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As industry leaders and senior professionals look for sophisticated guidance on influential and complex topics, they are increasingly turning to podcasts as a quick way to absorb timely information. In fact, 43% of U.S. decision-makers regularly listen to podcasts for business-related news and thought leadership. Yet few are leveraging this growing medium to reach them.

Only a third of B2B content marketers have used podcasts within the last year, for example. And, according to Greentarget’s 2022 State of Digital & Content Marketing Report, C-Suite executives and in-house counsel rank podcasts at the bottom of the content they prefer to consume, indicating a significant lack of elevated and engaging content.

This should be a wake-up call for professional service firm marketers, especially as the influence of podcasts can often be stronger than other media channels. According to the Pew Research Center, 36% of podcast listeners have tried a lifestyle change because of a podcast they listened to, and more than half have followed the social media account of a podcast or its host. At Greentarget we’ve seen this firsthand, spearheading podcast campaigns that have reached thousands of executives and sparked impressive engagement across LinkedIn and Twitter.

As the number of podcast listeners grows, it’s critical that professional service organizations seize the opportunity. When used in tandem with a solid digital media strategy, podcasts can spur conversations between key decision-makers, drive up the number of visitors to companies’ owned channels, and generate new business development.

Below, we outline a few benefits—and how marketers can achieve them.

Drive Organic Traffic to Owned Media Channels

To some extent, podcasts are self-selecting. By choosing to play your podcast, listeners have already raised their hands to say that your content’s subject matter is what they are interested in. It should come as no surprise then that 80% percent of people who start a podcast listen to most or all of the episode.

That increased focus gives professional service organizations the opportunity to steer listeners to other relevant owned content on their website. For instance, Greentarget has been able to craft bylines and owned blog content based on several conversations that podcast hosts have had with their guests.

And because that content is more likely to coincide with their interests, it can be valuable tool in driving newsletter subscriptions, report downloads and organic traffic. Once you have drawn listeners into your marketing pipeline, they are more likely to reach out and enlist your services.

Reach an Audience That Matches Your Target Demographic

Research shows that most podcast listeners are educated, tech-savvy, affluent and diverse, and the medium is known for reaching on-the-go professionals of all ages. While the majority of monthly podcast listeners are between the ages of 12 and 34, 43% of monthly podcast listeners are aged 35-54—an increase from 39% in 2021. These segments of the U.S. population largely align with the demographics of professional services organizations, meaning a podcast has greater potential to reach them over traditional media channels.

What’s more, podcasting is quickly becoming a global medium. Monthly downloads for podcasts around the world ballooned by millions in the first quarter of 2023, and experts anticipate the number of podcast listeners will reach over 500 million by 2024. As reaching a global audience becomes increasingly important for growing professional service organizations that work across borders, podcasting can help overcome the regional limits of traditional news outlets.

Position Authorities as Authentic and Trustworthy

According to the Edelman Trust Barometer, consumers trust business more than any other institution globally. Listeners trust industry leaders who weigh in on important issues. As organizations face increased scrutiny around the credibility of the information they produce, podcasts offer a way to deliver those perspectives in an authentic, believable way. The nature of the medium enables thought leaders to showcase not only their knowledge but their personalities and unique voices.

Generate Networking Opportunities

Authorities also stand to make personal connections with the wide variety of industry experts featured on their show. This can open up better networking opportunities, and in some cases, lead to a beneficial partnership between organizations.

Take our podcast partnership with Berkeley Research Group (BRG) , for instance. Through the firm’s Insights from the Top podcast, host Dr. David Teece was able to build strong relationships with law firm leaders in the U.K. and as far as South Africa. Other podcast hosts at the firm have appeared as guests on podcasts hosted by close acquaintances, and vice versa.  

A Small Investment Can Yield Big Rewards

Creating a podcast takes little in the way of capital investment. Nowadays, a hundred-dollar microphone, earbuds, a quiet room and simple software are enough to produce a high-quality listening experience for your podcast audience. And now that the pandemic has habituated listeners to the audio quality you might expect in a Zoom call, the bar to entry is lower than ever.

Best Podcasting Practices

If you’re convinced that podcasting might work for your professional services organization, here are a few rules of thumb that will guide you on your journey to launching your very own podcast series.

  • Stay the course: Since anyone can throw their hat into the podcasting ring, it can take more than a few one-off episodes to rise above the noise and gain a diverse and dedicated following. This is often why more than three in four podcasters give up on a show within 12 months of launch. So, it’s important that professional service organizations make a long-term commitment to a podcast with the expectation that they are unlikely to garner a substantial following in the first few months. The most influential professional services podcasts out there today—The McKinsey Podcast, Deloitte’s Global Insights, you name it—invested significant time and resources before gaining traction.
  • Integrate podcasting into a holistic communications plan: Podcasts can be repurposed in the creation of other content that can be shared across different platforms, such as infographics, blogs and newsletters. Conversely, podcast episodes can center around insights and findings outlined in other forms of content, e.g., research reports, whitepapers, etc. Professional services firms should use these strategies to extend the shelf-lifeand expand the reachof existing content.
  • Be candid: Podcasts bridge the gap between informal, authentic communication and measured thought leadership. Since a podcast can always be edited after a recording session takes place, authorities and their guests can—and should—speak frankly about today’s most pressing issues. They can rest assured that they will always get the right message across to their audience—even if it’s in the editing room.

There Has Never Been a Better Time to Dive into This Growing Medium

As stakeholders continue to shift from traditional to owned media channels for their information, it’s crucial that professional services firms evolve alongside them. In our hyper-saturated media landscape, people are often bombarded with opinion-based content—from the moment they sit down at their work desks to when they nod off to sleep, phone in hand.

Podcasts offer an unusual respite from this barrage of information. They are played in the car, at the gym, or on an evening walk. And because a listener gets to decide what they listen to, they are more open to the views expressed on a podcast than say, an algorithmically curated TikTok video or an op-ed shared by a colleague on Facebook.

With over three million active podcasts out there and counting, professional service organizations can’t afford to ignore this rising—and very personal—content medium.Greentarget knows how to develop a podcast from front-to-back. Whether it involves pre-episode storyboarding, audio production or digital promotion, we have the tools to position any podcast for success—so let us help you jump into this frequently overlooked medium.

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As Western law firms that spent years growing their footprints in China either exit or retrench, the reason global firm Dentons cited for doing so stands out for its directness.

In a memo to clients, Dentons said it ended its tie-up with Beijing Dacheng Law Offices “in response to an evolving regulatory environment for Chinese law firms in China—including new mandates and requirements relating to data privacy, cybersecurity, capital control and governance.”

As conditions in China become increasingly challenging, how a firm communicates a decision to withdraw need not be left to the last minute – indeed, firms should have plans in place now, especially as the prospect of greater conflict in the region looms. The unlawful Russian invasion of Ukraine and Hamas’ more recent incursions into Israel signal the importance of having risk management and corresponding communications plans in hand before the next geopolitical crisis, which many believe will be Chinese President Xi Jinping’s inevitable attempt to take Taiwan.

The pullback among foreign law firms is the latest evidence that the Chinese government’s heightened focus on national security and related geopolitical tensions is impacting the ability of professional services firms to do business there. The Big Four auditing giants have also shut down legal affiliations with local firms in China, according to Law.com. Meanwhile, Chinese authorities earlier this year probed operations at China offices consulting firms Bain & Company and Mintz Group, and detentions of foreign executives are adding further chill to the business climate.

As one anonymous Dentons partner told The American Lawyer, “It wasn’t really a corrosion of our relationship [with Dacheng]. It’s more that it’s become impossible to serve our clients properly, those that have China links.”

Worsening Economic and Geopolitical Conditions Raise the Communications Stakes

The changes global law firms made to their Chinese platforms in 2023 are part of a longer-term trend. The number of foreign law firm offices in China has been in decline for five consecutive years, falling by 16% to 205 as of the end of 2022, according to Chinese Ministry of Justice data, with U.S.-based firms leading the withdrawal. More firms will likely be queueing up behind Dentons and others heading for the exits as China’s economic downturn deepens, limiting business opportunities while trade tensions slow cross-border investments.

These developments come as heightened tensions between China and Taiwan once again fan speculation around a possible Chinese invasion. Affluent Taiwanese are transferring wealth abroad or shifting money into portable assets. Multinational companies are taking force majeure clauses one step further and inserting provisions into contracts specifically tied to China-Taiwan tensions. Meanwhile, America’s military and political leadership are discussing deterrence and timelines of a possible Chinese invasion amid growing economic and diplomatic pressure.

Coupling these conditions with the increasingly aggressive Chinese regulatory stance toward foreign firms, leaders of professional services organizations must consider the possibility that a conflict in Taiwan could further compromise their business and compel them to communicate their position on Chinese aggression – operationally and philosophically – with clients, employees, regulators, and the public.

Recall the weeks following Russia’s invasion of Ukraine. Hundreds of global companies shut down Russian operations within a few days. Professional services firms were slower to react than other organizations and their responses varied widely—from resigning clients based in Russia to taking no action at all, perhaps reflecting the difficulty of giving up work when it can be done from anywhere. 

Given the difference in the size of the Chinese and Russian economies and levels of foreign direct investment, we would expect even greater difficulty unwinding from China than from Russia despite China’s lackluster economic outlook. The International Monetary Fund last year ranked China the third most prominent destination for foreign direct investment, totaling $3.6 trillion in 2021. (This doesn’t count Hong Kong, which received another $1.9 trillion.) Russia isn’t even in the top 10.

As we saw after the invasion of Ukraine, intensifying Chinese aggression toward Taiwan would likely be followed by swift international condemnation and calls for Western firms to withdraw or to limit activities that could be said to support the regime. Other complications, from head-butting between the Chinese and U.S. militaries to stepped-up regulatory actions against foreign firms operating in China, could elicit similar responses, highlighting the need for firm leaders to be prepared for such eventualities.

In a Volatile World, Organizations Need a Proactive Communications Strategy

It is critical that firms have a clear framework for whether and how to respond to such crises, beyond the compulsory need to communicate regarding local staff who may be in harm’s way.  As a starting point, we recommend the process we developed to help leaders decide whether and how to respond to social and political issues since the murder of George Floyd. 

The Conference Board is aligned with our process. It recommends considering the issue’s alignment with the following:

  • Your organization’s core values
  • The requirements and expectations of internal and stakeholders
  • The connection between the issue and business
  • The significance of the issue to society
  • The incremental impact your organization may have

Firms should choose how prominent a leadership role they wish to play and be transparent with stakeholders about the criteria and process they employed in deciding whether and how to respond. (Firms structured as vereins, with members and affiliates in different parts of the world, should take note of this last point.)

And as consulting giant McKinsey points out, you should also consider adjusting your corporate narrative with an eye to shifting geopolitical risks. If you have an early handle on how you would respond if a specific crisis occurred, consider whether that is aligned with how the firm talks about itself today. If that narrative conflicts with your anticipated position, shifting your narrative early can avoid confusion among internal and external stakeholders down the road. 

Engaging with us in a rigorous scenario planning process can bring significant clarity. That’s especially the case if the process is conducted before the crisis occurs and urgency overtakes the opportunity to be thoughtful. We’ve helped clients navigate the invasion of Ukraine, the repeal of Roe v Wade, and the Oct. 7 attacks on Israel. Reach out if we can help you, too.

About the Executive Positioning Practice Exemplifying Greentarget’s commitment to being a trusted advisor to clients, Greentarget’s Executive Positioning team provides c-suite executives (managing partners, CEOs, executive committees, and boards) with insights to anticipate, understand and respond to important global and social developments, analyzing key issues that can impact reputation and compel leaders to communicate.

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According to a study by LinkedIn and Coalition Greenwich, institutional investors research potential partnerships and investment managers by looking for useful, authoritative content online — particularly on LinkedIn. In fact, 79% of institutional investors use LinkedIn weekly, and 90% take action at least once a month after viewing a wealth manager’s content. 

Are you creating the kind of content these potential clients and strategic partners are looking for?

These findings came as no surprise to us. That’s because Greentarget collaborates with the Zeughauser Group to produce the annual State of Digital and Content Marketing Report, which tracks the content consumption and decision-making habits of general counsel and C-suite executives. And though our research hasn’t touched directly on the financial services sector, our findings are in line with what LinkedIn/Coalition Greenwich’s Investing in the Digital Age report shows. 

Put simply, well-educated professionals — regardless of industry — behave similarly online and are attracted to the same types of content. And because we know what those buyers are searching for, we can help you tell your institutional story in a way that will secure new business and drive your firm’s growth. 

3 Insights Into How Institutional Investors Consume Content

So what does the research say about the types of content your audience is hungry for? 

When it comes to information that decision-makers value most, our survey of 200 executives found that the clients of professional services firms still look to traditional media and other trusted, editorial-filtered sources. But the pandemic also accelerated the digital shift =, as COVID-19 disrupted in-person networking events and pushed more interactions online. 

We took a side-by-side look at the LinkedIn/Greenwich report and our 2022 State of Digital Report and uncovered three commonalities that should inform your owned media marketing strategy.

1. LinkedIn Is a Highly Trusted Source of Content 

Many professional services firms allocate the majority of their PR and communication spend on working to obtain earned media coverage. And that’s undoubtedly important — 79% percent of the executives we surveyed for the State of Digital Report said traditional media is still the information source they value most. 

But LinkedIn wasn’t far behind, with 69% of participants saying they value the platform highly. In fact, LinkedIn’s popularity has surged among  executive decision-makers.. Leaders are also increasingly visiting websites and blogs and maintaining heightened interest in webinars and other types of virtual events, a trend many expect to continue.

That means your firm as a whole and your individual wealth managers in particular should be active on LinkedIn while also maintaining an intentional role in authoring content for your firm’s blog, website, and other owned media channels. Sharing self-published content that highlights your expertise and unique positions of authority plays a critical role in reaching institutional investors and compelling them toward action. 

2. Personalization and Relevance Are Essential To Cut Through the Digital Noise 

Although institutional investors respect LinkedIn over other social media platforms, that doesn’t mean they value every piece of content equally. They want deep subject matter education from experts who provide timely, personalized insights.

Institutional investors decide which asset managers’ content to consume based on the following factors:

  • Personalization. Investors and executives prefer to read content written by an individual rather than a company or organization.
  • Novelty. Your subject matter experts should add to the conversations that matter to your audience, not merely repeat what everyone already knows. Often, the smaller and narrower the angle, the greater the potential to find something novel to say. 
  • Relevance. C-level executives want research that is in-depth in scope and technical in nature. But an interesting perspective isn’t enough. It should also provide actionable advice leaders can put into practice.
  • Timely topics. Although providing evergreen advice is important, institutional investors and C-suite executives want expert authorities to provide their unique insights on the topics that matter most in the world. In fact, 67% of investors reported they chose content based on a news-driven topic. 
  • Length. When it comes to establishing authority, longer content wins out over short items, and articles are the preferred content type.

Post-pandemic, 23% of investors report being willing to spend 30 minutes or more to consume a piece of content if it’s useful and relevant to them — up from just 9% in 2018. Fifty-seven percent will spend between 15 and 30 minutes. And when it comes to absorbing complex subject matter, investors prefer digital formats. 

3. Your Firm’s Authority Is The Ultimate Factor Driving Buying Decisions

Building your firm’s overall brand — or, in our lexicon, developing your ultimate position as an authority — is the most critical factor in attracting institutional investors and driving growth. Investors look at where content comes from — and who authored it — when deciding what to act on.

That’s why building your unique positions of authority through a strategic owned media program is so important. Showcasing your team’s credentials and regularly publishing your experts’ best thinking is a vital part of convincing executives and investors to engage your firm. 

But remember: the more your experts spark conversation and invite feedback — especially on platforms like LinkedIn — the better. That’s because true authorities don’t just disseminate their expertise. They skillfully participate in uncontrolled situations and allow others to iterate on their ideas. This involves soliciting a response, considering opposing points of view, and being willing to adapt and pivot a viewpoint when needed. 

Let’s Create a Smarter Content Strategy at Your Financial Services Firm

Even in a cluttered digital landscape, reaching the institutional investors your firm wants to attract is possible. But to do so, you need a savvy owned media and content strategy that uncovers and showcases your experts’ unique points of view. 

Greentarget has been studying the digital content landscape for more than a decade. We know what types of content your audience wants to consume. But even better, we know how to work with your team to create that content and publish or share it in all the right places. 
We’d love to help your asset management firm skillfully blend your knowledge with the accuracy and storytelling methods of traditional journalism. Together, we can match your business goals with your audience’s needs. So when you’re ready to start directing a smarter conversation at your firm, let’s talk.

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How consultants can use an ESG communication strategy to differentiate themselves in an increasingly competitive marketplace  

As investors, regulators, and other stakeholders demand enhanced transparency—and progress—around environmental, social and governance (ESG) goals, a new market has exploded to offer support: ESG and sustainability advisors. In fact, spending on these services is poised to hit $16 billion by 2027, up from $6 billion in 2021, according to research firm Verdantix. 

Professional services providers—consultancies, accounting firms, financial services companies, BigLaw, and boutique shops alike—are all jumping into the fray. Today’s leaders include members of the Big Four (PwC, EY) and global environmental consultants like ERM, while any number of fund administrators, shareholder advisory firms, and credit rating agencies are also vying for ESG-related business. That’s driving deal activity in the space: from 2019-2021, there were over 18 sustainability consulting acquisitions, while the past two years saw financial services firms spending more than $3.5 billion buying green-ratings companies and data providers.  

Yet demand breeds competition, and competition demands differentiation. Despite the diverse array of providers, most offer a similar set of services, including ESG reporting, screenings, training, risk assessments, and tax solutions. At the same time, the outlook around ESG is getting more complex amid political and investor pushback.  

How can these firms differentiate themselves in an increasingly crowded and fast-evolving marketplace? At Greentarget, we’ve worked with professional services firms, financial institutions, and consultants advising clients on ESG-related issues to establish unique positions of authority that help them do just that.  

ESG Advisors Need Authority Positioning  

Professional services firms—be they management consultants, law firms, financial services companies, or ESG advisors–-tend to look a lot like their market competitors. They offer similar capabilities and target the same types of clients. Even the mission statement isn’t much of a place to stand out—unsurprisingly, advisors targeting ESG business all talk about their commitments to ESG and to diversity, equity, and inclusion. 

Differentiation, then, becomes a challenge. Unlike consumer brands, few professional services firms want to (at least overtly) compete on cost. Creative branding for these relationship-driven firms only goes so far: they’re not selling a product or an experience, but expertise. And expertise can be hard to convey—especially in this increasingly crowded era of so-called “thought leadership.”  

That’s where authority positioning comes in. Where thought leaders hold forth, authorities take a stand—they know. Thoughts are merely part of conversations. Authority directs them, makes them smarter, or, by raising unasked questions, starts entirely new ones. Thoughts are heard, authorities are heeded.  

We help our clients establish positions of authority in numerous ways. Our media relations team connects subject-matter experts with journalists to help them with their stories (and get ‘earned’ publicity when they’re quoted). Our content team crafts newsy, not salesy, content that provides relevant insights to target audiences in dynamic, readable, and narratively engaging ways. Our research team tracks what competitors are saying and finds out what audiences want to hear—all with the aim of finding white space for our clients to meaningfully direct important conversations.  

The four attributes of good authority positioning 

Our North Star is utility, which attracts C-suite executives to content more than any other attribute, according to Greentarget’s more than a decade of proprietary research. Utility disrupts the professional services sales cycle by answering the question “How do I navigate or address this issue today?” Ideally, it provides the answer before the audience has asked it. It empowers audiences to act.  

Case Study: Helping a Third-Party Fund Administrator Establish Authority in the ESG Environment 

JTC is a publicly listed professional services firm focused on fund and corporate administration, as well as private wealth services. A leading fund administrator with expertise in ESG-related funds like those established for Opportunity Zones, the firm now leverages its existing capabilities to provide ESG services like reporting, measurement, data collection, and training.  

Getting JTC’s foot in the ESG door, however, would be no simple task given the influx of competition to the space. In collaboration with Greentarget, the firm undertook a significant initiative to plant its flag: an annual research report about impact and ESG investing.  

This, too, was a crowded arena. So before the survey questions were even drafted, Greentarget conducted competitive analyses and messaging sessions to articulate JTC’s unique value proposition: namely, the firm’s innovative shared ownership model, understanding of both investors and fund managers, and strong track record of measuring the tangible impact (rather than merely ESG inputs or outputs) of that investing strategy.  

That last insight became a fundamental tenet of the report. As ESG ratings, frameworks and standards proliferate, so too will demands for reporting on specific, tangible outcomes to measure results and push back against accusations of “greenwashing.”  

The report, developed by Greentarget’s research team and written by our content and editorial team, provided the foundation for a widespread media relations and content campaign that raised JTC’s profile in this crowded space. Nine articles in publications ranging from Financial Planning to Regulatory Compliance Watch highlighted the report’s findings and JTC’s expertise—leading to nearly 800,000 total impressions and over $160,000 in projected advertising value. Several blog posts and event appearances were also spun out from the report, as well as two bylined articles by JTC executives, in Corporate Board Member and Chief Executive, which articulated what investors really thought about ESG.  

ESG Communications: Best Practices 

The above is just one example of how firms looking to cement their positions as ESG advisors can establish authority in today’s increasingly saturated marketplace. As the industry continues to develop, other communications needs will also rise to the fore—attracting and retaining talent, navigating conflict of interest issues, or combatting anti-ESG backlash.  

ESG-focused firms will face added pressure given the work they do. A few best practices they should consider as they move forward include:  

  • Focus on storytelling. Data points are crucial, but they aren’t enough, especially in today’s polarized climate. The best corporate ESG communicators, from Microsoft to Ben & Jerry’s, tell stories about the communities they help, the impacts they make, and how they do business. These stories illustrate not just the what but the how—a differentiator we helped a BigLaw firm communicate in their own ESG messaging. Stories and practical explanations of the ‘how’ engender emotional responses that help organizations stand out from the pack.   
  • Utility is key. In an increasingly crowded, politically charged, and fast-evolving space, offering insights that deliver utility to target audiences is vital. That may be as simple as providing clear updates on a new or impending regulation—there are already hundreds of ESG reporting standards globally—or clarifying the pros and cons of various measurement approaches. You may be surprised at what some people don’t know, as JTC discovered in their research showing that most U.S. fund managers and impact investors believe impact investing and ESG investing are the same thing.  
  • Prioritize clarity. Don’t add to your audiences’ confusion with jargon-filled insights, wordy web copy, or obtuse mission statements. Use clear language, specific details, and reliable formats (e.g., Axios style newsletters or FAQs) to illustrate who you are and what you can do.  
  • Conduct your own research. One way to differentiate yourself is by showcasing data that only you have, and that reveals your ESG expertise. The key is to make sure you’re not just adding to the noise. That’s where a narrower approach, perhaps homing in on a certain audience segment or emerging issue, can help.  

The ESG consultancy boom is still in early innings. As the space continues to evolve, only those who can establish themselves as true authorities will stand out from the crowd.  

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Journalists have long seen themselves as members of the fourth estate—watchdogs whose work informs the public, shines a light on injustice and holds power to account. But in recent years, Americans’ trust in the media has plummeted amid deepening political polarization and the rampant spread of misinformation and disinformation online.  

That’s why in 2020 and 2021, Greentarget conducted research to understand the toll that so-called “fake news” is taking on seasoned journalists—and offer guidance for how PR professionals and business leaders can help stem the tide.  

Since then, the challenges facing journalism have only deepened, from widespread media layoffs to technological shifts like the explosive growth of generative artificial intelligence (AI) that could automate some reporting and writing tasks—and potentially further undermine journalism jobs. Those developments prompted a different approach to our ongoing research.  

For our latest iteration, we surveyed young reporters and journalism students to understand the following: 

  • Why they’re committed to pursuing the profession 
  • Their outlook on the future of journalism 
  • Their perspectives on AI, social media and fake news 

We’ll publish the full report in the coming weeks. In the meantime, here’s a glimpse at why up-and-coming journalists are optimistically jumping into the arena, and how they view factors that are changing the industry in real time. 

1. To Provide Credible, Fact-Based Information 

Nearly all the up-and-coming journalists we surveyed believe traditional media should be impartial. And a majority said a key reason they’re entering the field is to provide accurate information that the public can rely on to make informed decisions—reflecting respondents’ faith in the role of the press as an arbiter of truth and accountability.  

So where does their credible information come from? Respondents said they research and/or vet stories using tried-and-true techniques from the reporter’s toolbox, including: 

  • Doing first-hand field reporting 
  • Reviewing top-tier publications 
  • Reaching out to academics, experts, and/or think tanks 
  • Looking at information from government agencies/organizations 

Respondents had a complex relationship with social media, which they used to generate story ideas and/or vet information—but to a lesser degree than the above methods. That may be due to next-gen journalists’ view that social media is a key spreader of false or misleading information. However, they also see social media as valuable for distribution and measurement.  

AI-enabled tools from ChatGPT to Google Translate are also gaining ground for some tasks, including data analysis, research, writing and editing. But some respondents expressed concern about how AI could impact the industry in the future, citing the potential for inaccuracy and/or misinformation, as well as fears that technology could replace some human journalists.   

Whatever the tools, they reported taking several steps to verify that the information they publish is trustworthy, including: 

  • Contacting the source directly 
  • Securing multiple sources 
  • Searching for corroborating sources 
  • Using fact-checking sites (e.g., PolitiFact) to avoid spreading false information 

2. To Shine a Light on Injustice and Social Issues 

Gen Z (those born between the late 90s and early 2000s) may be the most progressive, technologically savvy, and socially-minded generation yet, and share many values that Millennials also prioritize. It’s no wonder, then, that this generation views a career in journalism as a way to tell the truth about what’s happening in the world around them and, in some cases, advance the social change they want to see. 

Many of the reasons respondents cited for deciding to pursue journalism reflect those concerns, including: 

  • To expose injustice 
  • To make a difference in the world 
  • To hold governments and institutions accountable 

Next-gen journalists also said that diversity, equity and inclusion (DEI) is a significant concern, both in newsrooms and in terms of coverage. Many respondents believe that diversity in the profession across racial, gender, and economic categories is foundational for good reporting, and note that lack of representation could lead to narrow coverage, “social imbalance” on topics in the news—and the loss of public trust. 

3. To Combat the Spread of Fake News 

Students and NextGen journalists aren’t naive about the challenges they’ll face as a result of misinformation (information that is false) and disinformation (information that is intentionally fabricated). In fact, many respondents expected the problem to worsen, with social media cited as a leading factor.  

But they also don’t hold a purely doom-and-gloom view. Rather, they’re passionate about the opportunity to combat misinformation and disinformation in their sphere of influence. In fact, nearly half of our survey respondents said fighting fake news is one reason they want to be journalists. 

As digital natives, Gen Z could be uniquely qualified to take up this battle cry. A marked rise in media literacy education means members of this generation may be more likely to know how to ask critical questions about the media they consume, spot misleading or false claims, and avoid manipulation.   

Despite Challenges, Gen Z Looks at the Future of Journalism With Optimism 

In our last Fake News Report, only 14% of journalists said they believed their own efforts had an impact on the fight against misinformation and disinformation. According to our survey, Gen Z holds a more upbeat view, responding that their outlook for the next decade is at least somewhat positive.   

At Greentarget, we’re optimistic about the future as well. And in large part because of what we’re learning from the next generation of journalists, we continue to believe that traditional media will play a crucial role in inspiring and leading smarter conversations.  

We’ll delve more deeply into the reasons for that optimism when we release our full report later this year. 

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This past May, Ernst & Young announced that Project Everest, the firm’s plan to split its auditing and consulting operations, was officially dead. “People familiar with the matter” had been leaking details of infighting and pushback to The Wall Street Journal as early as March. And as the plan circled the drain, $600 million in sunk costs and 3,000 jobs went down with it.

Leaks happen during transformational moments and other periods of disquiet within a partnership, and they can be destabilizing for a leadership team. It doesn’t really matter why people leak information – whether it’s to blow the whistle, toot their own horn, exert influence over a firm’s direction, or grind an ax – damage may be done regardless. 

Leaks can harm your firm’s reputation, sow doubt among key stakeholders, and complicate lucrative, transformative plans, from mergers to operational overhauls. So if your firm’s sensitive information makes its way to the press, don’t shrug it off as a mere annoyance. Treat the event like the PR crisis it is. 

As we’ve advised our own clients who’ve been victims of leaks, you can’t unring this bell. But you can mitigate and lessen the impact of unwanted exposure by responding in the following ways.  

1. Talk to the Reporter When Approached About a Leak

When reporters reach out to ask your firm for a comment about something they’ve been told, it’s only natural to want to respond with a curt “no comment.” That’s a mistake.

True, you may not be able to answer specific questions about rumors and speculation, especially if you’re in confidential M&A talks. And any on-the-record response should be carefully calibrated to address the concerns of stakeholders and avoid provoking additional questions. 

But you can talk to reporters “on background” to provide additional information that allows them to contextualize what they’ve heard and write more nuanced, balanced pieces. 

Understanding “On Background” Conversations

“Background” can be a fuzzy concept. Everyone who’s seen All the President’s Men thinks they know what it means, but news outlets rarely treat such conversations exactly the same way. So before you dive in, make sure you and the reporter are on the same page as to what you’re agreeing to, and to whom the information you provide may be attributed.

Here’s how The New York Times describes “on background” and “on deep background,” and the guardrails you should establish with a reporter before the conversation starts: 

Can a source be quoted by name? Can we use the information if we leave out the name? Can we at least describe the source’s job?…

Generally, “on background” is understood to mean that the information can be published, but only under conditions agreed upon with the source… A reporter might negotiate with those sources to at least describe their jobs in broad strokes, to give a reader proper context: “a federal worker who shared the material,” “a government official with access to the information.” 

Deep background… is where establishing ground rules is particularly important, since many journalists and sources have competing definitions. For some, there is no practical distinction between “background” and “deep background”… Others interpret it to mean that information can be used only for the reporter’s context and understanding, with no attribution of any kind.

If you agree to provide background for a story, be crystal clear about what you mean and confirm whether or not the information you provide can be attributed to you in any way, and if not to you directly, then how the attribution should be framed..

The Value of “On Background” Conversations

Clients we’ve helped go on background are generally happier with the outcome of unexpected press coverage than clients who refrain from speaking to reporters at all. Talking to a reporter on background enables you to contextualize a leak and can help the reporter see the situation more completely. Credible journalists want to provide accurate, well-rounded information, so going on background can alter the way they frame the report.

True, you’re unlikely to ever be entirely happy with the press coverage your firm receives as a result of a leak. But even so, the only way to influence the outcome is to talk to the reporter as much as you reasonably can. Doing so also helps build relationships with the press – if the news is consequential enough, this may not be the last story they write on the subject.

2. Anticipate the External Impact of Internal Messages

When you need to communicate with internal stakeholders about difficult PR situations, craft your internal messages as if they’re public statements 

You should always be as transparent and upfront with employees as is prudent. That’s true on any given day, and it’s true in times of crisis. Even so, it’s important to bear in mind that every memo, email, text message, and video you share also has the potential to be leaked. 

Partners and employees can easily share internal communications with a journalist or take matters into their own hands and share them with sites like Above the Law, Fishbowl, and Reddit. Parse your messages carefully to avoid adding fodder to an already tricky situation. 

3. Consider Multiple Stakeholders

Leaked information always has a ripple effect. So as soon as you can, think about who will be impacted by the story once it hits — and do what you can to get ahead of it. 
The faster you can release a statement to those in your audience likely to be impacted by press reports on previously confidential information, the better. Why? It’s always preferable for your stakeholders to hear news from you before they hear it elsewhere. Breaking the news first allows you to explain the matter, paint a more complete picture, and provide context that a reporter may or may not include. 

The Right Way to Communicate With Stakeholders in a PR Crisis

Be clear, direct, and transparent – in internal and external communications alike. Don’t hide behind vague corporate language. It’s ok to correct misinformation and falsehoods, but you should also take responsibility if your firm misstepped in any way.

Give careful thought to:

  • How you communicate. Which channel will allow you to reach your various stakeholder groups most effectively? Should you call high-value clients personally? Hold a town hall meeting for employees? Send a mass email to your larger client list?
  • Who delivers the message. Who should be the spokesperson to each stakeholder group? Your CEO may not be the right person for every member of your audience. Depending on the situation, it might be wise to select another senior leader, a mid-level manager, or even a trusted community partner to make your case with various groups and help your firm retain trust. 
  • When you communicate. If it’s not possible to get ahead of the story, be sure to follow it up in a timely manner. Let your stakeholders know that you’re aware of the press coverage and offer as much information as you can about your firm’s position.

Remember: The world is not your audience. Your employees, clients, business partners, and in some cases your peers, industry and affinity groups are the people you need to worry about. Provide the information they need to understand what is happening. And monitor your firm’s two-way communication channels for stakeholder feedback so you can respond to questions and concerns as they arise.

An Ounce of Prevention: Take Steps to Strengthen Your Firm’s Culture 

Information leaks can be professionally damaging and personally disheartening for leaders in professional service firms. In the heat of the moment, the only thing you can do is respond to the crisis at hand. 

Stepping back, it is worth contemplating the cypherpunk construct that information wants to be free. Considering the human compulsion to share information with one another sociably, the rationalization humans are capable of when told they can’t do something, like share information, and the rapid decentralization of organizational design, executives may be forgiven for believing that leaks are an inevitability. If secrecy is mission critical to your organization, communication prohibitions may be put in place and steps taken to strengthen compliance and reduce the likelihood of employee backlash and resistance. (for more, see Sussman, Harvard Business Review, 2008.) 

Short of that, it’s also worth contemplating that firms with positive, transparent, and collaborative cultures tend to experience fewer leaks than those operating in a top-down, opaque fashion. So once your PR crisis is over, it can be helpful to identify the steps you can take to foster a healthier internal climate. These should include reshaping how you communicate going forward. Clear, consistent and appropriate internal messaging about leadership aims and decisions can foster an atmosphere of trust that will limit future leaks.

At the end of the day, protecting your firm’s reputation requires you to be both reactive and proactive. Respond swiftly when leaks happen. Talk to the reporter, and talk to your stakeholders. But along the way, don’t neglect the long-term work of creating an environment where partners and employees have zero desire to divulge sensitive information in the first place.

No matter what you’re facing, Greentarget would love to help you position your firm for immediate and long-term success. So let’s talk.

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