“I head the Corporate Communications Department of a mid-sized limited, listed entity dealing in commodities. My questions are simple:
- How do “traditional” corporate communications make the transition into the social media space? We already mail our releases to the media, do we also need to post it in facebook?
- How do we ensure more visibility and coverage? (we give out about 6 releases a year with tepid, lukewarm response from the media).
- How can we monitor and control irate shareholders badmouthing our management in social media platforms?
Dear Ms. Name Withheld,
Simple as you think, your questions, they are a full platter. Corporate Communication exercise is not about making a transition from “Traditional” media to “new / social” media as the two are complementary – like pen and ink, car and petrol. You have to address both, on their terms to get your stories told.
As far as increasing the visibility / coverage is concerned, please note that just mailing releases do not ensure coverage. You will have to keep in mind the following points:
- You have to have a valid reason to give out a release. Don’t restrict yourself to the 6 release rule and send them out only when you have a compelling story to tell, one that the media will consider worthy of publication.
- You mentioned that your company deals in commodities. Identify the beat reporters who cover commodities and keep your channels of communication open so that you may provide them with industry (including your company) information when they need it.
- Make sure you discuss specific story ideas that you may have with the reporters.
- Try and set up interviews with your boss ( I guess I don’t have to elaborate on this)
- Your Annual Results, Production performance, Industry trends, Budget Impact – all are valid reasons for you to call on the media and seek coverage. Use them.
- As most stories now-a-days begin with a search in the net, make sure your company website has all the relevant information, graphics and is up to date.
- And finally, be gentle in your reminders. Journalists are a busy lot and can do without us, pestering PR practitioners.
Now, for your third question, perish the thought! It is not for Corporate Communicators to “monitor” or “control” the ire of disgruntled shareholders. What you should do, is to establish contact, try and get them into conversations off line and address their reason for resentment as fast as possible. Now, that is easier said than done, considering the fact that the commodity business in which your company is engaged in, is cyclical in nature with bad years and poor performance, leading to shareholder anger a certainty. Yet, you should leave no stones un-turned to talk it out, as often, your genuine concern can go a long way in diffusing a potentially explosive situation.
The best thing about social media is its democratic and honest nature. No one can hide behind big boasts and arrogant attitudes as their bluff will get caught within moments. If your management is on the wrong side, they are bound to get the flack. As the Corporate Communicator it will be your duty to pacify frayed nerves, try and ensure that the disgruntlement does not go viral and to ensure that the management is kept informed about the noises that are being made. For, it is not what you tell the shareholders, but the company’s performance that will drive their interest and reflect in the social media space, as in the scrip price.