best communications practices

“Chaos is Our Brand”—Takeaways from an Interview with Katy Herr, CEO of Audacia Strategies

Friend of Audacia Strategies and CEO of Quantive, Dan Doran, interviewed Katy about the advantages of running an “out-of-house” communications firm, best communications practices during times of transition, investor relations, M&A strategy, Amazon’s acquisition of Whole Foods, and much more.

Here are some of the biggest takeaways and highlights from their in-depth conversation.

1. Don’t Wait to Create a Communications Strategy

Organizations most often look for experts in investor relations and strategic communications during big transitions. For example, a government contractor might decide to take operations in a commercial direction or a firm may contemplate a game-changing merger or acquisition. Whether or not your organization ultimately decides to bring in a firm like Audacia Strategies to help during such a transition, the most important thing you can do is start strategizing early.

Many of our clients contact us when they’re facing one of two situations: times of crisis or times of transformation—hence our unofficial tagline: “chaos is our brand.” This makes a lot of sense, but too often what we find is that if an organization hesitates to develop best communications practices and a communications strategy early enough, things can go off the rails quickly.

Say your board is about to fire your CEO, when someone leaks the news on social media and all hell breaks loose. What do you do now? Dealing with this kind of challenge is never fun, but it is much easier if you have a strategy ready to implement. If you have a plan, you can stabilize the situation quickly and move past the crisis.

So, why look to an outside “hired gun” to help develop a best practice communications strategy?

Here are a few of the benefits of using an outside communications firm like Audacia:

  • An outside set of eyes gives you transaction experience, critical perspective, and unbiased advice when communicating your message to the outside world.
  • An outside firm is in a good position to place your organization in a broader context (i.e., the competitive set, the market, and your financial stakeholders), while you focus on running day-to-day internal operations.
  • An outside firm isn’t influenced by the “groupthink” or silo-ed communications that can be an obstacle to projecting the strongest public image.

2. Think About Who Your Stakeholders Are

Part and parcel of creating a winning communications strategy is thinking about who your stakeholders really are. Whatever you do, don’t skimp on the stakeholder analysis. Remember that at its core communications is about storytelling. And just as you wouldn’t tell the same story in the same way to your 4-year-old nephew as you would to your 85-year-old grandmother, you wouldn’t tell the story of your company in the same way to different types of stakeholders.

Depending on whether you are a publicly or privately held company, stakeholders could include any or all of the following sets:

  • Employees
  • Financial stakeholders:
    • Public debt holders and ratings agencies
    • Private equity companies and banks
  • Community partners
  • Business partners (non-financial)
  • Strategic partners
  • Customers

3. Understand the Difference Between Marketing and Communications

It’s also important to realize that even if you have an internal marketing department or marketing agency responsible for communicating your message to customers, you may still benefit from enlisting a corporate communications or investor relations firm to help communicate with other stakeholders. We see both marketing and communications as valuable tools for building relationships.

Whereas marketing primarily focuses on telling the story of how your product or service will help your target customers, strategic communications partners can knit together the entirety of the business story to give investors and other stakeholders a comprehensive picture. As experts, we provide you a strategy leveraging communications best practices honed over many transactions, crises, and change events.

We look at how individual aspects of the business including operations, business development, human relations plans, contracts, real estate holdings, etc. fit together to create a holistic picture of value and determine how to communicate that value to each stakeholder segment.

In addition, while many firms have annual strategic planning sessions, often leaders and employees are too busy putting out fires day-to-day to think much about the broader picture. By opening this conversation, we give firms the space to look at the competitive space and customer environment, for instance, and ask big questions about how their market might respond to their actions, how resources should be optimally redirected, and how to keep investors engaged through the transition.

4. Gain Fundamental Communications Building Blocks Regardless of Revenue

At Audacia Strategies, our team has worked to develop best communications practices for companies with billions in revenues and an established shareholder cohort and companies that are pre-revenue looking for their first round of funding. While the scale and scope are different, the communications needs of large and small firms are remarkably similar.

There are some “blocking and tackling” basics that hold when it comes to analysis, building customer relationships, and considering how to communicate your value to the marketplace. These are fundamental whether you’re pitching friends and family or venture capital firms.

Fundamental communications questions to ask:

  • How do we want to talk about this new capability?
  • How do we demonstrate knowledge, understanding, and awareness of the market we’re going into?
  • Are there legal, financial, or cultural requirements that we should keep in mind?

5. M&A Tips and Tricks

When it comes to M&A (mergers and acquisitions), Audacia Strategies can support teams in many different capacities. We work with corporate development teams, in-house financial teams, lawyers, and investment bankers helping them think through the market and storytelling from an M&A perspective. For publicly traded firms, given the disclosure requirements, if you can tell the right story from the beginning, the whole process will be easier.

For example, when murmurs of Amazon working on a deal to acquire Whole Foods first hit the news, a lot of experts were skeptical. Whole Foods was struggling against some PR snafus and people wondered what Amazon really knew about how to manage a grocery store.

But look at what happened? As soon as Amazon acquired Whole Foods for $13.5 billion, Amazon’s market cap went up $14.5 billion. Essentially, the market paid Amazon to acquire Whole Foods. (If you’re curious to read more about Amazon, check out The Everything Store.) So, it’s interesting to see how the market will view M&A. It’s about risk, the ability to manage the risk, and telling the story of how this acquisition fits into your broader business strategy and culture.

Finally, we’ll leave you with some pitfalls and opportunities to consider when it comes to communications during a merger or acquisition:

M&A Pitfalls:

  • Companies that overpay: We have another blog post dedicated to this topic. Suffice to say, if you overpay for an acquisition, it can create credibility issues with your investors, your Board of Directors, your employees…the list goes on. Negotiations can get emotional quickly but consider that the business strategy will have to support the valuation.
  • Cultural fit failure: We’ve seen it happen: a small start-up firm develops an amazing technology and gets bought by a huge firm looking to prove it’s innovative and “hip.” Then, within a year, all the original start up employees are gone. Avoid this kind of cultural disconnect by having an air-tight integration strategy from the beginning. Make sure you are walking your walk, so you can deliver on what you’re promising.

M&A Opportunities:

  • Integration is key: The best M&A success stories are those where the merging leadership teams think about integration all the way along. When companies have a successful communications strategy that includes communicating the big vision well for both internal and external audiences, the proof is in the stakeholders’ response.
  • Customers see opportunities: Ideally, when two companies merge, customers say “this is exactly what I needed.” Rather than seeking out two solutions, for example, the customer gets one-stop-shopping from the new hybrid. It’s your job to help communicate this feeling across your stakeholder groups.
  • Employees see opportunities: And if you can also pull off a merger where employees in both companies see the transformation as good for their own careers, you’ve developed a winning communications strategy. Often employees of the smaller firm may feel anxious about being acquired. But if you can honestly demonstrate opportunities for career mobility, earnings potential, and other benefits of working for a larger company, it will go a long way toward easing transition tensions.

The above is only a sampling of the insights and best communications practices gained from Dan and Katy’s conversation. To watch and listen to the 30-minute interview in its entirety, hop over to GoQuantive.com.

Catch the whole episode here:

For more information about how Audacia Strategies can help you own your message through big bold business changes, check out our one-page business overview. And if you’re new to the Audacia Strategies world, welcome! Please contact us to set up a discovery session so we can start strategizing about your best communications practices now.

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business goals

3 Big Investments We’re Doubling-Down On in 2019

January is a good month to take stock—or so my Marie Kondo-loving friends tell me. It really is a great time in the business cycle to think back over the past year, to consider what worked and what could have gone better, and to make business goals for the year ahead.

Here at Audacia Strategies, I’m feeling so much clarity around what types of organizations we serve and where we can add the most value for our clients. Now we can focus on thinking strategically about how to double-down on our biggest investments and accomplishments to bring even more value for our clients going forward.

Here’s a small window into our business goals for the coming year:

The Big 3 for Audacia in 2018

1. We became certified as a women-owned enterprise (WBE): It took the better part of the year to get the paperwork completed, filed, and to receive our certifications (one of our major 2018 business goals). But we are now officially a Woman-Owned Small Business or WOSB (in the eyes of the Federal Government). We are also nationally certified by the Women’s Business Enterprise National Council (WBENC) and received our CBE certification in D.C. We’ll receive additional state-level certifications soon.

Big InvestmentsThese certifications position Audacia to better support clients’ supplier diversity objectives, engage directly with federal, state, and local government initiatives, and support larger-scale projects with diverse financing requirements. Being woman-owned certified also gives us the opportunity to reach a broader audience. We are proud to participate in programs that support and encourage women to own businesses in industries where women have been historically underrepresented.

2. We helped our clients win new business: This is some of the most rewarding and satisfying work we do at Audacia. When our hard work and collaboration results in clients winning new business, there’s no doubt we’re delivering at a high level. This kind of feedback reaffirms that our systems and procedures are working.

For example:

  • We helped an EdTech client land 8 new clients in 9 months by reviewing the market and competitive landscape to develop their product launch strategy, message development, and activate an ongoing marketing strategy.
  • We helped a growing government contractor develop a message architecture and segmented stakeholder messaging strategy to leverage their government expertise to expand into adjacent commercial markets. As a result, they have already inked a strategic alignment contract with a major commercial provider in their space and are in discussions with others.
  • We prepared an established government contractor to attend their first investor conference in their 15-year history. Our team worked to develop investor messaging, (i.e., strategic rationale, value proposition, and investment case development) and an investor presentation for the firm. We trained leaders in Reg FD requirements and presentation delivery. And we equipped key executives to handle “live fire” investor Q&A.

3. We helped our clients get recognized for their innovation: Bringing an innovative product or service to market carries certain inherent risks. But having a strong team behind you to brainstorm ideas, challenge assumptions, and provide an additional perspective can mitigate these risks.

For example:

  • We developed the messaging strategy for an innovative nonprofit in the higher education space. Our client was highlighted as a key innovator in higher education by the U.S. Department of Education.
  • We supported the successful CEO transition of a 55-year old government contractor and the strategy to support the subsequent transformational realignment to more closely align the business with its strategic markets. The firm has achieved higher internal employee engagement and is ready to bring their refreshed message to current and new clients.

Looking Ahead to Our 2019 Business Goals

1. We will forge ahead with additional state-level certifications: This is key as Audacia looks to better support our clients as they, in turn, support their clients. Think: transformational systems implementations. This is not a new business area for us, but these certifications provide a new way for us to enable successful business transformations at all levels.

2. We will continue to support our clients biggest transformational moments/goals/ideas: In 2018 we had the opportunity to support c-suite transitions, mergers and acquisitions, new product launches, and new investor relations strategies. We also expanded and cultivated our network of business partnerships, so that in working with Audacia, our clients gain access to even more strategic resources. We’re going to continue that work in 2019 as we look to help even more companies get the biggest bang for their transformation buck.

3. We will show leadership in promoting corporate responsibility and effective crisis management: Now more than ever, our analyses show investors and stakeholders care about demonstrated success in corporate responsibility. It’s often difficult for firms to evaluate their own cultures and even more difficult to implement change without an outsider’s perspective. If this isn’t on the radar of your leadership, let’s get going and get you on track! This is of special interest for organizations eyeing mergers and acquisitions. Making a strong case in terms of the numbers, may not be enough for investors these days. We’re staying ahead of the game, bringing new service offerings in this area in 2019.

How are you looking to grow and transform in the new year? What big accomplishments and investments from 2018 are you doubling-down on? What business goals do you hope to achieve in 2019?

If Audacia can support you in your business goals, let’s find time to talk about your needs. Your first step is scheduling a 30-minute introductory call with yours truly. Let’s make your 2019 truly transformational!

Photo credit: Cathy Yeulet

reading

Reading, Listening, and Watching—What I’m Loving Right Now

It’s always fun to share and hear from others what they’re reading, listening, and watching. But in the frenzy of launching new products, bringing on new staff, and all the other things that go into growing our businesses, who has the time, right?

Fortunately, as we wrap up loose ends on 2018 and (hopefully) find ourselves with a bit of downtime, we have the headspace to expand our minds. I’ve been gathering the resources for my reading, listening, and watching pleasure on flights and quiet evenings by the fire. As you do the same, I thought you’d find this list beneficial.

Here’s what I’m reaching for in these moments of productive downtime:

Reading

True Story: My husband calls my Kindle my “boyfriend” because it’s always with me—when I travel, when I treat myself to a quiet lunch, and before bed. It’s my go-to. But the truth is a few years back, I noticed my attention span was dramatically shorter. After a bit of introspection, I found that I had stopped reading long-form materials in favor of reading email newsletters, social media, and skimming news articles. I made a commitment to read more and it has brought such joy into my life. I read across the spectrum—fiction, non-fiction, memoirs, cookbooks…you name it, I’ll read it. What should be on my list for 2019?

reading listening watchingHere are some of my favorite books from 2018 (plus, my favorite daily must reads):

1. Bad Blood

Nope, Bad Blood is not the lyrics to that TSwift earworm (you’re welcome!), but a real-life thriller that charts the rise and collapse of Theranos, the multibillion-dollar biotech startup. Wrapped in a page-turning package, there are many lessons to be learned about the importance of leadership, the role of the Board of Directors in governance, and the importance of a moral compass in maintaining the soul of a company as we tread more and more deeply into technology.

And you don’t have to take my word for it. Bill Gates recommends Bad Blood too.

2. The Everything Store

I was a bit “late to the party” in reading this book. It was initially published in 2013. However, it remains an insightful look into how the Goliath, better known as Amazon, came to be. More importantly, it’s a incisive look into the mind of Jeff Bezos—what makes him tick, his management style, and how he has shaped Amazon’s culture and strategy. In a time when we spend a lot of time and spill a lot of ink thinking about Amazon’s unprecedented growth, The Everything Store provides an interesting perspective. I found the book incredibly eye-opening as an Amazon customer, a global citizen, and as a business owner.

3. The Hate U Give

“What’s the point of having a voice if you’re gonna be silent in those moments you shouldn’t be?” — The Hate U Give

Fun fact: My mom spent over 20 years as a children’s librarian and is an absolutely voracious reader, so when she recommends a book, I listen. The Hate U Give isn’t a kids’ book though. It will speak to your teenagers, but it should be required reading for all of us. Profoundly moving, The Hate U Give handles gun violence, income inequality, a history of segregation, activism, and police brutality, while also managing to build in relatable, real-life characters and cozy, quippy family banter. Fans of the signature banter of Aaron Sorkin (see also: The West Wing) will appreciate the crisp dialog. I experienced a full range of emotions while reading this book. It made me think about the role of community, government policies, and how we can all do more to build safe communities. (Full disclosure: I haven’t seen the movie that came out this fall. But, even if you have seen the movie, I strongly recommend reading the book.)

Daily reading: (Note: I am not affiliated with any of the following website or brands, nor am I a sponsor. I’m just a fan.)

  • Axios Newsletters: Bullet points, easy to read, well-researched and cited. A great way to hit the morning headlines from major publications punctuated with outstanding commentary and  insight (subscribe here).

I read these almost every day:

  • Axios AM
  • Axios Edge
  • Pro Rata
  • Axios Sneak Peek (Sunday)

Listening

I’m a HUGE podcast fan. I listen to podcasts almost exclusively while I run and while I’m walking around D.C. There is just something about a great story—fiction or non-fiction. Here are a few of my favorites. What are you listening to these days?

1. The Pitch

If you like Shark Tank, you’ll enjoy The Pitch.

The Pitch puts you inside the room of a live pitch and then shares the behind-the-scenes details of what folks “really” thought and what happens after the pitch. It’s great for entrepreneurs, anyone working with entrepreneurs, or anyone responsible for selling anything… including themselves.

2. Planet Money

Planet Money is an NPR podcast that helps to make sense of the complexities of economics and the economy. They often use creative examples and in-depth reporting. For example, they made a t-shirt and traced the supply chain around the world, launched a satellite (one of my favorite episodes—totally fed my space geek side), and built an algorithmic trading Twitter bot.

3. How I Built This

Another NPR show, How I Built This has gained legions of fans and I’m one of them. You’ll hear straight from the founders how their companies came to be…and sometimes almost didn’t! AirBnB, Burton Snowboards, Whole Foods, StitchFix, Lyft, DryBar—you’ll hear from companies that we interact with or read about regularly. And you’ll hear about the genesis of the idea for the company, how they grew, got funded, what worked and what *almost* pulled them under.

Audio Book:

The Year of Yes: How to Dance It Out, Stand in the Sun, and Be Your Own Person

Stay with me here.

Yes, it has a very self-helpy title. It’s Okay. I promise. This is a super funny book. Don’t write it off. And…okay, technically, it is a book. But I listened to the audio version and I recommend that you do the same. Shonda Rhimes (the creator, head writer and executive producer—of Grey’s Anatomy, Private Practice, Scandal, How to Get Away with Murder, and several other shows) tells this compelling and laugh-out-loud funny story of how she stopped saying “no” to opportunities, started saying “yes,” and the changes that resulted. If you’ve ever felt like you needed a bit more “why not?” in your life, you will appreciate her story. And, if you have a commute this book will make your time on the road fly by.

Watching

Admittedly, I’m not great with television. I’ve watched my fair share of shows, but I’m not a good “binger” of television and I’m always behind on the latest and greatest. (Confession: I’ve never seen Breaking Bad…I think that might be a cultural crime at this point). But, I do have a few recommendations for shows that I found compelling this year. What did I miss?

1. Panic: The untold story of the 2008 financial crisis

With stellar reporting from the Vice team for HBO, this documentary tracks the financial crisis that took hold during the Fall of 2008 and provides real-talk about what caused the crisis and what happened behind the scenes as policy makers, legislators, and corporate titans attempted to avoid a global financial collapse. The creators managed to interview all of the key players in the 2008 financial crisis: Bernake, Paulson, Obama, Bush (W.), Dimon, Buffett, and many more. It’s well-researched, well-reported, watchable and very scary. This should be required viewing for all leaders and, especially, communicators. The lessons for crisis management and crisis communications are innumerable. Just watch it!  

2. The Marvelous Mrs. Maisel (Seasons 1 and 2)

I’m addicted to this show. In an era of dystopian dramas (and yes, I’ve watched many of those too), this show manages to be funny, optimistic, and timely all at once. The dialog is snappy and on point and Tony Shalub plays a pitch perfect role, as always. If you need a break from the drama of real life The Marvelous Mrs. Maisel is a wonderful way to escape for a bit.

3. The Greatest Package Theft Revenge of All Time

If you’ve ever had a package stolen, you’ll appreciate the karmic justice in this short video. And, if you’ve never had a package stolen (lucky you!), you’ll appreciate the engineering that went into this project. If you’ve ever wondered what NASA engineers do in their spare time, this is a must watch!

As you enjoy some much deserved R&R over the next couple of weeks, I hope you’ll spend some time with some inspirational and fun content. And I’m always looking for recommendations, so if you have any must-read, must-listen-to, or must-watch suggestions for me, please send them my way.

Happy Holidays from Audacia Strategies!

Photo credit: Alexander Raths

successful business growth strategy

Hindsight is 20/20!—Don’t Strategize for 2018 Without Revisiting the Lessons of 2017.

It’s a New Year, so we’re all busily strategizing for what’s to come. But to develop a truly successful business growth strategy, it’s also important to recognize the value of reflecting on the past. The wisdom here is captured by Henry Ford, when he says, “if you always do what you’ve always done, you’ll always get what you’ve always got.”

I’ve always tended toward action more than reflection both in life and in business. This is both a strength and a weakness. It means that I have to remind myself not to jump into a new “shiny” project just because my enthusiasm for a current project is waning. So with all the exciting ideas bubbling up at the beginning of the year, it’s crucial for me to keep myself grounded.

And I discovered that the best way to stay grounded and focused in my successful business growth strategy for 2018 is to start with the lessons 2017 have taught me.

If you’re anything like me, this approach could help you too. Start by writing down the big lessons of the past year and then go back to your 2018 goals with the clarity of hindsight. You’ll be amazed at what you see!

Key Lessons of 2017

Here’s what I’ve learned and how some of these lessons are shaping my plans for 2018:

1. Preparation Counts.

I worked with several clients in 2017 who were ready to Fire. Shoot. And then, Aim. For companies poised to grow, this is always tempting. But 2017 confirmed for me that doing the legwork to develop a plan and identifying your target market, goals, and objectives really pays off. Rather than simply spraying your resources around and hoping that something “sticks,” this measured approach works so much better.

The clients who took the time to do the work saw results that aligned with their goals, whether that was introducing a new CEO, launching a new line of business, or even determining that it was NOT the time to move forward with a new marketing strategy.

That said, give yourself a break. Know that you do have to move forward and make decisions. Not every plan needs to be 50 pages, single-spaced with cross-referenced research. Yes, planning is key, but don’t let the perfect be the enemy of good enough. Sometimes we hide behind planning and we never get to the doing. Here’s where my tendency for action is a real benefit.

How do you know when it’s enough? When do you have enough in place to make the first step, the first decision, the first statement? Always remember that no plan is etched in stone. There’s something to be said about failing quickly, so get out there. Do a pilot, A/B test your message, make your colleague listen to that sales pitch. Take action!

hindsight2. Add Strategy to Your Schedule.

This is one important lesson I learned in 2017 and one thing I’m focusing on in 2018. My business coach, Kimby Berger, President of HerCorner, first brought this to my attention when she asked, “Is your strategy in your schedule?” That question has been echoing in my mind ever since.

Building time to strategize into your weekly schedule is one of the best investments in the long-term growth of your business you can make. Whether that means blocking time for competitive analysis every week, reviewing your Google analytics, updating your content calendar—whatever that is—put it into your schedule and protect it in the same way you protect client meetings.

Strategize with your clients too. Clients often resist “yet another weekly meeting”—I know the feeling! But the key is to make sure these meetings have a purpose. For instance, would it be beneficial to review benchmarking data, discuss social media strategy, make sure that everyone is on the same page with messaging around a new product? Going around the horn to hear from the team is important, but beyond that, make sure meetings have purpose relevant to a successful business growth strategy.

3. Say It!! Say It!!!

Fans of Back to School may recognize the reference to Sam Kinison, playing Professor Ferguson, yelling in the face of Rodney Dangerfield in the classroom. And while I certainly don’t recommend taking anything like that approach in a professional setting, we can all relate to the frustration of wanting someone to get to the point and just say what he means already.

The lesson then: say the right words at the right time in the right place. But not too many and not too flowery. Everyone can see through the B.S. So just say what you mean. Own who you are and what you are doing.

We are working with a great client who was trying too hard to be all things and to use all the buzzwords in their website. The result? It’s difficult to figure out who they are and what they do. Now we’re stripping it all down and taking it back to basics. Our mantra: Just say it!

This is part of the successful business growth strategy for Audacia Strategies too. In fact, it’s one of our core values: “Simple is Better.” You don’t get any extra points for using more words than your competitors. We say what we mean—simply, clearly. In business communications, straight talk is so much better than poetry.

4. Try New Things.

Another lesson from 2017 that is informing my 2018 plans, both in life and in business is a focus on stepping outside of my comfort zone to try new things—I’ve always been a yoga-pilates kind of gal, so I’m making an effort to try some boot camp-style classes. It’s not the least bit comfortable, but the mindset shift has been immediate.

If I can step outside of my comfort zone, you can too! Try some new tools and techniques. One of our clients is using short videos—think Carpool Karaoke—to introduce employees to key company initiatives in a fun way. It has been incredibly well received (hooray for fewer broadcast messages and more human discussions!).

Another client considered raising funds through an ICO (Initial Coin Offering)—they ended up not doing it, but they allowed themselves to go down that path before making the decision. In so doing, they received valuable feedback that has reshaped their successful business growth strategy.

If you’ve read my earlier posts, you know that I love numbers! So I know how hard it is to try new things when we don’t have strong data to back up the decisions we make, especially when we’ve got to convince other stakeholders to go along with us. And I know lesson #4 seems to contradict #1, but there’s nothing wrong with allowing some “unknown” into your plan. Identify your key “unknowns,” gather the data that you can, and just try. Without trying new things, you can’t open new channels, new markets, or even entertain new ideas.

Closing Thoughts…

The key to using the past to inform the future is to take the time to learn the right lessons and apply those in the right ways. Unfortunately, this is no easy task.

If you tried branching out into a different social media channel to build a new audience in 2017, for example, and you didn’t see the return you were hoping for, this doesn’t mean that social channel will never work for you. It may mean that this channel calls for a different strategy or a different technique for building your list. Before giving up on a strategy entirely, make sure you have fully vetted it. This could include consulting with relevant experts to check your conclusions against their experiences.

Creating a successful business growth strategy is a lot like cooking up a dish to impress your friends. When a dish doesn’t turn out quite right the first time, your conclusion probably shouldn’t be that the recipe is flawed. You’ll want to consider whether you followed the recipe exactly, whether you used the right ingredients, and you may even want to consult with the best cook you know before you abandon the recipe for good.

What lessons did 2017 teach you? Is a big business transformation on the menu for your team in 2018? Audacia Strategies can help you find the right recipe for staying on track with your successful business growth strategy all year long. Contact us today!

Photo credit: stockasso / 123RF Stock Photo

sales and marketing

Tear Down This Wall! 3 Effective Ways to Bridge the Gap Between Sales and Marketing.

For as long as there has been a separation between sales and marketing, there has been hand-wringing over successfully transitioning leads from marketing to sales. Especially when things are not going well, the hand-wringing is quickly followed by finger-pointing (and sometimes other not-so-nice gestures).

It doesn’t have to be this way! Sales and Marketing are both more effective when they work together. But while it’s easy to see how the two should work together, it’s far from easy to make this the reality. Let’s discuss some of the more common obstacles and powerful ways to bridge the divide.

My Experience

Having been on both sides of this fence during my career, I understand all too well the obstacles that prevent an integrated approach. But I have also learned along the way that we’re more likely to see success when everyone concentrates on sidestepping the major pitfalls to cooperation.

I started my career embedded with a B2G sales team and I still believe it was the best place for me to get my feet wet because:

1. Selling to government agencies forced me to think externally.

Coming from the private sector, I really had to work to understand our customers’ needs. Because market dynamics among private businesses are so different from market dynamics among government agencies, there was a steep learning curve. I spent a lot of time researching the industry, so that I could understand my customers better.

2. It taught me that the sales process doesn’t happen overnight.

When you first learn the ropes in sales, there’s a lot of talk about human psychology. The “tricks of the trade” are all about learning the right techniques to help you push all the right emotional buttons and close the deal. There’s also a lot of mystique built up around sales phenoms who can “sell sand in the desert” or whatever your preferred euphemism.

I quickly learned to set aside a lot of this conventional wisdom. I learned that sales is more about trust than trickery and that this holds true whether you are selling an aircraft, business software, or laundry detergent. Building trust-based relationships in B2G, B2C, or B2B requires cultivation.

3. I learned that being effective in business takes a team.

Cliche, but true. Not only did our sales team need to cooperate, but we also needed support from finance, pricing, contracts, operations/delivery, and communications/marketing. A successful customer approach requires more than the right technical solution. It also has to be priced correctly, with a mutually beneficial contract, and a solid plan for customer implementation.

Obstacles to Sales and Marketing Integration

Since those early years, I’ve talked with so many colleagues and clients who struggle with implementing an integrated approach to sales and marketing. I’ve noticed a few common patterns as well as a few common solutions.

My observations from the trenches and a few thoughts on what worked to overcome these common obstacles:

1. Silo’d departments.

Sales and marketing too often run on parallel paths. While there may be the occasional shout out across the cavern to make sure the language is consistent, most of the time, corporate marketing messages and tactics seem a world away from the needs of the sales team.

What helps: Share plans and ask for feedback.

While in sales, I spent a lot of time frustrated that my marketing team “didn’t get” what we needed to really sell. The truth was we hadn’t shared what we needed and they hadn’t asked what we were trying to accomplish. We assumed someone else had shared our goals or that they would instinctively know what we needed. They asked specific questions about markets for advertising placements or trade show investments, but not about bigger goals.

Later, when I was leading a marketing team, I spent a lot of time sharing our marketing plan for the year, asking for feedback, and asking “why” to get to the business goals we were trying to accomplish. For example, I would ask, “Why are we going to ABC trade show?” If the answer was, “because that’s what we’ve always done,” that was a red flag to me.

By the way, my team reduced trade show costs by over 30% and improved individual event ROI in 15 months, just by asking this question about every show.

2. Lack of shared goals at the working level.

Generally speaking, leaders have common incentives based on their shared understanding of business success. Generally speaking, leaders do a good job of communicating sales goals too. It’s fairly clear: orders, sales, profit. But communications can break down at the level of aligning marketing and sales to help everyone meet their goals.

What helps: Finding and communicating shared goals.

As a marketing leader, I would sit with our sales team(s) to understand their goals and align my operations and goals to support them. Then, I would communicate those goals to my team. I would also try to draw clear lines from the company’s mission and corporate-wide goals to each individual’s role.

Knowing the tactical goals made it easier to help each other. These goals go beyond sales and marketing alignment to internally communicating key metrics to help keep things real. In addition to keeping everyone on the same page and holding them accountable for their roles, sharing metrics that are reflective of goals, provides an effective way to share progress throughout the year.

3. Lack of trust.

This one is a bit soft and squishy, but those trust-based relationships (see above) are just as important to internal communications as they are to external communications. Marketers often view salespeople as “cowboys” shooting from the hip. Salespeople often view marketers as stuffy “PowerPoint junkies,” who can’t have a conversation without pointing to a chart.

What helps: Getting away from your office/cubicle/desk.

I’ve found that regularly attending already scheduled staff meetings is a great way for both sales and marketing to hear about the “real” work, as well as get a better sense for how to support, engage, and share fresh perspectives. It’s always useful to hear a fresh take on the market, your competition, or other issues facing your industry.

It’s human nature. The more you hear from others about their reasoning and approach to a particular challenge, the more you will begin to trust their judgment. Trust is key to figuring out how to work together.

So, invite a coworker in another department to Get coffee… Go to lunch… Go for a walk. And ask what they’re up to, what their biggest challenges are, and how you might be able to help.

With sales and marketing on the same page, you will see the hand-wringing and the finger-pointing put to rest. It’s challenging to find an integrated approach that works, but the results speak for themselves.

We have the experience, the patience, and the audacity to break down unnecessary barriers to business success at Audacia. If your sales and marketing teams could use some fine-tuning, give us a call. We’re always game to Get coffee… Go to lunch… Or Go for a walk!

 

Photo credit: rido / 123RF Stock Photo

professional development reading list

Before You Unplug, Read This! —My Professional Development Reading List

We’re awash in news and information these days. It can be so tempting to just unplug from it all. But when your work requires you to remain “in the know,” it’s not that simple. How do you keep your head above water AND stay informed? My strategy is to focus my professional development reading list around a few key resources.

I realized that I use this strategy about a year ago, when I was giving a guest lecture at my undergraduate alma mater, American University in Washington, D.C. During our discussion about the role of investor relations and its intersection with Corporate Communications, one of the students asked a terrific question, “What do you read?”

It was a great question because it required me to really think about how I approach staying informed. It also kept me thinking long after I walked out of the classroom—Am I reading broadly enough? How do I stay informed without getting bogged down in information overload?

Today, I thought I’d share some of my favorite resources for staying up-to-date, entertained, and sane. (Don’t worry, I do not have a business relationship with any of the resources listed, nor do they know I’ve referenced them here. I just happen to find them helpful and enjoyable.)

My Professional Development Reading List:

News: I scan the Wall Street Journal, New York Times, and Financial Times each morning. I find the NYT Dealbook section, which specifically caters to investment news, to be particularly worthy. I also subscribe to multiple industry newsletters and scan the headlines for key updates each morning.

Business Strategy: McKinsey & Co’s strategy and corporate finance research provides good food for thought. As a global management consulting firm, they provide great insights into engaging with businesses, governments, and NGo’s. Also on my list of must-reads is the Harvard Business Review. I review these monthly (or while flying—airplane time is great for catching up on your professional development reading list).

Industry: The National Investor Relations Institute (NIRI) sends a weekly email newsletter to members. It is always a helpful roundup of the latest information in regulation, disclosure, and market movements. The “Strategist” publication from the Public Relations Society of America (PRSA) also provides thoughtful commentary on communications best practices and innovative ideas.

In my Feedly: VentureBeat, StrictlyVC, PEHub to stay informed on the Venture Capital and Private Equity fronts. Plus, Recode and TechMeme to keep up with my friends in all things Tech.

Books: I also try to keep up with some of the latest business books to see what’s new and popular. Some of my recent favorites include: Flash Boys: A Wall Street Revolt, by Michael Lewis (The Undoing Project is next on my professional development reading list – I can’t wait!), Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism, by Jeff Gramm, and 10% Happier by Dan Harris.

Of course, I also spend plenty (too much?) time checking out Runner’s World, Food52, my local restaurant reviews, and Facebook (but not Snapchat…not yet.) We all need to take a break from the professional stuff once in awhile, right?

It’s so easy to lose ourselves in the narrow confines of our industries. Keeping a professional development reading list that includes articles and information that is outside of your comfort zone can really open you up to possibilities, you wouldn’t have otherwise considered.

Reading is one of my favorite way to get unstuck when I’m feeling especially siloed. I’m always on the lookout for new ideas to broaden my worldview. And Audacia Strategies gives me a platform for helping other professionals break out of stale patterns to truly engage their stakeholders. If you’re ready to look at investor relations in a bold, new way, contact me today!

In the meantime, let’s keep the conversation going. I’d love to see your comment below! What’s on your professional development reading list? What are your must-reads each day? Best book or article you’ve read recently?

Photo credit: auremar / 123RF Stock Photo

ROI

3 Reasons the Boldest Investments Have the Biggest ROI

Starting a business is an investment of cash, time, and self. When I launched Audacia Strategies last December, I wasn’t sure if I would see a positive ROI. Afterall, I thrived in the corporate world! I never, ever saw myself as an entrepreneur.

But after traveling around Nicaragua, I realized that there is an entrepreneur inside all of us. From the coconut stand owner on the corner in San Juan del Sur, to the owners of an amazing island restaurant in Lake Nicaragua, to the artisan working in his hammock workshop in Grenada, it seemed that everyone around me was boldly investing in themselves.

So, I took a chance on myself and on my passion for building this business. After a year, I can happily say, I have seen a positive ROI.

Here are my biggest realizations and returns from the past year:

1. Businesses don’t just happen.

In business, a positive ROI results from nurturing relationships, gaining trust, and building credibility. Landing clients requires hard work and innovative thinking…and closing the deal. One of biggest challenges for me has been putting myself out there. I mean, people sometimes say “no.” Can you imagine?

I realized that success does not simply arrive at your doorstep. Like a well choreographed dance, success is the result of planning, practicing, and making the right adjustments along the way. At times I feel out-of-step with the music, but I remind myself that this comes with the territory whenever you are learning something new.

2. I can’t be all things to all people.

In talking with both new and seasoned entrepreneurs, one of the toughest parts of owning a business is figuring out who to work with and gaining the confidence to act on that decision. It has been especially hard for me to turn down potential clients who are simply not a good fit.

Even though I would really love to help everyone who crosses my path, that’s just not realistic. If you are looking for someone to help you come up with a creative corporate team-building event, you really should ask someone else. Trust me!

I learned that even if it doesn’t make sense for me to help someone directly, I can often refer them to some very talented partners. There are so many ways to be helpful besides directly taking on every potential client.

3. It takes a village to build a business.

I couldn’t have done this all on my own. I have an amazing support team from my accountant who enforces rigor in my bookkeeping, to my website team who built a website that truly reflects Audacia’s unique style, to the friends and colleagues who have spent countless hours talking strategy, offering support, and connecting me with others. I am damn lucky to have found this incredible network of people!

I am paying it forward by talking strategy, offering support, and helping other new entrepreneurs make connections. I am proud to be part of a real community of people who are passionate about business and using their talents to make a difference in their corners of the universe.

So, happy first anniversary Audacia Strategies! And many thanks to my amazing clients who I have had the privilege of working with this year, from helping them better communicate with their stakeholders to surviving complex corporate transformations of all types.

During that exhilarating trip to Nicaragua, I also discovered there is no magic dust that makes someone an entrepreneur. You just have to want it and work at it. I wrote my initial business plan as I flew home from Nicaragua and officially launched Audacia Strategies on December 3, 2015.

If you would like to see for yourself why I’m so proud of Audacia Strategies, let’s talk! I would love to schedule a FREE consultation and discuss how I can help your organization take your next audacious step forward.

Photo credit: dinozzz

business relationships

5 Important Business Relationships to Be Grateful for

One of our company values at Audacia Strategies is “Relationships Matter: It’s not ‘just business.’ It’s about people working together toward a common goal. We bring respect, honesty, and candor to the table every time.” This week, as we pause to reflect on everything and everyone that make us feel grateful, let’s specially consider the business relationships that too often go unrecognized.

In business, as in life, it is relationships that are the most important. While it is easy to be grateful for business relationships that are simple and especially lucrative, when it comes to those relationships that take a little more effort, feeling the appropriate level of appreciation can be difficult.

What are the benefits of being grateful?

Expressing gratitude makes you happier.

The next time you are having trouble mustering up appreciation for clients who treat every project like it’s an emergency or investors who question every piece of advice you offer, keep in mind that a little bit of gratitude can go a long way.

Research shows that being grateful makes you happier. Having an attitude of gratitude really is a choice we can make. And while there’s more to genuine gratitude than saying a distracted “thanks,” we often do underestimate the value of a heartfelt “thank you.”

Expressing gratitude can affect your bottom line.

Given that feeling grateful makes you happier, it’s also not surprising that others are more likely to want to work with those who adopt a habit of expressing gratitude. There is also research showing that being truly grateful can have a meaningful impact on your bottom line.

According to one survey, 90% of financial advisors who made an effort to regularly thank clients experienced greater success than those who were less consistent in expressing appreciation for their business relationships.

Expressing gratitude brings others to the table.

Beyond the personal benefits of expressing gratitude, it also uplifts those to whom you express gratitude. We all know how nice it feels have someone else acknowledge the effort and work we put into a project. This is no less important when you are working toward a common goal with your team.

Being grateful for the work that others do is especially important in cases where you know you will be interacting with the same individual or group multiple times, which is in most cases. Thankfulness invites others to the table and engages them as a vital part of the team.

So, in the spirit of feeling gratitude during the season of reflection, let’s take some time out to remember those business relationships that we sometimes take for granted:

1. Your financial planning and analysis (FP&A) team.

This team works hard all year to crank through your business data, strategize, and manage your corporate forecast. In addition to creating your organization’s extended financial plan, FP&A departments also generate management reports, analyze financial trends, calculate the monetary effects of potential business decisions, and advise company leaders.

When it comes to getting your budget done, managing earnings, and reporting on whether you are hitting your goals, where would your company be without this team of individuals?

2. Your most challenging client.

We all deal with difficult clients from time to time—when you see his number on the caller ID, you have to take a deep breath and review the meditation methods your yoga teacher taught you.

Even if worrying about this client keeps you up at night and makes you question your career choices, this client also pushes you to work harder and provide more value than you thought possible. Challenges are what keep us on our toes and keep things interesting. So, send that client a special note expressing your appreciation.

3. Your most challenging investor or analyst.

Being stuck in our own perspective for too long can give us tunnel vision. In these situations, anyone who can help us see our company in a different way is a huge asset. This is the value that a challenging investor or analyst can provide.

These individuals might not always express their feedback in the most constructive way, but if you have a tough skin, you can really learn a lot from them. As long as you remember that the criticism isn’t personal, this kind of challenge can help you and your extended team better articulate your messages and evaluate your business strategy.

4. Your spouse, significant other, best friend, etc.

All of those who listen as you talk through your work “dirt” are crucial to helping you stay grounded. When you have a hard day at the office, nothing is more comforting than being able to come home to someone who loves and supports you unconditionally. Hug your loved ones and tell them how much they mean to you whenever possible.

5. The Service Professionals Who Make Our Lives Easier.

Last, but not least, there are service professionals and other support personnel who work extra hard to give you the time to focus on what is important to you on a daily basis.

I’m talking about the local barista who knows you take your triple-shot mocha latte with soy milk and extra whipped cream. Or the waitress at your favorite lunch spot who makes sure your dressing always comes on the side. When was the last time you took an extra second out of your day to make eye contact and say “thank you?”

At Audacia Strategies, we make a special effort to live up to our company values and cultivate strong business relationships. I want to extend the deepest gratitude to all our clients (who are never challenging), friends, and family for their continued support over the past year.

Photo credit: kritchanut / 123RF Stock Photo

weekend reading

Weekend Reading

We survived another political convention season, my friends. High fives all around.

You may be shocked to hear that there has been plenty of news cycle beyond the U.S. presidential race with Q2 earnings, economic reports (hello July nonfarm payrolls!), and a new all-time high for the S&P500. So much for that old saying about “sell in May.”

As we head into the weekend, here’s a quick round-up of some of the news that caught our attention. Consider it our gift to you to keep you entertained and informed during your evening commute (for my train/subway riders), Friday afternoon wind-down (wine-down?) or over your weekend morning coffee. Cheers.

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Companies Routinely Steer Analysts to Deliver Earnings Surprises (Wall Street Journal)

We received a LOT of calls and emails over this article.

Audacia takeaway: Investor Relations is about making sure that there is transparency in company communications with investors and analysts. Ensuring that investors and analysts are well aware of public information is a legitimate and very appropriate activity. Analysts, like all of us, are awash in news and data. Many sell-side analysts cover upwards of 20 companies; buy side analysts may cover hundreds of companies. It is critical that companies ensure that their public messages are heard and comprehended so that they can be fairly valued.

That said, investor relations professionals (IROs) operate within SEC regulations called Regulation Fair Disclosure. There are legal ramifications for those companies who do not operate within those regulations (see: Office Depot). Additionally, investor relations professionals should encourage their employers to have a well-documented quiet period policy and stick to it.

We are always happy to discuss disclosure strategy. If you or your organization has questions, drop us a line, a tweet, or give a call. We’ve got your back.

Daily Report: Venture Capital’s Endangered Middle Class (New York Times)

Two weeks ago, we highlighted Entrepreneur.com’s report that venture capital placements are up 20.5% over Q1’16. This week, we are looking at venture capital fundraising. Per the New York Times, “In the first half of the year…just five venture firms raised $7.4 billion, or about one-third of the $22.9 billion raised over all by V.C.s.”

What could this mean? Well, it could mean that with a significant concentration of funds in a few firms we could see more concentrated placements, potentially leaving mid-sized funds and companies at a disadvantage.

Audacia Takeaway: Lots of game left to play here but it’s worth keeping an eye on… and it may open a unique business opportunity for those willing to step into the void.

Regulators Ask Big Banks to Give More Details About Trading Activity (Wall Street Journal)

In this era of high-frequency trading and dark pools, it is interesting to see that the SEC may request that big banks report trading revenue by product line (e.g., bonds, stocks, commodities, etc.). Today, trading revenues are reported en masse with little transparency into what might be driving a bank’s trading results.

Audacia Takeaway: This could be an interesting turn of events for investors by shedding light not just on what is trading but how it trades.

weekend reading

Weekend Reading

Ah summer, the season of sipping lemonade (or your libation of choice) by the side of the pool, long lazy days in hammocks and chasing the ice cream truck down the street.

Oh. Wait. It is also the season of earnings, political conventions, strategic planning, mid-year reviews and flights delayed by thunderstorms (ORD. Always.).

For those of you, like me, who are not in your hammock with a libation but are coming into the weekend at full speed, here’s your short round-up of some of the more thought-provoking news of the week. Feel free to peruse these links over your Saturday morning coffee or, you know, that hammock libation. Cheers.

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C.E.O.s Meet in Secret Over the Sorry State of Public Companies (NYTimes)

When Warren Buffett speaks the world listens. And when Warren Buffett, Mary Barra, Larry Fink and ten additional leading public company CEOs, investors, and fund managers sign their name to a set of “Commonsense Corporate Governance Principles” it’s time to sit down and think seriously about the current state of public companies. The group came together to advocate that public companies take a “long-term approach to management and governance of their business.”

Read the open letter and full set of governance principles here

Audacia Takeaway: There is hope for those of us who really do appreciate -and yearn- for more common sense in the world of governance. It’s time to stop being too “fancy” with our governance and our messaging. Real talk works.

There is a lot to like in this manifesto. Here’s one of my favorite comments in the Commonsense Principles of Corporate Governance

A company should not feel obligated to provide earnings guidance – and should determine whether providing earnings guidance for the company’s shareholders does more harm than good. If a company does provide earnings guidance, the company should be realistic and avoid inflated projections. Making short-term decisions to beat guidance (or any performance benchmark) is likely to be value destructive in the long run

Venture Capital Investments Rebound for Tech Startups (Entrepreneur.com)

As the public markets go, so goes venture capital apparently. Entrepreneur.com is reporting that venture capital placements are up 20.5% over Q116. But it’s not all fun and buzz, valuations are down 30-50% from last year and VCs are getting more selective.

Audacia Takeaway: Differentiation and relevance still matter.

My favorite comment from the article

“We are being more selective,” said Erik Gordon, professor at the University of Michigan Ross School of Business and faculty adviser to the university’s venture capital fund. “We’re not going to invest in everything that says ‘We are the Uber of X’ or ‘the Facebook of Y.'”

How Market Strategists Got 2016 Right and Wrong at the Same Time (Bloomberg.com)

Once again proving that the investment crystal ball more often acts like a Magic 8 Ball, “Reply hazy try again.”

In a year that has brought us Brexit, lone-wolf terror attacks, attempted military coups and a U.S. presidential election, economic forecasting is even more difficult than usual.

Audacia Takeaway: Refer back to our first set of news stories today. Run the business for the long term.

My favorite comment from the article

“We are in a world where you’re going to fixed income to get your capital appreciation, and you’re going to equities to get your yield,” said Bhanu Baweja, the London-based head of emerging-market cross-asset strategy at UBS. “It’s an upside-down world.”