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Keeping a watchful eye on the changes in the media landscape is part of our jobs in the PR business. Our clients depend on it, and we can’t do our jobs well if we don’t understand what’s happening at the publications we work with. But it’s also in our DNA — most of us are news junkies at heart.

So we’re all well aware of what those publications are up against, especially in local media, where viable business models and paths to monetization have been all but impossible to come by. The results are mostly discouraging, with news deserts popping up all around the country.

But there are some rays of hope. Speaking to our staff over lunch, ProPublica Illinois investigative reporter Jodi Cohen recently told us that “the public is yearning for reporting that exposes wrongdoing.” She pointed to the creation of her organization and Block Club Chicago in the last year as positive signs.

Cohen isn’t the only one who sees hope for local journalism. We recently spoke with Douglas K. Smith, co-founder and architect of the Knight-Lenfest Newsroom Initiative. Launched in 2015 as the Knight-Temple Table Stakes project, the initiative was developed to strengthen local media in the face of disruption by accelerating the transition to audience-first and digitally skilled news enterprises, improving their practices and helping them grow audiences and audience-related revenues.

Smith, who coauthored Table Stakes: A Manual for Getting in the Game of News, told me that participating organizations have made good progress. Four major metros participated in the first year of the initiative in 2016. Since then, more than six dozen local journalism organizations have participated in what are now five different Table Stakes programs.

The initiative calls for participating journalists to share current challenges and opportunities and discuss strategies. That collaboration has revealed that most news organizations face similar challenges. They include juggling two monumental undertakings. “Journalistic efforts in today’s digitally disrupted world all work hard to put audiences first, create and monetize as many sources of value as possible,” while at the same time newsroom leaders must “retool skills, work and technology in ways that are sustainable going forward,” Smith said.

Early results are encouraging. “Participating enterprises have made significant progress toward success at the challenges selected,” Smith said. That progress includes revenue gains from a variety of sources, ranging from digital subscriptions to native advertising to local digital marketing services to fundraising to events and more.

Some of the success stories were recently detailed at Poynter.org:

  • The Houston Chronicle revamped its newsletter and expects that by the end of this year, it will have more readers coming to its subscriber website through newsletter click-throughs than through homepage visits. The morning report newsletter has grown dramatically, from 1,000 subscribers in January to 20,000 in August.
  • The Philadelphia Media Network, one year after focusing on the performance management models taught in the Table Stakes program, has more than 25,000 digital-only paid subscribers, 25 percent above the goal they had established for the newsroom.
  • The Milwaukee Journal Sentinel grew page views 20 percent year-over-year since 2017, unique visitors by 29 percent and digital-only subscriptions from 13,000 to 30,000.

Three years into the newsroom initiative, Smith hopes that all local news organizations embrace the core tables stakes needed to be in the game:

  1. Serve targeted audiences with targeted content
  2. Publish on the platforms used by your targeted audiences
  3. Produce and publish continuously to match your audiences’ lives
  4. Funnel occasional users into habitual, valuable and paying loyalists
  5. Diversify and grow the ways you earn revenue from the audiences you build
  6. Partner to expand your capacity and capabilities at lower and more flexible cost
  7. Drive audience growth and profitability from a “mini-publisher” perspective

“Healthy and sustainable local journalism is a linchpin to healthy and sustainable local democracy,” Smith said. “We cannot have one without the other. We must reverse the now decade-plus slide in the quality and sustainability of local journalism.”

Smith, who is also the author of On Value and Values, a book of moral philosophy for the 21st century, added, “When local journalism gets stripped down to the bare minimum, democracy’s light dims. Citizens, consumers, employees, families and friends all depend on local journalism shining democracy’s required light — not only by shining light on abuses of power, regardless of origin, but also on how local audiences can solve the necessities of their lives and work together to make the places where they live better.”

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If you’re lucky enough to have seen Hamilton, the Broadway megahit penned by Lin-Manuel Miranda, you’ve likely listened to the soundtrack every day since you saw it, daydreamed about the Hamilton Exhibition opening next year in Chicago and stalked Miranda’s Twitter feed incessantly. Or maybe that’s just me. Through a combination of good fortune and slight obsession, I’ve actually seen Hamilton three times this year. But beyond the romance of the theater and the beguiling Hamilton score, I found striking connections between Alexander Hamilton’s practice of public relations and the work we do at Greentarget. Here are a few lessons we can take out of Hamilton’s PR handbook: 1. Thought leadership has always been, and always will be, essential. Hamilton knew his voice carried weight. The Federalist Papers – a collection of essays written by Hamilton, John Jay and James Madison promoting the ratification of the U.S. Constitution – was the product of a content strategy created to influence the course of history. At Greentarget, we believe true thought leaders have an obligation to participate skillfully in the conversations that matter to their clients, especially as they seek to burnish their reputations, attract talent or achieve a higher purpose. Hamilton was largely driven by his pursuit of a higher purpose – but he was also ambitious, and his thought leadership elevated his personal brand, fueling his ascent to an essential role in the first presidential administration. 2. The importance of directing a smarter conversation. While Aaron Burr repeatedly advised him to “talk less, smile more,” Hamilton couldn’t help himself. He never shied away from an opportunity to “drop some knowledge,” and as a result he was often able to shape public perception of important issues. To be a true thought leader, an organization must consistently deliver insights and intelligence that inform business decisions for its key audiences. We sometimes encourage our clients to assume they’re “the smartest in the room” and capitalize on any opportunity to offer their unique perspective and elevate the conversation. 3. The significance of media. Hamilton relied heavily on newspapers and pamphlets, partly because they were among his only means of distributing his ideas. But even with the changing media landscape of the 21st century, traditional media is still a go-to source for executives and business leaders. Greentarget’s 2018 State of Digital & Content Marketing Survey shows that 54 percent of in-house counsel surveyed go to traditional media (e.g., The Wall Street Journal) each day for legal, business and industry news and information, and 45 percent find such sources very valuable – far above any other source. And Greentarget’s new survey of C-suite executives, the State of Digital & Content Marketing Survey – Professional Services, found that more than half of those executives get their content from traditional media every day, and 75 percent find it very valuable content for business and industry news and information. As PR pros work to keep up with the ever-changing media landscape, I invite you to view Hamilton through the lens of your work. Consider what he knew about shaping public perception by contributing to a smarter conversation, and remember that, though we take pride in finding new and exciting ways to distribute our clients’ messages, the tried-and-true methods still resonate. And, while it’s true that we may not be in the business of deciding “who lives or who dies,” at Greentarget we certainly believe you can tell your story.

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Despite the relentless challenges facing both traditional and emerging news outlets, the media remains a powerful and credible communications vehicle – particularly among the stakeholders that business-to-business organizations seek to influence. At Greentarget we see it every day, and it’s borne out in our latest research. So we were disheartened to read a recent report in the Washington Post. Reporter Stephen Pearlstein theorizes that corporate media relations is broken and that the business community no longer relies on traditional media as a credible resource. Spurred by the C-suite’s mistrust in traditional media, Pearlstein notes “even the prospect of a positive story can’t crack open the door to the executive suite.” More from Pearlstein: “The prevailing attitude is now that everything is about data and social media and identifying the people they can reach by going over the heads of the established media,” one top public relations executive told me. Traditional Media Still Matters But our data tells a very different story. Greentarget’s 2018 State of Digital & Content Marketing Survey shows that 54 percent of in-house counsel surveyed go to traditional media (e.g., The Wall Street Journal) each day for legal, business and industry news and information, and 45 percent find such sources very valuable – far above any other source. And Greentarget’s new survey of C-suite executives, the State of Digital & Content Marketing Survey – Professional Services found that more than half of those executives get their content from traditional media every day, and 75 percent find it very valuable content for business and industry news and information. In addition, CMO respondents to Nielsen’s 2018 Chief Marketing Officer Report see traditional media as an important channel for building brand awareness. The report found that marketers still believe traditional media remains critical to brand building and its associated top-of-funnel marketing metrics, including brand awareness, recall and favorability. Fifty-five percent of respondents plan to allocate at least 40 percent of their ad budget to traditional media (TV, print, radio, etc.), according to the report. Why Engaging With the News Media Is Worth the Risk We, of course, understand why some companies would be cautious about speaking to the media and that they have the right to decline to be interviewed if it’s truly in their best interest. But we wholeheartedly disagree that a risk-avoidance strategy is an answer. Much of Pearlstein’s article focuses on consumer brands. But for professional services organizations, we encourage a proactive – not a reactive – approach to engaging with the news media, even given the current news environment. Here’s why:
  • You snooze, you lose: There will come a time when the C-level executive who shuts down a reporter will need that same reporter to tell their story, and perhaps be more understanding of a company’s business and context throughout the reporting process.
  • You have control of a negative or positive story outcome: This is something many executives forget and likely the reason so many run the opposite direction when a reporter reaches out. Preparation is key, and ahead of any interview, it’s important that executives be completely comfortable and have multiple tools and techniques to make sure an interview goes in their favor.
  • You miss out on the benefits of thought leadership: In 2017, Edelman and LinkedIn released a joint research study of more than 1,300 business decision-makers and C-suite executives that explored how thought leadership influences their behaviors throughout the B2B purchase process. Among the study’s key findings was that 45 percent of decision-makers and 48 percent of C-suite executives said a company’s thought leadership directly led them to award business to that firm. If an executive makes a choice not to participate in a story, they are likely missing out on an under-leveraged business development resource.
  • You have a responsibility: We believe true thought leaders have an obligation to participate skillfully in the conversations that matter to their clients. This is especially true as they seek to increase market share, attract leading talent and achieve a higher purpose. There is a missed opportunity every time they choose not to respond to a reporter’s request.
We’ve written previously about the possibility of recent attacks on the press intimidating reporters and news organizations from telling the stories they feel the public has a right – and likely a need – to know. What would be worse is if these important stories aren’t told because leaders in corporate America choose not to pick up the phone. By adopting what amounts to a siege mentality when it comes to the news media, they’re passing up opportunities for thought leadership. And in the professional services realm – given the content preferences of those making buying decisions – they’re making an unequivocal mistake.

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In the age of information overload, C-level officers are turning to publishers for help sorting through the vast quantities of content coming across their screens — to find the information and insights that will help them do their jobs. That’s according to a new survey of C-suite executives, the State of Digital & Content Marketing Survey – Professional Services Edition, conducted by business-to-business public relations firm Greentarget.

The survey asked executives about their content consumption behaviors and preferences, seeking to help professional services marketers better understand an audience that in many cases drives business-to-business purchasing decisions.

The results depict a C-suite in search of expert curation that can help them quickly locate and consume content they find useful.

“The strain of information overload is apparent in our data,” said John Corey, founding partner of Greentarget. “Professional services firms have a clear opportunity to help executives sort through the noise – by carefully creating and curating the most relevant, useful information and delivering it through the C-suite’s preferred channels.”

We found that:

  • C-level officers want content that helps them do their jobs. Nearly three quarters of executives say utility is the attribute that most attracts them to content they consume most frequently.
  • The C-suite relies heavily on email and traditional media. More than half get their content in each of those places every day. By contrast, only 35 percent say they turn to social media for content daily. The clear implication is that executives want help sorting through the vast ocean of content, and they rely on curated email and professional editors to curate the information and insights that matter most.
  • Email works, but the content needs to improve. Articles, alerts and other email mechanisms still present the best opportunity to reach C-suite buyers. More than half of executives say they get content from email daily, more than any other channel. Only 19 percent, however, consider the content they get in emails “very valuable.”
  • Social media fails to deliver. The amount of time executives spend on social media is vastly greater than the value they get from it. About a third of C-suite officers say they use social media every day, but only 17 percent consider the content they find there very valuable – and 10 percent say it has no value at all.
  • Branded publications an opportunity. Executives see value in firm publications, if the publications are planned and executed well. Half of C-level officers say they find value in vendor publications such as PwC’s strategy+business or Berkeley Research Group’s ThinkSet.
  • C-level officers also like content that’s visual and interactive. Forty-four percent of executives say they prefer to get content in the form of infographics and interactive charts. In-person events also rank near the top of the C-suite’s preferred channels.
  • Professional services firms must raise their content games. Only 31 percent of C-suite officers rate the content created by those firms as “very good,” and 38 percent find it barely satisfactory.

The report, produced for the first time in 2018, also draws insightful comparisons to Greentarget’s 2018 State of Digital & Content Marketing Survey, which analyzes the content consumption behaviors and preferences of in-house counsel.

Compared to their colleagues in the legal department, C-suite officers prefer more visual and interactive content, find email less valuable and are less interested in podcasts. These differences may reflect the unique nature of legal work, which leans on words for analysis of legal concepts as they relate to peculiar sets of facts; CEOs, CFOs and other C-suite denizens, by contrast, more often seek insights and conclusions drawn from large data sets, and frequently demand crisp, bottom-line answers that skip the deep context and reasoning.

The report also breaks down the attributes that executives value most, and least, among various content vehicles. While executives want to read articles that are relevant, educational and timely, for example, when they attend events they prefer an interactive component in addition to relevant and educational content.

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“The only thing that is constant is change.” I was reminded of this quote while attending the GroPro 20/20 conference last month with dozens of CMOs and managing directors at leading law firms and professional services organizations. It’s an easy idea to agree with but a hard truth to fully embrace. Executives across the legal, accounting and consulting industries are responding and innovating (some better than others) in response to changes in client demand, the talent pool, disruptive technologies and marketing trends. It was incredibly refreshing to hear, through open conversations with an impressive audience of senior marketing executives, how different leaders are managing through this period of volatility and uncertainty. The conference occurred just weeks before the release of Greentarget’s first survey documenting the content consumption preferences and behaviors among C-suite officers, who make up the core client and prospect base for the industries listed above. So we listened with an ear toward the ways professional services marketers are striving to cater to those preferences and behaviors. We heard a lot of great ideas and sharp perspectives. Here, in no particular order, are a few highlights: Cultivating Marketing Allies. Getting buy-in and support from influential members of the partnership and executive leaders was a common theme. The panel comprised of CMOs from Bain Consulting, Navigant and Wiley Rein illustrated different strategies to identify and cultivate these “promoters.” One CMO’s strategy hinged on gamification – creating a series of marketing challenges designed to advance new business objectives with prizes for the most meetings secured, articles published, revenue generated, etc. “It’s amazing what you can accomplish through a little healthy competition – especially among a partnership.” Start-Up Mentality. As we’ve documented, legal operations continues to grow as a force in the legal industry, and the findings in an annual survey presented by HBR Consulting feed that perception, depicting a shrinking investment in outside counsel and an increased investment in in-house resources. The panel discussed the notion that growing a legal operations team at a law firm requires a “start-up mentality” as new hires with new skill sets need to be free to challenge processes and bring fresh thinking. As one panelist put it, “How do you materially differentiate yourself based on the client experience?” Data, Data Everywhere. At one point during the event, the room was pretty fired up over data visualization tools, talent and needs. Many of the firms attending deal with mountains of data in Excel and other database tools. One in-house counsel said, “Whenever we see a ton of data in a spreadsheet, we think, ‘How can we make this a map, a graphic or an interactive image?’” In some firms, data visualization has become a billable service that clients will invest in to “learn something about themselves they don’t already know.” Another consulting firm CMO added, “Co-innovation through efforts like data visualization is the shortest path to client connectivity.” Blockchain in Professional Services. A presentation from Microsoft sparked a compelling conversation around the applications of blockchain, a connection that may not be obvious at first glance. However, at its most basic level, the presenter emphasized that blockchain technology produces data that is completely immutable, is verifiable and removes the need for trust. This could have many applications in accounting, asset management, legal and management consulting, especially in billing and auditing. One panelist predicted we’re likely to see blockchain-based invoicing in professional services within the next 24 months. Building a Professional Services Brand. “In professional services, we too often disguise brand as something else – using words like reputation, or client experience. But brands are exciting and unique and should be embraced.” This observation from One North kicked off one of two sessions on branding that focused on how professional services firms too often play it safe using the all-too-common pillars of reliability and trust. “If an organization wouldn’t claim the opposite, it’s not a brand pillar.” In a separate panel led by branding agency Clarity, a panelist discussed an ingenious approach to measuring effectiveness in this area – she creates a word cloud of client feedback to see how many of the brand pillars appear in the language clients deliver back to the firm. According to one marketing chief: “Our goal was to build a truly durable brand — our approach to sharing our expertise was about developing signature thought leadership. It wasn’t about the quantity of content we created, but the quality.” Music to our ears. Disrupt or Be Disrupted. A former Fortune 50 CMO discussed how disruption has never been happening faster, so it’s important for companies to think big. “As the saying goes, we tend to overestimate what we can get done in one year, but underestimate what we can accomplish in five years,” she said. Above all else, GroPro reminded me how important it is to create the time and space to get out of the day-to-day routine and listen to diverse perspectives. The frantic pace of business today creates a challenging paradox – it’s harder than ever to make the time to expose yourself to new points of view but also critical to find the energy to embrace change and expand.
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