Greentarget

Blog

by

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.

by

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.  

by

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. 

by

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.

by

We hear it all the time: the next generation of talent—and leadership—wants more. More balance in their careers. More alignment with their values. More engagement with social issues.

The world of professional services firms—buttoned-up places that have traditionally skewed white, male and older, especially in leadership ranks—is particularly vulnerable to emerging stakeholders’ preferences. In a recent poll, less than 40% of Gen Z lawyers said they would like to join one of the U.S.’s largest 200 firms, down from nearly 60% just three years prior. Meanwhile, recent news out of law firm Barber Ranen involving the name partners’ racist, sexist, homophobic, and antisemitic emails (and those partners’ subsequent exit from the firm) is just one more indication that times are changing. Behavior that might once have been papered over now (rightly) carries significant consequences.

The question, then, isn’t whether these generational shifts are here or will have an impact. That’s a fait accompli. Rather, today’s business leaders should be asking how they can best communicate with their younger workers and clients to mitigate risks and set themselves up for success for years to come. Here’s how.  

Get to Know This New Audience

You can look up all the statistics you want: that younger employees care more about corporate culture; that almost 90% of millennial lawyers want flexibility and work-from-home options; that roughly half of accounting and finance students and young professionals cite personal well-being and mental health as a concern and think a great work-life balance is a key attraction factor for employment.

But while that’s a good start, it takes more to operationalize efforts at your own firm. Start by asking some key questions to help hone in: 

  • Who is our audience, internally and externally?
  • How quickly are their expectations evolving?
  • What messages do they need to hear and who should they hear them from?
  • How can we support our messages with tangible actions? 

 Social media listening, focus groups, surveys, and routine conversations with teammates and clients are extremely helpful tools for answering these questions.

For instance, one major law firm we work with held a series of focus groups last year to create messaging that would help attract and retain attorneys in a post-COVID landscape. The resulting messages—highlighting alternative career paths, the firm’s supportive culture, its initiatives around diversity, equity and inclusion, and a robust benefits program—were in large part aimed at this next generation of lawyers. They also helped with the continued evolution of their sponsoring and mentoring initiatives and talent outreach.

You can do the same with clients: Voice of the Client research can help build a multi-faceted understanding of your client’s needs, expectations and pain points—and can update your approach to the coming generation.

Establish and Live Up To Your Firm’s Values 

What does your professional services firm stand for? Why do you do what you do? And what impact do you make in the community, the nation, and the world?

These questions may sound lofty or even squishy to hard-charging business leaders. But these are the elements that millennials and Gen Z care most about. And MIT research shows that even if companies have a set of values written down, far too few are translating them into action in any tangible way.

The good news is since many organizations don’t meaningfully connect their actions to their values, you have an opportunity to set your firm apart in the minds of emerging stakeholders. To do so, you’ll need to look at your existing mission, governing principles, and values and honestly assess how well you’re living up to them. 

For example, if your values state that you’re committed to creating an internal culture that’s welcoming and inclusive, evaluate what building blocks you’ve put in place to make that value a reality. Have you taken steps to attract and retain a more diverse workforce? Are you actively combating harassment at your firm? Are you elevating diverse voices and ensuring people from underrepresented groups have a seat at leadership tables?

You’ll also need to be able to read the room and pivot when necessary. One professional services firm we work with did just that – after a series of acquisitions, the firm realized it needed to step up its executive communications game, particularly when it came to reaching newer, younger and prospective employees. A content campaign of internal emails and byline articles from one of the firm’s leaders brought the organization’s values to life in a personal, authentic way—and aimed to infuse the firm’s work with purpose, meaning, technological innovation, and fun.

Embrace an Authentic, Transparent Approach to Communication

Finally, you’ll need to evolve your firm’s communication style to earn the trust of a younger audience. Follow these best practices as you get started:

  • Carefully consider who to appoint as your firm’s spokesperson in each PR situation. Your CEO or managing partner may not always be the ideal choice, even when you’re countering negative press. A community leader, boots-on-the-ground manager, or third-party expert might be better suited to make your case and establish (or reestablish) trust.
  • Be strategic about the channels you use when communicating with younger audiences. Social media channels—especially YouTube and TikTok—are more effective at reaching Millennials and Gen Z than traditional media outlets. When you do communicate using these channels, be sure to keep a close eye on your audience’s comments and reactions. Staying engaged even in the face of criticism or intense questioning is key to demonstrating trustworthiness.
  • Avoid jargon and corporate speak. Use clear, straightforward language that paints a compelling picture. Don’t be afraid to pull back the curtain on your decision making process or draw on personal experiences. Younger audiences in particular roll their eyes at any hint of obfuscation.
  • Back up your words with action. Authenticity doesn’t just come from words—it comes from meaningful and concrete actions that support those words, whether it’s new hybrid working policies, benefits programs, mentorship opportunities, or DEI initiatives.

The Future is Now for Better Communications and Better Business

It’s imperative that professional services firms recognize the capabilities of Gen Zers and millennials, and work towards meeting their needs as soon as possible. That makes sense from more than a recruitment standpoint. Soon, those generations will also be in need of your services—but only if you take the time to establish trust now.

Taking steps to develop and adhere to strong corporate values, operate transparently and ethically, and understand stakeholder sentiments just make good sense, for your operations today as well as for the future of your business.

Greentarget knows how to develop PR strategies that speak the language of every generation. As a full-service communications firm, we’d love to help you position your firm for success now and down the road. Let’s talk.

by

As your professional services firm continues to navigate today’s uncertain economy, it may become necessary to adjust staffing levels and/or cut expenses in other ways. And though these actions are intended to position your firm for long-term success, they can weaken your business if not done thoughtfully and with empathy for your audience.

Take MillerKnoll CEO Andi Owen as a cautionary tale. In April, she urged employees to “leave pity city” in response to complaints that they would not receive bonuses. In her video message, Owen starts off by encouraging employees to “focus on the things we can control.” But as she continues, her thinly veiled frustration starts to seep through. And before long, she raises her voice, wags her finger, and sarcastically scolds her team, saying:

Don’t ask about ‘What are we going to do if we don’t get a bonus?’ Get the damn 26 million dollars! Spend your time and your effort thinking about the $26 million we need and not thinking about what you’re going to do if you don’t get a bonus. Alright? Can I get some commitment for that? I’d appreciate that. I had an old boss who said to me one time, ‘You can visit pity city, but you can’t live there.’ So people? Leave pity city; let’s get it done. Thank you. Have a great day. 

She ends the video by making hand motions depicting an explosion, as if she’s just delivered a mind-blowing, enlightening truth bomb. But the biggest hit she delivered was to her own reputation.

Here’s the actual truth bomb: Empathy for your audience is fundamental to effective communication. And as a leader, you can’t afford to alienate your audience by delivering hard truths the wrong way.

The Business Impact of Empathetic Communication 

It’s never easy to share difficult news about things like staff reductions, bonus/salary freezes, and budget cuts. However, communicating challenging circumstances skillfully is an excellent way to establish your firm’s authority and build trust with your audience.

A communication plan rooted in empathy can:

  • Protect your firm’s reputation with internal stakeholders and the public 
  • Limit the amount of time bad news spends in the news cycle
  • Reassure stakeholders that you know what it takes for your firm to weather the storm and come out on top
  • Reinforce your brand and underscore your organizational values

Even if your firm is in good financial shape at the moment, you’ll most likely need to communicate difficult news at some point. It’s just part of running a business. And since the best way to manage a PR crisis is to avoid creating one in the first place, it’s wise to start working on your playbook now. 

5 Elements of a “Hard Times” Communications Playbook

Your firm’s financial health must guide your decision-making. But your stakeholders’ needs and expectations should be the compass that directs your communication plan. Incorporating the following five elements into your comms strategy will help you make the best of otherwise undesirable situations.

1. Exhibit Compassion

Every decision you make about your business impacts your people in some way. So when you’re communicating news about layoffs, salary freezes/reductions, and other cost-cutting measures, don’t underestimate the human toll the news will take.

Your employees may ask you difficult questions, put you on the spot, and criticize your leadership in response to hard news. Treat them with dignity anyway. You can’t walk in their shoes, but you can remain empathetic and expressgenuine concern for their welfare. 

2. Time the Announcement Carefully

You should always share bad news with employees who are directly impacted before you announce it to everyone else. However, you should also know who your secondary and tertiary audiences are and be ready to cascade your messages to them quickly.

Bear in mind, anything you say internally has the potential to be shared externally. So don’t begin communicating with employees until you’ve put together a plan for responding to questions and concerns from public stakeholders and the media.

3. Use the Right Channels to Communicate to Each Audience

It’s also important to think about how you will communicate difficult messages. Should you send an email? Schedule a video conference? Hold a town hall meeting? Personally speak to employees in small groups or one-on-one? 

There’s not necessarily a right or wrong answer here. But in general, you should do what feels most authentic to your firm’s culture and you shouldn’t simply take the easy way out. 

Firing 900 employees over Zoom won’t win you any goodwill. Again, keep empathy at the forefront when choosing how you’ll deliver the news. 

4. Be Blunt, But Kind

This might seem like counterintuitive advice. But when it comes to delivering hard truths, it’s ok to be blunt as long as the message is anchored in genuine kindness. 

In fact, it’s often better to deliver the truth in a straightforward manner rather than try to soften bad news or minimize its impact. After all, economic uncertainty causes nearly everyone to feel higher levels of fear and paranoia. So sometimes the kindest thing you can do is remove all uncertainty from the equation. 

Don’t beat around the bush or use vague, confusing language. Instead, be transparent and direct. Let your employees know exactly what’s happening and why. Share the business case for the decisions you’re making. And give as many details as you can about what will happen next. 

5. Reassure Your Stakeholders That the Future is Bright

Finally, provide your team with a clear idea of where your firm is headed so you can rally them around a shared set of goals and objectives. This is an opportunity to sharpen your value proposition, streamline operations, and align your people for the path forward.

Your stakeholders need to know that you’re making decisions based on what’s best for the company and, ultimately, what’s best for them, too. To that end, don’t share bad news without also painting a picture of a bright future you can all believe in and work toward.

Communicate Effectively to Guide Your Firm Through Challenging Times

In decades past, CEOs and other executive leaders may have had more freedom to communicate bad news in a top-down, authoritarian way. The rules were different, and previous generations of stakeholders and employees were more willing to accept a “this is the way it is” approach to communication.

Whether you accept it or not, that style simply doesn’t cut it anymore. And if you slip into old-school patterns of communication, you can be sure it will come back to haunt you. 

Leading your firm through choppy waters starts by winning the trust of your people. And that, of course, begins with communicating effectively in good times and in bad. So if you need help evolving your executive communications playbook? Let’s talk.

Close
Close