Summer is always an interesting time for a PR agency. As businesses gear up for the second half of the year, we’re often enlisted to help them push through barriers and solve unique challenges. This summer has been no exception. We announced the merger between Hyliion, an electrified powertrain provider for commercial vehicles, and Tortoise Acquisition Corp. that will see the new company on the New York Stock Exchange upon deal closing.
We’re working with BuildGroup, an investment firm that’s changing what it means to invest in today’s leading technology companies.
We’ve started working with Texas’s only home-grown medical marijuana cultivator, Texas Original Compassionate Cultivation, to fight for Texans whose lives are changed for the better through a medical marijuana prescription.
So yeah…there’s a lot going on over here. But enough about us! Let’s dive into what’s a’happenin’ in the rest of the world.
NEWS TO USE
– Exclusion and trauma are impacting the workforce. Here’s how to fix it and heal: Last month, we featured an in-depth interview with Rajkumari Neogy. As a natural follow-up, this piece brings home the business case for inclusion.
– What businesses can expect from the Phase 4 stimulus package: Six things to expect from the next round of legislation.
– How to survive a crisis as an entrepreneur: Best practices to help you weather the storm.
WHAT DO YOU WANT YOUR LEGACY TO BE?
Earlier this month, Kathleen gave a presentation to Austin Wharton School alumni on proactive brand management strategies that CEOs need to adopt in 2020. Among those strategies was social activism and the role brands play in it today.
Over the last several weeks, we’ve seen a reckoning finally arrive for a number of noteworthy b(r)ands from the Dixie Chicks, Lady Antebellum, Aunt Jemima, Uncle Ben’s and Land O’ Lakes to various sports teams like the Washington NFL franchise and the Cleveland MLB franchise.
Some brands have been quicker than others to respond to growing demand for change. The Washington Football Team—currently embroiled in a major scandal that alleges systemic sexual harassment against its female employees and beat reporters—has actively resisted calls for a rebrand for decades. Owner Dan Snyder has used words like “history,” “pride,” “honor” and “respect” to defend his decision in the past. It was only until major sponsors like FedEx threatened to dissolve their partnership that Snyder relented and announced a name change earlier this month.
While this is just one particularly egregious example, it highlights a critical oversight in reputation management that’s worth discussing: Tradition can’t and shouldn’t come at the expense of one’s legacy, and short-term gain can’t and shouldn’t supersede long-term brand health and reputation.
To many brands that have been around for a long time, the idea of tradition is inevitably tied to short-term gains. For the Washington franchise, that meant commodities like merchandise, recurring season ticket revenues and a general unwillingness to undertake a rebranding exercise it clearly viewed as more of a hassle than an opportunity. In these types of scenarios, what’s clearly lacking is a more long-term vision. Tradition is built on the past, but legacy—a concept that emphasizes values over valuables—is built on the present and forged in the future. When these two ideas are at odds, legacy should win out every time.
Also missing from this equation for some brands is the acknowledgement that rebranding doesn’t have to be a bad thing. It can be an opportunity to modernize, to find new audiences, to re-establish relevance with a new message that resonates with today’s customer segments, and ultimately to boost the bottom line.
The rise in brand activism is teaching us that the past can’t be the only factor that drives a decision. You’re guaranteed to get burned. And while it might never be too late to do the right thing, it comes at a cost the longer one waits.
WHAT WE’RE WATCHING
LeRon Barton’s TedTalk, “How I Overcame My Fear of Stuttering”
Author and advocate LeRon Barton grew up with a pervasive stutter, impeding his confidence throughout college, in the workplace and in his personal life. In his 2018 TedTalk, LeRon explores how he overcame his fear of stuttering and gave speeches at universities, facilitated panel discussions and was even a guest on national television shows. As a communications firm, we admire Barton’s courage and commitment to the art of speech and storytelling.
