Greentarget

October 12, 2021 by Greentarget

In the crowded financial services sector, it can be hard to set your firm apart. After all, there are many firms that offer investment strategies in the major asset classes, like large cap equity, high yield bonds, global equity or even emerging markets – all of which can be difficult to distinguish from one another.

To stand out in this homogenous market, performance and product attributes aren’t enough. You need to sell your firm’s talent and ideas. In other words: Don’t sell your product, sell your people.

Your team’s insights, expertise, and points of view can help you thrive in a competitive landscape and volatile times. But you can’t just blast out content from your fund manager or chief economist and expect it to make a splash. To rise above the noise, you’ve got to position your team members as authorities who draw on deep experience to offer unique (and useful) insights.

Here are three best practices to get started.

1. Develop Useful Insights That Meet Your Audience’s Needs

As we’ve said before too many thought leaders get hung up on what they want to say without stopping to consider what their audience wants to hear. So to create messages that keep your audience at the forefront, you first need to define — and seek to meet — their needs. To get started, ask yourself and your team:

Who is our ideal client?
What problems are they trying to solve? (e.g., What do they not understand about the implications of their investment decisions? How can they be more strategic with their assets?)
For the issues you’ve identified, what content already exists on those topics? How credible is it?
What viewpoint can your organization share to not only enter that conversation, but add to it meaningfully?

Ultimately, the goal here is to be useful by offering a fresh perspective (something your audience hasn’t heard before that makes them think) and/or practical guidance (that they might not be able to get anywhere else). As our research shows, utility attracts your audience more than any other characteristic.

That’s what RBC Global Asset Management did to set themselves apart in the increasingly crowded ESG space. Five years ago, when data on how many investors were deploying ESG strategies – and where and how they were doing so – was less common, they identified the need and surveyed their clients, prospects, consultants and advisers to provide this data to the market. They’ve been doing the survey every year since.

To amplify this effort, we work with their team of experts to secure media opportunities on a wide array of ESG issues, as well as share their expertise and approach through owned content, such as blogs and podcasts. For the 2020 research alone, RBC GAM garnered more than 40 media placements, including those in The Wall Street Journal, Financial Times, and Bloomberg News. Social media posts received more than 225,000 impressions and the report was downloaded 5,500 times from the survey microsite.

2. Say Something Meaningful (Even if it’s a Little Provocative)

If you really want to differentiate yourself and provide utility, it’s essential to say something meaningful – something that will inspire your audience to action.

Too many firms play it safe and hedge their bets. They give noncommittal advice and leave their clients to wade through endless possibilities. By contrast, true authorities draw a line in the sand, make their case, and back up their position with well-supported rationale.

Let’s think back to our ESG example. There’s a wealth of ESG data out there — and many ways to approach ESG investing. To win over your audience, you need to say something meaningful that will make an investor choose your strategy. You may believe that investing in fossil fuel companies is an essential step towards developing more sustainable solutions. Or you may believe the opposite, that a sustainable fund should never include gas and oil exposure.

Whatever it is, you need a position. And you need to communicate something that matters — even if it’s conceivably provocative. You must show your audience you’re thinking about challenging issues and prove you have the brainpower to guide investors in smart directions.

3. Be Ready to Engage Different Points of View

When you have the courage to say something meaningful, it stands to reason that someone will disagree. That’s a good thing. There are few better ways of honing your authority position than participating skillfully in the marketplace of ideas.

A researcher at the London School of Economics and Political Science — Iain Begg — wrote that public engagement is a great way for technical experts to stay sharp because it forces them to render complicated, theoretical or abstract ideas in practice, concrete and accessible terms. He put it this way: “The challenge of having to explain scientific propositions in terms that informed, non-specialist audiences can grasp, forces academics to think about how those outside academia will view the research.” Making the theoretical and abstract accessible also builds trust and credibility.

The bottom line? Enter boldly into the marketplace of ideas. And beyond that, understand the value of inviting others to interact with and iterate on your own. Be prepared to listen and consider alternate points of view along the way. The work of refining your firm’s position of authority is never done, and there is plenty of wisdom to learn from others as you do this important work.

Differentiation Starts with Authority

Setting your financial services firm apart from your competitors is challenging — but it’s not impossible. The key to doing it well is to establish your firm’s authority and promote unique points of view. This requires you to identify your audience’s needs, deliver useful information that solves their problems, say something meaningful to earn their respect, and engage skillfully with those who disagree.

We can help you identify and develop the points of view that will establish you as the authority you are. Just reach out — we’d love to explore how we can help direct a smarter conversation at your firm.

October 5, 2021 by Greentarget

To enhance their company’s reputation in a complicated social landscape — and to ensure long-term profitability — elevated CMOs must design smart, authentic ways for executives to communicate about public responsibility.

“Agua!” That one simple word sent Coca-Cola’s stock plummeting by $5 billion when elite soccer star Cristiano Ronaldo moved two bottles of Coke out of view and asked for water during a press conference. No matter that the soft drink giant was the UEFA European Championship’s sponsor. The meaning of Ronaldo’s gesture was clear: As a health-conscious athlete, I drink water, not Coke.

And just like that, Coca-Cola experienced the economic impact of dragging their feet. How long have they known that their signature product increases the risk of insulin resistance, obesity, type 2 diabetes, and high blood pressure? And how long have they sidestepped using their power to positively influence health and wellness in a meaningful way?

It’s not an option for companies and their leaders to avoid entering into the fray of complex social challenges anymore. You might not be selling beverages that have the potential to damage people’s health. But your stakeholders still expect you to hold your professional services firm accountable for the ways in which you do impact your community.

As the C-suite’s new utility players, forward-thinking CMOs will help executive leaders skillfully participate in challenging, important conversations across a spectrum of social concerns. Use the following questions as a starting point to help your CEO enter into — and influence — the dialogues that matter in our world today.

How Do We Communicate Effectively in an Era of Reform?

As the keeper of your company’s narrative and steward of its expressed written mission, you are the best-placed, most-equipped person to serve as the company’s sextant. In this capacity, you’re required to measure the angles between controversial social issues to help your brand navigate uncharted territory.

In The Square and the Tower, Niall Fergusson offers a warning to CEOs who seek to maintain control using outdated, top-down methods. He says, “Hierarchical institutions have been challenged by novel networks, their impact magnified by technology…We should probably expect continued network-driven disruption of hierarchies that cannot reform themselves.”

Reform is hard. So is dismantling age-old expectations and norms associated with positions of power. But we can’t afford to bury our heads in the sand as social issues increasingly become business issues. Nor can we rely on authoritative communication styles of yesteryear. Rather, we must communicate with vulnerability and demonstrate a willingness to listen. If we don’t reform ourselves, we will be left behind.

But in order to help your CEO traverse this new terrain, your organization needs to grapple with a foundational question. What do we stand for?

What Issues Should Our Professional Services Firm Speak Out About?

The CMO-as-sextant role requires you to articulate how your company’s brand promise plays out in a charged social and political environment. To do it well, you must be truthful and authentic while simultaneously remaining accountable. This is necessary even if — or especially when — your best efforts to do better are met with criticism.

For example, remember when Dove tried to make bottles that reflected body diversity or when Target introduced transgender lavatories? Some sang these companies’ praises. Others decried them. But despite backlash, both companies boldly sparked conversations that were necessary and valuable — and that were in line with their own stated values.

In the professional services landscape, many firms are making a concerted effort to include Environmental, Social, and Governance (ESG) reporting in their mantle of accountability. Lawyers, accountants, investors, and engineers measure ESG to answer to stakeholders and governments. But the thoughtful CMO should be thinking about how executives can communicate ESG-related issues to all audiences.

Furthermore, CMOs can and should measure audience sentiment and response to these efforts. In this way, CMOs can connect the dots for executives and show how speaking out on societal issues can impact brand reputation.

ESG is just one example. You may be focused on going beyond the performative in how your firm responds to issues of racial injustice. Or you might want to combat misinformation and speak out against fake news. Whatever the issue, it all comes down to this. What are your firm’s values? What issues matter to you? And in what way do you hope to leave your corner of your industry better than you found it?

Is it Time to Communicate a Broader View of Profitability?

Part of charting a course toward a different, reformed future is opening an authentic conversation about what it means to be profitable. That’s because stakeholders now demand that the pursuit of profit be tempered by a concern for doing what’s right. It’s not enough to make money. Organizations also need to consider the planet, marginalized groups, future generations, and society as a whole.

Weigh what it might mean for your CEO and your firm to embrace a more holistic view of profitability. How would that allow you to communicate a meaningful brand promise to your stakeholders and audience? What stories can you tell about the ways your firm is integrating business needs with social needs? And how might this evolved approach to financial governance actually lead to greater loyalty and commitment from stakeholders, employees, and clients?

Revenue is important. But if we want to create a more just, healthy, and sustainable world, it just might begin by expanding our definition of profitability.

CMOs Must Continue to Equip Executives to Communicate About Social Concerns

If your CEO doesn’t take a stand on an issue or concern that resonates with your market, somebody else will. And if that ‘somebody’ happens to have the power and influence of Cristiano Ronaldo in the Digital Age, watch out.

Your stakeholders expect vulnerability, authenticity, accountability, and a willingness to listen. So in order to augment your organization’s reputation and remain profitable in this new era, you need to prepare your CEO to engage in challenging conversations. All of that starts by asking the right questions.

If you’d like some help directing conversations that matter at your firm, connect with us. We’d love to hear from you.

October 1, 2021 by Greentarget

As an expert, you have a responsibility to engage with the media, ensuring that high-quality perspective cuts above the clutter of uninformed prattle. That said, being on the opposite end of a reporter’s camera, microphone, and notepad can be daunting to even the most media-savvy thought leaders.

Fortunately, you don’t have to jump into the battlefield without tools or backup. Greentarget’s media pros would like to share our guide with you to help you approach your next media interview with skill and swagger.

September 20, 2021 by Greentarget

If you’re a baseball fan – almost regardless of which team you root for – New York Mets infielder Javier Báez is among the players you enjoy watching most. That’s largely because, since 2014, Báez has done things that almost no one else does, like this absurd play in Pittsburgh in May.

But Báez recently saw how being the center of attention can backfire – and demonstrated the tricky path public figures and organizations on the whole must walk these days. On one side is an increased emphasis on authenticity. On the other is the very real possibility that in speaking publicly, and from the heart, feet will occasionally end up in mouths.

What happened with Báez and the Mets provides good lessons for leaders of professional services organizations. In addition to illustrating the challenges around authenticity – especially in the age of social media – it showed the danger of overreacting and why building up a reservoir of goodwill has never been more important.

The Foot in the Mouth

On July 30, the struggling Chicago Cubs traded Báez – a team legend who played a key role in its historic 2016 championship – to the playoff-hopeful Mets. For a variety of reasons, the Mets played poorly in August and, for fans, Báez’s positives weren’t outweighing his negatives, prompting boos Báez rarely heard in Chicago. Mets fans hadn’t seen enough of Báez’s flair on defense or as a baserunner – or his bat’s ability to carry a team for weeks – to look past five strikeouts in a game against the Marlins.

After the boos started, Báez and other Mets began celebrating big hits by pointing their thumbs down. When asked after a game to explain the gesture, Báez put his foot in his mouth. It’s worth reading his comments in full, but Báez basically said that he and other Mets, after performing well, wanted to let fans know how it felt to be booed.

What happened next was anything but subdued – and was also fairly predictable. The Mets owner and team president came out against Báez’s comments. The New York tabloids did what New York tabloids do. And Báez apologized a couple days later, sounding somewhat convincing and saying that he wasn’t booing the fans — but that his gesture was almost a subdued “How do you like me, now?” after their previous criticism.

But the damage, at least at that moment, was done. Pundits speculated that Báez had cemented his future as an ex-Met and hurt his chances generally in free agency this offseason. “It’s impossible to think of another prospective free agent making a bigger public relations mistake,” longtime baseball writer Buster Olney said.

How to Try to Avoid Flubs – and Prepare for Them

For professional services organizations, the first lesson from Báez’s verbal misstep is that being authentic doesn’t mean throwing caution to the wind. Báez and most athletes likely go through media training, but they’re also constantly bombarded with questions. Individuals who work for professional services organizations have fewer opportunities to make these mistakes and therefore less of an excuse for making them.

Preparing for interactions with reporters is crucial because of how quickly the wrong thing said in today’s 24/7 media climate can wreck a reputation, or do damage to an institution. But preparation should go beyond one-off prep sessions. If organizations have their houses in order from a communications and public relations standpoint – and have invested in developing a solid reputation that builds up a reservoir of goodwill – that’s the best way to be authentic without taking on too much risk.

This may be a long-term process, but it can provide a sort of communications resiliency – broad shoulders that allow an organization to take a PR hit every now and then. The Mets didn’t have such a reservoir in the lead up to Báez’s comments. Their previous GM was fired after a sexting scandal, the team’s owner publicly calls out underperforming players and there was even the highly implausible explanation for a team dustup about whether an animal in Citi Field was a rat or a raccoon.

When Flubs Happen

Like sports teams, professional services organizations are comprised of individuals who might say the wrong thing to a reporter, post something they shouldn’t on social media or simply do something in life that draws the wrong kind of attention. But it’s important that organizations don’t overreact in the heat of these moments.

Whether the Mets did that here is debatable – some might say quick action was needed – but at least one well-known baseball blogger called out Mets executives for their comments. “I get that the fans are the meal ticket, but the fans don’t fan without the players,” the blogger, Brett Taylor, said. “Praising the fans for booing the team ain’t exactly the best way to get on the players’ good side when you need them most.”

Perhaps the Mets could have figured that into their thinking, along with the realization that the glare of the modern spotlight is bright but especially fleeting. It certainly was when it came to Báez’s comments.

The day he apologized, Báez would go on to be key in sparking a huge come-from-behind win, including a big hit and baserunning straight out of his best days in Chicago. In an amusing footnote, a top Mets executive joined the Mets ground crew following the come-from-behind win in searching for an earring Báez lost around home plate while he was celebrating the big win with his teammates to the cheers of thousands.

The Mets’ struggles resumed after the win, and they’re now all but out of postseason contention. But Báez certainly isn’t to blame, with a strong performance that quieted the boos. His apology before the Mets’ come-from-behind win came on September 1, and he has a .380 batting average this month and (for more statistically inclined fans) a 1.118 OPS. It’s hard to see Báez getting blamed for the team’s shortcomings, with even the New York tabloids coming around in recent days.

That same tabloid pointed its finger at someone else as far as blame goes – controversial team owner Steve Cohen. One wonders how a smarter PR strategy might have avoided many of the Mets’ problems this season.

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.