Project Report on Developing Balance Scorecard Times of India
Submitted to: Prof. Sudha Ram Submitted by: Tarun gupta Jubin Goyal Diptesh Mallick Abhinandan Narayan Prachaya Pulak Nakul Bindlish Debasis Sahoo
Contents
About Times of India ..................................................................................................................................... 3 TOI on Twitter ............................................................................................................................................. 3 What they tweet ...................................................................................................................................... 4 Business Strategy of Times of India ...................................................................................................... 5 Strategy Map for Times of India (Twitter)........................................................................................... 6 High Leverage Deliverables (Balance Score Card) ...................................................................... 7 Customers Perspective ............................................................................................................................. 7 Internal Perspective .................................................................................................................................. 8 Learning & Growth Perspective ................................................................................................................ 9 Financial Perspective .............................................................................................................................. 10
About Times of India
Owned and published by Bennet, Colman and Co. Limited, which is owned by Sahu Jain family It is headquartered out of Mumbai, India Largest circulated English newspaper in the world; according to Audit Bureau of Circulations In 2008, TOI got certified as the worlds largest selling English daily and was also ranked as the 3rd largest selling newspaper in any languages Sister newspapers are as follows: o The Economic Times o Navbharat Times o Maharashtra Times o Ei Samay
TOI on Twitter
Joined Twitter on 22nd March 2009 20:27:09 Ranked 2,393 in world by followers Ranked 1st by followers in Delhi Ahead of national competitors in twitter following and ranking o The Hindu : ranked 119,977th in the world by followers o HT : Ranked 5,050th in the world by followers
What they tweet
Business Strategy of Times of India
The Times Group - one of the most respected business houses in the country with a proven track record for media leadership across platforms, spanning 175 years. The Times Group is a long standing leader in the print business, as well as an emerging leader in all other forms of media, including radio, TV, magazines, out of home, and more. Since its inception in 1999, Times Internet has been at the cutting edge of digital innovation in India. Key elements of this strategy are summarized here: Hire Entrepreneurs: Geeks, nerds and other such outcasts who dare to dream insane. The employees act like intrapreneurs. Customer focus: bringing values to the consumers and making them happy is the priority. Trust and Respect: Providing everyone equal power and opportunity to voice their opinion and get their ideas heard.
Source: http://www.timesinternet.in
Some pointers on Generic Business Strategy followed by Times of India: 1. Low cost 24X7 service model. 2. Focus on providing value to the customers by providing timely delivery of news, keeping the frequency of news high, and Giving prompt response to customer complaints. By giving each customer an opportunity to voice his/her opinion equally 3. Differentiation in low end services in terms of cost, resources. 4. Form a strong knowledge management system for timely news aggregation 5. Hire entrepreneurs/freelancers 6. Since last decade, TCS has been following a more focused strategy where they are going as per local needs of customer and their nature of business. E.g. Middle East, Australia. They are being more focused region wise and customer wise rather than being generic.
Source: Industry research by timesinternet.in
Strategy Map for Times of India (Twitter)
The basic strategy map for Times of India consists of 4 major components which include financial, customer, internal & learning and growth perspective. The interaction among these can be described by the diagram below:
High Leverage Deliverables (Balance Score Card)
Customers Perspective
Objectives
Measurement
Target
Initiative
Increase reach of TOI
Number of followers on Twitter
Maintain a follower AGR of 90% *TwitterCounter
Advertise twitter handle in print media and articles
Increase spread of news
No. of tweets TOI RTs(of family handles) No. of TOI tweets RTd
>18% of all daily tweets
Tweet more opinion from TOIBlogs as it increases engagement
Grab more consumer mindshare
Tweet more during peak times
60% of all tweets in a day between 9am-1pm
Have more staff trained to address peak traffic
Internal Perspective
Objectives
Measurement
Target
Initiative
Increase twitter interactivity
No. of tweets replied to
>1% tweets must be replied to in a year. *currently .13%
Have Trained staff
Increase tweet engagement improve topics tweeted about
Measure clicks on tweet links
Increase tweets by 10% on top 3 topics
Tweet more about popular subjects
Improve Accessibility of TOI
Growth rate of twitter followers
Increase followers via mobile at >100% annually
Tie up with mobile companies and content providers
Learning & Growth Perspective
Objectives
Measurement
Target
Initiative
Human Capital
Skills Knowledge Attitude
Improvement in no. of tweets per employee
Improving effectiveness of trainings
Organizational Capital
Culture Leadership Organizational development
Lesser complaints (Trust & Respect)
Quick response to questions Appreciation of each voice
Information Capital
Systems, database, networks
First to deliver every news (10% of news delivered by competitors before)
Better systems and network for faster aggregation of news
Financial Perspective
Objectives
Measurement
Target
Initiative
Increase Ad revenue
Amount earned per ad on website No. of hits/page
Get more hits on website links via tweets
Make links in tweets more prominent
Reduce customer acquisition cost
No. of followers vs Ad spend
Reduce cost by 10%
Contextual ads and mentions in videos
