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Page 1Confidential Material
Please do not reproduce or distribute without the permission of WordStream Inc.
CORE VALUES – BOSTON COLLEGERALPH FOLZ, CEO WORDSTREAM
September 8, 2010
Page 2Confidential Material
Please do not reproduce or distribute without the permission of WordStream Inc.
Outline
Introduction – Who am I? Core Values – The early years (@
Molecular) Core Values Revisited Stories, experiences Core Values – Making them real Core Values – New Entity
Page 3Confidential Material
Please do not reproduce or distribute without the permission of WordStream Inc.
My Career
Co-Founder and CEOInternet Consulting Firm
1994 to 2007
Global Chief Operating Officer
(Isobar Acquired Molecular)
2007 to 2009
Chief Executive OfficerSaaS software for Search
2010 to Present
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 5
A Brief History of Molecular
History• Founded 1994 – Distance Learning Focus• Caught the Internet Wave• High end Internet Consulting Firm • Raised $20M at the peak of the bubble (April 2000) from CMGI• Survived the dot-com crash• Ranked as a top-5 firm nationally• In 2005, sold the company to one of the largest media services companies in the world (Aegis)
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 6
3500
104
40
staff
offices
countries
A global network of world-class agencies
Americas EMEA APAC
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 7
Core Values – late 1990’s
• Challenge• Learning
(that was it!)
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 8
2000: Core Values
• Nice, but 18 of them?• No focus on enacting
the values• Raw – Bulleted lists• Created in a
brainstorm
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 9
Revised Core Values - The Process
• I created a draft (after reading articles from Bob!)• Circulated to the Executive Team + Advisors / Mentors• Created a committee:
• Long time employees• Short term employees• Senior staff / junior staff• Every department• Dozen people in total
• Rankings by Exec Team• 7 iterations of the values, with multiple meetings for
discussion.• 8 to 12 week process
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 11
Values
Communication Respect
Integrity Excellence
Can anyone guess what company’s core values these are?
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 12
Core Values
• Our values must truly represent our company and mean something (not hollow – like Enron)
• We will weave our values into everything we do. Recruiting, performance reviews, orientation, decisions with clients, etc.
“Core values are the deeply ingrained principles that guide all of a company’s actions; they serve as its cultural cornerstones…… they can never be compromised, either for convenience or short-term economic gain” – Harvard Business Review
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 13
Transparency
We believe in fostering a culture of
transparency. We are committed to promoting
open, two-way communication, where every
person knows where we stand, and where we
need to focus our energy to improve the
company.
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 14
Customer intimacy
We work diligently to build customer
relationships based on mutual trust and respect
with every client and work hard to make them
successful. Our belief in customer intimacy
means that clients can count on us to
understand their goals and motivations and
success criteria, as we strive to exceed
expectations with every interaction.
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 15
Authentic
Our people are authentic and adhere to the
highest level of ethics and integrity. We believe
in doing what is right for our people, and clients
and we have the courage to address any issue
in an honest and open manner.
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 16
Molecular’s Core Values
EmbracingChange
Transparency
Authentic
ExceptionalExecution
CustomerIntimacy
ThoughtLeadership
Teamwork
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 17
Result of Engaging Staff, Advisors, Mentors
Early Draft Final Version
Ethics / Integrity Authentic
Communication Transparency
Continuous Learning Thought Leadership
Customer Intimacy Customer Intimacy
Performance Driven Exceptional Execution
Teamwork Teamwork
Quality Embracing Change
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 19
Making core values real – Stories!
• Real stories• Prominently displayed• Submitted by staff
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 20
Making core values real – MVP Awards (Staff Recognition)
Customer Intimacy• Client trust, respect, partnership• Business development• Ongoing growth and improvement opportunities for all
Teamwork• Team member growth opportunities• Regular feedback• Time and dedication
Exceptional Execution• Experienced Consultant• Organizationally savvy• Completely committed and accountable
Traveler Extraordinaire• Fluent in Flight Attendant speak• Mentor in United Mileage Plus and Hilton Honors management• Ambassador - Red Carpet Clubs
“I’ve never seen someone balance the line of consultant so well – he delivers at such a high level to both of our organizations.” -- Marc Gunning, Content Integration Services, HP
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 21
Making core values real – MVP Awards (Staff Recognition)• By taking on new projects, new roles, learning new skills
and developing new tools Devin is a huge part of the Endeca practice and is a key contributor in every area where we’ve been successful.
• Borders: • The largest record-set Molecular has worked with: 7 million• Only A graph implementation for Molecular, very few at
Endeca overall
• Premiere Farrell/ Newark InOne:• Tech lead/ sales engineer: Developed sales deck onsite that
led to engagement and potential add on work. • "Devin has made a significant and positive impression
on both the business and technical teams here at Premier Farnell. He is the primary reason we feel we've made the right choice by going with Molecular.“
Jeremy Higgins, E-Commerce Team Leader• Endeca Practice
• Driving the development of a relevance ranking testing tool we can use to display our technical & thought leadership
• Creating tools to ramp up Molecular Engineers on Endeca• Not afraid to wear an orange poster board and sing in front
on the whole company.
Embracing Change!
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 22
Making core values real – Additional mechanisms
• Part of every Sales presentation• Core value mugs for clients• Core value Calendars for clients (show)• Core value cups for coffee (show)• Intranet• ……. Wherever we can
Copyright © 2006 Molecular, Inc. | www.molecular.com | Linked by Isobar 23
Summary
• One of the most important things we have ever done• They can’t be fake. You are your core values, your core
values are you.• Engage your staff – at all levels• Make them real (KEY) – Live the core values.
Confidential and proprietary to WordStream, Inc.
Next Chapter – What is WordStream?
Keywords are a company’s most strategic marketing asset.
WordStream’s product suite helps you manage and act on this valuable, proprietary data, significantly impacting your ROI from search engine marketing.
Page 26Confidential Material
Please do not reproduce or distribute without the permission of WordStream Inc.
WordStream - Next Steps
WordStream does not have any documented Core Values
The company needs to form a strong culture (void of this today)
We will do a core values exercise later this year (I need to live in the company for a bit first)