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Comms Strategies

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Prior to his arrest, Sam Bankman-Fried’s attempts to explain the collapse at FTX did little to reassure or assuage his audience and stakeholders. Nor did they inspire confidence in the company’s ability to rebound from its downfall. Rather, by over-explaining his position, SBF seemed intent on proving that FTX lacks (and apparently has always lacked) any sense of organization, discipline, or accountability.

Allegations of fraud aside, among Bankman-Fried’s mistakes is his insistence on behaving like a classic tragic figure. Like Shakespeare’s King Lear or Arthur Miller’s Willy Loman, Bankman-Fried appears to be unaware of how the world sees him. Yet he can’t seem to stop trying to convince everyone that his own flawed vision of himself is just and true.

What SBF needs (or, rather, needed) is a fool, just like the fool in King Lear’s court — a brave and discerning advisor who’s close to the center of power, able and willing to speak the truth that no one else can. If you’re a PR or communications leader, you’re uniquely suited to meet this need at your organization.

What Executives Can Learn from a Fool

In King Lear, the Fool is not merely a court jester. Sure, the Fool cracks jokes at the expense of the king. But the fool is there to do more than entertain. This character sees through the artifice of the king’s self-delusion and uses irony and wit to force King Lear to look in the mirror and face the consequences of his behavior. 

The Fool is loyal to his ruler, for sure. He has the king’s best interests at heart and knows his strengths and weaknesses better than anyone. The Fool uses his position within Lear’s inner circle to try to protect the king, continually warning him of the folly of his poor decisions.

Where’s the Fool at FTX? 

In an interview with Andrew Ross Sorkin, Bankman-Fried said there was no one at FTX who challenged him. If his account is to be believed, not a single person advised him of the missteps his company was taking. No one was responsible for monitoring risk or alerting higher-ups that what they were doing was dangerous or wrong. (Of course, perhaps someone did try to speak out and SBF was simply unwilling to listen. Lear ignored his Fool, too — and it led to his undoing.)

The result? FTX is bankrupt. Bankman-Fried has resigned as CEO. He lost his personal fortune and the fortunes of others. Many of those who previously lauded SBF’s ingenuity have disappeared. And SBF has pled not guilty to allegations of fraud, conspiracy, and money laundering — underscoring his commitment to proving that his vision of himself is true.

It’s impossible to know if things would have turned out differently for FTX had someone seized the Fool’s mantle. But the lesson here is that every king (or CEO) needs someone who’s willing to play the wise Fool, especially in the face of a PR maelstrom. 

Here’s why PR leaders are uniquely suited to play this critical role. 

You Know How to Shape Messages Your Audience Will Accept

Of all the executives in the CEO’s sphere of influence, PR and communications leaders are closest to the organization’s audience. On good days, you’re the person who’s carefully crafting messages that resonate with the public and advance your organization’s strategic goals. On bad days, you know which messages stand a chance of breaking through the noise to reach and reassure your stakeholders. Therefore, you know what your audience will accept as credible, and what it will find disingenuous. 

As much as they may want to, CEOs can’t kill a negative PR story or otherwise spin their way out of a crisis. They also shouldn’t blindly take legal counsel’s advice to stay silent (although, in SBF’s case, silence would likely have been the better strategy). 

It’s your job to help your CEO communicate responsibly in the midst of any PR challenges your company may face. If you don’t believe what the CEO is saying, you know your audience won’t either. And because it’s your responsibility to protect your firm’s reputation, you have an obligation to rethink any messages that ring hollow or — worse — untrue. It’s not about doing the right thing from a moral perspective (though it is…), it’s about doing what’s best for the company’s reputation.

To play the Fool effectively, you’ll need to:

You Understand How the Firm Should (and Should Not) Respond to a PR Crisis

Following the FTX collapse, the only information Bankman-Fried offered led many reasonable people to draw one of two conclusions: either he’s a criminal or he’s profoundly incompetent. Whichever conclusion you drew, he certainly did little to repair his image, or restore the reputation of his company, or at least slow the erosion of either. 

True, he apologized. But a shallow demonstration of contrition without meaningful insight into what went wrong or what he’d do differently next time doesn’t mean a whole lot to people who’ve lost everything. Bankman-Fried provides an excellent example of how CEOs should not respond to a PR crisis. 

During a crisis, PR counselors remind their CEOs that:

  • Now’s the time to set ego aside
  • Bad stories are probably inevitable, but good PR can make bad stories less bad
  • Statements framed in default corporate-speak alienate the audience further — now is the time for authenticity and vulnerability 
  • Crises are an opportunity to fix what is broken within the organization
  • It’s ok to punch back (purposefully) against false claims, misinformation or carelessness 

PR firms have spent decades creating effective crisis communications playbooks for a reason. Your CEO might want to break with convention to share her or his desired message. But there should always be a thoughtful strategy behind the approach your organization takes.

Play the PR Fool to Direct a Smarter Conversation at Your Firm

The downfall of FTX — and SBF’s subsequent media tour  — provide an extreme example of a badly handled crisis. And though the whole situation is a train wreck you can’t help but watch, there are valuable lessons here for CEOs as well as PR professionals.

CEOs must create space for trusted advisors to tell them the truth — even the hard truths they don’t particularly want to hear. And PR/communications leaders must be willing to play the Fool — especially when, like King Lear, their CEO seems bent on folly of another sort  (whether they’re aware of it or not). 

Greentarget can help you put a PR plan in place that upholds and protects your firm’s reputation. There’s no need to speak truth to power on your own since we’re here to help.

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If you’re an executive leader whose organization is facing a current or potential lawsuit, it’s important to consider a very important question. How do you manage the tension between protecting your firm from liability and mitigating a hit to your reputation? 

Navigating a litigious event is daunting — and there’s plenty to worry about just preparing for the legal battle that lies ahead. On top of that, a lawsuit can also pose a significant threat to your firm’s public image. And since even the perception of guilt can cause you to suffer losses in valuation and revenue, the reputational risk that accompanies litigation can ultimately cause more harm to your business than the litigation itself. 

Complicating this further, your legal team will tell you to keep quiet and avoid saying anything that could damage you in court. But your PR firm should insist that it’s crucial to get ahead of negative blowback and proactively communicate with your audience. 

Here’s why you should avoid adopting an overly conservative response — and five strategies to communicate effectively in the midst of a legal crisis.

Why You Need an Effective Comms Strategy When Facing Litigation 

Whether your firm is innocent or guilty from a legal perspective, staying silent in response to an attack on your firm’s image is not a good option. Why? In the absence of an official statement from you, your audience is much more likely to accept someone else’s narrative — or create one of their own. 

Academic research bears this out. According to William Benoit’s Image Restoration Theory, “The important point is not whether the business is in fact responsible for [an] offensive act, but whether the firm is thought to be responsible by the relevant audience” (emphasis added).

More simply put, perception is reality. So even if (or perhaps particularly if) you’ve done nothing wrong, it’s essential to communicate your side of the story to your audience. 

How Good PR Enabled a Healthcare Company to Gain Market Share

I saw the importance of managing the narrative around litigation first-hand when I represented a healthcare company that had recently acquired a new technology. When they attempted to break into their competitor’s market, the competitor promptly sued them for patent infringement in several countries.

Initially, my client’s IP lawyer persuaded them to stay silent. But the competitor was relentless, releasing well-crafted statements after every milestone decision in court. It spun every decision in its favor. As a result, my client’s sales team encountered significant resistance in the field. 

Further, the client was a publicly traded company, and its stock prices came under pressure as the competition persisted with its full-court press.

The tide turned when the client’s executive leader stepped in. He understood that even if his organization won the legal battle, it could still lose in the court of public opinion. That meant their business’s very viability was on the line — and he knew it was important to speak out.

So we set out to beat the competitor at its own game. We collaborated closely with the client’s legal team to create scenario plans for every lawsuit in each of the several countries where active litigation was underway. We charted out every possible outcome for each milestone in every jurisdiction. We drafted a press release for every outcome that would relay our point-of-view into the marketplace as soon as each milestone was achieved. 

This proactive, well-timed strategy enabled the client to maintain its customer base and eventually preserve the market share it had taken from its competitor. Thanks to executive leadership who understood the need to balance legal and reputation risk, the comms and legal teams were able to work collaboratively. Together, they addressed the compelling issues facing the company beyond the courtroom. 

5 Steps to Manage Your Firm’s Reputation During Litigation

Protecting or restoring your firm’s image as a result of litigation will take a serious concerted effort on the part of your internal team. And though a partner like Greentarget can do much of the heavy lifting to facilitate this process, your Executive Committee members, legal counsel, and other influential figures will need to come together to craft your PR response.

This will require you to take five crucial steps.

1. Conduct Scenario Planning to Plot Likely Outcomes

High-profile, complex litigation can last for months, if not years. Therefore, as we saw in the example above, one of the most important things you can do is put strategies in place to minimize the impact of ongoing negative press.

To think through every likely scenario, ask questions like:

  • What are all the possible outcomes we may need to address?
  • How severe is the reputational threat of each outcome?
  • How could each scenario potentially unfold?
  • How should we respond to each scenario?

Finally, you’ll need to gather any data or supporting information required to inform the appropriate course of action in response to each scenario.

2. Prioritize Your Audiences

The details of your litigation may not affect — or even interest — every segment within your audience. Knowing exactly who you’re talking to is crucial in getting the right message across at the right time. Therefore, it’s important to tailor your response to the audience members who truly need to hear it.

Consider:

  • What audiences have the potential to be impacted?
  • Which audiences will be most affected?
  • What is the chain of influence within the audience environment?
  • How large is the gap between current and desired perceptions within each audience segment?

Then, develop concise, quotable, factual messages based on each audience’s needs. Use supporting details, analogies, metaphors, and other storytelling devices to capture their attention and foster empathy for your message.

3. Determine Which Communication Platforms to Use

Good communication plans are customized based on your audience’s needs. In the same way, it’s important to deliver your message using the mechanisms they are familiar with or accustomed to. 

For example, you might choose to email your current clients because that’s how you normally communicate with them. Employees might expect to hear from you in an interactive town hall setting. But your investors or other key stakeholders might need to meet with you one-on-one.

Managing your firm’s reputation is too important to simply issue a one-size-fits-all message using your largest platform. Personalization is the name of the game. 

4. Identify and Prepare Appropriate Spokespeople to Deliver the Message

It’s also important to consider who should communicate your message to each segment of your audience. As an executive leader, you might be the best person to talk to the media or communicate with your board or other influential stakeholders. But there may be other spokespeople in your organization who would be more effective at reaching certain audiences.

No matter who you choose to speak on your organization’s behalf, make sure they are prepared to master high-pressure environments. Greentarget can provide coaching to ensure each spokesperson knows how to:

  • Deliver key takeaways first
  • Distill important points into memorable soundbites
  • Block unwanted questions and maneuver the conversation back to your desired talking points
  • Stay calm and poised when fielding difficult questions

Just remember: Your choice of spokesperson is also a message. Carefully think through how each audience segment will feel about hearing your message from your chosen representative.

5. Put a Rapid Response Team in Place to Fill In Any Gaps 

There are natural news events built into any litigation (e.g. filing of the complaint; subsequent motions; the verdict). In the scenario planning phase, you created a planned response for each one. 

Still, unforeseen situations are bound to arise. And when they do, it’s vital to have a team in place that’s equipped to respond quickly.

Your rapid response team should actively listen and monitor the situation at all times. By having an ear to the ground, you can stay ahead of any curve balls potentially coming your way.

Bring PR and Legal Counsel Together When Facing Litigation

Although PR and legal counsel approach the challenges of litigation from opposite sides, they ultimately want the same thing: to protect your firm from harm. Since lawsuits typically stem from — or result in — a reputational crisis, your PR strategy and your legal strategy must be linked.

Staying silent in the midst of a crisis is rarely the best option, but you also don’t want to say the wrong thing. To that end, crafting an effective communications strategy in response to high-profile litigation undoubtedly requires expert guidance and support.

That’s why it’s essential to surround yourself with experts who’ve navigated these challenging circumstances before. Greentarget has helped numerous clients direct a smarter conversation throughout the course of litigation. We’d love to help you, too. Just reach out.

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Executives are increasingly expected to speak up on a range of issues – but just because they have something to say doesn’t mean a news outlet will run it. Depending on the content and intended audience, an external publication might not even be the best medium for the message.

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PR firms talk at length about concepts such as thought leadership and creating unique POVs that serve your audience. We tend to wax eloquent about participating skillfully in the conversations that matter most as an authority. That’s because we know that when your audience views you with trust and respect, they’re more likely to come to your firm for help in solving their toughest challenges.

Still, it’s natural for you to ask one simple question. Is our PR investment really worth it? 

It can be difficult to draw a direct line between the PR campaigns you invest in and the client engagements you secure as a result. And if you’re not able to accurately measure the ROI of your PR efforts, how can you be sure you’re allocating resources in the most impactful areas possible? 

You need to look at the right metrics at the right time. Because the truth is, authority is the ultimate ROI of an effective PR program. Assessing its full impact requires a holistic perspective and a willingness to prioritize long-term value over short-term wins.

The Value of Authority 

Our goal at Greentarget is to help clients establish and demonstrate their authority. But what does that really mean? And more specifically, what will it look like when your firm is viewed as an authority in your industry? 

First, it’s important to understand that the terms “thought leader” and “authority” are not interchangeable.

Thought Leaders Share Expertise

Thought leaders are ahead of the curve and play a key role in shaping the direction of their industry. However, they tend to share their knowledge in a one-way fashion — usually through owned media channels that don’t invite much discourse. As such, thought leaders aren’t typically concerned with how their audience receives and interprets the information they put out into the world. They simply want to reach as broad an audience as possible with the messages that are most important to their organization.

Authorities Serve Their Audience

By contrast, authorities go beyond dispensing expertise. They carefully consider how to position their knowledge in ways that matter to their audience. Yes, they are bona fide thought leaders in their own right. But true authorities express their POV to spark dialogue, solicit feedback, and test their ideas and perspectives among other experts. 

Furthermore, true authorities aren’t simply heard — they’re heeded. Unlike thought leaders who are usually more reactionary, authorities shape the conversations that matter and inspire action as a result. And they’re willing to embrace feedback, consider new viewpoints and pivot when necessary. 

To achieve this level of influence, you’ll need to:

Anyone can be a thought leader, but not everyone can be an authority. That’s why Greentarget’s approach to PR is oriented around helping firms discover and harness their authority. 

The ROI of Authority

In our highly digitized landscape, we’ve become obsessed with quantitative metrics. And there’s no shortage of data points we can analyze to measure the effectiveness of various communication tactics. 

For example, it’s common to assess your PR campaigns by tracking how often you’re cited by credible media outlets and other authorities in your field. Or, you might look at marketing metrics such as organic web traffic, time on page, click-through rates, and conversion rates to analyze how well you’re reaching your broad audience. 

But as important as these quantitative numbers are, they don’t tell the full story.

It’s About Quantity and Quality

Measuring the ROI of authority requires you to think about qualitative indicators and insights that round out the quantitative data. Instead of only asking how many people you’re reaching, you should be evaluating how effectively you’re engaging the prospects that matter to your firm the most.

After all, it’s better to have one quality conversation that leads to a high-value engagement than 100 conversions from wrong-fit prospects. But if you look at your standard KPIs in a vacuum, those 100 leads look a whole lot better than one conversation. 

To be sure you’re measuring the right indicators of authority’s ROI, ask yourself:

  • How often are our ideas sparking real dialogue among the people we’re most interested in reaching?
  • Are our POVs being iterated upon and therefore becoming sharper and smarter over time? 
  • To what extent are we challenging existing narratives or assumptions within our industry? 
  • What kind of feedback are we getting from our network when we put ourselves out there with a new or provocative point of view?

During the pandemic, Freightos, a digital booking platform for global shipping and logistics, discovered they possessed valuable data about supply chain issues. They determined they had information and a level of analysis that the industry could benefit from, and started a podcast to share their insights about shipping data, including an index of ocean container travel times. Subsequently, The New York Times ran a feature story about their impact. 

What’s interesting is that Freightos didn’t measure success based on how many people accessed and downloaded their useful, salient data. And though they were excited to be featured in The New York Times, that was not the end-all, be-all for them. What signaled success for them was hearing excitement and buzz from the friends, colleagues, and influencers in their own network. That’s when the ROI of their PR efforts was fully crystallized in their minds — when they were recognized as an authority.

Leading vs. Lagging Indicators of PR Success

It’s also important to understand that many of the standard KPIs used to evaluate the effectiveness of PR are lagging indicators of success. But your authority is a leading indicator of future results. In other words, the qualitative measures of impact we discussed earlier are both results in their own right and assurance that you’re headed in the right direction. 

The initial evidence (i.e. leading indicators) that your firm’s authority is yielding ROI can be found in the quality of the conversations you’re having and the anecdotal affirmations of your influence in your network. 

Then, over time, you’ll see additional lagging indicators of your authority’s ROI, such as:

  • Revenue. Your revenue is growing over time, and you’re reaching desired growth targets. 
  • Geography. You consistently see media coverage in the markets that matter the most to you.
  • Talent. Your firm is an employer of choice and you succeed in attracting and retaining top talent as a result.
  • Profitability. Because your authority yields more right-fit conversations, you’re able to focus on the engagements that lead to the greatest profit.
  • Capabilities. You continually identify new services and offerings that evolve with your clients’ changing needs.

In other words, realizing the full ROI of your authority requires you to take the long view.

Invest In PR to See the ROI of Your Firm’s Authority

Although establishing your firm’s authority is a process that requires patience and perseverance, you’ll never see the ROI you’re after without taking the first step. That means you can’t afford to put it off or hope for the best. You need to work with a partner who knows how to build your authority and leverage it in ways that contribute to your firm’s immediate and long-term success.

Greentarget clients have seen a significant return on their PR investment, both in terms of the authority they earn and the business engagements they secure as a result.

We can help your firm, too — but only if you make establishing your authority the priority it needs to be. 

It’s time for you to seize the mantle. So let’s talk.

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Amidst the Great Resignation, companies increasingly face disruption from the mass exodus and acquisition of employees. The departure of public relations and marketing leadership can prove especially difficult, given their handle of your company’s communication strategy – involving both publicity and reputation management.

Though this period of staffing transitions is poised to persist, it doesn’t require the derailment of your company’s marketing and communications plans. Involving your external PR firm during the off/onboarding process is a great way to keep your communications momentum going.

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If your firm is facing a crisis that’s about to make headlines, your first instinct is probably to try to make the story go away. That’s understandable. No one wants bad press or to see her or his firm’s name dragged through the mud. 

But you can’t stop reporters from doing their jobs. They are going to tell your story regardless of your feelings about it. And if you try to kill the narrative, your efforts could cause more reputational harm for you and your firm than the bad news itself.

As a senior leader, it is up to you to calmly guide your firm through the crisis with honesty, transparency and humility. There may be no way out, but there is a way through. And in our experience, the way through is eased by mindful appreciation of certain things that aren’t commonly found in your typical crisis playbook.     

Here are the seven truths you should remember when the next crisis hits.

1. The Press Coverage Is Going to Be Bad. You Can Only Make It Less Bad. 

If a reporter asks you to provide a comment for a story about a crisis at your firm, you can’t make the story go away, turn it from negative to positive, or avoid the likely ding to your reputation. The coverage is going to be bad. But you may be able to exert control over how bad it is by: 

  • Giving the reporter an interview. As counterintuitive as it may feel, now is not the time to shy away from the spotlight. Instead, engage skillfully with valid arguments and counterpoints that provide context for your side of the story.
  • Helping reporters get it right. Credible journalists want to be fair and accurate. Give them context and information that will enable them to separate fact from fiction.
  • Communicating directly with your audience. No matter how many people hear the bad news that’s about to break, remember: The world is not your audience. Spend the lion’s share of your energy communicating directly with your employees and clients and other stakeholders who matter most.

2. You’re Going to Feel Differently About This Crisis in Three Months.

So the press coverage was bad. You’re embarrassed and morale at your organization is low.  When facing such a scenario, it may feel like the stigma will last forever. But Wells Fargo is still making loans. United Airlines is still flying planes. And you can still pick up a Whole30 Lifestyle Bowl, with double protein at Chipotle in your brand new Volkswagen. These companies worked through significant threats to their reputation and you will too. The way you respond to the crisis will influence how long it takes for you to rebound. You need an authentic mitigation strategy and effective communication plan to regroup and redirect. 

3. Your Default Corporate Statement Will Cause Eyes to Roll. This Is the Time to Be Authentic and Vulnerable. 

In response to bad press, your lawyers and advisors will want you to release a statement that shields your firm from liability. Chances are it will sound overly formal and stilted, not address the underlying issue, and sound nothing like anything a human being would actually say. If you want to repair the reputational damage a PR crisis can cause, resist the urge to hide behind the pat holding statement. 

Moments of crisis require executive leaders to respond with transparency and accountability. Your employees, clients, and other stakeholders want to know you genuinely care about addressing the underlying problems that brought your firm to this situation. 

If you need to dispute certain details in the press coverage or the degree to which the organization is responsible, you can do that. (See no. 6, below.) But do so while expressing sincere regret for any missteps that occurred on your watch. Above all, communicate empathy and concern for anyone who was harmed or affected by the events in question.

4. Set Your Ego Aside. You May Be Embarrassed, but This Is Not About You.

Sharing statements that dodge accountability is not the only way to undermine effective communication. Your own ego and the desire to avoid personal embarrassment can also get in your way. A reporter’s questions are rarely ad hominem attacks. Even if they are, taking them personally risks clouding your judgment. To address the issues at hand, your vulnerability and willingness to listen are more effective because they are disarming. 

5. If Something Is Broken in Your Firm, Fix It.

Good things can come out of even the worst situations — but only if you’re willing to do the hard work of repairing what’s broken. To that end, don’t waste the opportunity this crisis affords. As an executive, you have the power and responsibility to get to the bottom of what’s wrong. 

Some problems are easier to fix than others. But even if you discover systemic issues, don’t give up until you unravel them. Ask your employees, stakeholders, and investors to help you identify and name your organizational shortcomings. And empower these same people to help you solve them.

Once you’ve done everything you can to address and repair the situation, communicate the steps you’ve taken with the press and with your internal and external stakeholders.

6. You’re Allowed to Punch Back if It’s Warranted.

You should do everything in your power to remedy situations for which your firm is responsible. But if a reporter assigns blame to you for things out of your control — or treats you with blatant unfairness — you should absolutely address it.

Do your due diligence first. Make sure you fully understand the situation and that you have your own facts straight. But then feel free to go on the record and dismantle the opposition’s arguments using clear, to-the-point communication. Don’t accept an unmerited hit to your reputation. And enjoy the warm feeling of satisfaction that this will deliver! 

7. You Need to Take Care of Yourself.

Leading an organization through a reputational crisis is not easy. The potential for overwhelming stress and exhaustion can’t be overstated. You need to take care of yourself in order to handle the situation in the best way possible. 

Think about the fundamentals that you need in order to stay focused and productive on a normal day. Do you typically run a few miles every morning? Write in your journal to keep yourself accountable to your goals? Eat a healthy diet full of fresh fruits and veggies? 

It’s tempting to forgo selfcare and other wellness routines during stressful situations. The “all hands on deck” mentality can even make you feel guilty for spending time on yourself. But all the added pressure and stress make it more important than ever to double down on the fundamentals so you can continue to function at peak performance. 

Your organization needs you to be at your sharpest to see it through to the other side of the crisis. So give yourself opportunities to take a break from the unrelenting news cycle and focus on the people, places, and pursuits that bring you joy. Doing so will help you carry the heavy burden of leading a firm through a high-stress season.

The good news is you don’t have to navigate this crisis alone. Greentarget has developed effective PR strategies for clients facing a variety of special situations. We’d be happy to help you, too — just reach out.

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