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The Business and Biodiversity Offsets Programme | BBOP

bbop-logoCaptains of Industry often get a bad press.  Their public image is as an exceptionally wealthy older man sitting in a glass tower, possibly stroking a white cat and waiting for the day the James Bond of regulation finally arrives.

As the wheel of sustainability turns, many may be starting to realise that mandatory meaningful reporting is approaching at an increasing speed.

However, if they look around at schemes such as GRI, AA1000 and SA8000 they discover well established standards which others have helped to build.  Where can they leave their mark and show they truly do care?

One answer is the Business and Biodiversity Offset Program (BBOP), which has just completed Phase I and is now looking for a broad range of industries to get involved in Phase II.

[Read more…] about The Business and Biodiversity Offsets Programme | BBOP

Using social media to promote your conference

You may remember that I posted a while back about the Ethical Corporation’s Corporate Governance conference, which is next week (16-17 June, in London – if you haven’t booked your tickets, it’s not too late…)

Apart from encouraging you to go, because I do think that this will be an interesting and very timely conference, I thought I’d point out how they’re using social media to promote the conference.

Ethical Corporation have set up a LinkedIn group where people can raise topics they want to discuss, and get to know each other a little before the conference begins. This has been up for a while now, so there’s been plenty of time to get involved. And – obviously a best practice here – the group is linked to from the main Ethical Corporation site, which both authenticates and promotes the group.

ethical-corp-tweetEthical Corporation have a well established Twitter account, with Nick Johnson (head of conferences) tweeting. The account is independent of this conference, so Nick already has a following of over 1000 people (including me) to communicate with.

One of the many things he’s using this account for is to advertise the conference, and to offer a discount to those people following him on Twitter. This is a great concept, though not unique to @ethical_corp, as it targets exactly those people likely to be interested in attending the conference – his followers. @communicatemag used Twitter last week to promote their conference by retweeting to win tickets, and since theirs was a social media conference, this was an ideal mechanism for promotion.

Based on observing Nick’s tweets, he’ll be setting up a hashtag (#) for the Corporate Governance summit, as he did for the Responsible Business Summit (#rbs09) – this means that all the tweets about the Corporate Governance summit can be collated and followed by Twitter users. This way interested people can find out what people make of the conference – the backchannel – whether they are attending or not. And @ethical_corp live-tweeted the last conference themselves, so I’m sure they’ll be doing that too. Again, there’s a link to the Twitter account from the main site and back again – authenticating the Twitter account.

Ethical Corporation also have a Facebook page, which they’ve used in the past to promote their conferences.

Clearly they will have used offline promotion techniques too, but these seem like good ways of finding those of us who are online and interested in corporate governance. This blog post, too, is discussing their conference … it all helps.

Anything else? What other social media techniques have you seen companies use to promote their events?

Microsoft Redemption Comes in the Form of New Bing Ads

Lately, I’ve been writing about Microsoft’s lack of creative branding here on Corporate Eye, but today, I can actually say that I saw some marketing come from Microsoft that didn’t put me to sleep.  Have you seen any of the new Bing commercials on television?  If not, you can watch the one I saw last night which appears below or check out the Bing channel on YouTube where you can find a bunch of Bing commercials.

I think the concept is strong — most of us who use a search engine and get lost in the myriad of unrelated and useless results can empathize with the people in the Bing ad above.  I also like the idea of branding the time-wasting and annoying experience of picking through search results to find something that’s actually useful as  “search overload syndrome”.   However, I don’t think people are overloaded with ‘searches’.  They’re overloaded with meaningless results, particularly spam results.  I think search overload syndrome (which I’m sure will get the SOS acronym) could have been better.

The complete campaign, dubbed the Bing ad “manifesto” was created by JWT and cost Microsoft a mere $100 million.  It appears to be working so far.  As I mentioned in my post earlier this week, Microsoft Bing has bypassed Yahoo! as the second most used search engine behind Google.  What remains to be seen is whether or not the Bing product will live up to the hype.  We’ll have to wait and see if Bing is still in second place in 6 months or a year from now.

Now, back to the commercial in the video above (and the others from this campaign).  I think the only real problem I have with it is the rebranding of Bing as a “discovery engine” rather than a search engine.  That term doesn’t work for me for two reasons:

  1. I don’t want to “discover” anything when I’m conducting a keyword search.  Ultimately, I want the perfect result to be delivered to me, so there is no discovery required on my part.  That word connotes more work for me — like an explorer or archaeologist spending years trying to find a hidden treasure or lost artifact.
  2. Microsoft isn’t fooling anyone.  If it looks like a search engine, acts like a search engine, and works like a search engine — it’s a search engine.  I know they’re trying to differentiate Bing from Google, but I’m not buying the “discovery engine” line.

There is quite a debate going on at the Bing YouTube channel about these commercials with strong arguments from both sides.  Regardless of whether or not a person likes these ads, you have to agree that they’re better than most of Microsoft’s previous marketing efforts.  What do you think? 

Bond Investors are Investors Too

For many companies, Investor Relations is all about the stockholders.  This focus is not surprising.  Regulatory filings are generally focused around company stock, and there tend to be more stock investors than bond investors ringing the phones of the IR group.

Stock investors tend to be a more fickle bunch, especially retail investors looking for quick trading profits.  Such investors are actually the least likely to ever even see your IR page, let alone examine it carefully.  However, longer-term investors, and certainly institutional investors will want to devour as much information as possible about the company and its operations.  Often, this research is a quest for information that others don’t realize yet, or that is being misinterpreted by the markets.

If others don’t realize just how strong the company is, or how quickly it will recover from its recent missteps, then buying now in order to wait for others to finally see the more obvious data come in can result in a tidy profit.  However, finding such information means wading deep into documents, filings, and transcripts in search of uncovered stones, since just about everyone will be aware of more obvious elements like P/E ratios and earnings statements.

The quest of many IR departments is thus to fulfill the basic legal and regulatory requirements for the majority of visitors, as well as provide data and information to be absorbed by media, analysts, and those investors and potential investors who want ever more data.

What about Debt Investors?

For many years now, the IR departments of many companies have simply outsourced their bond-based Investor Relations to the various debt ratings agencies like Moody’s, Standard and Poors, and Fitch.  However, with the financial meltdown came the uncomfortable realization that the ratings agencies don’t always know best.

Still, most debt investors at least start their investment research with the bond ratings provided by the rating firms.  Yet, many IR websites don’t even acknowledge the company has bonds outstanding, let alone provide ratings or research.  This may be a mistake, especially for companies with solid ratings.

Consider the income investor looking for, perhaps, a dividend paying stock.  Maybe, for whatever reason, he decides that while he likes the company, the stock just isn’t right for him right now.  But, his attention is drawn to the Debt or Bonds link on the IR site and maybe, he likes what he sees there.  Purchasing those bonds would surely keep the company on the radar of such an investor and may result in a share purchase later, particularly if the stock is unfairly beaten down by surrounding events.

Likewise, a potential investor who is on the fence about a stock purchase may have already devoured all of the information provided, but still hasn’t been able to come to a solid conclusion.  Upon clicking on the Debt links in the sidebar, the investor notices that the company’s outstanding bond issues are all highly rated.  Even better,  he notes that the bonds are all issued at low rates suggesting both the consensus opinion that the company is sound, and that it can use the leverage provided by the capital markets if the opportunity arises.  Combined with the other “pluses” from the rest of the time spent on the IR site, those bond ratings turn the potential investor into a shareholder.

Providing Bond Information

Certainly, a company’s debt information can confuse an otherwise clean and solid Investor Relations web page.  That is why it is often wise to create a sub-site for debt ratings and other bond information.

old-mutual-investor-relations-page

Old Mutual provides just such information in a clean and classic fashion.  On an investor relations site filled with information, a single link is displayed.  This serves both to avoid complicating the investment information sought by equity investors and shareholders, and by being the same kind of link in the menu as all the others, it also conveys that debt information is regarded as just as important by the company as the other similarly linked items.

Choosing to title the menu link as “Debt Investors” allows the company to sidestep any negative connotation regarding its outstanding bonds.  This section, the title suggests, will not be an excuse for having excess debt, but rather a way to ensure that investors in such products are properly informed.

Once clicked, the bond investor finds themselves on an internal landing page where at-a-glance information is provided in the form of a table.  An investor, whether equity or debt can peruse the outstanding issues and their ratings.  If further details are desired, links are provided both in the form of sub-menus.  Each issue is also clickable resulting in the user being shown the offering circular for that particular issue.

debt-ratings

The company also provides its overall ratings, and links to the full company report from the rating agencies.  This ensures that the prospective investor will go from here to impartial third-party research rather than a Google search sending them to whatever commentator happens to have chosen the right keywords for their search engine optimization efforts.

Old Mutual goes a step further by providing a dedicated Debt investor contact for users.  Any savvy debt investor knows that their is a world of difference between an equity investment and buying a company’s bonds, and it must be reassuring to see that the company understands that as well.

Investor Relations Best Practices

Consider incorporating debt ratings and bond information on your investor relations website as well.  Take care to ensure that the additional details do not add to the overall complexity of the IR webpages by segregating them under their own easy to find link or menu option.  However, don’t make the mistake of “burying” debt information under other seemingly related links.  Bond data is not so common on IR sites yet that a bond investor will look very far to find it.  Two levels deep in the menu structure virtually guarantees the user will have left the site before finding what they are looking for.

Regulatorily speaking, providing links to companies like the rating agencies are some of the safest links an investor page can make, as they are already widely regarded as impartial third-party links.  However, linking to only one agency with the highest rating would be a mistake.  If possible, provide links to all three major rating agencies, in addition to any other provided links.

The investor who finds what they are looking for on your official IR site will find little incentive to go elsewhere, and with the current environment that rewards company criticism over praise, that may be half the battle.

Getting it right for the best customer experience

A month ago, we heard from Colin Shaw (founder of Beyond Philosophy) on how companies should react to the current climate. Today he’s back, to share his views on one of the secrets of a great customer experience…

A few weeks ago we conducted our annual study tour in London, England. This is where we take delegates to visit a number of leading companies for a behind-the-scenes look at how they approach the task of building a great customer experience.

The companies included Prêt-a-Manger, Virgin Atlantic, Mandarin Oriental Hyde Park, Dell Computers, T-Mobile, Lexus Cars, AOL and Microsoft. As we travelled around these companies on the luxury coach, I pondered what the common traits are of companies who provide a great customer experience? Undoubtedly one of these traits is “attention to detail”, so let’s give you an insight as to what some of these companies did. Prêt-a-Manger told us about the absolute struggle they go through to make sure that all the ingredients in their sandwiches are additive free so as to enhance the taste of the sandwiches. This involves a great deal of searching to determine the best supplier, as well as extensive tasting. The time and money they spend on this activity is phenomenal and is testament to their customer focus.

But this is just one element of the attention to detail these companies pay. Liam Lambert, Director of the Mandarin Oriental Hyde Park Hotel told us of his “attention to detail”. He wanted his doorman to stand out as ‘beacons’ to help promote the hotel – as it is on the less busy side of the street and after seeing other hotel doormen who were all dressed in grey overcoats. This colour made them blend into their hotel buildings and act as great camouflage. Liam decided to dress his doorman in red, creating a true beacon. It was clearly effective as more people noticed them than ever before!

Liam told us about how he treats his new arrivals and our group was privileged to attend and witness his ‘Morning Prayers’. This is where all the managers from each department within the hotel get together every morning and talk through each new guest explicitly that is arriving at the hotel that day. They look at who they are and look at where they’re coming from and therefore how likely they are to be tired, for example. They even get on their guests’ web sites to discover more about the person staying so that they can ultimately provide them with a better service. Finally, if available on the web site, they will print a picture of the individual who is staying with them and place it on the ‘Guests Wall’ so the staff can recognise the person by name.

So, do you go into that amount of detail with your customers? When a guest is staying with them they ‘learn their behaviour’. They also take note of the drinks they order, whether they like ice or not, whether they have a cappuccino or a Latte after a meal. This information is then recorded on what is effectively a CRM system, which is them utilised to enhance the customer experience on subsequent visits. This is pure attention to detail!

Our visit to Virgin Atlantic highlighted to us the amount of time they have spent on working out when the optimum time is to deliver hot towels in Upper Class – before or after takeoff, for example. They also have calculated the most pragmatic and attractive layout of a service trolley, and have great new lie down beds situated in Upper class. As someone who spends a lot of time travelling around the world giving conference speeches, I can’t wait to try them.

And Dell Computers have set up a number of ‘Listening Posts’ to ensure they capture customer information and convert this into something that is usable by the customer.

So, attention to detail in building great customer experiences is paramount. The converse is also true, and lack of focus on the customer experience will detract from it. The other night I visited my local cinema. The ‘baby booster chairs’ were left in the aisle so that when we entered the cinema late, we nearly broke our necks falling over them! Not to mention the vast queue to buy a ticket, with only two tills in operation and three people standing at the back chatting whilst dozens customers showed their indignation. We have all had similar experiences, but it takes thought, time and commitment to build a great customer experience.

We recommend you to pay attention to the detail in future – both in ‘real life’ and on the various sites that are part of your company’s web estate.

A classic example of focusing on the details that make the customer experience of corporate web estate better is Amazon’s recommendation system, which gives the customer suggestions as well as providing potential up-sell opportunities. Like the Mandarin Oriental example above, this helps the visitor feel that the company ‘knows’ what they like. And the customer reviews provide reassurance, so the visitor feels they are making the right choice.

At a more mundane level, ensuring that the website is user-friendly, with appropriate help easily available when needed, matters. Visitors need to be able to navigate the site to find what they need (without falling over unnecessary ‘baby buggies’, or being led down navigational dead ends). And ensuring that the site can be found easily, and is distinctive helps. Consider the Mandarin Oriental again: is your site dressed in the appropriate livery, and acting as a beacon for your visitors?

Thanks, Colin!

Using Media Relations to Deal With a Sagging Economy

What is the best way that a corporate entity can combat sagging sales and manufacturing to deal with an economy in downturn? Ignoring it doesn’t make it go away. Nor does pretending that there isn’t a solution will work either. Just as bad is coming up with unrealistic, unmarketable expectations for a corporation in the times of economic uncertainty and uneasiness.

In times of hard financial numbers, a corporation just like any other business has to be creative in their marketing and advertising efforts in order to stay above their competition. They must look at non-traditional models and applications, seeking ways to bring attention to their mission. And, not to try to overuse an already over-used phrase, but yes, they must think “outside the box.”

Just recently, McDonald’s introduced their new “McCafe”, a new social community designed for coffee drinkers/lovers who also love the networking scene. In a time when places like Starbuck’s, Joe Mugg’s and even the local coffee houses are dominating, McDonald’s knew that they had to be creative and forward-thinkers in their marketing strategy. The McCafe concept is following closely along the base model of Twitter and Facebook and reaching out to the social community as a voice with something to say. And, they’re using all available resources to get it.

McCafé launched a Twitter account at McCaféYourDay. As of press time, McCaféYourDay had 134 followers.

Although it’s not new, it’s definitely creative and companies would do well to embrace what is available and make full use of their resources.

The economy doesn’t have to be detrimental to a corporation. It doesn’t have to end in disaster, and no rule book says that they have to go away because business is declining! New strategic methods, creativity and resources are the essentials in building and sustaining your business in this questionable economy. What strategies can YOU use for your platform.

How can a corporation tell when it’s time to start the creative flow going? It’s time to start the creativity immediately and preferably at the business’ inception. Corporations typically do not advertise like other public companies, therefore, they must subtly market through their resources. Finding creative ways is a must.

Being creative can involve a lot of different ways to get attention. A couple of weeks ago, I wrote about the impact that a marketing campaign by Kraft had on the media. Apparently, the post was so viral, people were trying to enter the contest here at our blog at Corporate-Eye! In the space of an afternoon, Lucy (the editor) and I saw a host of entries with people trying to enter the contest through our site, all from a post that went viral, full of information. .

You must be both enticing and creative when you are trying to wow customers. As a corporation, you may not have the edge that you’d like in your marketing tools, but again, using what you already have is the key.

How can your company maximize its growth rate? What creative flow can you think of that will help your corporate entity thrive right now?