Tag Archives: #press release

Did The New York Times Purposely Fuel the Goldman Controversy?

A Compromised Value Proposition?

If the biggest loser in disgruntled employee Greg Smith’s recent OpEd piece was Goldman Sachs, then the apparent winner in this high-profile media sideshow was The New York Times. Rarely has an opinion piece on any topic, published in any major newspaper or periodical, attracted so much attention and controversy.

The veracity of Mr. Smith’s opinion and the timeliness of his topic notwithstanding, is it ever appropriate for a publication as widely read and long-respected as The New York Times to provide a platform for one disgruntled employee? In publishing Mr. Smith’s description of Goldman’s shortcomings, and his heartfelt reasons for quitting the firm, did The New York Times supply an inherent level of credibility and endorsement of Mr. Smith’s position?

If The New York Times was genuinely interested in presenting its readers with a balanced viewpoint – traditionally a fundamental responsibility of the Fourth Estate – would it not have given Goldman Sachs an equal editorial platform to present the firm’s response to Mr. Smith – ideally in the same issue and on the same page as Mr. Smith’s OpEd piece? Or was the element of surprise part of the publication’s marketing strategy?

In the Greg Smith / Goldman Sachs matter, The New York Times appears to have borrowed a page from the playbook of now defunct Jobvent.com, a website that pioneered a viral platform for anonymous employees to post their titillating rants on real and imagined injustices by their employers.

As the line separating bona fide news reporting from entertainment continues to erode, and as advertising revenues disappear, in its decision to print Mr. Smith’s largely unsubstantiated viewpoint, The New York Times may be complicit in trading in its legendary journalistic standards for a temporary spike in brand recognition and readership.

By delivering self-serving content of this caliber, the Gray Lady likely revealed more about its own integrity than that of Goldman Sachs.

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Jimmy Webb and the Power of Storytelling for B2B Companies

Music critic Miss Universe on "A Hard Day's Night" movie set

Songwriting legend Jimmy Webb has written some of pop music’s most enduring ballads, including Wichita Lineman, By the Time I Get to Phoenix, Galveston, The Worst That Could Happen and the rock cantata MacArthur Park (simultaneously heralded as a musical masterpiece and the worst song ever written.)

The 66 year-old Oklahoma native now lives in Long Island and performs year-round at small venues in the US, Canada and abroad. Baby boomer fans pack the room to hear Webb strain to hit his own songs’ high notes, to listen to his tales of life on the road, and to get the real stories behind how and why he wrote specific songs.

At a show last weekend in New Jersey, Webb told fans about his first trip to London in 1964, where he fell in love with Miss Universe, who he met on the set of the Beatles movie, A Hard Day’s Night. According to the rambling story, in his attempt to impress the beauty queen – who had been cast as an exotic dancer and appears for 6 seconds in the film – Webb invited her back to his hotel room, where he sat her down next to him on the piano bench and performed his then unrecorded version of MacArthur Park. Unfortunately for Webb, the 7 ½-minute song failed to put her under his spell. She told him it was a silly song and left. Or so Webb’s story goes.

For the 450 people who heard Webb’s London adventure, all of whom have listened to MacArthur Park for decades, their musical experience has been forever re-shaped. When they hear that song in the future, it will provide a different context or a different meaning. Now, instead of cakes left out in the rain, they’re more likely to envision Jimmy Webb serenading Miss Universe in London. That’s the power of storytelling.

Social media and technology provide efficient ways for people to tell stories. But according to Dr. Pamela Rutledge, Director of the Media Psychology Research Center, “The human brain has been on a slower evolutionary trajectory than the technology. Our brains still respond to content by looking for the story to make sense out of the experience.”

Writing in Psychology Today magazine, Dr. Rutledge notes that, “When organizations, causes, brands or individuals identify and develop a core story, they create and display authentic meaning and purpose that others can believe, participate with, and share. This is the basis for cultural and social change. This is a skill worth learning.”

Increasingly, in B2B communication, companies focus on the medium and the technology, rather than the underlying message, its meaning or purpose.  In our world of websites, blast emails, podcasts, webinars, analytics, blogs, Facebook, Twitter, marketing automation, smart phones and mobile apps…it’s easy to forget that the quality of a company’s narrative drives people to notice, participate or care about what’s begin sold – whether that be a product, service or a philosophy.

We’re all familiar with how the big brand companies such as Harley Davidson, Jack Daniels, Levi Strauss, IBM and Ben & Jerry’s have leveraged their corporate narratives to build awareness and market interest. But most small and medium-sized companies, and B2B firms in particular, are at a loss to understand how the power of storytelling can showcase their core values, mission and marketplace differentiation. But this goal can be accomplished…not by cooking up elaborate tales about the company’s founders or its early struggles… but rather, by pulling back the curtain on how and why the company makes decisions, and by using real-life examples and incidents to provide interest and context.

A great example of effective storytelling involves Davidson Trust Company, a Devon, Pennsylvania-based investment manager with around $1 billion in assets under management. In a series of columns published in the Philadelphia Inquirer, Davidson’s CEO Alvin A. Clay III used stories to establish relevance for his thoughts on issues of importance and likely interest to his firm’s current and prospective investors.

In one of his columns, Davidson’s CEO described how his father – a longtime professor at Villanova – had been the beneficiary of kindness as a young man, and had devoted much of his teaching career returning the favor to others. In another, Mr. Clay recounted a heated debate he had experienced with other business leaders, and how that exchange had shaped his decision-making process regarding publication of his company’s ethics statement on its website. In all of Clay’s columns, he used storytelling to deliver insight and to position the Davidson brand in a genuine, credible and memorable manner.

At his concerts, Jimmy Webb spends more time telling stories than he does on singing his songs. And these events typically end with a 10-minute standing ovation.

Earlier this month, Davidson Trust Company received its own standing ovation. Publicly traded Bryn Mawr Bank Corporation (NASDAQ:BMTC) announced plans to acquire Davidson.

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No-Cost, Cornball Marketing Can Drive B2B Top-of-Mind Awareness

LtoR: Heather Fuller, Andrew Crisp, Percy, Gary Thompson, Mickie Kennedy. Missing: Nimmi, the acrobatic dog.

eReleases competes with dozens of electronic news distribution services, all seeking to charge companies and PR agencies hefty fees to put their press releases in front of journalists, in hopes of capturing the media’s attention and coverage.

After some polite online badgering by eReleases, Highlander Consulting gave that upstart firm a shot last week; tasking them to distribute a press release for one of its clients, CAP Index Inc. – a leading provider of  crime forecasting data and risk analytics.  eReleases’ results were as good as, or better than, any of its larger, better-known competitors.

But what impressed us more than the quality of their service, was the no-cost, cornball guerilla (included in photo) marketing tactic that eReleases applied to thank us for our business.

A whacky whiteboard “eReleases Welcomes…” photo, personalized by name, sent by editorial director Heather Fuller, was embedded with this note:

“We just wanted to take the opportunity to personally welcome you as a valued eReleases customer and let you know we’re not just a website in some guy’s basement. 🙂

If you ever have any questions or concerns, pick up the phone and call us. All of our editors pick up the phone. No pushy salesperson or operator standing between you and us.”

So….what service provider will Highlander think of FIRST the next time we need to distribute a press release online?

Marketing Lesson: Cheap, clever and memorable can beat costly and sophisticated when it comes to driving top-of-mind awareness with targeted B2B audiences.

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Thought Leadership For Sale: Surviving in a Pay-to-Play World

Pay-to-Play Is a PR Business Reality

Most PR practitioners quickly learn that the Chinese Wall protecting editorial integrity from the influence of paid advertising can be, like the Pirate’s Code, “more of a guideline than an actual rule.” For better or worse, at a great number of well-known and respected media sources, advertising can purchase anything from regular coverage of meaningless news items, to top billing in an industry roundup, or even an outright puff piece.

Despite denials and indignation from journalists, money does talk at many print, electronic and online media sources; often in direct relation to the financial health and business prospects of its corporate owners. These quid pro quo arrangements are never in writing, and typically communicated over a lunch with a publisher or sales rep who, with a smile or a wink, assures the client or agency that, “I have no influence over editorial…but I’ll see what I can do.”

Trade and professional associations are not burdened with an obligation of intellectual honesty akin to that of the Fourth Estate. But it’s safe to assume association membership expects that guest speakers and “experts” featured on the agenda of their organization’s annual conference will be selected on the basis of experience, insight and presentation skill. A small number of these groups do restrict vendors from agenda participation, but at most industry conferences, any outside 3rd party can purchase a prominent place on the program agenda…and many of those presentations are poorly disguised sales pitches.

This sale of “thought leadership”– market visibility with inherent credibility – is neither a recent development nor a crime that deserves a congressional investigation. Pay-to-play is a fact of business life, and to deal with this reality, PR and marketing professionals can either:

  • Use the market advantage that deep-pocketed companies have over their (limited budget) client or employer as a convenient rationalization for their inability to generate (unpaid) thought leadership; or they can
  • Stop whining, get creative, and lacking economic resources, promote bona fide content and foster personal relationships as currency to generate thought leadership.

With the media, succeeding in a pay-to-play world means two things.  First, it means creating content that’s timely, tailored for the recipient and never delivered in a press release. Secondly, it means building good will with key journalists by consistently providing them with relevant information and ideas, regardless of whether it relates to your company or client, without any expectation of immediate return.

With public platforms, succeeding in a pay-to-play world mostly means advance planning. It can begin by attending the prior year’s event to get a sense of the organization’s membership, priorities and culture, and to meet the group’s leadership. Conference agenda development can start 9 or more months in advance of the event, so it’s important to be on line early with a topic likely to resonate with members. It also helps if your proposal features a dues-paying member of the sponsoring organization.

In both cases, succeeding in a pay-to-play world means managing internal expectations. From the outset, your CEO or client needs to understand that you’re running against the wind, and in exchange for that effort, you must be given permission to fail.

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Death by Content: How Press Release Abuse Killed Public Relations

Self-serving Press Release Content Has Killed PR

The origins of the press release are unclear, but in the not too distant past, this communication tool was called a “News Release.” And its sole purpose was to provide the press with information likely to be of interest to the public; containing what journalists still call “news value.”

Prior to popularization of fax machines in the 1980s, news releases were delivered by human messengers to major wire services such as AP, UPI and Dow Jones, which in turn communicated that news to their subscribing media outlets over a broadtape machine – much like a financial ticker tape, but using a much wider roll of paper. For non-daily news sources such as magazines, news releases were often sent through the US Mail.  Regardless of how they were delivered, news releases served an important role in mass communication.

But the news release has lost its franchise as a communication tool, for two reasons:

  • Thanks to technology, news releases became an anachronism. Online news portals and email killed the underlying functionality of paper releases as a news dissemination tool. The internet delivered news faster, and this was a good thing.
  • Thanks to the PR profession, news releases (aptly re-named press releases) became platforms to deliver content with little or no news value, and largely of no practical value or interest to the press.  Flacks began using the press release as a marketing and propaganda tool, and this was a bad thing.

Over the past two decades, the sustained volume of press release abuse by PR practitioners – driven in large measure by CEOs (and clients) who fail to understand that journalists are not ad hoc members of their company’s Communications Department – has greatly diminished the stature of the public relations profession in the eyes of journalists, and has also reduced the ability of PR pros to leverage the media as a valuable means of securing objective, third-party exposure and validation for their company, product or cause.

As the number of journalists who post “Do not send press releases or pitch story ideas to me” on their Cision or Vocus profiles increases every year, the PR profession will eventually lose one of its most fundamental roles: to discover or create content that has bona fide news value, and to properly package and present that information to media sources.

If journalists find no practical need for flacks, organizations will likely follow their lead. For public companies, dissemination of financial results and material events will be handled by their legal department. Because press releases are now considered sales collateral by their target audiences, “media relations” for all companies will be managed by the marketing department. Public Relations, as a profession and a function, will simply cease to exist.

Twitter, blogs and other social media-based “pull” tools may eventually replace the press release. But unlike social media, press releases have been pushed at journalists, filling their inboxes, wasting their time, and reinforcing the media’s perception of PR as a self-serving and often ignorant generator of meaningless noise.

It may be too late to repair the self-inflicted damage done to the PR profession by years of press release abuse. Morphing from a Public Relations professional into a Social Media professional may buy some additional career tenure for young communications practitioners, and hopefully they’ll learn from the lessons of PR’s suicide: that whether it’s tweeted, posted or contained in a press release, news and information lacking intrinsic value will always reflect poorly on its source. And over time, it will make you irrelevant.

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Are You Wasting Money on Publicity?

The Value of Publicity is Based on 3 Key Factors

Every year, companies waste time, money and opportunity generating publicity that accomplishes little or nothing in terms of tangible business outcomes.

Here are a few hard truths regarding publicity:

  • Your audiences are unlikely to notice the exposure, or do anything about it.  Even with content shelf-life driven by intelligent SEO management, there is simply too much information, too many online and offline media sources, and too little time in the day for your customers, prospects and referral sources to read, see or hear your message. And if they do get your message, there’s often little motivation for them to act on it.
  • Publicity volume does not translate into business results.  A single high-value media placement that’s properly merchandised often has greater impact than a pile of press clippings. In fact, publicity for its own sake is often unfocused, with no connection to the company’s underlying value proposition or core messages; generating confusion and apathy among target audiences.
  • Some types of publicity have significantly greater marketing value than others. The old PR adage that “There’s no such thing as bad publicity” may work for Lindsay Lohan, but it has no application for companies that care about their brand. To calculate the media placement value of various types of publicity (see chart above), Highlander Consulting uses three key criteria:
  1. BRAND RISK – If you have little control over how your company’s reputation or intellectual capital is presented – such as in a feature story where a reporter or editor will seek to produce “balanced coverage” by presenting negative items or including a competitor – then the publicity has inherent brand risk. (Value Scoring: +1 if you have total control over content; -1 if you have little or no control.)
  2. CREDIBILITY – Often called “masthead value,” this factor is based on how well the media source is recognized and respected. The potential value of the publicity is based in large measure on the underlying credibility of the source, because the exposure supplies an inherent 3rd party endorsement. (Value Scoring: +1 if the source has strong credibility; -1 if it has low credibility.)
  3. MERCHANDISING POTENTIAL – This often overlooked factor is sometimes mistakenly called “reprint value,” but Merchandising Potential encompasses far more, relating to how easily and how broadly the media exposure can be leveraged to support and drive specific marketing goals. Simply posting publicity on a website does not deliver a high ROI.  (Value Scoring: +1 if the publicity has a range of applications; -1 if it’s limited to one or two.)

Using this ranking methodology, and as reflected in the chart above , bylined articles and OpEd pieces published in credible sources typically deliver the highest marketing ROI; while inclusion (being mentioned or quoted) in a round-up news or feature story does not score well. Most home-grown efforts, such as self-published press releases, have very little value.

By using this formula, or a similar methodology, to evaluate the potential ROI of individual publicity tactics, and by building media and marketing strategies around only high-value activity,companies can consistently make the connection between publicity and tangible business results.

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