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Primark’s Sweatshops: The Future of Sustainability Assurance

Primark’s Sweatshops: The Future of Sustainability Assurance

Primark Store, ManchesterThink of great classic combinations: Fred and Ginger; Sonny and Cher; Laurel and Hardy. “The BBC and Primark” could soon be added to this list.

Last summer the BBC exposed how some of Primark’s fashion clothing range came from Far East sweatshops.

Now the BBC has done it again, this time showing that Primark’s continues to engage suppliers who use unsustainable employment practices.

Reaction to the news will been varied. Fashionistas may shake their heads sadly and say that the cheap, ethical fashion Primark which claims to sell simply cannot exist.

On the other hand, political deep-reds may get all agitated, saying corporations simply cannot be trusted. Both are, to some extent, correct. [Read more…] about Primark’s Sweatshops: The Future of Sustainability Assurance

5 Reasons Why Businesses Should Blog Through the Recession

Should you give up on the idea of a corporate blog now that we’re entering into a global recession? Is it one of those nice-to-have extras that a company can afford in the good times, but not in the bad?

I invited Tom Walker, who is a blogger for Cartridge SAVE, to give us his view on this …

Good public relations is one of the most important elements to any marketing campaign a company has at its disposal. But not all public relations are equal: some campaigns involve massive outlays of cash, while some other methods can be extremely cost effective!

Blogging is at the forefront of publicity mediums in today’s connected world, giving anyone or any business the opportunity to get their message out around the world. And with the recession hitting companies hard, it’s more important than ever to find cost effective ways to attract new customers and increase revenue.

Here are five reasons why business blogging should be an intrinsic part of your marketing mix during the downturn.

1. Marketing Has Moved Ahead With the Times

In days gone by the consumer would wait to have a flyer drop on their doorstep to read about the latest news, deals and offers available to them. Today millions of people subscribe to regularly updated blogs and use their feeds to stay abreast on everything from news and current affairs to sport and fashion. There are thousands of websites tailored to niche industries, each appealing to a particular demographic. While some of these blogs and websites are created by hobbyists, many are created by businesses who use them to turn visitors into leads and ultimately sales. Consumers are becoming more tech-savvy, especially as major online properties such as the BBC and New York Times embrace and subsequently promote new means of distribution such as podcasts and RSS to their visitors. So it is absolutely necessary for businesses to keep up with the trend and become multi faceted in how they interact with the public.

2. Relatively Low Barriers to Entry

Designing and launching your blog is very easy, you don’t need to be an HTML whizz to set one up. However, as with any other marketing campaign it is essential you invest in a plan to add value with clearly defined goals and ways of reaching them. If you don’t keep your blog regularly updated it can actually have a negative effect on your business reputation, making it appear stale and slow to act.

While there are many free blog hosting services available such as WordPress, Typepad and Blogger, which can of course be used to help boost your online profile, any serious business is strongly advised to incorporate their blog with the rest of their website so that corporate branding and voice are as consistent as possible.

3. Control Over Your Communication

Starting a blog gives your business the opportunity to inform customers of upcoming products, services, conferences, trade shows or even to give an insight into the day to day running of the business. It allows you to become your own news reporter and gives you control over what reaches the public domain. Blogging isn’t all a bed of roses though and there are many pitfalls, chief among which is the failure to be unique enough to differentiate your corporate blog from the over 20 million other blogs on the internet today. Take time to research the competition and how they use this platform. Don’t copy anyone, make your own niche!

The beauty of blogging is that it encourages interaction between potential customers or other businesses and yourselves who are able to leave comments that you might address in a later blog post. By adding questions or provocative statements in your blog, you are in effect inviting subscribers to leave feedback. Here are some tips on how to elicit more feedback:

  • Reflect the style of your business in the tone of your blog
  • Write in the first person so there will be a conversational style
  • Make it easy to subscribe: place an option to subscribe via RSS or email prominently on your blog
  • Keep blog posts short and concise: it’s the most effective way to get your point across
  • Show who is responsible for the blog post: a headshot of the post author adds a face to the voice

4. Grow Your Customer Base

Another way to get your message out and also drive traffic is to post comments on other people blogs. If they are writing about something that directly relates to yours you can post a comment with your link and details of your own blog. Don’t shamelessly advertise yourself in these comments though as this may get it deleted. There is evidence to suggest well written blog comments that add to the conversation with valuable and insightful commentary attract significantly more attention than even the main post itself! Clearly there is scope for businesses to therefore brand themselves as an authority to people outside their own circle of influence.

5. Beat The Competition To It

If your competitors don’t have a blog and you do, that already puts you ahead of the game. You will be immediately at an advantage from a media and public relations stand point as potential customers will be more likely to hear of you first. If you are lucky enough to have an extremely successful blog there is no end to its ability to accelerate the growth of your business as readers link to it from their own blogs and social network profiles.

Words and How “Live Blogging” Can Affect Your Corporate Sales

Words are very powerful. The things we say can bring lots of joy…or not so much joy. Our words have the power to change nations, change the lives of people and carry the ability to shape the future, simply with the words that we speak.  Sounds poetic, doesn’t it? However lofty sounding it may be, it is true.

Basically, the things that we say and write, and the things that are said and written about us, make a difference. They can often make such a significant difference in our businesses world that it is well worth the effort to take the time to ensure that what’s being said is at least accurate. Although there is no way to completely control what the opinions of others are (and you shouldn’t want to), what you can do is to ensure that 1.) the facts are presented, 2.) there are no unanswered questions or ambiguous thoughts and 3.) you don’t actively contribute to the speculation pool of gossip with your actions.

Just how powerful are words? Imagine having your every word typed immediately onto a platform that allows the world to instantaneously know what you’re saying. Imagine that even your funny stories, uhm’s, ahh’s and bad jokes are all on display for others to edit, discuss and dismiss. Now imagine having all of that affect your bottom line.

Live Blogging

A while back, I blogged on the idea of corporate media live blogging and just recently did a search to see how popular this idea was/is. It is quite popular. Live blogging implies just what the name suggests – – Live Blogging. Blogging while you are right in the middle of an event, a speech, a workshop or seminar. A live blogger or a live blogging episode allows the writer to instantaneously relay information as it happens. The cool part about this type of blogging is that you get information right away. The not so cool part of this type of blogging is that you get information right away. I’ll explain why later. 

Corporate Blogging

Corporate blogging has an unfortunate reputation of being stale and sometimes boring. Numbers, statistics, dry news reads, etc. Although this is not the case in every type of corporate blog, it can take a lot to convince readers to participate in a corporate blog forum. The reason why is because they’re usually uneventful and contain information that often doesn’t pull the reader in. So, the challenge of a corporate blog is to get traffic to the site and to engage the readers so that they will want to read more and come back again and again.

Live Blogging + Corporate Blogging

Bringing together live blogging and corporate blogging in one setting can prove valuable for a company. Although this is my opinion, and quite relative, what I am referring to specifically is the recent live blogging event of Phil Schiller’s keynote speech from Apple. SF Gate had a live blogging platform going on from the MacWorld ’09 event. There has quite a buzz on the internet over the past few weeks about Schiller’s keynote, the absence of Steve Jobs and the effect of that, the speculation that Apple would unveil a new product, etc. etc. No one knew what to really expect from Apple or the leaders there. Since the brand is so popular and interesting, followers are quite interested in what happens at the events, especially if they are unable to attend. Enter – – live blogging.

When a company like Apple creates such a strong brand and an almost cult-like following as they have, everything they do will be magnified and criticized. There’s just no way around it. The same thing can happen with a corporate blog, minus the cult. If corporate companies entertain the idea of live blogging, how significant would their sales change? Even if the CEO is not a Steve Job’s, or even if the product the company manufacture’s doesn’t have a digital interface or touch screen and even if it isn’t quite clear what the brand is, corporations have the ability, the power with their words via their blogs to impact their consumers. Sure sales can NOT increase, but they can also decrease. It can all hinge on what’s going on or not going on at your event. And, it can hinge on the blogger and their take on the whole program.

Live blogging can be great for sales. It can create a buzz with customers concerning any new products. Customers like to be a part of the action, to feel that they are “in”. Once they feel connected, they will follow your product, your brand, your label and your stats. Whether your company is performing favorably or not so favorably, your resource to connect cannot ever be replaced nor should it be undervalued. What can you live blog about today that will make a change, even a small one in your business? What can you offer to your customers that will make them want to watch your company’s every move? What can you do to affect your company’s bottom line?

Steve Jobs Resigns as Apple CEO Marking the End of an Era

Steve Jobs resigned as Apple CEO today via a letter which was published on Apple’s website. Later, Apple published a press release stating that Steve Jobs would stay on as Apple Chairman of the Board and Apple COO Tim Cook (who has been marked as Jobs’ successor for some time now) will take the role of Apple CEO.

This announcement is not a surprise to anyone who has been following the Steve Jobs and Apple story over the past few years. In October 2008, I published a post here on the Corporate Eye blog called The Brand Champion Exit Strategy – Lessons from Steve Jobs and Apple where I talked about how a false report that Steve Jobs had a heart attack sent Apple’s stuck plunging. I ended that post by saying, “You never want one person to hold so much power that your brand’s short or long-term success becomes dependant on him or her.  Ensure your brand can stand on its own with brand champions helping to push the brand in the right direction for strategic growth.”

Then in January 2009, I wrote a post called The Brand Champion Exit Strategy Redux – Lessons from Steve Jobs and Apple where I talked about a second reactionary plunge in Apple’s stock after rumors broke that Steve Jobs would not attend the popular Consumer Electronics Show in Las Vegas due to health reasons. I ended that post by saying, “The lesson to learn is this – develop brand champions but don’t put all your eggs in one basket.  And most importantly, put together a succession plan before your primary brand champion exits.”

Again, Steve Jobs’ resignation is not shocking. The financial world has been waiting for it for years, and while Apple’s stock is feeling the effects, financial analysts aren’t overly concerned. One of the main reasons they’re not worried is the fact that Tim Cook has been being groomed as Steve Jobs’ successor for some time now. As Ian Sherr of Dow Jones Newswire wrote today, “[Analysts and investors] say Apple will continue delivering hit products because of the culture Jobs has created at the company. ‘Tim is molded after Steve,” said Colin Gillis, an analyst at brokerage BGC Partners, who recommends buying Apple stock on the dips. “If they got an outside CEO, there might be concern.'”

Of course, Steve Jobs isn’t leaving Apple completely nor is he leaving his role as brand champion. In fact, his move from the role of CEO could have a positive effect on Apple after the resignation buzz dies down. It’s no secret that Jobs runs Apple with an iron fist (check out this article on Wired.com and this article from the Guardian Technology blog to get some juicy details about Jobs and the Apple culture).

What do you think? What’s next for Apple after Steve Jobs leaves the role of CEO? Leave a comment and share your thoughts on the changing of the guards at Apple.

Image: Apple Press Info

Making Your Web Site More Robust, Part 2

In my last post I looked at some of the things companies are doing with charting to help investors.  In this post I”ll examine some of the less obvious ways companies can help investors gain insight into their operations.  

Glossaries – I found sites that provided a glossary very helpful. Every industry has its acronyms and special catch phrases and to the extent these can be explained and accurately defined, a lot of questions and head scratching can be eliminated. In retail, for example, a common measure is same store sales, but many companies calculate it slightly differently. A clear definition of how the measure is calculated can save both investors and investor relations officers a lot of heartburn.

Total

Along similar lines, but even more interesting, is a feature I came across consisting of a page that discussed other, non-company indicators as they may affect the company. An obvious example, (I live in Houston) is the link between the price of oil and the performance of the oil companies.   Other companies have exposure to things such as inflation, commodity prices and consumer spending to name a few, and a page where companies gather the data and discuss their outlook on these trends is quite useful not only as a data source, but also as an additional insight into how the company thinks about how it is linked to the greater economy.

Finally, while most companies today provide links to their recent earnings conference calls, very few provide a transcript of the call. Although you miss the tenor of the speaker’s voice when you rely upon a transcript, it is a more time efficient way of reviewing a conference call. It would be fairly simple for most companies to post a transcript and save us all the additional hassle of going over to the Seeking Alpha web site to get it.

None of these items requires a lot of programming or a large investment of time and effort to accomplish, but I rarely see anything of this nature on corporate IR sites.  A little bit of creative thinking by investor relations staffs could really help their sites become much more investor friendly.

Satisfaction for All Comers on IR Websites

We’ve discussed the idea of who the target audience of an Investor Relations website is before.  From employee and retiree shareholders, to retail investors, to analysts, and the financial media, an IR website can be expected to cover a lot of ground.  That is why Investor Relations departments try to mash so much information onto a single webpage.

Quick Investor Relations

Cisco is one of the world’s leading networking companies.  Its hardware runs inside the networks of companies big and small.  That means that it is on the minds of many people both in the technology industry and not.  Interest can jump quickly based on numerous events including media coverage that concerns the company either directly and tangentially.

The Cisco corporation can also be considered a fit for numerous investment categories, technology, networking, hardware, telecommunications, and even plain old large cap U.S., which means that in addition to a spot on the public’s awareness radar, it also commands a spot in many stock screeners or other investing tools that return companies based on various criteria.

Just how to provide useful investor information at once to the savvy retail investor or professional analyst, and the event driven investor, or investors looking for “a technology company”, can be a design and logistics nightmare.  Those who come to a company’s IR site frequently, don’t want to be bogged down with a long list of links burying the specific information they came to get, while those who are new to the site don’t want to have to figure out which menu has what, just to get a quick look at the company.

Company Fact Sheets
Cisco Systems - Overview The investor relations webpage is accessible from the Cisco homepage, though it is not visible until one clicks on Quick Links (tsk, tsk).  From there, an information packed and useful IR landing page greets potential and current investors.  All the usual information is readily accessible, stock quote, regulatory filings, financials, even events and presentations.  Additionally, a Fact Sheet link commands a prominent space in the left side menu.

The fact sheet at Cisco is, like many other companies, actually an offering of the “news” section of the Cisco website, but it contains a treasure trove of information for new investors who want to take a quick look at Cisco and decide if it is an idea they wish to pursue further.  But, since those investors are likely to arrive via the IR site, they may never find this source of information which may fit their needs better.

The easy to find link on the IR menu ensures that all arrivals have the opportunity to decide that their needs might be best served by a fact sheet rather than fully navigating the information available on the IR side.  By offloading these potential investors to this one-stop shopping style information page, the Cisco IR department can focus on building its Investor Relations web pages and navigation to suit those investors who may be making one of many returns to the Cisco IR information.

IR Best Practices

For the fact sheet to be a useful way to provide “at a glance” information to potential investors, it needs to contain links to the most commonly requested information.  Use your own experience by leveraging the knowledge of those who serve as investor contacts at your company.  They will likely be able to rattle off a small laundry list of items which are the most frequently requested by callers and email.  Position those items on the company fact sheet as well as other information that you would like quick hitting information seekers to find.  On the Cisco fact sheet for example, the company lists its many awards so that anyone viewing the sheet will see them regardless of their intention to seek out a list of such kudos.

By creating a quick and easy way for users looking to go through a lot of information one click after another, you make life easier for them.  At the same time, you relive the burden of sifting through a unruly stack of links from frequent IR visitors, creating a win-win situation for all potential and current investors.