Author: admHonWpAdm

Fake news is nothing new. Rumour and sensational news always has and always will attract readers – who doesn’t like a bit of gossip?

But in a digital world centred on sharing, and a 24-hour news cycle, the fake news phenomenon is an increasing concern for PR professionals and our clients. It’s fooling the most experienced publications and has even caused Facebook, Twitter and Google to review their algorithms.

Even today, the SMH and AFR have been accused of falsely reporting that Harvey Norman is being investigated by ASIC.

To understand the impact of fake news to society and the challenges for the media industry, Honner recently attended an event hosted by UTS and the ABC, Trust and truth in the digital age.

In a discussion that covered responsibility, free speech and the need for regulation, we took away some insights relevant to organisations operating in an era of fake news.

It’s all about the facts

News sites from CNN to the Wall Street Journal and the ABC have been accused of publishing fake news stories – and when the truth emerges, there is a lot of finger pointing. Sometimes a story is just too good to resist.

However, with most journalists encouraged to submit multiple stories a day, there is very little time for fact checking or source referencing. For PR professionals, a pitch that is supported by quality data, case studies or third-party verification is much more likely to garner journalist interest than one without. Journalists simply aren’t willing to risk putting their name against a story full of holes.

This is one of the many reasons we encourage clients to undertake and validate research, particularly through whitepapers or surveys.

Relationships are paramount

Strong journalist relationships are crucial in building trust. Journalists who have never heard of your company or spokespeople may be hesitant to take an interest in your story.

However, if you are a known source, your story or commentary is more likely to be trusted and picked up. It’s also likely you’ll become a trusted go-to source for industry commentary – an envious position for your competitors!

As part of our PR programs, we encourage clients to regularly participate in a media contact program that builds relationships with journalists.

Embrace channels outside traditional media

Media is just one part of the puzzle and reputations aren’t solely built or protected through mainstream coverage. Now, more than ever, organisations need to embrace fully-integrated communications programs which incorporate social, digital and content and engage their target audiences over time.

Fake news isn’t going away and while this presents many challenges, it should prompt the financial services industry to refine their media approach and explore alternative channels.

Want to know more about the changing media landscape? Read here about Honner’s visit to Fairfax Media last year or here for first-hand insights into the financial services trade media.

Given the amount of air time and column inches the topic of gender equality in the workplace now receives – you’d think we would be a step closer in closing the pay gap by now, wouldn’t you? Sadly not.

The World Economic Forum predicts the gender gap won’t close entirely until 2186 – a scary and sobering statistic, I don’t think anyone is prepared to wait that long.

As International Women’s Day (IWD) approaches on 8 March, I thought it timely to check in on how Australia’s financial services industry is stacking up in the move towards gender parity. IWD2017’s theme, Be Bold for Change, calls on everyone to help forge a better working world and a more gender inclusive world. So, the question remains – just how bold or behind are we when it comes to gender equality?

According to OECD 2015 data, Australia had the 24th largest pay gap of the 34 OECD countries – Australia’s gender pay gap of 17.9 per cent is above the OECD average of 15.5 per cent.

While figures from the government’s Workplace Gender Equality Agency (WGEA) show there are technically more women than men employed in financial services (55 per cent versus 45 per cent), the more senior and managerial positions continue to be male-dominated.

Recent WGEA data the using figures from the Australian Bureau of Statistics also highlighted the financial services industry as having one of the biggest gender pay gaps compared to other sectors, standing at 30.8 per cent.

Not all doom and gloom

Australia’s financial services industry clearly acknowledges the need for greater gender equality through the rise of initiatives such as the Women in Super forums and the Women in Financial Services Awards. Certainly, in the nine years I have been in Sydney there has also been a marked increase in the number of men attending and supporting these events, which I would say is another sign of cultural progress.

Similarly, recent data from Bloomberg shows gender equality in the financial services industry is slowly improving. The company’s Financial Services Gender Equality Index (BFGEI) found that women comprise 24.2 per cent of board roles. Additionally, Bloomberg’s analysis showed the percentage of female executives within financial services firms increased by 25.2 per cent during the 2014/15 fiscal year.

Of course, words are one thing, action is another. Here are some example steps that can be taken to help address gender equality:

1. 1. Undertake a pay gap analysis – WGEA has a number of toolkits available on its website to help with this process https://www.wgea.gov.au/lead/addressing-pay-equity 
   2. Encourage senior women to act as mentors – With fewer women in executive positions, it’s important that women have the opportunity to learn from and interact with peers, as well as being an inspiration to others
   3. Allow and support flexible working arrangements for men and women – it’s not just about having the policy, but ensuring both men and women feel comfortable taking it up.
   4. Make the most of industry resources and support – The IWD website has a range of resources available

Gender equality isn’t such a challenge for Honner, where the majority of our workforce is female. However, we are proud to work with some of Australia’s leaders in gender equality. Over the past 20 years we have also supported a range of initiatives including Women in Super and 3TOM – the networking group for women in funds management.

As we celebrate IWD this year we look forward to supporting and driving greater gender equality in the financial services sector.

Loveable, liveable, and sustainable buildings are the future of retail property development. That was the view of Barrie Barton, Founder at Right Angle, who delivered the key note speech at the Property Council of Australia’s Retail Outlook Breakfast in Sydney last week.

Barrie entertained and inspired almost 500 attendees with his unique insights into the future of retail property development. It is no longer enough for shopping malls to just deliver local and international retail offerings…people are now demanding more. In the age of online shopping, where a new pair of shoes is available at the click of a button (often with a friendlier price tag), retail developers must appeal to the “human health” aspect of shopping and focus on delivering an unforgettable experience.

According to Barrie’s research, shoppers go to malls for food and beverage, a ‘liveable and loveable’ socialising area, breathtaking architecture and design, and of course world-class retail offerings. Going to the mall should offer human connections you can’t get through a strategic right-click.

The expert panel included General Manager of POPAI, Carla Bridge; CEO of AMF Bowling, Nicole Noye; Head of Retail at the GPT Group, Vanessa Orth; and Managing Director at AMP Capital Shopping Centres, Mark Kirkland, and they all agreed.

The panellists said the rise of millennials meant a shift in marketing and design tactics towards value-based offerings. For Ms Noye, this meant appealing to millennials’ values of connection and oversharing using the power of social media and the rise of selfie-media. The “selfie-worthiness” of the ‘King Pin’ seat and crown and hundreds of bowling pins hanging from the ceiling was one of the most successful tools AMF used to reach its target millennial audience.

It is an exciting time for forward-thinking Australian retail property developers who are ready and willing to embrace change. Creating liveable, loveable, and sustainable destinations will ensure a bright future for the retail property industry.

A few weeks ago we came across a blogpost by Fairfax journalist Larry Schlesinger. It resonated a lot with what we believe in. So we asked Larry if we could republish this piece here too.

——

I recently sat down over an informal lunch with a large real estate group in their high-rise office.

It was an opportunity to meet some of their new team members at the start of the new year and make new contacts.

But it was also an opportunity for them to ask me questions about the how the newspaper business works and essentially explain how stories – perhaps their own property deals – might end up in the paper I write for, the Australian Financial Review.

As we chatted over sandwiches, it occurred to me that I was answering many of the same questions I’d answered a number of times before at similar “meet the press’ type meetings and that it might be useful to others to summarise some of the things we discussed.

So here it goes, from the horse’s mouth: A journalist’s top tips for dealing with…journalists:

1. A short email or phone call is often better than sending a press release.

Every journalist is bombarded with media releases. Dozens appear in our email inboxes everyday and throughout the day. It’s impossible to carefully read every one and find the time to work on stories at the same time. A much better option is a short email outlining the story idea in a few dot points and a contact number for the journalist to ring to get more information.  If you are going to send a press release, keep it short and to the point. No journalist has the time to read an 8 page press release. Alternatively, pick up the phone and call, but not before you have read point 2 below.

2. Don’t ring a journalist when they are on deadline.

It’s incredible how many experienced PR consultants still ring journalists at my newspaper at 4 or 5 pm in the afternoon as we are frantically filing stories for the next day’s paper to pitch ideas or just to “chat”. There’s nothing more frustrating than having a conversion, even if for a few minutes about something that’s either irrelevant or can wait while you are trying to finish a story. Incredibly some people go on pitching stories even after you say you are on deadline. If you’re going to ring a journalist find out when the best time to call is. For those writing for newspapers, the morning is usually the best time to ring.  If you are going to ring on deadline, make sure it’s a REALLY, REALLY BIG story.

3. Think before you speak

Once you tell a journalist something, it cannot be untold or unremembered. (Think of us as bottomless receptacles of information rather than sieves). Before you call, think about what you are going to say and write down some key points. It’s amazing how many people ring journalists, provide all kinds of great insider information, slag off their competitors and then are amazed when these quotes appear in the newspaper the next day. The same goes for facts. If they are true and you tell us them, we will report them. (Of course journalists also love salacious people like this and…there are equally some people who love dishing it out, but just be prepared to see it in print the next day as a direct quote).

4. Exclusives are what we want

Exclusives are the life blood of journalists and newspapers. If you can offer a journalist an exclusive and it’s a worthy story, you are almost assured of getting a good run in the paper. However, there is nothing more annoying for a journalist to read the exact same story they have been pitched and are writing appear in another publication. Of course you are perfectly entitled to pitch your story at multiple publications but you should be upfront about that and let the journalist know that they don’t have the story to themselves.

5. Be patient

Even a good story may take a few days, even a few weeks to get a run. This may be because of space (in the case of a print publication) or resources (journalists are generally working on a number of stories and have to prioritize based on what their editor wants) or the type of story: for example rural stories may run on a certain day of the week.  A good story will always get a run. By all means follow-up on the story – NOT ON DEADLINE! – but don’t bombard journalists with multiple daily emails. If the story needs to run by a certain date, then let the journalist know. If they can’t meet that date, then you are perfectly entitled to take the story elsewhere, but tell them first if you want to keep a good relationship.

6. Expect journos to quote you accurately but don’t expect a certain type of story

Journalists that deliberately misquote or take remarks out of context are to be avoided. Mistakes do happen. However, good writers don’t simply regurgitate press releases verbatim. Remember we are story tellers and are writing for our readers – not for you or your clients. Often those two audiences will overlap, but not always. Sometimes a passing comment or a small point may have greater and wider resonance – in the eyes of the journalist or their editor – then the main subject of a press release or briefing. Have an open mind about what you might read in the paper or online.

7. Don’t pester a journalist’s colleagues with the same story

Most journalists work in a team, whether it’s a specific beat like politics or property or the arts. We often sit together and discuss story ideas. It’s amazing how often a PR firm will contact a journalist with a story idea that doesn’t get traction and then ring all their colleagues with the same idea. This is not a great strategy. It smacks of desperation. If you really think a journalist is missing a good story my suggestion is to ring them and ask them why they won’t cover it. If you still think it has legs tell them you will contact their editor to pitch the story or a colleague, but don’t just send it out – scatter-gun style – to all and sundry.

8. Don’t give misleading information

This may seem an obvious one, but it’s quite common for someone to embellish a story idea or even a formal press release with inaccurate information, half-truths or outdated information to generate interest. Good journalists will verify facts, but we expect to be given accurate information in the first instance especially if its in a formal media release. If you are not sure, then say so. Being deliberately misleading is the quickest way to get you on a journalist’s blacklist.

9. Share market intelligence to build rapport

A great way to build a relationship with a journalist is to share information you have about the market and what your competitors are doing “off-the record” (see point 10). This may not get your name in the paper, but will help when you pitch your own story idea. Journalists treasure market tip-offs as much as they do exclusives.

10. Understand what “off-the-record” means

A lot of people I think have misconceptions about what it means when you tell a journalist: “This is off-the-record”. This does not mean that a fact or tidbit won’t be reported. All it means that if it is reported, it will not be attributed to you. Either it will be stated as a fact or something along the lines of “market sources said” or “people close to the deal said”. One thing I would stress is be wary of sharing information off-the-record that could only conceivably come from you. (See point 3 again). That always ends badly – for you, not the journalist.

11. Don’t pick fights with journalists

Of all the idiotic things President Donald Trump has done, one of the silliest has been to pick fights with the main stream media. It’s incredible that he has gone to war with some of the most respected global publications like The New York Times, Washington Post and CNN which have huge audiences. Pick up the phone if you are unhappy with a story, don’t send a ranting email or abusive text message – we have thick skins and long memories.

Originally published in Freshlyworded in January 2017

Disintermediation is a big word with a popular following. In a world of disruptors, removing the middleman from a transaction is an effective way to put downward pressure on prices, or bring customers closer to the businesses they deal with.

It’s a trend that has been reshaping the media landscape for some years now. As user-generated content comes to the forefront, and media outlets shrink, individuals and companies have become publishers in their own right.

More now than ever, we are seeing a growing demand for insightful and interesting commentary from companies, delivered directly to their stakeholders. You only need to look at ANZ BlueNotes and Henderson Global Investors, to see companies going to great lengths to create content hubs that rival the quality of professional media outlets.

Here are my top three tips for financial services firms and listed companies that are wanting to maximise content development opportunities:

1.    Gated website content can be a great lead generator 

Company websites have evolved to become a hub of information and a home for your best thinking. Creating your own content gives you complete control over the messages you want to convey.

The key is to create a cohesive series of curated communications, on a regular basis, to build engagement. Gated content asks the user for personal details in exchange for providing information, such as report or e-book. Once you’ve captured these details, it provides a lead nurturing opportunity to capture and engage with prospective investors.

Consideration should also be given to increasing the understanding of your content by adding in a visual element. Developing infographics and video content to complement the written content responds directly to the trends in how investors are consuming information.

2.    Social media channels are growing in size and number

There is a plethora of statistics supporting the use of social media channels, such as LinkedIn and Twitter, to spread company information more widely and drive greater understanding of important milestones.

Social media channels such as Livewire and Listcorp are also having a dramatic impact on the dissemination of investor information and insights, providing investors with direct access to the company information, stock ideas, research and insights from Australia’s leading investment professionals.

These channels present multiple ways to share and target consumers through free and paid sponsorship opportunities. Again, the addition of infographics and video are important elements to amplify your social media engagement.

3.    Investor-targeted publications are thirsty for content

As financial services specialists, we have seen a direct correlation between the rise in the number of self-directed investors and SMSFs and the amount of freely available financial information accessible online.

Specialist investment publications and other online resources are now widely read and highly regarded by investors looking for investment ideas that were traditionally gleaned from mainstream media.

These publications tend to be free and a lot of them accept contributed content. This presents another opportunity to build your profile and showcase your independent thinking.

What does this mean for communications firms like Honner?

While media remains an important channel, the role of communications professionals has evolved to encompass multiple channels and modes of delivery.

We have strengthened our digital and social offering, and deepened our bench of technical and specialist writers in response to greater content creation needs of our client.

Like any industry, we need to recognise and understand the impact of the changing communications landscape and most importantly, we need to evolve our offering to ensure we support our clients in achieving their communications, and business, objectives.

In the final Financial Services Council/ BT political series event of the year, Prime Minister Malcom Turnbull outlined his government’s top economic priorities for 2017.

Mr Turnbull reinforced the Federal Government’s belief and commitment to Australia’s $2.7 trillion financial services sector, which now accounts for around 10 per cent of the economy and employs more than 450,000 people.

Here are our key takeaways from the event:

• • Building a robust financial services sector – Two years on from the Financial System Inquiry a range of reforms are underway to make sure the financial services sector is as “robust and responsive” as it can be. Turnbull stressed that the reforms are a critical part of his government’s plan for a “resilient and prosperous 21st Century Australia.

 

• • We cannot afford to take growth for granted – Last week’s national accounts outcome was a sharp reminder that things can quickly change. GDP fell by 0.5 per cent in the September quarter, to be 1.8 per cent higher across the year. Turnbull stressed that although the growth rate is faster than six of the G7 economies, the figures reinforce the importance of structural and regulatory reform “if we are to protect and advance the living standards of all Australians.”

 

• • Ensuring the sustainability, flexibility, and integrity of our superannuation system – Commenting on the super changes passed by Parliament last month, Turnbull noted how few changes and amends were made to the bill in what he described as a “very complex area.” The PM also reiterated the Productivity Commission’s review of the entire system’s efficiency and competitiveness. Stage two of the review, due next year will consider alternative models of fund allocation, and stage three, following the full implementation of the MySuper reforms in July 2017, will complete the process. Turnbull added that his government will “enshrine in legislation, for the first time, the objective of the superannuation system to provide income in retirement that substitutes or supplements the age pension.”

 

• • Professional standards for financial advisers – Turnbull stated that new reforms will see more stringent training and supervision around financial advice so that “consumers can have confidence in the industry and confidence that the advisers they speak with are ethical and qualified and are putting their interests first.”

 

• • $127 million regulation package – Tackling regulatory issues the Prime Minister said the package will equip ASIC to conduct better surveillance and combat misconduct. It will also tackle cultural change within the banks and review of the role, powers and governance of all of the financial system’s external dispute resolution and complaints schemes – all with the aim of producing better outcomes for consumers and small businesses.

 

• • Enormous potential for financial sector to be among our greatest exports – Australia has one of the largest and most sophisticated managed funds industries in the world, yet Turnbull noted that exports from this industry are among the country’s lowest. Less than four per cent of the funds under management in Australia are managed on behalf of foreign investors. The Prime Minister explained the introduction of Corporate Investment Vehicles (CIVs) which will enable Australian fund managers “to offer products that foreign investors are already familiar with, making it easier for our funds managers to export more of their services.” Turnbull said this would complement the work being carried out on the Asia Region Funds Passport – allowing Australia’s industry “to access a single market, with high standards of investor protection right across the Asia region.

 

• Fintech to flourish – Technology and innovation were major themes of Turnbull’s address so it comes as no surprise that Fintech was also singled out as a major opportunity for Australia’s financial services sector. The Prime Minister stressed his government was committed to working with the industry to make sure regulation enables innovation, rather than constraining it.