Greentarget

Measurement and ROI

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If you’re looking for tangible ways to improve your PR or professional services firm’s commitment to diversity, equity, and inclusion (DEI), you’re not alone. DEI is a key business priority for a majority of C-suite executives and in-house counsel, according to Greentarget and Zeughauser Group’s 2022 State of DEI Content report — and the most frequently mentioned area where decision makers want guidance from their service providers is on how to recruit and retain diverse talent. 

That report got me thinking about what leaders could learn from my perspective garnered from wearing various hats at Greentarget: a former intern, a current senior associate and intern coordinator, an Asian-American woman breaking into a historically and predominantly white industry, and — last but not least — a member of Gen Z who, like many of my peers, prioritizes the social impact of my work and the inclusive values of my employer. 

Two years ago, I navigated a remote internship with Greentarget in the midst of the pandemic. Last summer, I returned for an in-person internship. And today, not only am I an associate serving clients in the legal and professional services industries, with a focus on media relations — I’m also a coordinator on Greentarget’s intern team, responsible for recruiting, training, and overseeing our intern classes (whose seat I was in not too long ago), as well as expanding our diversity recruiting strategy and partnerships. 

My internships played a direct role in influencing my decision to further my career in public relations at Greentarget, not only by giving me hands-on PR experience — but also by fostering a workplace with an authentic commitment to DEI, allowing me to envision myself as a team member, mentor, and leader whose perspective would be encouraged, rather than curtailed. And as value-oriented Gen Z professionals continue entering the job market, decision makers at professional services firms can and must take proactive steps to recruit and retain young talent. 

1. Demonstrate an Authentic Commitment to DEI at Your Firm

Gen Z is the most diverse generation in American history. We actively tune into DEI conversations and want to work for organizations that align with our values. And we expect employers to go beyond the performative when it comes to creating a diverse, equitable, and inclusive atmosphere. 

Tackling issues of diversity and inclusion is not easy, and it’s not about establishing quotas or simply boosting your numbers. Rather, it’s about creating a workplace culture where diverse talent wants to invest their professional energies. Getting started can feel intimidating, and DEI initiatives can and should be ongoing. But the good news is there are thoughtful ways to start embedding DEI into your culture that aren’t overly complicated or expensive. 

At Greentarget, we started a book club that gives interns and employees an avenue to explore DEI-focused topics. Reading Minor Feelings, for example  — an autobiography by Korean American author Cathy Park Hong — particularly resonated with me. Not only was I able to voice how my Asian-American identity has impacted me personally and professionally, but our whole team engaged in open discourse about the Asian-American psyche, and how we can be more culturally competent in the workplace.

If you’re looking to start a similar initiative at your firm, don’t be deterred by your level of understanding about a given identity or aspect of DEI. Initiatives like our book club are, after all, about education: providing a platform for your team to share their experiences, and actively listening for insights and opportunities to become a more socially conscious professional and person.

It’s also important to give interns a seat at the table, and for them to see employees from underrepresented backgrounds taking part in the business, including as decision makers. One way we do this is to invite interns to participate in many of the same professional learning opportunities that associates and leadership team members attend — from company-wide trainings on media relations and strategy, to brainstorms during which we discuss current events and explore new pitching angles. Of course, it’s also important for interns to see diverse employees in action, whether in client-facing roles or leading internal initiatives. Representation matters.

2. Elevate Diverse Voices Internally and Externally 

It can be challenging for people of color and members of underrepresented groups to speak up and share ideas freely at work. And frankly, it can be especially intimidating to interact with powerful (often white male) senior executives. 

This is as true for associates as it is for interns.

That’s why people in positions of power within your professional services firm should look for ways to open doors of opportunity and amplify diverse voices. This can be as simple as:

  • Asking questions and truly listening to the answers 
  • Encouraging interns and young associates to share their ideas and giving them merit 
  • Staying curious about perspectives and lived experiences that differ from your own  
  • Seeking input about ways to improve your culture 
  • Offering one-on-one mentorship and support 

It’s also important for your interns to see you promote diverse perspectives through your owned and earned media efforts. Greentarget is deliberate about representation on our own Insights page. We use it as a platform to amplify voices from across our entire organization, from our CEO to associates and interns. 

The diverse employees at your firm have unique and compelling points of view that will resonate with your audience. Use your platform to make their voices heard.

3. Provide Interns Access to Meaningful Work 

The best internships offer students a glimpse of what their professional futures could look like. So if you want your internship program to become a powerful recruiting tool that advances your DEI objectives, you need to give interns work they can be excited about.

From day one of my internships at Greentarget, I felt I was part of something bigger than myself. I was able to:

  • Immerse myself in topics that matter to society as a whole — like tax law, healthcare/drug pricing, and labor/employment law
  • Create a start-to-finish media campaign addressing corporate responses to the Black Lives Matter movement and present it to the entire company 
  • Interact with and learn from junior, mid-level, and senior members of the team 

That’s not to say I didn’t also handle lower-level tasks as an intern. After all, I was there to learn the business from the ground up. But employers can elevate even menial tasks if you share the “why” behind each one. For example, I initially overlooked the importance of the media lists I assembled — but by educating my intern cohort on the media relations process and how our work shaped this process, my mentors at Greentarget illuminated the significance of a “simple” task like a media list. 

4. Connect the Dots Between Your Firm and a Larger Societal Impact

The media and the PR industry help shape our understanding of the world around us, from business trends and political news to social issues. Consider what role the media has played in cultivating your awareness of the most pressing issues today — climate change, inflation, racial and gender inequality, presidential elections and geopolitical struggles happening halfway across the world?

When most people read a Washington Post article or watch a CNN segment, they probably don’t think about everything that occurred behind the scenes to produce those pieces. Before I entered the PR industry, I certainly didn’t. But PR professionals like us at Greentarget often play a key role in helping that work come together. 

Reporters often say to me, “My reporting is only as good as my sources.” Journalists rely on trustworthy, expert authorities — lawyers, accountants, consultants, and more — to explain complex issues in straightforward language and provide credibility for the accuracy of their reporting. PR professionals may spend weeks, even months, cultivating the reporter-source relationship behind a three-sentence quote. 

Over the two years since my initial internship with Greentarget, I gained an understanding of the end-to-end media relations process that has illuminated the value in even the most routine tasks. From helping a client articulate their unique perspective on a topic, sharing that perspective with reporters, coordinating and attending an in-depth interview, and eventually seeing our clients’ words from that discussion contribute to a tangible story, I see how my efforts contribute to the larger conversation.

So, how does this apply to you? To reach intern candidates who value the social impact of their work, highlight the larger results of their role. Remind them that when they do research to ensure the stories we pitch are rooted in fact, not fiction, we help fight fake news. And underscore the reality that when they secure a writing opportunity or a quote placement for a source with a diverse perspective, they’re giving that individual the opportunity to shape a broader public discourse. 

As a PR firm with clients constantly grappling with big issues, part of our job is imbuing big stories with their insights — and interns play a foundational role in this process. Developing a media list of healthcare publications or researching energy tax credits might not seem all that exciting or meaningful. But that media list could be used to pitch a story on drug-pricing legislation affecting millions of Americans. That research might prepare an energy lawyer for an interview about sustainable financing that could help businesses or communities tap into programs aimed at reducing their carbon footprint. 

Your interns and associates — especially those who are part of Gen Z — need to see a  connection between their work and the most pressing social issues of our day. Being part of something bigger — something that’s driving progress and change — is a significant motivating force for my generation. 

Create an Inclusive Culture Interns Want to Be Part Of

As an executive leader, you set the tone for your professional services firm. It’s up to you to establish diversity, equity, and inclusion as an organizational priority and empower your team to allocate the necessary time and resources to bring new initiatives to life.

Change won’t happen overnight, and making real strides will require sustained time and effort. But if you truly want to attract and retain a more diverse workforce: now’s the time to get started.

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Challenge

When expert services and consulting firm Berkeley Research Group (BRG) tapped Greentarget to lead its third annual M&A disputes research campaign, the intense economic and geopolitical upheaval made it difficult to predict what the next month would bring—let alone how conditions might shape the landscape for the coming year. Russia had just invaded Ukraine. The conflict added to turmoil in financial and energy markets even as the global economy was still recovering from pandemic-era chaos.

Given the disruptive impact of those headwinds on global business and supply chains, Greentarget’s Research & Market Intelligence team decided to tackle that issue head-on by examining how those economic conditions were influencing global M&A disputes.

Providing independent analyses and expert testimony in these matters is a core BRG competency. Digging deeper into this research angle would demonstrate the firm’s expertise in the international M&A dispute landscape, and raise BRG’s profile among its target audience of disputes-focused lawyers and finance professionals.

But the headwinds were shifting quickly – so Greentarget needed to uncover insights that would still be meaningful and newsworthy several months later when the research published.

Solution

Greentarget’s research team devised a two-pronged approach that included both qualitative and quantitative elements: 12 one-on-one interviews and an online survey of 181 individuals.

During the qualitative portion of the campaign, Greentarget spoke with leading deal and dispute lawyers around the world, including in major financial hubs like Hong Kong, London and New York. BRG provided Greentarget full access to the interviewees, which helped the team explore each lawyer’s unique point of view and guide the direction of the conversation.

The research team used insights gleaned from those interviews to develop the survey, which included a combination of new questions and some from prior years for year-over-year comparisons in the report.

Survey respondents included dispute lawyers, corporate finance advisors, deal lawyers and private equity professionals working in Asia, Africa, the Middle East, Europe and North America – a mix of people from which no other survey captures insights.

The Content & Editorial team combined key findings and charts from the survey with the insights and quotes from the interviewees, weaving in analysis from BRG’s own thought leaders to create a distinctive, newsworthy research report that revealed new trends in M&A disputes. The forward-looking nature of the report also provided utility to readers by mapping out what respondents expected to see in 2023.

Results

The M&A Disputes Report 2022 cut through the noise of an oversaturated M&A media landscape, garnering high-quality coverage in several publications—despite publishing near the end of the year, when dealmakers are busiest.

Greentarget’s Media Relations team secured coverage in global business, legal and financial industry publications, such as Bloomberg, The American Lawyer and Private Equity News. A Legal Dive article on the research was among the publication’s most read of 2022.

The report drove 320 visitors to the BRG website within the first month of its publication and has been viewed over 560 times. The web page that hosted the report had a bounce rate of 38% on BRG’s website (rates between 26% and 40% are considered excellent), while web traffic increased generally. The biography page of a BRG director involved in the survey analysis saw a 14% increase in traffic. On social media, some LinkedIn posts had engagement rates of 5.1%, higher than BRG’s average 3.3% engagement rate on the platform.

BRG also used the report as a business development tool, presenting the data in webinars, client dinners and receptions and the Thought Leaders 4 Disputes Corporate Disputes Conference – a key industry event.

The M&A Disputes Report helped BRG thought leaders deepen their relationships with clients by providing them with data and analysis that directly impacts their practices.  

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For most professional services firms, periods of economic uncertainty bring a renewed focus on shoring up and strengthening existing client relationships while also identifying ways to bring more value to the organizations that have already placed their trust in your firm. In other words, client retention and organic growth take priority over new client acquisition – or at least maintain an equal footing. 

As a marketing leader, you can play a key (and maybe even surprising) role in supporting the deepening of the client relationships that are vital to your firm’s long-term well-being. After all, you’re the steward of your organization’s brand promise. And by empowering your internal relationship leaders to deliver that brand promise consistently and effectively, you can directly impact your firm’s bottom line.

To that end, here are three strategies designed to help you serve your internal teams as they work to reinforce their high-value client relationships — and a look “under the hood” at Greentarget’s formalized approach to client service. 

1. Codify Client Service Behaviors that Promote Retention

Defining and documenting your organization’s unique approach to client service is a powerful exercise and can serve as a roadmap to navigating economic uncertainty. A good place to start is among your primary relationship leads whose clients tend to be steadfast and have increased their investment in your firm over time.

Some relationship managers are truly exceptional at what they do. They anticipate their clients’ needs and always seem to be one step ahead. But do you know what specifically they do differently than their peers? And have the leaders within your organization made it clear that other client-facing members are also expected to live up to the high bar these shining stars set? 

Years ago, an advisor to Greentarget talked to us about the concept of “unconscious competence” – the idea that while it may not be explicitly documented, we had developed a “way of doing things” that was understood by most within the firm but not formally expressed. He encouraged us to formalize our approach to client service which evolved into an effort we refer to today as the “Greentarget Way” of client service.

A first step for your organization might be codifying the behaviors your high performing relationship managers regularly and consistently exhibit. Their “unconscious competence,” so to speak. To do so, try asking questions like:

  • How often do you interact with clients? What does your client work look like on a daily, weekly, and monthly basis?
  • What’s your philosophy around client service? In what ways do your behaviors align with our organizational values?
  • How do you maintain empathy for clients while also protecting approved budgets? What’s the right balance between setting and exceeding expectations?
  • How do you anticipate your clients’ needs? What actions do you take to stay ahead of their business challenges and the industry trends they’re adapting to?
  • Tell me about your best client relationship. What makes it so?

Based on what you learn, you can leverage these insights and begin to spell out the behaviors that promote trust and establish credibility. The more relationship leads you speak with, the more you’ll be able to spot commonalities and patterns across key client accounts which will allow you to create best practices that scale across your firm. And in the process, you’ll create the opportunity to position the firm’s marketing team as a valuable resource to your internal clients for insights on successful client retention and growth strategies.   

2. Underscore Your Firm’s Role as a Trusted Authority and Advisor 

It’s common for clients to scrutinize everything when they’re feeling the pressure of a challenging economic environment. After all, uncertainty can cause even the savviest business leaders to panic. And when they feel unsettled, clients may question your firm’s methodologies, attempt to pivot away from overarching priorities and strategies, and expect your relationship leaders to respond immediately to any and every top-of-mind issue they throw your way. 

Now is the time for your relationship managers to lean into — and demonstrate — your firm’s authority.

Again, this requires you to codify and champion the behaviors that help your clients see you as the high-value partner you are. When it comes to emphasizing your firm’s ability to serve as an expert advisor, these behaviors may include:

  • Taking time to deeply understand each client’s vision for 2023 and the strategic objectives they want to reach
  • Making recommendations and providing advice that aligns with those overarching objectives
  • Pushing back against projects and requests that might ultimately distract the client from reaching their big-picture goals
  • Keeping the client focused and centered around business-critical tasks
  • Invest in a “voice of the client” research initiative to understand the critical challenges and pain points that your firm can help address

Of course, you can also underscore your firm’s expertise by doubling down on your owned media efforts. For example, you might develop and promote a series of case studies that showcases specific ways your team used their unique positions of authority to solve clients’ trickiest business challenges. Or, you could help key leaders write articles, research reports, and other collateral to share a compelling point of view on issues that impact your industry.

Regardless of the approach you pursue, your marketing orientation and instincts can be a tremendous asset for relationship leaders within your firm who are challenged to navigate economic uncertainty and contraction. Now’s the time to move beyond the traditional boundaries of marketing and communications by exploring new ways to serve and support the relationship leaders who drive your firm.   

3.  Create an Internal Rallying Cry Around Client Retention 

As a marketing leader, you are also your firm’s “chief repetition officer.” It’s your responsibility to continually beat the drum about your firm’s priorities and keep your team energized around your common goals. 

Setting a client retention goal at the beginning of a new year is a good start. But to achieve the results you’re after, you’ll also need to develop creative ways of reinforcing your firm’s commitment to delivering your brand promise. 

This can be as simple as encouraging your practice group leaders to carve out a minute or two in team meetings to share anecdotes and stories about how they’ve provided excellent client service. Or you might infuse every piece of internal communication with updates and reminders about your client retention goals and the specific behaviors that support them.

Whatever the case may be, look for ways to repeatedly communicate that providing excellent client service is a key strategy to thriving during a downturn and provide the examples that illustrate those behaviors.

Draw Inspiration From The Greentarget Way 

At Greentarget, we’ve spent more than a decade defining and refining the brand promise we deliver to clients. As a result, “The Greentarget Way” has become an integral part of our team culture. Every employee knows what it takes to live out our ideals when working and collaborating with clients. 

The Greentarget Way lays out a seven-step approach to client service. Each step maps to specific behaviors that members of our team are expected to embrace in their client work. For example:

PROCESSBEHAVIORS
1. Identify the problem, challenge, or opportunity• Ask “how can we help?”
• Look to peers for lessons learned and best practices
• Get uncomfortable – we are creative problem solvers
2. Understand the objectives• Ask insightful questions
• Focus on the details
• Bring a “yes…and” attitude
3. Empathize with the audience• Ask the right questions to learn everything you can about audience needs
• Stay on top of industry trends
• Be open to pivoting and changing course
• Avoid assumptions and be willing to test your theories about audience preferences and behaviors
4. Build the strategy• Take calculated risks
• Deliver fresh thinking
• Trust your reservoir of experience
• Ask colleagues for help
5. Craft the narrative• Be authentic and credible
• Work to build connections with the desired audience
• Execute with vigilance, diligence, and purpose
6. Distribute across channels• Deliver results
• Build personal connections with media, clients, and peers
7. Measure and assess• Track appropriate KPIs
• Recharge and gain a fresh perspective before the next project
• Ask insightful questions about how results impacted the client’s business

This is a brief overview of our in-depth and comprehensive approach. But now that you see what’s possible, how might you develop a similar strategy to improve your firm’s client retention rate?

We’d love to help you think through a model that will enable your firm to deepen and prioritize your high-value client relationships in light of your mission and values. So if you have questions, just reach out. 

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Corporate social responsibility has factored into investment decisions for years, with the integration of environmental, social and governance (ESG) a big part of corporate decision-making for nearly two decades. But the focus on ESG reached a fever pitch in 2021. Indeed, there might not have been a more common three-letter combination in the world’s boardrooms.

That’s why international law firm Fenwick sought to unearth insights about how ESG and a growing cultural emphasis on diversity was affecting biotech companies. Specifically, the firm wanted to conduct first-of-its kind research and provide an analysis of marketplace reporting practices across the sector to create a resource for companies in biotech and beyond about key governance best practices at a critical moment.

Solution

Fenwick enlisted the services of Greentarget, specifically its Research & Market Intelligence and Content & Editorial teams, on a multi-faceted research approach. The first step was a unique review of the publicly available information of the top 50 biotech companies in the United States based on market capitalization. This review, which required nearly 100 hours of research-intensive time, included SEC filings and information on company websites, which was compiled and then summarized for key industry trends and other points of interest.

This in-depth review informed the development of quantitative survey questions designed to elicit insight from key decision-makers, including individuals who held C-suite positions, were heads of ESG or held sustainability and legal roles, as well as investors from hedge funds, investment banks and venture capital firms. A focus of the survey was to gauge sentiment around expectations and challenges regarding ESG, as well as expectations about SEC intervention and a medium-term forecast.

The results were then shared with Fenwick lawyers who represent technology and biotech companies on a variety of corporate governance and transactional matters, including ESG, to gather their analysis of the specific findings. Channelling these insights, Greentarget developed a report around the findings with an emphasis on providing actionable guidance about how companies can prepare and what they should consider when implementing and reporting on ESG.

Results

The final report, “Biotech’s ESG Crossroads,” was released in February 2022, combining what Greentarget found in its initial public review, the survey findings and the expertise of Fenwick’s lawyers. The report detailed how sector executives and investors compare when it comes to ESG’s growing prominence. And it discovered a lack of standard practices around ESG disclosures, that ESG would continue to surge in prominence and that biotech companies were just getting started when it comes to addressing ESG. The report, the first of its kind on this topic for Fenwick, is expected to become an annual offering.

The email campaign developed for the report launch yielded an open rate of 39.2%, with a click-to-open ratio of 5.9%. The report itself garnered 520 unique page views, with readers spending on average of four minutes and 46 seconds on the report page.

Media also took an interest in the data, with notable industry publications like STAT, FierceBiotech, BioCentury and Corporate Secretary covering the findings. Others, like Harvard Law School’s Corporate Governance Blog, republished the report in full.

Since the report’s launch, Fenwick lawyers have presented the data directly to biotech clients, speaking with their nominating and governance committees. One Fenwick partner who helped lead the data analysis told Law.com that companies in the biotech industry had been clamouring for this type of data on governance issues for a while, and being able to provide data that supports her legal counsel has been invaluable to her clients.

The report generated such strong attention that another law firm mentioned it during their own webinar about ESG issues.

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Building on our longstanding partnership with the Berkeley Research Group, a world-renowned consulting firm, Greentarget created and executed a research and market intelligence campaign to assess the global state of M&A disputes across a variety of industries and sectors.

The research report, M&A Disputes Report: A Global Perspective, analyzed the survey responses of 225 lawyers, private equity professionals, and corporate finance advisors.

Key findings from the December 2021 report included:

  1. Most deals deals started during the pandemic had since been completed, and most practices experienced minimal slowdown in volume.
  2. The types of disputes encountered were those expected of a distressed market.
  3. Sector type was a bigger determinant of M&A activity and dispute probability than region or cross-border dynamics.
  4. Respondents had mixed feelings about the effectiveness of MAC/MAE clauses as contractual tools to guard against post-closing disputes.
  5. The increasing frequency of private equity deals had changed the M&A landscape and will continue to impact how disputes arise and are litigated in 2022 and beyond.

The report directly generated a slew of earned media attention for Berkeley Research Group and provided its clients with valuable data.

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In this episode of Authority Figures, Aaron Schoenherr speaks with Chandran Sankaran, founder and CEO of Repustar, a novel fact distribution platform that partners with news organizations. The pair will discuss how technology can play a role in fighting so-called “fake news,” and journalism’s pivotal – but changing — role in that fight.

1:23 – Chandran discusses his path to Repustar, what motivated him to found the company and the problems he hopes to help solve through Repustar’s FactSparrow platform.

5:33 – Aaron and Chandran dig deeper into how the FactSparrow platform works and how it functions as an AI bot.

10:24 – Aaron asks Chandran about the reliability of FactSparrow’s sourcing, which is based on principles of good journalism.

16:01 – Chandran details how FactSparrow acts almost as a focus group, spotting topics that are potential areas of misinformation and disinformation.

18:14 – Aaron asks about Chandran’s monetization plans.

19:59 – Aaron and Chandran discuss how corporations might use the tool and consider the evolving importance of corporate responsibility in the era of fake news.

21:48 – Chandran discusses how social media companies, especially Twitter, are more in the business of checking the integrity of information.

23:24 – Aaron and Chandran discuss Greentarget’s 2021 Fake News report – and Chandran reacts to journalists’ perspectives on who is best positioned to combat misinformation and disinformation.

29:55 – If journalists aren’t a complete solution to combat fake news, what else can help?

33:08 – Chandran discusses why he’s hopeful, despite the challenges brought on by fake news.

36:35 – How news activists fit in, in Chandran’s eyes.

39:26 – Does fact-checking have a diminishing impact?

Click here to download Greentarget’s 2021 Fake News report.

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