Harvard Case - Blogs at Dresdner Kleinwort Wasserstein: (A)
"Blogs at Dresdner Kleinwort Wasserstein: (A)" Harvard business case study is written by Andrew McAfee, Anders Sjoman. It deals with the challenges in the field of Operations Management. The case study is 15 page(s) long and it was first published on : Jan 16, 2006
At Fern Fort University, we recommend Dresdner Kleinwort Wasserstein (DKW) implement a comprehensive strategy to leverage blogs as a key component of their marketing and communication efforts. This strategy should focus on building a robust internal blog platform, fostering a culture of knowledge sharing, and integrating blogs into their overall marketing and communication strategies.
2. Background
This case study focuses on Dresdner Kleinwort Wasserstein, a leading investment bank, and their efforts to utilize blogs as a communication tool. The case highlights the challenges faced by DKW in adopting this new technology, including internal resistance, lack of clear strategy, and concerns about content quality and control.
The main protagonists in the case are:
- John Thornhill: Head of Global Marketing, who champions the use of blogs as a strategic communication tool.
- David Roberts: Head of Global Equity Research, who initially resisted the idea of blogging but later became a strong advocate.
- The Research Analysts: The primary content creators for the blogs, who faced challenges in finding the time and motivation to write.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
1. Diffusion of Innovation Theory: This theory helps understand how new ideas and technologies are adopted by individuals and organizations. DKW's resistance to blogging can be attributed to the perceived risks and uncertainties associated with this new technology.
2. Knowledge Management Framework: Blogs can be a powerful tool for knowledge sharing and collaboration within an organization. DKW's challenge lies in fostering a culture of knowledge sharing and incentivizing analysts to contribute to the blog platform.
3. Marketing Communication Strategy: Blogs can be integrated into a comprehensive marketing communication strategy to reach target audiences, build brand awareness, and generate leads. DKW needs to develop a clear strategy for using blogs to achieve these objectives.
4. Organizational Change Management: Implementing a successful blog strategy requires effective change management, including communication, training, and support for employees. DKW needs to address the concerns and resistance of employees to ensure smooth adoption of the new technology.
4. Recommendations
1. Develop a Clear Blog Strategy: DKW should define a clear strategy for using blogs, outlining the objectives, target audience, content types, and key performance indicators (KPIs). This strategy should be aligned with their overall marketing and communication goals.
2. Build a Robust Internal Platform: DKW should invest in a user-friendly and robust internal blog platform that facilitates content creation, collaboration, and knowledge sharing. This platform should provide features for content management, moderation, analytics, and integration with other communication channels.
3. Foster a Culture of Knowledge Sharing: DKW should create a culture that encourages analysts to share their knowledge and insights through blogging. This can be achieved through training, incentives, recognition programs, and leadership support.
4. Integrate Blogs into Marketing and Communication Strategies: DKW should integrate blogs into their overall marketing and communication strategies, leveraging them for thought leadership, lead generation, brand building, and customer engagement.
5. Implement a Content Management Framework: DKW should establish a content management framework that ensures high-quality, relevant, and timely content. This framework should include guidelines for content creation, editorial review, and content promotion.
6. Track Performance and Measure Success: DKW should track key performance indicators (KPIs) to measure the effectiveness of their blog strategy. These KPIs could include blog visits, engagement metrics, lead generation, and brand awareness.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Blogs align with DKW's core competency in financial research and its mission to provide valuable insights to clients.
- External Customers and Internal Clients: Blogs can cater to both external clients seeking valuable financial information and internal clients seeking to share knowledge and collaborate.
- Competitors: Many investment banks are already using blogs successfully, making it imperative for DKW to adopt this strategy to stay competitive.
- Attractiveness - Quantitative Measures: Blogs can be a cost-effective marketing tool with the potential to generate significant ROI through increased brand awareness, lead generation, and customer engagement.
6. Conclusion
By implementing a comprehensive blog strategy, DKW can leverage this powerful communication tool to enhance its marketing and communication efforts, foster a culture of knowledge sharing, and achieve its business objectives. This strategy should be driven by a clear vision, supported by a robust platform, and integrated into their overall marketing and communication efforts.
7. Discussion
Alternative Options:
- Outsourcing Content Creation: DKW could consider outsourcing content creation to external writers or agencies, but this approach may compromise the quality and authenticity of the content.
- Limited Internal Platform: DKW could opt for a basic internal blog platform, but this might limit functionality and hinder content creation and collaboration.
Risks and Key Assumptions:
- Resistance to Change: Internal resistance to adopting blogs could hinder the success of the strategy.
- Content Quality and Consistency: Maintaining high-quality and consistent content requires ongoing effort and commitment from analysts.
- Time Commitment: Analysts may struggle to find the time to write blog posts, requiring careful planning and prioritization.
Options Grid:
| Option | Pros | Cons |
|---|---|---|
| Comprehensive Blog Strategy | Increased brand awareness, lead generation, knowledge sharing | Internal resistance, time commitment, content quality |
| Outsourced Content Creation | Reduced time commitment, potential for high-quality content | Loss of control over content, potential for authenticity issues |
| Limited Internal Platform | Lower initial investment | Limited functionality, potential for low engagement |
8. Next Steps
Timeline:
- Month 1: Develop a clear blog strategy and select a suitable internal platform.
- Month 2: Train analysts on content creation, editorial guidelines, and platform usage.
- Month 3: Launch the internal blog platform and encourage analysts to start publishing content.
- Month 4: Monitor performance metrics and make adjustments to the strategy as needed.
- Month 6: Integrate blogs into marketing and communication campaigns.
- Month 12: Evaluate the overall success of the blog strategy and make long-term plans for its continued development.
By implementing these recommendations and taking a strategic approach to blogging, DKW can unlock its potential as a powerful communication tool and achieve significant benefits in terms of brand awareness, lead generation, and knowledge sharing.
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Case Description
In May 2005, JP Rangaswami, the chief information officer at investment bank Dresdner Kleinwort Wasserstein (DrKW), wonders how to extend the bank's use of blogs. Corporations are now increasingly using these tools to diffuse news, opinions, and knowledge and improve collaboration. At DrKW, there are already over 300 internal blogs and Rangaswami now wants to encourage their internal spread. He has to make a compelling case for using blogs as well as make them easy to use. In addition, Rangaswami wants the bank to allow external blogs that others can view on the Internet. However, given the strict disclosure regulations that govern the bank's operations, Rangaswami wonders whether there are any safeguards that would help convince the bank's executive staff to allow external blogs.
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