Just how fast can PR deliver business results?

Recently we were engaged by a client who was well into a particular campaign. Sans PR. Which is fine...unless that campaign needs PR support.

Swiftly after our appointment (days, not weeks) our client asked where the positive media coverage was.

Ouch!

Here's my take on that, and a short version of the conversation I had with our client. I should disclose, our client had ample, positive and on-message media coverage less than a fortnight after our appointment. Or course it's not always that fast, and here's why...

Good public relations results usually take time to deliver.

Time to plan, to create good quality materials and to judge the implementation timing so it hits at just the right time.

Lead time can be days...or weeks...or months...or even years.

The true value of some public relations programs we've implemented for financial services clients can sometimes only be measured years after our appointment - and after years of persistent, consistent action directed at a clear goal.

Years to build a reputation, and minutes to lose it, says Warren Buffet.

Regardless, sometimes you need a PR or media results NOW.

So what can you do to set yourself up for the much needed, but hard to get, quick win?

1. Tell your PR firm the truth - the whole truth, not just the version you'd like to see in the paper. Treating them like mushrooms won't help you get the outcome you want, but it may well put limits on their care factor. You can be frank and still be clear about what should, and should not, make it into the public domain. In any case it's good practice to make sure you have a non-disclosure in place and that all final materials are properly signed off. But beware: as in all things, if you put garbage (the edited truth) in, you'll mostly likely get garbage out.

2. Give them some time to deliver. The time needed to delver an outcome depends partly on how hard it is to get the result you want. If you see effort for a few days or weeks, without the outcome you're seeking, perhaps ask yourself if they've done everything you could reasonably expect...and whether their 'smarts' suggest those efforts were in fact high quality. If you have smart PR people working for you and there are no (or lacklustre) results in, say, the first 90 days then by all means start to second guess your provider. If it's been a few days and you're wondering where the positive media coverage is, perhaps second guess your brief!

3. Be clear. What matters most to you? Consistent coverage in financial services trade media? A big article in the Australian Financial Review? Or a microsite that's direct emailed and achieves high return visits or viewer engagement/dialogue? Pick your goal, and brief your PR consultant accordingly if they didn't ask "what matters most here?" before you got started.

4. Hire smart. Selecting the right PR firm doesn't have to be rocket science, or labourious. But it should be based on clear criteria. So what sort of criteria might help if you are looking for a quick win? Someone who's done engagements like yours before, and ideally very recently. A firm who perhaps have capacity right now i.e. an established team with a good track record. Perhaps if you need a quick win you also need a strong leader in the public relations firm to be on call for you for a short period of time. Fine - add it to your criteria and consider that might add cost. And of course if the quick wins you seek are in media, you need a firm with great relationships with your target media.

Finally, the firm who delivers the quick win may, or may not, be the firm you need for the long term engagement. Long term success requires all together different criteria - a topic for another time!

The future is here...thank goodness!

As a client pointed out to me last week, I'm not exactly a prolific blogger. Sorry about that - clients, as you may appreciate, and team, generally come first! Frequency is blogger best practice number one...ooops.

And I don't really do a huge amount of cross promotion (almost none). That would be blogger best practice number two down the drain. Here's one to make up for that at least...

Recently I've been fortunate to have a series of conversations with Huron Inan of Bienalto.

Bienalto essentially help their client with online "stuff" such as customer experience and "dialogue" (eg marketing!). Why do I think I'm fortunate to have talked with them? Because they have what we see as the
holy grail of marketing and communication - real data and analytics to power decision making.

That's decision making about anything online - which most marketing is or soon will be.

Some smart marketers and their CEOs are there already.

Some are still grappling with our industry's traditional change aversion. There is something apparently scary about "new" that sometimes stops senior decision makers in our industry adopting successful marketing models which have already been pioneered in other, similar, industries.  

If we'd waited for the business case (as requested in the 90s) on whether or not to have a website, we (and most financials services corporates) still wouldn't have one.

Firms such as Bienalto, and the data-driven, intuitive way they can help all of us evolve our communication to the end customer, are the way of the future.

Certainly PR firms, and others in professional services, can learn much from thinking in (say) consumer goods or travel, about service design.

Hurol's blog about service design is exactly what financial services organisations organisations who care about their sustainability should be reading. 

Trusted adviser, supplier or sucker?

"The Trusted Adviser", written by David Maister, Charles Green and Robert Galford in 2001 remains one of the most influential books in professional services.

Why? Well the thinking in it was clear, it captured and crystallised a notional that hadn't previously been well named...and cynically? It also played to the egos, insecurities and genuine intentions of many in professional services.

It struck more than a chord - it struck a raw nerve.

The heart of the matter
That raw nerve is called self-doubt. The kind of self-doubt that has us asking ourselves things like: Could we have done that better? Did we phrase that advice the right way? Did our client hear us or not? Is the client being reasonable? Did we do our very best work? Was it good enough?

Someone I spoke to recently, and who had six years in a top global consulting firm, described consultants as "insecure overachievers".
 
Why the angst? Well simply because professional services is, at it's heart, about relationships. Relationships that are professional, bound to some extent by certain expected formalities and niceties and on occasion, almost unreadable. And in my experience, good, or great, professional services types really, really want to do good, or great, work. And to do that we need good, or great, clients. And good, or great, relationships with those clients.

So professional services providers can find themselves looking inside for answers they'd really like from their clients, but cannot always ask for.

Simply asking the wrong question might jepardise a relationship. Asking some questions too early could ensure you actually never make it to be a trusted adviser. Asking others could get you fired. Not asking yet another sort of question could see you fail completely to deliver real value.


Trusted adviser, supplier or sucker?
One of those interesting questions for a professional services provider is "Can we be a trusted adviser here? Or will we be a mere supplier? Worse, are they taking us for suckers?"

Sometimes the answer to that question is years in the making. Almost always it's an answer that's determined both by client and service provider behaviour. That behaviour can be as finely balanced and delicate as the minuet in courtship, or as set as the lifelong patterns of a 50 year marriage.

Trusted adviser
So what does it look like or feel like when you're a trusted adviser? One clue is that the professional service provider probably isn't suffering too much angst. In those relationships we know we're delivering good advice, to the right people, the right way. Our clients might even thank us for our work, our ability to challenge their thinking appropriately, and include us in their long-range thinking and planning. These are the clients we want long-term, We'll invest our discretionary time and effort to build such a long-term relationship, and both parties feel comfortable to have the more difficult conversations.

Supplier?
What of the "supplier" spot? Well it feels pretty transactional. We both know this is about delivering "commercial result A" for "consideration B" and that as likely as not, we're then through. Maybe we can make this a longer term, and richer, relationship on both sides? Or maybe we just both get want we want then get out.

Sucker!
Sometimes client, or consultant (for example), can feel taken advantage of. Maybe there was an unexpected bill or the value wasn't there for the fee paid. Maybe there were endless conversations or meetings where advice was given and yet no formal engagement or fee was forthcoming. Either way, someone feels sucked in, whether deliberate or inadvertent. And trust can be damaged irreparably.

Sometimes merely advice given the wrong way, or questions asked too bluntly, can produce that "Am I the sucker here?" thought-bubble for a client (I've been there!). Or on the other hand, the request to start work before any formal engagement is agreed can do the same (and I've been there too!).

Our aim
I'm relatively new to consulting and professional services - I've really only been at it for seven years, since just before we started BlueChip Communication. In large organisations I gave advice, but it wasn't consulting as I define it now. I've still got a lot to learn from others, including my capable colleagues, and our great clients, about consulting.

One thing I do know: the superb team I work with, and I, want to do our best work. With clients we respect, and where we are respected - we are are already, or can become, trusted advisers.

Ogilvy PR's 360 top 5 on social media measurement

A PR industry conference could be a day in hell...or prove truly illuminating.

On the 'illumination' scale I'm giving the PRIA an 8 out of ten so far.

Today I'm attending the Public Relations Institute of Australia's Registered Consultancy Group conference, and sharing some of the more interesting presentations via twitter (@carden).

We just heard from the person who for many years authored Malcolm Turnbull's 'dog blog'. Apparently it attracted the greatest traffic of all areas of the website. And I really thought it was from the dogs...

Here's a perspective from Ogilvy's 360 group on social media measurement.

1. Define goals w the client (business)
2. Check historical metrics
3. Select your tools at the beginning
4. Agree upon report template and timing
5. Decide on an optimisation approach

The speaker made some great points - one was that regardless of which provider you use to measure social media (radiant, neilson, buzz numbers etc) bear in mind they all have weaknesses. And the human component of measurement still matters - no automated tool can necessarily 'get' Australian irony.

What to do when you can't NOT communicate - Day 1 of the PAICR conference

Communication 101

Communication is a learned skill. We’re all born with the ability but it takes real practice to be good at it. So opined David Grossman, Founder of the Grossman Group, an award-winning Chicago PR firm.

Do I agree? Oh yes.

So what’s the upside of good communication asks David Grossman? Well it helps put strategy into action.

Done poorly? Misunderstanding, skepticism and damage to reputation

Why aren’t we doing it better?

Because we have beliefs that get in the way of working on the skills needed to be really good at communicating. Holding us back from greatness are beliefs and fear…

•  We believe we are born good at it…therefore don’t practice…and don’t get better
• We’re afraid of failing…and that fear stops us trying and learning new things or skills…or overcoming our blind spots
• A belief that good communication is all “common sense”

Common sense it may be, but common practice it is not, says Grossman.

The ‘what does your boss want” question?

For example, ask yourself this…is your boss a “no news is good news” or “no news is bad news”? If you don’t know the answer Grossman says, you better find out. Your future, and theirs, may rely on it.

So how can it go wrong? In the “boss” example, if you have it wrong you’ll be working at cross purposes. Your manager may value, and want, one kind of communication but be getting something quite different from you.

Let’s say you’re an extrovert. Typically says Grossman, extroverts do a lot of talking. Extrovert = quantity of communication high, quality low (ouch).

Or an introvert? You’re likely to be communicating a lot less than you think you really are. Introvert = quantity is low, quality is high. But is everyone hearing you??

Game changers

Grossman offers three “game changers” particularly useful for leaders and communication people. They are understanding that:

• 1.       Everything communicates…so being purposeful is critical
• You can’t lead without communicating (really well). Or in other words, to be a leader you need followers!
• Engagement is how you differentiate yourself…or “the boss makes the weather”…understanding how “watched” you are as a leader gives you the chance to control the consequences of your behavior and achieve greater engagement from colleagues.

So what’s the “new norm” for those seeking to communicate? 

From “me” to “we”

For employees we have to answer these questions…in order from 1 to 8.

In a way Grossman is suggesting it’s a goal to earn the right to answer the “we” questions.

Me

1. 1.       What’s my job?
2. 2.       How am I doing?
3.  Does anyone care about me?

Transition

1. 4.       What’s going on?

We

1. 5.       What’s our business strategy?
2. 6.       How are we doing?
3. 7.       What’s our vision and values?
4. 8.       How can I help?

…and thus engagement results.

Great eight

There are “the Great eight basics” to help us as we communicate says Grossman...

• 1.       Understand your audience
• 2.       Make your messages clear, compelling and relevant
• 3.       Plan your communication
• 4.       Set context and make information relevant – something only the leader can do – answering the “why” we’re doing what we’re doing
• 5.       Listen and check for understanding
• 6.       Select the right vehicle
• 7.       Communicate with truth and integrity
• 8.       Match words and actions

A final tip for young players...

Conflict escalates faster and lasts longer on email than verbally. So STOP using “reply all”. Pick up the phone or walk the few feet up or down the hallway to “talk”. Yes Millennials and Gen Ys, there is a place for person-to-person communication. Walk & talk.

Fact or fiction?

Myths hold us back...according to Grossman they are:

• 1.       Don’t have time to communicate
• 2.       People won’t interpret…at BlueChip we call this the “people make stuff up in a vacuum” rule
• 3.       Talking is communication…or put another way it really doesn’t matter what you say…it matters what they (our audience) hear

David Grossman has a bunch of ebooks and a blog. Based on what I heard today they’re worth a look.

Strategic Marketing in Asset Management - Day 1 of the PAICR conference

Great presentation today by Jeffrey Margolis based on his white paper “Inside a Successful Asset Management Firm: Building and Executing a Premier Marketing Strategy and Organization.”

 

Despite the lengthy title, Jeffrey’s workshop made the potentially complex, simple. I wanted to share some of his very practical comments with you because I know many of our clients (and other readers) have questions about how marketing can, and should, work within their asset management firms.

 

It’s not a bad guide for other areas of financial services marketing as well!

 

First of all, how does Margolis define strategic marketing in asset management? Well it includes (and apologies for any liberties here as my notes are not be perfect) the following:

 

-          A definition of the firm’s capabilities and offerings: the core of what you do

-          Outlines the firm’s investment philosophy which must be:

o   Clearly articulated inside AND outside the firm

o   Understandable and repeatable

o   Provide a solid foundation from which strategies and offerings are developed

-          Defines the firm’s brand – who it is and what it offers – which evolves from soundly defined capabilities and offerings

 

Why bother with strategic marketing? According to Margolis we should evolve (and no one today felt they were there yet) to this way of managing marketing because…

 

1.       investment performance is no longer enough for success – strategic marketing is now crucial in the “new normal” market

2.       Articulated through a well-crafted plan, it helps managers reach goals

3.       It guides firms towards stated objectives – but beware marketing is only as strong as its continuous assessment against benchmarks and goals

4.       Designed to propel firms from good to great

 

Done well, Margolis believes a good marketing strategy can propel a firm from good to great.

 

So how to create such a strategy?

 

Start with a SWOT: strengths, weaknesses, opportunities and threats assessment. Then, make sure you cover off the right plan elements:

1.       Strengths and weaknesses plus overall risks to the business

2.       Marketplace environment

3.       Product growth and retention projections

4.       Necessary resources

 

“Disciplined yet flexible” are words that came up again and again. Ideally the marketing plan is disciplined enough to set a strong direction and stop impulse decisions (hooray) but flexible enough to adapt to changes in market conditions, competitor activity or marketing context.

 

And Margolis’s top tip for improving the standing of the marketing function within the firm?

 

Do competitor analysis.

 

That analysis can include databases with investment statistics and track record, reviewing competitor presentation materials or RFPs (if you can get them!), looking at where the competition are, or are not competing. Then, bring those materials and the analysis, to the investment and sales team

 

Tips from participants?

 

-          Use SharePoint as a common platform for all inside the firm to share materials  – slide decks, previous RFP questionnaire,  and potentially current marketing materials

-          Talk to your peers – others in similar roles can stretch past the boundaries of competition to help with advice or experience around all sorts of topics

 

My favourite quote?

 

“Part of marketing’s responsibility is to really understand your audience.”

 

Amen.

 

You can read the whole white paper on Jeffrey Margolis’s website.

 

Jeffrey was kind enough to offer to take PAICR members’ calls at any time for advice – I’m guessing that’s a somewhat limited offer in our time zone.

Global Trends in Asset Management - Day 1 of the PAICR conference

Day 1 of the PAICR conference in New York opened with a presentation by Kevin Quirk, Partner at Casey Quirk.

 

It suggests fundamental changes are altering how asset managers, the world over, do business.

 

Casey Quirk is a management consultant to investment managers, so well placed to comment on trends. While somewhat US-centric for Australian firms there was plenty of value in Quirk’s comment.

 

Six key trends will shape institutional asset management in future, he says:

 

1.       Demand for outcomes

2.       New investment frameworks

3.       Shifting asset allocations

4.       Target-date fund growth

5.       An emphasis on alignment

6.       Globalising clientele

 

Again this year we heard the plenary speaker talk about the “two camp” split in asset management. Last year it was described as commodity/utility providers versus boutiques or value add. This year it was described as “solution providers” versus “component providers”.

 

“Solution providers” in the Casey Quirk world, are those who emphasise portfolio constriction; achieve multiple objectives and use more balance-sheet wrappers. “Component providers” are those who emphasise specialist alpha; focus solely on return and provide returns within other packaged products

 

Other key themes:

 

-          Total portfolio outsourcing is on the rise for institutions globally

-          Demand for outcomes will lead to a multi-faceted investment approach (and challenges to conventional thinking such as CAPM & portfolio theory)

-          Investors & consultants are re-thinking traditional asset allocation frameworks – expected to mean, among other things, more money going to hedge funds

-          Demand is rising for non-correlated alpha and inflation-fighting product sets

-          Long-only, US equity-focussed allocations are in decline

-          Fixed Income may present opportunities for smaller managers

-          Target date fund growth will drive demand for additional asset classes

-          Investment management firms with lower staff turnover generally perform better

-          Similarly, Quirk’s numbers show better staff alignment results in significantly better revenue growth performance

-          Strong alignment has become a critical selection criteria for gatekeepers

 

…and more.

 

Quirk’s 19 slides were each very relevant to Australian investment managers and those who work with them.

 

Here I’ve only covered about two of the 19 in detail. This presentation alone is worth sharing more in person – and I will be doing so in Sydney and Melbourne before year’s end. Drop me a line if you’re interested in hearing more.