Author: admHonWpAdm

For many companies today, measuring performance in digital communications and benchmarking against competitors is quickly evolving from a ‘nice-to-have’ to a ‘must-have’. With the increasingly dominant role of data as input for business decisions, it is more relevant than ever to assess the comparable impact of your communications campaigns and those of your competitors.

Some common questions we hear from our clients reflect this shift towards comparative measurement. “How are we tracking in terms of share of voice in the media?”; “How does my brand compare to what my competitors are doing in the social media space?”; “Which social channels are more effective and which messages have the most traction?”; “Who’s getting the most attention from search engines?”; “How are competitors doing in terms of web traffic and engagement?”

Hearing all these questions made us develop a more refined and complete service for competitive analysis with metrics beyond traditional media. Our Social Media Competitor Analysis and our Web Traffic Competitor Analysis have become two of our most distinctive Research and Insights Services – both aimed at improving the effectiveness and cut through of our client’s communications.

For our Social Media Competitor Analysis, we report on our clients’ activities and of their closest competitors across platforms – Twitter, LinkedIn and Facebook. Here, we evaluate the content and tone of the interactions; we measure the engagement of each campaign (change of followers, likes, clicks, etc.); and we analyse output versus outcomes. Building this understanding helps our clients improve campaigns and focus effort on the channels and platforms that best achieve their business goals.

Our Web Traffic Competitor Analysis focuses on website performance. We drill down on a series of metrics to gain competitor insights on the areas of web (avg. time spent per user, avg. pages per user and bounce rates); sources off traffic including social media referrals (identifying channels with the most traction), third party sites referrals, email redirects and display adds. We also evaluate paid and organic search strategies by competitors (identifying keywords both branded and unbranded).

From these measurable insights, we deliver recommendations for improvements in the areas where opportunities are identified.

These services are our own evolution in response to our clients’ increasing demand for both qualitative and quantitative data. They are also a natural progression from our long-standing Corporate Communications, Financial PR, and Content Marketing services.

If you’d like to know more about how Honner can help you to measure your digital communications efforts against your competitors, please contact us on: honner@honner.com.au

It is one of the most common questions we get asked – how will you measure success of our program?

While public relations at times can be more art than science, it is possible, and we would say vital, to measure the outcome of your efforts.

First of all, it is worth mentioning what measurement is not. Measurement is not clip counting or Advertising Value Equivalents (AVEs).

AVEs have been used in the past to measure the outputs of a PR program. Effectively AVEs attempt to quantify the value of earned media (PR) by valuing it based on the cost of paid media (advertising) based on the size/position off the coverage in that media outlet. A multiplier is then applied (assuming earned media has greater credibility than advertising) which is a discretionary number that can be x1.5, x3 or even x9.

Honner – and most of the PR industry – rejects the use of AVEs for a number of reasons:

• PR and advertising are two very different things. PR is earned media, it has greater authority that provides a form of third party validation
• Media coverage can be positive, neutral or negative. Advertising is positive brand positioning placed where and when you decide
• AVEs only calculate the equivalent cost of buying advertising; they do not measure the impact or effect

A better way to measure

The PR industry body (Public Relations Institute of Australia) in recent weeks has released a new comprehensive Model for Research, Measurement and Evaluation of Public Relations.

This framework aims to help practitioners more thoroughly and confidently demonstrate the business value being delivered by PR activity. It also reinforces the importance of communications activity being aligned to business goals and directly linked to SMART communications objectives.

Working from left to right, each program starts with research and strategic planning (inputs). It is then straightforward enough to measure activity undertaken (media releases, newsletters, events etc) and the outputs of this activity (number of media clips, tone/sentiment, share of voice). This is often where many end the measurement process. But the goal is to keep going toward the right and measure outcomes (awareness, engagement, satisfaction) and ultimately quantify impact on business results (sales, profit, share price).

Using multiple data sources to build a dashboard of key data points, gives an at-a-glance-snapshot that is most effective in engaging the C-Suite.

It takes more time and investment the further you move along this continuum. The PRIA recommends assigning 10% of your budget to evaluation.  Digital media and technology gives us more tools, but effective measurement also requires a clear strategy with measurable objectives agreed up front.

What the above framework also reminds us is evaluation (and research) is an ongoing, circular process. It should be used to assess the outcomes of a campaign but also a tool for ongoing iterative improvement of the program.

But is there a single number?

If it is not AVE, then what is that number to benchmark our success in media?

If it is only media you are interested in then there is one number. It’s called: Cost per Contact or Cost Per Opportunity to See.

Similar to the way marketers measure cost per acquisition, this number shows how much it cost the business to reach its audience.

This number is derived by dividing total reach (the cumulative circulation of the publications where articles appeared) divided by the budget spend.

While in some ways a crude measure based solely on media hits, we see it as a relevant alternative for communications teams who need to report a benchmark number to the C-Suite each month, quarter or year.

Honner is constantly looking to refine and improve its approach to measurement and welcomes robust discussions to ensure we are able to clearly demonstrate the strong value that we know a multi-channel communications program can achieve when delivered effectively.

The first instinct of businesses seeking media exposure is often to pitch their story to Australian publications. That’s only natural, especially if most of the firm’s customers are domestically based. However international media can be a valuable forum for the right company with the right story.

Over the past few years, various international publications such as the New York Times, Guardian and Huffington Post have established bureaus in Australia, following in the footsteps of earlier moves by The Wall Street Journal and the Financial Times, reflecting a growing interest in stories from “Down Under” and making it easier to contact reporters directly to pitch ideas.

To be sure, it can be harder to pitch a business story to international media than to a local publication, especially if your company name isn’t Rio Tinto or BHP Billiton. Let’s face it, they’ve a lot more stories to choose from, a world of stories in fact. So why make the effort? Here’s five reasons:

1)    Reach overseas customers, partners and investors

Reaching an international audience is the most obvious advantage. Do you have or want clients or customers overseas? Looking to form partnerships with offshore businesses or source funding from international investors? The Wall Street Journal has more than 2 million print and digital subscribers predominantly throughout the U.S., Asia and Europe, and the New York Times has 2.2 million in digital subscribers alone. That’s a lot of potential deals.

2)    Lay foundations for overseas expansion

If you’re looking to establish operations in a new country, an article in an international publication is a chance to alert potential customers, clients or investors.
It could also be used as a tool to outline your intentions and prepare the groundwork for a positive community and political response in that country before the agenda firms around your plans, especially if you need regulatory approval.

3)    Positioning your business in the global field

As a rule, international publications prefer big-picture features about global trends than articles about single companies or one-off events. Inclusion in these articles is a chance to show that you are a global leader in your business niche, or at the forefront of an important international trend.

On the flipside, when companies make tough decisions like cutting staff, a broader global story can highlight their position among a suite of peers reluctantly responding to wide reaching market forces, thus garnering more community understanding for the move.

International papers thrive on these kind of trend pieces, and since the publications also have Australians subscribers, the stories will be read locally, so they’re a chance to show to a domestic audience where you fit in the big scheme of things.

4)    Escape the agenda at home

Pitching to international publications can be a way to rise above the agenda that’s occupying Australian media if it’s clouding your ability to tell your story. Sometimes local coverage of an industry gets caught up in the political issues of the day or other controversies, and it’s hard for unrelated company messaging to break through.

Many company CEOs will know the experience of hosting a press conference or agreeing to an interview on a company initiative, only to find the resulting article has been framed around his or her answer to a journalist’s question on a topical local issue.

Often these local controversies are of less concern to international media who will be more inclined to focus on aspects of the story that are relevant globally.

5)    Adding weight to your message

International newspapers are seen to some extent as independent global commentators, looking in to Australia from the outside. This can add weight to your message. Perhaps you are arguing for regulatory change in your industry. Coverage in an international publication may bolster political support. It wouldn’t be the first time a politician has waved a copy of the Wall Street Journal article on the floor of parliament to back his or her position on an issue.

More broadly, having a story about your business run in the international media is to some extent a sign of status. Readers know you’ve had to pip countless other potential stories from around the world to the post on any given day.  Similarly, for executives looking to reinforce their position as thought leaders, appearing as a commentator in major international publications can elevate their roles as experts or authorities on an issue.

(* Rebecca Thurlow worked as a journalist at the Wall Street Journal and Dow Jones Newswires for more than a decade. She now writes financial and investment content for Honner’s clients. )

Life after university is scary. You’re thrust into the world with a certificate, a massive debt, and the knowledge that you are supposed to succeed at “adulting”. Thankfully, a well-structured LinkedIn profile led to Honner seeking me out for a graduate role, and after closing the book on uni life, I started a new chapter in Sydney. While I was incredibly lucky to skip the anxiety-inducing applications process, my first three months as a grad have been a steep learning curve. So here are my top four tips for surviving and thriving at grad life.

1;    Embrace the power of networks – As the saying goes, “it’s all about who you know, not what you know”. While that isn’t entirely true (see points 2 and 3) the power of networking shouldn’t be underestimated.

As I mentioned, I was recruited through LinkedIn for my current role at Honner. That just goes to show people are out their looking FOR YOU. In public relations (PR), we are advising our clients every day about the importance of LinkedIn and how to maximise its potential amongst their networks. Therefore, to stand out as a budding grad, your LinkedIn profile should be shipshape, with an extensive network; an up-to-date, well-written bio; and a professional headshot.

As a marathon winner doesn’t begin their training by running 20 kilometres, your first professional networking event shouldn’t be when you’ve already got the job. Get started now! There are plenty of alumni events and professional networking associations you can get involved with to build up your confidence and personal brand. So, get networking!

2.    Remember uni is valuable – Remember when you were in school and adults would say, “enjoy it while you can, you’ll miss it someday”? The same goes for uni. Working in financial PR is a lot like being a uni student – where in addition to your daily tasks you need to become a mini-expert in various financial fields, such as super, funds management, and property. Also, instead of having four weeks to turn in a media release, you are now doing multiple “assignments” a day. The upside is now you are getting paid for it. All the soft skills you learnt in uni, such as time management, study hacks, and those fun group assignments, are going to help you succeed in a grad role, no matter what industry you may be in.  While a grad role does require a lot of hard work and dedication, it is incredibly rewarding when a colleague or client recognises a job well done.

3.    Be curiouser and curiouser – In my role, I am constantly learning, yet my curiosity about clients and the industry continues to grow. To succeed in financial PR, you need to have a genuine industry interest, be eager to learn, and thrive in a fast-paced workplace. Honner is a great environment for this. Not only do I work across a broad range of clients, but Honner also invests in my career through continuous learning opportunities. I have an amazing mentor, a supportive team, frequent lunch and learns with external industry professionals, and a personal budget to spend on any training/learning I like. Free lunch and no study debts = every ex-uni student’s dream!

4.     Enforce work-life balance – Work-life balance are words that are often overused and a concept that is often overlooked. As I constantly want to show my dedication, commitment, work ethic, and skills, this can lead to long hours. While every employee should strive for these qualities, it is vital you balance these long hours with a life outside of the office. Striking a balance ensures you deliver your highest quality work, prevents you from burning out, and means you will look forward to getting to the office each day. Living in a new city, on a grad wage, with no existing friendship circles can prove challenging for establishing a social life, but here are some easy ways to get started:

• Join the gym/group activities – meet likeminded people each week
• Embrace free community events – Go here, it’s free!
• Ask your colleagues – I am lucky enough to work with people who I now call friends and who share local insights with me
• Office socials – Honner has quarterly socials, bake and brings, and Friday drinks…just to name a few.

Starting in a new role (and in my case new city) can be scary, but there is one important thing to remember. The hardest part is over. You have got a foot in the door of a high-performance, fast-paced industry. Hopefully, you will be as lucky as me and find yourself in a team that helps you succeed and grow into the PR pro you were destined to be. #teamgrad

By Danielle Veivers

Honner is thrilled to be nominated again for Public Relations Company of the Year in Financial Standard’s annual MAX Awards after taking out the title last year.

Inspired by our nomination, we thought it timely to reflect on what this year’s award winners can do to avoid those famous awards-season gaffes.

1.    Prepare to bow out gracefully

Blunders don’t get much bigger than announcing the wrong winner and there were plenty of red faces (and a PR nightmare for PWC) when La La Land was wrongly named Best Picture at this year’s Oscars. And it’s not the first major awards season cock-up – there have been similar occurrences at the Miss Universe and Australia’s Next Top Model ceremonies.

So what happens if you are in the middle of your well-rehearsed speech only to have your precious gong snatched away? Smile, congratulate the real winner, make a hasty exit and, unlike Miss Universe, save the tears for later.

2.    Be ready for technical issues

A raft of technical issues can occur during awards season, as Jimmy Fallon found at this year’s Golden Globes when his teleprompter went down seconds into the live broadcast.

What’s a seasoned host to do but improvise? “Cut to Justin Timberlake and he’ll… just wink at me or something,” he quipped.

If technology fails while you are on-stage, make like Fallon and have a joke or two up your sleeve to fill in time until things get up and running again.

3.    Avoid being overconfident

It’s great to be confident but history has shown that overconfidence can leave you with egg on your face. Take actress Rosalind Russell, who walked into the 1947 Academy Awards assuming her Best Actress Oscar was in the bag. Russell stood up before the winner was even announced, only to lose out to Loretta Young.

Or think back to Sally Field’s much-parodied acceptance speech, when she announced: “I can’t deny the fact that you like me right now, you like me!”

So if you are fortunate enough to receive a gong, how can you avoid similar gaffes? Accept the award graciously and remember to thank the people who nominated you, invited you and the team who contributed to your success, so everyone leaves the event feeling great about the evening.

Help Honner win!

Now we are on the other side of the awards fence we need your help to take out the title of Public Relations Company of the Year! Please vote for us here: WWW.FINANCIALSTANDARD.COM.AU/VOTING

We appreciate your support.

The Honner team

The annual 2017 ASFA Budget Luncheon in Sydney today held the general consensus that Scott Morrison has learned lessons of Treasurer’s past and delivered a political-savvy Federal Budget, even if it lacks in long term vision.

Finance and Economics Commentator Michael Pascoe framed the budget as responding to the five key areas that nearly lost the Coalition the last election:

1. Attack: Mediscare. Response: Created the Mediscare Guarantee Fund
2. Attack: Education. Response: Unveiled Gonski 2.0
3. Attack: One Nation and the minor parties. Response: 457 changes; tightening to immigration;
4. Attack: Housing affordability. Response: A number of announcements, though still tinkering at the edges
5. Attack: Bank Royal commission. Response: A Bank tax; register for bank executives; and the Australian Financial Complaints Authority

AMP Chief Economist Shane Oliver refuted the good versus bad debt debate that the Government has been pushing stating: “At the end of the day debt is debt and we have a deficit problem… the Government is relying on annual revenue growth of 6.7% p.a to get the budget back into Surplus by 2020/21 and I just don’t think we are going to get there.”

Looking at the good, the bad and the really bad of the Budget papers, Urbis Chief Economist Nicki Hutley, said there was a lot to like in the Budget – NDIS funding; Gonski education package; Childcare reform; medical research grants; and action to address housing affordability. However, bank bashing, cuts to foreign aid; no action on climate change; a demerit system for welfare; and no long term vision for Australia all squarely fall in the bad and really bad bucket.

ASFA CEO Dr Martin Fahy summed up the key take outs for the Superannuation sector:

• Contributions into super for downsizers is a positive measure but on past experience may not be used by large numbers
• Salary sacrificing for housing deposit may actually help engagement with younger members
• Continued Capital Gains tax relief for fund mergers a positive but could go further/longer
• Care will need to be taken in transferring statutory powers of the Superannuation Complaints Tribunal to the newly formed Australian Financial Complaints Authority

We live in a democracy where people have the right to freedom of speech and expression. But there is a price we pay for having to exercise this right. Simply put, when free speech marries anonymity in a digital world, it makes ugly babies called trolls.

By definition, a troll is: Being horrible on the Internet because you can.

Celebrity trolling has become the norm – movie stars and politicians are always at the receiving end on social media for anything they do or say (or not). However, the incidence of corporate trolling is often underrated and underestimated, even though it’s as serious in nature (maybe more) due to the number of stakeholders involved.

There is of course a broad spectrum of trolling, which starts at gentle mocking and extends to vicious online abuse like death/rape threats and sexist/racist/misogynist remarks.

The mocking often comes as a result of valid complaints about customer service, management behaviour or product misfires. However, any negative online chatter can affect a company’s reputation – whether or not the complaints are valid.

In this context, companies have no choice but to monitor and manage their online footprint, and what’s being said about them in the social media sphere. Honner uses Talkwalker for this monitoring on behalf of clients, although there are range of listening tools to choose from.

It also requires a balance of prevention and cure – avoid situations that set your brand up for ridicule, and manage any negative chatter in a measured and planned way. Below are some tips for companies managing their online brand.

Seven ways to fight the trolls

There are ways in which companies can avoid or manage this ever-increasing army of brand jackers:

• • Set out a Social Media Code of Conduct for your employees restricting them from publishing on the company’s behalf without permission. Any messaging not aligned with the brand’s mission or vision may attract social criticism and may be difficult to managed (as it comes from an unregulated employee). When employees quit, make sure their admin access to the company’s social channels are revoked before it’s too late.

• • If the feedback becomes abusive or threatening, report the trolls’ social media accounts to the channel where you are being ridiculed. Facebook, Twitter, Instagram, YouTube – all popular channels have features to report social media harassment and violation.

• • Follow Newton’s third law ‘every action has an equal and opposite reaction’. Never indulge in mocking a competitor; even if it boosts your own brand. It may come back at you before you know.

• • While it’s not good practice to hide or delete valid customer feedback, it can be an option when someone attacks you on your own channels with content that’s inappropriate, abusive or obscene.

• • Sometimes, inaction is the best action (depending on the case at hand). Some trolls that do not dis the brand but lead to a series of user-generated content can be ignored. Engaging in banter with haters is a waste of time and effort. Keep calm and carry on.

• • Pay a compliment when they are least expecting it. Sometimes the trolls may arise from a disgruntled customer speaking on their own or a friend’s behalf. Offer a solution, and an apology when it demands.

• Last but definitely not least, do not have robots managing your social media accounts. Employing a specialist communication agency with social and digital capabilities like Honner would be a handy way to manage your online reputation.

Last week Honner attended the Financial Services Council’s (FSC) 2017 Life Insurance Conference which featured a range of speakers both from within and external to the industry as well as local and international representatives.

It’s fair to say the life insurance industry has received its fair share of attention in recent times. This time last year the sector was grappling with the fall out of the CommInsure scandal, re-building consumer trust and increased regulatory scrutiny.

So, what’s changed?

Naturally, the issue of regulation is still very much on the agenda with the FSC’s Life Insurance Code of Practice taking centre stage in a conference opening session which questioned ‘Will self-regulation be enough for the consumer?’

According to the FSC’s Sally Loane self-regulation is sufficient. “Life insurance is a highly-regulated industry… Self-regulation is an efficient way to bring about pro-consumer changes in the sector,” she said.

Panellist Alexandra Kelly, a principal solicitor for the Financial Rights Legal Centre, said how insurers communicate with consumers will play a key part in the success of the Code: “From a PR point of view, consumers have an expectation that if you’re going to self-regulate, you’re going to do your absolute best…you’re not going to just come in with a wishy-washy, half-arsed effort.”

While stating it was long overdue, ASIC’s Peter Kell commended the FSC and the industry for progressing with the code. He said its “real test” will be the alignment between what consumers are told and what happens in practice.

Another keynote session acknowledged that just meeting legal obligations would not be enough. As a result, ASIC’s Michael Saadat said the watchdog was including indicators of culture within life insurance reviews.

In the same session, MetLife CEO Deanne Stewart reinforced the importance of having a culture of ‘doing the right thing.’ “No matter how much you try and write very clear rules…at the end of the day, you can’t. And that’s where culture is so important,” she said.

Other sessions from the day covered:

–    Learning from futurist Mike Walsh on changing behaviours and attitudes – starting with the leadership level

–    Improving claims processes – making the system more efficient and reducing industry rhetoric and jargon for the consumer so      they can have greater awareness over what cover they have. A review of the work underway from the FSC’s Insurance inside      Super Working Group

–    Mental health and underwriting – how can data provide better outcomes for the end consumer?

–    Group insurance – recognising the important safety net group insurance within super provides for those who would not otherwise be able to afford or obtain cover.

Wrap up – this industry needs hearts and minds.

The overwhelming mood of the day was one of openness, transparency and a real desire for change to benefit the end consumer. It’s clear to me that this industry has not lost sight of who they are working for and what drives them every day.

This sentiment was carried right through to the concluding session of the day where Noble Oak’s Anthony Brown said. “If you don’t truly believe in what you’re doing then stop doing it and do something else.”

We are living in “interesting, if not extraordinary times”, according to one leader of the superannuation industry, AIST CEO Eva Scheerlinck.

This was the observation she made when opening the Conference of Major Superannuation Funds (CMSF) last week, where over 1,600 delegates descended on the Gold Coast for the annual conference. Honner was on the ground to hear first-hand the issues that are front of mind for Australia’s superannuation industry.

Ms Scheerlinck’s observation was in reference to recent examples of questionable conduct by a number of Australia’s major financial service corporations. She opined that confidence in the financial services sector has been eroded and that according to a recent global trust barometer, our level of trust is at crisis point.

This is based on more than geopolitical uncertainty; it is about social erosion at every level. Trust in the government, media, business and non-government organisations is at an all-time low.

She said this is why it’s important to point to the different approach of the “profit for members” sector and the differences which exist between funds which look to their members first and those whose first priority is driving returns to shareholders.

It was a powerful message followed up with a plenary session from The Hon. Michael Kirby on social inclusion.

The tone demonstrated a shift in mindset of the financial services industry. Things need to change in order to restore trust.

Throughout the conference, there was a strong focus on lifting the bar to restore trust – and this was apparent in sessions that ranged across the impact of the mandatory data breach reporting regime, cyber security, expanding social and digital member engagement, personalising marketing campaigns and incorporating a deeper understanding of data analytics.

The conference fostered a conversation that was deeper than we have seen in previous years.

On the last day of the conference, Helen Rowell, Deputy Chairman of the Australian Prudential Regulation Authority (APRA) gave a rousing speech encouraging Trustees and Boards to do more than was minimally required.

“That means that all trustees must move beyond a focus on just meeting minimum legislative requirements, to an approach that seeks to embed the principles of the prudential standards into their business practices, meeting the spirit and intent and not just the letter of the standards,” she said.

“Doing ‘just enough’ is not good enough to meet member and community expectations. And there is no room for complacency – all trustees need to review and enhance their operations and practices on an ongoing basis.”

She also encouraged Trustees and Boards to more readily consider merger opportunities or closure, if it was the right decision for members.

Her impassioned speech was met with a resounding round of applause.

There is no doubt that Australia’s superannuation industry is serious business, and with that power comes responsibility. The CMSF certainly lifted the bar this year. It will be interesting to see if the industry follows suit.