It is essential to communicate effectively in both the best of times and the more challenging times. Just like long-term strategic investors hold their positions instead of fleeing the market, companies need to stay the course with communications as a constant. Yet one of the common mistakes that companies make is being reactive - or worse, silent - instead of proactive.
It’s not easy, but it’s necessary to communicate amid the ebbs and flows of business performance. The headlines may portray macroeconomic uncertainty, however, the headlines don’t tell the whole story, or even your story, and they will be told with or without you. Why not be part of the story, shaping it to inform your audience?
Here is why a strong ongoing communications strategy matters at all times:
Corporate reputation drives business health. It has a lasting impact on the entire lifecycle of the business. Strong corporate reputation boosts the credibility of your business and raises the eminence of your leaders and overall company, among many benefits. As Warren Buffet has said, “We can afford to lose money — even a lot of money. But we cannot afford to lose reputation — even a shred of reputation.” For more on this topic, read this Pursuit PR blog, Invest in Your Reputation For The Best Returns.
Silence creates irrelevance. When you become irrelevant or have a negative reputation, it is even harder to rebuild when the bull market comes roaring back. By investing in your reputation, you create relevance, elevate your brand awareness, strengthen competition positioning, attract new talent and retain key hires, and more.
Thought leadership showcases value. Uncertainty can create a lot of questions (and concerns), and thought leaders have the answers. C-suite communications puts the executives into a position to inform the public and demonstrate credibility. Being known as a credible thought leader enhances your value to clients and talent. Thought leadership is the messaging architecture that solidifies executive insights and shapes the direction of earned, owned, and shared media. This works in support of and in alignment with your business objectives and brand position.
Shaping conversations drives media coverage. Media coverage reflects a snapshot of thought leadership insights. Opening up conversations creates relevance and may lead to new learnings about market needs, business ideas, and more. Amplification of earned content is key to creating further dialogue with clients, prospects, team members and partners.
Communication increases competitive edge. To be complacent in business is to allow your competition to outshine you. Communication is an integral part of the work needed to gain and retain market share. Being proactive with thought leadership improves your subject matter expertise, which drives opportunities to share industry knowledge with clients, prospects, and team members. It requires a deep dive into your business, understanding challenges and opportunities.
Good communication builds trust. It’s instinctual to communicate when there is good news. It’s necessary to communicate when there is not. Transparent companies build trust. For public companies, there is no choice but to share the good, bad and ugly. For private companies, there is little other choice if they want to earn and retain trust and confidence.
As the global economy is vulnerable, the open question for businesses becomes: who will stay relevant? Who will be silent and complacent as others communicate, grow, outcompete and lead?
It is always important to be prepared. Now is the time to stay ready and play offense so you don’t fall behind.
