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Greentarget

September 16, 2021 by Greentarget

Count the headlines earned by Amazon, Berkshire Hathaway, and Merck when they announced their CEO succession plans – turnover at the most senior levels gets attention. It may be one of the few “all eyes on you” moments a firm can count on.

As such, these moments present valuable opportunities for a firm to articulate strategy and communicate a fresh vision for the future. However, recent research has found that most organizations are unprepared for the opportunities –and challenges –that a turnover will bring. 

In a new report we worked with History Factory to develop, 90% of the 160 c-suite respondents surveyed agreed with the statement, “in today’s unpredictable environment, succession planning is more important than ever.” Yet the report also showed that less than half of corporations have taken the time to develop a succession plan. This is particularly remarkable considering that CEO changeover reached 20-year highs in 2019 — and after a brief pandemic-induced pause, now continues to rise. 

Greentarget has helped many clients manage leadership transitions at the c-level. Given these experiences and the market research we conducted with History Factory, we recommend that leaders consider the following when facing turnover in the c-suite.

1.  Tell a Compelling Institutional Narrative

An executive transition is one of the few occasions where your firm will garner earned media attention and public interest, whether you’re actively seeking it out or not. What’s more, the passing of the baton gives you a rare strategic opportunity to refresh your firm’s market position, either by affirming your unique value proposition, previewing a strong new direction, or underscoring your commitment to serving clients and stakeholders.

Keep in mind, though, that most people view CEO transitions with some level of suspicion. For example, a company’s stock price almost always takes a hit when a new CEO is announced. This happens even when a company rolls out thoughtful transition communications. “What’s really going on over there?” is bound to cross the minds of more than a few stakeholders. 

Your audience will want to know the why behind a high-profile change. So seize this moment by telling them a compelling story you want them to remember. Share your outgoing leader’s accomplishments. Lay out the meaningful strides your company made during her tenure. Then paint a picture of what your firm is capable based on this strong foundation.

2. Capture the Intellectual Capital of Your Outgoing CEO

Recent research published by Harvard Business Review quantifies a startling truth: the amount of market value wiped out by badly managed CEO and C-suite transitions in the S&P 1500 is close to $1 trillion a year.  That’s trillion with a T. Among the primary reasons for this, the researchers argue, is the loss of the outgoing CEO’s intellectual capital. 

Don’t let a veritable wealth of information walk out the door with your departing leader. You need to thoughtfully gather that institutional memory so it can be transferred to your incoming CEO.  

Your incoming leader needs to demonstrate an awareness of:

  • Company timelines and achievements
  • Market position and competitive analysis
  • Industry challenges and trends
  • Past and current strategic priorities
  • Organizational ethos and values
  • High-profile client accounts, past and present
  • Employee culture, including talent-related strengths and opportunities 

History Factory’s report offers thoughtful guidance and examples on how to draw institutional memory out of your departing CEO and use it to prepare the new leader. Reflect this transfer of institutional memory in your communications plan to convey stability and momentum. Your audience and stakeholders need to be confident your organization won’t take a step backward as a result of the transition. They need to know your incoming leader is sufficiently aware of the past to be ready for the challenges that lie ahead.

3. Communicate the Value Your Incoming CEO Brings (But Don’t Rush to Herald a New Vision)

Introducing your incoming CEO can be tricky. You want that person to lead, but you also want your employees and clients to confidently follow. While you may be eager to signal a new direction, vision, and momentum, resist the urge to move too quickly. After all, CEOs who introduce a bold new direction right away run the risk of alienating employees, clients, and stakeholders in the process. It’s more important for the new leader to affirm your firm’s organizational culture and demonstrate genuine excitement about becoming part of it.

Rather than introducing the specific priorities your CEO will tackle, focus on communicating the value your new executive brings to the table. (For example, are you one of the increasing number of companies appointing its first woman or person of color as CEO?) Share why they are best suited to lead the organization into the future, and give them adequate time to formulate their compelling new vision. 

Are you promoting a leader from within? Tell the story of that person’s journey at your firm. How has your outgoing CEO offered valuable mentorship and leadership along the way? In what ways will the new leader build on and enhance the strategic direction your firm has taken to this point?

Only after your new CEO has had a chance to get the lay of the land should you really hand over the microphone. It’s time to broadcast his vision for the future while continuing to value the good work you’ve already accomplished.

A Positive CEO Transition Requires Thoughtful Succession Planning

To navigate the challenging dynamics of an executive transition, you need a solid and thoughtful communication plan. This is your firm’s newsworthy moment. Make the most of it by telling a compelling institutional story, capturing and transferring your outgoing CEO’s intellectual capital, and introducing your incoming CEO’s vision thoughtfully. 

You don’t have to go it alone. We’ve been down this road before. We’re well-positioned to help your organization seize the strategic opportunity an executive transition offers.

Want to talk it through? Just reach out — we’d love to hear from you.

August 3, 2021 by Greentarget

When your organization is in the midst of some bad press or a scandal, your CEO might reflexively respond by circling the wagons and asking you to kill the story. That’s understandable. No one wants bad press to mar their public image and draw attention away from the otherwise excellent services their firm provides.

But if a reporter uncovers something newsworthy about your organization, or if an offensive interaction is filmed on a cell phone and goes viral, it will be quite difficult — if not impossible — to kill or even muffle that story. News travels fast, especially when it’s salacious.

Reporters might seem like the enemy when you’re battling a PR nightmare, but they fulfill a critical function in keeping the public informed and speaking truth to power. It’s their job to hold you accountable — and we believe outside accountability is broadly a good thing, even if it doesn’t feel that way in the throes of a crisis. This stance might sound atypical for a PR firm, but we look at challenging, special PR situations as an opportunity for your firm to strengthen your position as an industry leader.

Facing the storm head on is the only way to ensure your organization emerges stronger — or at least, smarter — than you were before. Here’s how to respond effectively to a PR crisis so you can get to work regaining the trust and confidence of your stakeholders, employees, and the general public. 

How Honesty and Transparency can Influence the PR Narrative

If you know there’s trouble brewing internally, it can be incredibly tempting to try to bury the story. After all, no one knows about the situation yet. Or your leadership team may hope the problem will go away on its own, allowing you to avoid negative press. That’s human nature, but it’s simply not going to work.

Trying to bury a story or hoping it will peter out aren’t great strategies because the truth almost always comes out. And when it does, your company will be much worse off if there’s evidence you tried to hide the story — or failed to reveal something time sensitive or illegal. For the sake of this discussion, we’ll put aside situations that can still be internally remedied, without PR techniques, and discussion situations where a problem is real and about to blow.

Let’s look at an example straight from the headlines. In 2017, consumer reporting giant Equifax became aware of a data breach that affected 143 million Americans. Social security numbers, birth dates, and addresses were among the data points stolen in this grand-scale cyberattack. 

That in of itself is bad news. But what made it even worse? Equifax concealed the breach for an incredible six weeks — robbing their customers’ ability to take time-sensitive steps to protect themselves from identity theft.

We don’t know exactly what happened internally when Equifax first learned of this breach. But we do know they should have assembled a team, quickly gotten up to speed on all salient details, and communicated transparently and honestly about the breach to all customers affected. Yes, the story would have broken sooner. However, the narrative would have been drastically different had Equifax been open and honest about what transpired, outlined concrete steps they planned to take to protect the millions of Americans affected, and introduced new security measures to reduce the risk of that kind of breach happening again.

Equifax’s lack of transparency resulted in a congressional inquiry into the matter and led to a settlement with the Federal Trade Commission of up to $425 million to help protect impacted consumers.

Replace a Generic PR Statement with an Authentic Apology

Have you ever had someone apologize to you by saying “I’m sorry you feel that way?” That kind of apology makes it clear the person issuing the supposed apology actually thinks the offended party might be the problem.

Generic PR statements often operate in the same way. When you avoid taking responsibility or fail to own your company’s mistake, you risk alienating your customers or stakeholders even more. If you’ve misstepped in some way, first take time to listen to what those affected are trying to tell you. Then, issue an authentic apology. Don’t hide behind a bland PR statement or a problematic corporate policy.

You probably remember the viral video of a passenger being dragged from an overbooked United flight. The passenger had a ticket and was there lawfully, but United was overbooked and asked the passenger and his family to give up their seats for United employees who needed to fly. The passenger refused, and he was forcefully dragged from the flight while nearby passengers protested (and filmed the whole thing) in horror. 

United’s initial statement on Twitter was tone deaf at best: “Flight 3411 from Chicago to Louisville was overbooked. After our team looked for volunteers [to give up their seats], one customer refused to leave. We apologize for the overbook situation. Further details on the removed customer should be directed to authorities.”

This response takes zero responsibility for a policy that led to chronic overbooking. But even worse, United didn’t apologize for the violent altercation or acknowledge its cruel enforcement of a bad policy.

United issued a number of subsequent statements, each one becoming progressively more apologetic. But once you respond without any hint of remorse, people won’t believe you’re sincere when you try to walk that back. It’s crucial to get it right the first time, even if that means buying time by saying you need to look at the situation before responding. But don’t wait too long, or your silence could be taken as avoiding the issue, or worse, ignoring it altogether.

Make Meaningful Amends to People or Groups You’ve Harmed

Your response to a bad story should obviously vary based on its severity, how many people are impacted, and whether the problem is evidence of a systemic issue. If it’s a one-time, self-contained mistake, a simple apology may be all that’s warranted. But if your company is responsible for a larger-scale issue — or if a group of people have been harmed by bad players in your organization — you’ll need to offer meaningful amends.

As a communications professional, your job is to convey the details of the plan to the media, your stakeholders, and the public. But the communication itself is not the plan. Therefore, be sure to bring key players into the room to determine an appropriate course of action. Delve into the problem, ask thoughtful questions, address the full scope of the challenge, and make sure that behind the message is real substance.

Just as your response will vary based on the details of what happened, so should the actions your organization takes. Perhaps you discover a hidden culture of harassment that has affected a large number of women or people from marginalized groups. In that situation, making amends might mean overhauling your HR department, dismissing guilty parties, and bringing in coaches or therapists to work with those harmed. A single apologetic press release, no matter how well crafted and sincere, certainly isn’t going to cut it.

In Equifax’s scenario, making meaningful amends involved offering protection and compensation to customers, while also taking decisive steps to shore up cybersecurity. Had they done this from the get-go, without sitting on the story for six weeks, they would have at least mitigated the damage to their company’s reputation.

Likewise, had United accepted full responsibility for their abysmal treatment of a passenger, apologized, and asked that passenger how they could make amends, it would have gone a long way to diffuse the public outcry. Instead, their initially indifferent response fanned the flames of social media outrage.

One last thought here: when communicating the steps you plan to take, it’s crucial to strike the right tone. You’re righting wrongs. Don’t try to sound like a hero for doing the right thing. Instead, show contrition and communicate the action you plan to take.

After the PR Storm Take Stock Internally

Bad press will fade away eventually. But if you want an unfortunate chapter to stay behind you, put internal accountability measures in place to make sure you’ve done everything you’ve promised. 

PR professionals might not be responsible for writing and enforcing policy, but you are the one to communicate your organization’s message to stakeholders and the public. Therefore, you have a vested interest in making sure your organization follows through. Invite stakeholders, employees, and even the general public to hold you accountable, too. Approach the situation honestly, own your mistake, and make good on your promises.

By doing so, you’ll not only guide your organization through the storm, but potentially become smarter and stronger because of it. 

June 15, 2021 by Greentarget

Some big names in ad tech have gone public in recent months as advertisers look for programmatic ways to get in front of consumers. But is the rise of ad tech also fueling the rise of fake news?

After watching the phenomenon for years, CNBC’s Megan Graham thinks it is. In this episode of Authority Figures, Graham and host Aaron Schoenherr discuss the proliferation of copy-cat sites trying to game the ad tech space and how things have gotten worse since the start of the pandemic. The problem is hitting traditional newsrooms and reporters like Graham, who demonstrates the problem in real time during this episode.

Episode Highlights:

1:30 — Megan provides an overview of the ad tech landscape
3:33 — Megan gives her thoughts on the rapid escalation of new players into the ad tech market and the role ad tech plays in the dissemination of fake news
10:37 — Aaron and Megan discuss websites monetizing both fake and human traffic to their sites
12:40 — Megan explains how she created a fake website that “plagiarized” her own content for an article and applied to ad tech monetization partners
16:50 — In real time and using her own article, Megan shows how quickly fake sites work to plagiarize journalists’ stories
19:00 — Megan shares the steps brands can take to combat this gaming of ad tech systems
22:37 — Megan discusses how brands black-label their ads from appearing next to certain terms and the role of human intervention in ad tech
26:09 — Aaron and Megan examine the future of the ad tech industry
28:40 — Megan shares who she views as an authority

June 8, 2021 by Greentarget

One year into the COVID-19 pandemic and months after the 2020 presidential election, fake news and its polarizing impact is still felt throughout our society. Much has been said on the topic, but even more questions remain: Whose responsibility is it to tackle? How does this differ from fake news of the past? Has fake news changed the relationship between PR and journalism?

In this episode, host Aaron Schoenherr and Charles Davis, Dean of the Henry W. Grady College of Journalism and Mass Communication at the University of Georgia, discuss findings from Greentarget’s Fake News 2020 survey, the state of local news, and the increasingly symbiotic relationship between PR professionals and journalists.

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Episode Highlights:

1:17 Charles covers his journalism background and how it impacted his view on fake news

4:11 Aaron and Charles discuss the relationship between freedom of information and fake news

5:31 Analysis of results from Greentarget’s Fake News 2020 Survey and if journalists can tackle the issue on their own

7:33 How to define fake news and whether disinformation or misinformation is a greater threat to society

10:26 Charles provides insight into how college students view the issue of fake news and consume their news

13:49 Charles describes how speed and rapidity makes today’s fake news different from that of the past

16:29 The responsibility of big tech in combatting fake news

18:34 Aaron and Charles discuss the symbiotic relationship between journalism and public relations

20:51 Charles highlights the state of local news and how many newspapers exist in masthead only

24:40 Charles discusses who he views as authorities

June 1, 2021 by Greentarget

In part two of their conversation, host Aaron Schoenherr and Tanarra Schneider, Managing Director of Leadership & Culture at Accenture, discuss corporate America’s diversity, equity, and inclusion efforts. They cover why diversity and inclusion initiatives are felt before they’re measured, and the challenges leaders face in backing up their organization’s point of view with meaningful action.

Tanarra Schneider

Episode Highlights:

1:27 – Aaron and Tanarra discuss affinity groups and who in an organization should have a seat at the table

3:50 – Tanarra provides advice on preparing C-suite executives for difficult conversations and why they should show up as a person, not an executive

7:17 – Aaron and Tanarra exchange thoughts on irrational reactions and the links between fear and violent reactions

11:43 – Tanarra explains how diversity, equity, and inclusion is felt before it is measured

15:30 – Aaron and Tanarra discuss why organizations cannot authentically express authority on social justice initiatives without action to back them up

16:52 – Tanarra encourages organizations to say they’re still learning and explains why they should join the conversation, not the news cycle

19:07 – Tanarra reveals who she views as an authority

May 25, 2021 by Greentarget

A year after George Floyd’s murder, companies across America are still struggling with their place in the country’s racial reckoning. Many quickly released statements on diversity, equity, and inclusion – but they need to back up their words with actions. They need to go beyond the performative.

In the first of two episodes, Authority Figures host Aaron Schoenherr and Tanarra Schneider, Managing Director of Leadership & Culture at Accenture, discuss how organizations can – and should – go beyond the performative from an internal and external standpoint. Effective communication on these issues is about embracing vulnerability – and elevating diverse voices within organizations.

Tanarra Schneider

Episode Highlights:

1:48 – Tanarra discusses her background and advocating for her new role as Managing Director of Leadership & Culture at Accenture

4:53 – Tanarra explains how she keeps fear at bay and embraces discomfort

7:57 – Aaron and Tanarra discuss vulnerability in leadership

10:32 – Tanarra shares the common struggles among leaders who don’t know how to get vulnerable

14:10 – Aaron and Tanarra discuss going beyond the performative as companies look to communicate effectively as a result of the racial reckoning

20:00 – Tanarra shares her experience working within organizations as a female leader of color and encouraging them to go beyond the performative 

22:20– Tanarra makes the case for why organizations need to put people in leadership who fundamentally understand the needs of the different groups they represent

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