: INTERNAL BRAND MEASUREMENT

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