Corporate Eye

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Bridget Wright

Bridget Wright

Corporate Identities Grapple With Disclosing Financial Information

Talk Money…Don’t

One of the things that our parents taught us when we were young was to never discuss the family’s business with anybody. Especially the family’s finances. No one needed to know how much money Dad made a year or how much Mom’s bonus check was from her employer. It just wasn’t anybody’s business.

Corporate living taught us that it was taboo to discuss pay, raises, bonuses and anything financially related to our jobs. It was just something that you did not do. And, in certain corporate clients, discussing financial matters could get you severely reprimanded, or worse, terminated – – and rightfully so. Considering that if employees #A and #B were hired at both the same time, for the same job and had the same skill set, but employee #A made $15,000 more than employee #B, it would stand to figure that one of these employees may be highly disgruntled and make his employer’s life miserable. Which is why you just do not discuss money.

Given the current economic state of parts of the country and of corporate entities, companies are starting to rethink the posture of not talking about their financial picture. Layoffs are in abundance, companies are shutting down, filing bankrupt and losing revenue at rapid paces. All of these activities greatly upset consumer confidence and is a big contributing factor when they are deciding to spend or not to spend.

Companies ideally want consumers to have a healthy, robust image of their company or product and want them to feel good when they consider spending their money with them. The bottom line is that businesses and consumers are hesitant about spending money if they don’t think the company is secure or stable. With issues like the Enron situation and the plight of the auto manufacturer’s, people think twice before writing out their checks…or even trusting someone else.

Your Company’s Disclosure

Sharing your corporate’s financial picture may be something you want to consider in an effort to appeal to your customer base. A good idea? Sure it is given that it could quite possibly work in your favor rather than against. In a news article, Fidelity decided to disclose their financial information to their readers and consumer’s, hoping to dissuade any negative feelings or misinformation about the company’s financial health. A bold move on their part, Fidelity hopes to alleviate some of the angst that consumers may be feeling and try to instil in them a sense of calm and assurance in Fidelity’s financial matters. Here is a blurb taken from their mission statement that pointedly outlines what they do:

Fidelity Investments is an international provider of financial services and investment resources. In addition to more than 300 Fidelity mutual funds, the Company also offers discount brokerage services, retirement services, estate planning, wealth management, securities execution and clearance and life insurance, among others. Fidelity Management & Research Company (FMR Co.) is the investment advisor to Fidelity’s family of mutual funds. In May 2007, the Company sold 91% of its American Depositary Receipts (ADR) in PetroChina.

With a company like Fidelity with many diversified interests and investment areas, they are aware as any other corporate entity that any of their areas of interest can take a turn quickly and cause consumer concern. What Fidelity has done to assuage this is to be proactive in assuring their customers that they are fiscally sound and operating efficiently. A plus for Fidelity Investments and a plus for corporate entities who follow the same path. Fidelity has stated that they will post publicly the company’s financial state and offer links and information on their actual company’s figures.

Can you do what Fidelity has done with your corporate site? Should you do that with your corporate site? How would you handle tough financial questions about your company’s financial health, especially those that prod and insinuate?

The Secret to Success for Social Media Sites

What is it that can make a social site like FaceBook or MySpace unquenchable to other heavy Internet competitors? What keeps these sites from going under when a new, more fun and exciting site is launched and (seemingly) everyone goes over to the new kid’s playground to play? How can social media sites make themselves unstoppable? What is the key?

Digg, Stumble and Twitter, Oh My!
There are only a handful of social media sites that are so common, you don’t even have to offer an explanation of who or what they are when used in a sentence. Sites like Digg, StumbleUpon and Twitter have become so entrenched in the mental landscape of Internet users, that to even think of using a different site can be almost offensive to people. Users find what works best for them, use it to its maximum and passes the word along to others. There are very, very few sites that can tout this user-loyalty, and, never will they say that it was an easy task to win the hearts and admiration of their readers.

The one notable factor that these social media sites can say resonates, among other factors, is their dedication to consistency. Users can be very serious, and rightly so, about their technology and their expectations of it. In other words, they want it to work when they need it and want it to work. Outages are understandable, periods of down time are also understandable, but users can be unforgiving when a site promises one thing and fails to deliver. Or worse, they deliver something altogether different.

Gauging Consistency

The secret to success for social media sites is not a mystery. Consistency is key and the ability to fully deliver the product is desirable and demanded. Sites like Twitter have enjoyed immeasureable success because they have harnessed the ability to remain consistent yet flexible in a fast changing social media world. How can that be? Twitter boasts the 140-character micro-blogging interface where users can make snappy, quick posts multiple times in a day or at one sitting. They have never veered from that platform. They have not implemented any other tool that would take them from the premise that they are “quick and easy.” They have not included the ability to upload videos, display photos or images or even the option to upload a podcast. They have not tried to market themselves as a full-service blog, and therein lies the beauty of their micro-blogging platform. They keep it simple. Of course, if users desire more, they are welcome to find other programs and platforms that fit their needs. However, part of the success that I’m speaking of is utilizing a particular platform for what it is specifically intended for to its maximum use.

How can your social media presence be successful? Deliver your goods promptly and as accurately as possible without veering away from your purpose. Simple as that. Users want what they want and expect you to deliver just what you say you will. Give them anything different, and they will seek consistency in other areas.

The Impact of Media Relations on Corporations

If the media says it’s so, is it?

Many corporations rely upon their marketing departments to use creative image branding in the minds of their customers. To get their customers to think the way they’d like them to, or at least ideally, marketing departments will sometimes either slant news or possibly inflate news, just so things won’t sound quite as bad–or as good–as they would like it to. In theory, almost every company has at one time or another been “creative” in the media relations area and taken liberties to stretch realism. Even if it’s popular or second nature, companies must consider the ramifications of their “creative marketing” bubble stories being deflated and customers finding out the truth behind those marketing ploys. But even if all of the popular kids are doing it, does that make it right? Does that make it good to do, regardless of potential profit? Do companies suffer in the long run because of it?

For instance, politics has long been one of those instances where media relations plays a huge part in what and how people perceive candidates and issues. If a media outlet can cover or slant a story with just enough seed of doubt, they have the potential honor of single-handedly changing the minds of voters everywhere.  

A corporation’s media relations efforts also have the potential power to change the thinking of its members as well. Just by employing strategic media elements and implementing a follow-through system, corporations have the potential to make a huge impact in the media relations world. One such example of this, and an example that I mention often on this blog, is the effects of social media through sites like Twitter. Corporations who take the time to develop their Twitter presence can make a difference to consumers. The American Corporation, Ford Motor Company, a part of The Big Three and in tough times right now, has developed a Twitter front that rivals any competitors and gives them an edge among consumers. Although financially they are in need of assistance, they also know that these tough times won’t last. They are turning to their customer base for answers, suggestions and discussions on giving the customer what they want.

Ford introduced multiple Twitter accounts based on what they talk about. You can follow @forddriveone, @fordtrucks, or @forddrivegreen depending on what you want. Link

They have also established a dedicated customer liaison department  who listens to customer’s complaints and do their best to satisfy the customer and possibly keep their business. New idea? Not so much, but it’s the implementation of the way Ford has chosen to do it. So, if the news media says that Ford is expected to go under, file bankrupt or not make any new cars, should we simply believe them? Should Ford get another chance with consumers? Or, should we look at valiant efforts like Ford’s Twitter presence, dedication to quality and loyalty to consumers and deduce that they are trying and they are making an effort, therefore we should at least give them another chance?

Just because the media says it so, just does not make it so.

Slow Blogging: How the Concept Affects Good News

Recently, the New York Times profiled a story about bloggers who embrace the idea of slow blogging. In this type of blogging or information delivery, concepts and ideas are delivered at a more slower, deliberate pace that allow both the blogger and the blogger’s audience to completely absorb the elements of a story and be able to remember what the story is really about. Slow blogging can be likened to the idea of reading a long book, watching the story unfold and develop, anticipating the end while taking your time to let it all happen…slowly.

A Slow Blog Manifesto, written in 2006 by Todd Sieling, a technology consultant from Vancouver, British Columbia, laid out the movement’s tenets. “Slow Blogging is a rejection of immediacy,” he wrote. “It is an affirmation that not all things worth reading are written quickly.”

The concept of slow blogging is spawned by the idea that good, solid blog stories are those that are well-thought, well-formed and that take a little extra time to publish just in case elements of the story changes. The idea is not so vastly different from that of well thought journalism stories. Good, solid stories that appear in reputable outlets also require that they are well-thought out and well-formed as well. And, just like in the case of journalism stories, elements of the blog story can change too, which is why slow blogging is a conducive form of news delivery in some cases. But the process of slow blogging allows the blogger to formulate a story and deliver when it is completely ready for publishing. Or, as in the case with the New York Times featured blogger Barbara Ganley, allows the reader to go on the journey with the blogger step by step, and participate through their entries as if they were there with her. 

In corporate environments, slow blogging may actually add value to a concept that is relatively new. The idea has been around since 2006, but companies and bloggers alike are starting to analyze the process of slow blogging to see if there are any benefits that companies can gain from the idea. Most media outlets and media relations departments of large corporations act on a time basis – – that is, working to see if deadlines can be met quickly, information uploaded to their sites immediately and if they can be the first publishers of the coveted information. Although blogging has the nature of being “quick”, “fast” and “right now”, corporate environments can use the benefits of slow blogging to deliver concepts and ideas to their investors and to their buying audiences. If there is a new product or service that is being developed, corporations can use the slow blogging concept to deliver non time-sensitive information on a more relaxed basis to their blogging audience. The information of course is not going to be front page news, but will be pertinent, thorough, succinct and able to capture and hold the reader’s attention.

What makes slow blogging so intriguing is not the speed at which the blogging is done, but more of how less it is done. In other words, the old adage that says, “good things are worth waiting for”, may in fact be a valuable lesson in this respect. Bloggers who take the time to grow and develop their stories in an interesting, informative fashion are more likely to be successful. Because we live in a news and information vacuum, society almost hurriedly dictates that we deliver information right away. A good idea? Not necessarily, but delivering the right information, at the right time, to the right audience is a good idea. One that perhaps the client would prefer over anything that is hurried along.

Tech Companies Realize the Power of Social Marketing

 When busy professionals invest in a gadget or software that makes their lives easier, they’re so ingratiated that they want to tell everyone about it. That’s exactly what the tech industry hopes that you will do.

Social media sites like FaceBook, Twitter, MySpace and others have finally gotten the attention of some Tech companies who are looking to increase their customer base by using these outlets. Although these media channels have long been thought of as simply ways to meet people who are interested in personal relationships, the shift towards marketing and media relations has been gradually shifting and allowing companies the chance to get on board an absolutely savvy marketing idea that’s good for all interested parties. [Read more…] about Tech Companies Realize the Power of Social Marketing

Full of Croc or a Great Idea? The Croc Shoe Company Does a Good Thing

Donating proceeds for good causes has always been something that major businesses and corporations have done for years. They do this in an effort to spread goodwill AND to bring exposure to their companies. Many times, large corporations will make an all out televised effort to spread cheer, or some will even do local-based community efforts as a way of furthering their mission and objective.

The event has long passed, but some things worth noting that made this public relations effort memorable is 1.) the international significance that it reached and 2.) the product itself.

Since everyone wears shoes, it’s a given that the campaign would appeal to the majority of customers nationwide. Crocs are heralded by many as being one of the most comfortable shoes available. Although it lacks a bit in fashion and style, is rather large and clunky looking and doesn’t seem quite certain as to what gender, age group or social group that it wants to market to, it remains a popular shoe choice. However that doesn’t stop the company from branding itself and making it one of the most popular consumer shoes available today. 

The shoe campaign that Croc started along with Dispatch, a popular American Rock Band, was certain to bring in record crowds who loved this music style and those who either wore or liked the Croc shoe. Companies who sponsor events such as this are not always necessarily appreciative of the drawing crowd attraction, but that the crowd does get what they’re selling…and in this case, it’s the shoes. Crocs specifically.

The other element about this program that was impressive was the international significance of how the company marketed itself. They coupled with another international effort, pooled their ideas and resources and offered an incentive for customers to buy. For every purchase that the customer made, there would be a recycled pair of Crocs donated to the foundation, Soles United, and the shoes would be given to  Zimbabweans. There were over 10,000 shoes donated to this effort, so in essence there are now about 10,000 Zimbabwean residents walking around in their country fashionably sporting an in-demand pair of classic Croc shoes.

What’s so special then about a company and a donation effort? The way they reach the consumer. Some media outlets especially like special interest stories that make a difference in the lives of others. Even more so, stories that reflect a giving nature and that highlight on the good that companies are doing rather than all of the wrong things are also especially nice. With Croc, they are not just giving away money, but they’re being a part of an effort to give people something that they also need…shoes. How ingenious could it be to have your name tied into an effort that helps a group of people, in a way where the help is wanted and needed, and at the same time bring classic exposure to your company and product? Sure it’s savvy marketing, but it also scores high media points and limitless warm and fuzzies with consumers. Shoes and people go together, well, like shoes and people.

Not a bunch of Croc. Just a great idea!