If you were to ask a marketer or a communicator today to define their role you might likely hear one or all of the following responses:
My job is to protect the reputation of the company.
The primary function of marketing and communications is to build the brand
It is very important that we focus marketing and communications on generating sales
It’s all digital. So, we must conflate several roles when it comes to translating data into insight to better connect with customers
Obviously, there are several variations within each of those statements, but if we were to simplify it even further the traditional role of marketing and communications is to protect the reputation of the company, build the brand and grow the business. This has been the case for decades, even as the number of channels they use in order to do those three things has proliferated at an incredible rate of speed.
But that was yesterday. In 2019, the world is officially digital. Customers and employees direct the relationship. As such, reputation, while important, is no longer the measure of organizational sustainability.
One of the reasons is that channels have grown exponentially. It is not hyperbole to say that digital media (in all formats) has fundamentally changed how we reach our customers. Not only that, it has fundamentally disrupted business model after business model. In the last 15 years, 52% of companies listed on the S&P 500 have disappeared. It is predicted that, by 2027, 75% of those companies currently listed will also disappear. One would imagine the companies that have disappeared had marketers and communicators focusing on protecting reputation, building the business and the brand, right?
So, if that’s the case, why are they no longer in business?
It’s our perspective that in a social/digital world companies that are not connecting or engaging with customers, consumers, employees meaning they lost relevance with the people who could shape the brand and move the business. As digital consumers, which is almost all of us these days, we know we are constantly bombarded with content from all sorts of companies. Keeping track of it all is next to impossible, unless what those companies are delivering to you is relevant to your interests. The companies that maintain a high level of relevance with their key stakeholders are constantly mindful of closing the gap between what they want to say and what their stakeholders want to hear.
As part of this year’s Chicago Ideas Week, we wanted to further explore this concept with two companies, Horizon Therapeutics and Walgreens, that excelled in driving relevancy with its key stakeholders. Representing these two companies were Kelly Rothschild Jansen, Director of Corporate Communications & Content Strategy for Horizon, and Suzanne Barston, Director of Digital Communications and Corporate Storytelling for Walgreens. During the session, both shared their perspectives on how each of their organizations is driving relevancy and gave tangible tips for other companies who may be just starting their relevance journey.
While it’s always difficult to distill a 60-minute presentation down to a few takeaways, there were three key themes from Suzanne and Kelly that bubbled to the surface:
Suzanne’s Key Takeaways:
- In order to be relevant to key stakeholders, organizations need to let of the things that could go wrong. If you are waiting for the perfect moment, you are likely missing an opportunity to test and learn what your stakeholders find relevant.
- Driving relevancy is about understanding the data, specifically understanding what your organization is putting out into the market versus what your stakeholders want to hear.
- For companies that are looking to be more relevant, it’s about identifying the intersection between reputation and relevance.
Kelly’s Key Takeaways:
- When we think about driving corporate relevancy, the critical things that matter are authenticity, connection and storytelling.
- Organizations need to be thinking about relevance as a journey. Things like creative, bold and compelling storytelling take time to develop.
- If there were one key to driving to driving relevance it would be telling stories.
Walgreens and Horizon are two organizations that really understand what it takes to be relevant. If your organization is just starting its relevance journey, you would be well-served to connect with Kelly and Suzanne to get their tips!