I often ask them, “What do you want the headline to be of the analyst report that comes out after this call?” That’s your message. Ask that “So what?” question. Whatever metric you’re talking about, why does that matter? What’s the story that we need to tell? Tat’s when you really take communication to the next level. Another piece of advice I always give to people
in financial functions is to think about themes. You can predict the thematic questions that investors or analysts will ask. Don’t just think about the facts that answer the questions about those themes; also ask, “What’s the message I want to get across?” When you do that, it allows you to stay on the front foot when it comes to delivering messages versus just giving them information and then letting them draw their own conclusions. We want to give them the conclusions. Hungerford: Remember that knowledge asymmetry does not guarantee an upper hand in communica- tion. CFOs tend to hold all the cards when it comes to knowing the company’s current position and future prospects. But avoid engaging in a data dump where you divulge too much and risk losing your audience. Be succinct, to the point, and leave room for follow- up. Less is more. You want to bring people along your journey.
Te CEO tends to deliver the story, the narrative, and at times tends to be more forward-thinking. But it doesn’t always have to be that way. Te CFO should also engage in storytelling. Looking for ways to connect the numbers back to the bigger picture can be very effective.
What do people often forget about communicating? Rosenblatt: Delivering your message should not be like throwing spaghetti at the wall and seeing what sticks. Be purposeful about the messages you want to drive home. Te more discipline you have around that, the more effective you’ll be in ensuring your key audiences take away the right messages. You need to be intentional and focused. When you control the communication in a pre-
sentation or prepared remarks, deliver your message early and often. Equally, when the questions come, deliver your message. Stay focused.
Hungerford: Know your audience. When I train executives for media engagements, I remind people that reporters are not your audience. You are trying to reach your stakeholders through the reporter so it’s imperative to prioritize your intended audience early on and target your messaging based on what’s important to them, not the reporter. Even so, we thoroughly research the reporter
because they’re likely to have a history of writing articles on a certain topic in a certain way. Tis helps executives anticipate which way a reporter might take an interview and the types of questions they ask.
How do you measure success? Rosenblatt: When you see an analyst report and your messages are in the headline—essentially hearing someone else repeating your message—that’s what success looks like. Hungerford: Sometimes it is reflected in the market reaction, too. Don’t underestimate the power of communication to bring people along in the inves- tor journey. On the other hand, it’s tricky to measure success
because in many cases it’s easier to know when your message failed. Te punishment of misstepping is typically greater than the reward of nailing a strong message. Even when you’ve done it extremely well, there is always going to be someone who wants something else. It’s impossible to please everyone all the time.
Tat’s why I encourage consistency and authentic- ity above all else. No news or no outcries is probably good news, whereas when we typically get the phone call, something has gone terribly wrong. Don’t worry if people aren’t sending you praise on social media. I think that is typically a sign that things are going well. IR
Rachel Rosenblatt is Senior Managing Director, Head of Retail & Consumer Products for the Americas at FTI Consulting;
Rachel.Rosenblatt@
FTIConsulting.com. Nancy Hungerford is Managing Director, Strategic Communications at FTI Consulting;
Nancy.Hungerford@
fticonsulting.com. Rose Zu, CFA, is Director, Financial Communications at FTI Consulting; rose.zu@fti
consulting.com.
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