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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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Content that’s useful, timely, credibly sourced and delivered through headlines conveying why – rather than what – to read will break through. Law firms have made massive investments in content, mostly aimed at deepening their engagement with in-house counsel. But, for the most part, their efforts are falling short. Only about half of in-house attorneys consider law-firm content “good to excellent,” the same as in 2017, and up only slightly since 2015, according to the 2018 State of Digital & Content Marketing Survey, released today by strategic communications firm Greentarget and consulting firm Zeughauser Group. But the survey also provides clear guidance on how firms can make inroads with their most important readers. For our seventh annual survey we asked in-house counsel not only about their content consumption habits, but also what content they value most, where they get it, and how often they go there. We found that:
  • In-house counsel want content that helps them do their jobs. More than three-quarters of our respondents say they most value utility in the content they consume – ahead of timeliness (58 percent), reliable sources (56 percent) and compelling headlines (51 percent).
  • And they want it in the form of articles, alerts and newsletters, respectively. Those are respondents’ most preferred content vehicles.
  • Email works – when it’s good. Forty percent of in-house counsel say they get information from email notifications every day – but only 25 percent say they find them valuable. That’s a huge opportunity to reach clients and prospects, and to stand out from the noise, by creating email alerts that deliver on the qualities in-house lawyers are looking for.
  • Traditional media most trusted. Fifty-four percent of respondents go to traditional media (e.g., The Wall Street Journal) on a daily basis for legal, business and industry news and information, and 45 percent find such sources very valuable – far above any other source.
  • Brevity matters. Nearly a third of in-house counsel value shorter content, while only 5 percent value longer pieces. They also want email alerts to be brief. And they only rank in-depth as a key attribute for a single content category – research reports.
  • Podcasts show promise. More than a quarter of respondents put podcasts among their preferred content vehicles – ahead of video and perhaps surprising for a relatively new medium. Audio content gives consumers hands- and eyes-free information for their commutes or during workouts. And podcasts are the only medium where respondents say they consider entertainment value – an opportunity to rise above the noise for firms that are willing to break from the industry’s staid conventions.
  • On social media, more noise than signal. About a third of in-house counsel look at social media every day, but only 11 percent find anything of value there. By contrast, less than a quarter view industry association publications and websites every day, but 43 percent find those valuable.
“This is the age of information overload,” said John Corey, founding partner of Greentarget. “In-house counsel want content that’s useful, timely, well-sourced and provides lively engagement starting from the subject line. If they want to elevate the conversation, firms have to quickly and efficiently tell in-house counsel what they have to say, why it matters and what law departments should do about it.” The 2018 report went further than in past years, identifying which content types were most preferred by in-house counsel – and what attributes are most valued regarding those content types. Respondents’ top three content types are articles, alerts and newsletters – and in each case, they want that content to be relevant and timely. For articles and newsletters, respondents want content to be educational – and they prefer that alerts be brief. “Drilling down to this level of detail about what is and isn’t working when it comes to law firm-generated content is important – and consequential,” said Mary K. Young, a partner with Zeughauser Group. “Firms can take this information and the related guidance and find ways to stand out and build their brands with in-house counsel, who are, of course, key decision makers within their organizations.” About Greentarget Greentarget is a strategic public relations firm focused exclusively on the communications needs of highly competitive business-to-business organizations. We counsel those who counsel the world’s leading businesses and direct smarter conversations among their most important audiences to help deepen the relationships that impact the long-term value of their organizations. For more information, visit www.greentarget.com. About Zeughauser Group Zeughauser Group is the firm of choice for legal industry leaders seeking to increase their competitive advantage and profitability, enhance market position, and strengthen organizational culture. For more information, visit www.consultzg.com.

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The declaration came in a room full of marketers at the Association for Accounting Marketing (AAM) Summit a few weeks ago in Portland, Oregon. And it drew nods from the crowd. “The audit, as we know it, will be gone in five years,” said Ed Kless of Sage, a business management solutions provider. Kless was talking about the impact of technologies like blockchain and artificial intelligence, which are already reshaping the industry. Against this backdrop of surging disruption, the AAM Summit’s theme was fresh thinking – with a focus on trends, tools and best practices to make accounting firms stand out regionally and nationally. Here are a few of the conversations and topics that stuck with me after I left Portland:
  • Make Accounting Marketing Personal. In the opening keynote session, comedian and former CPA John Garrett discussed how accounting firms can differentiate themselves by letting their personalities shine through in their marketing. For an industry constantly focused on numbers, audits and processes, this makes sense. By humanizing their organizations (and talent) through networking, community relationships and creative thought leadership, firms can rise above the noise.
  • Evaluate and Optimize Your Marketing Technology Stack. No matter the size of the firm, investing in the right marketing technology can yield incredible benefits. In the “Building Your Marketing Technology Stack” session, two firms (one with an annual revenue of $250 million, the other $5 million) shared how they invest in technology to optimize their marketing. These firms understand how syncing brand awareness, customer nurturing, conversions and analytics are critical to growth.
  • Online Reputation Matters in the Accounting Buyer Journey. The session “Online Reputation for Accounting Firms” introduced some powerful research. For example, 33 percent of prospective accounting firm clients will read online ratings, said Kat Kocurek from Inavero, a satisfaction survey provider, and more than half of prospects referred to a firm will research it online. This reaffirms that the days of relying on relationships and handshakes in the buying process are long gone.
  • Hyperlocal Marketing Matters. However, when I spoke to marketers from smaller accounting firms in Michigan and Virginia, they told me that building local relationships is still critical. Incentivizing accountants to network and build community relationships remains a key part of the hyperlocal marketing strategy.
  • Business Development Is Everyone’s Responsibility. For many smaller firms, getting the partners and accountants to support marketing activities can be critical to growth. One session covered how gamification and simple incentives like branded giveaway items could encourage accountants to network with prospects in the community.
  • Diversify Content. I also spoke with many marketers looking at developing new thought leadership content to engage their audiences. There were a few firms even exploring the notion of podcasts. In one session, the speaker described how podcasts provide engaging information for target audiences hungry for insights.
  • Long-Term Thought Leadership. If your marketing team is thinking of building a thought leadership platform, it’s worth the effort to think ahead — how will that platform evolve in three to five years? In “Winning in the Market for Ideas,” a former Big Four marketing chief emphasized the importance of building a thought leadership campaign over the course of several years to keep up with evolving preferences in the marketplace.
The accounting business, like so many others, is subject to the same disruptions and evolutions buffeting the rest of the business world. Firms that will win out are the ones that will build aligned sales and marketing approaches and ultimately apply fresh thinking to the changes that are rushing through the industry.
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