I thought y’all might be interested in the following article/blog I wrote for PR NEWSWIRE’s “Investor Uprising” community.

Is it possible for Groupon to issue a deal-of-the-day for its own stock when its IPO comes around? 

Here’s my thought; what do you think?

It pays to read this section of the Wall Street Journal; you never know who you can meet!

As part of my new business strategy, I strive to make relationships with the VC and private equity communities.  While it makes a lot of business sense, we also have a lot in common and have always contended that (one day) a PR shop should go into business with a VC group to not just go after businesses that are worth investing in, but to seek out ways to merchandise the efforts of these investments.

So when I saw the following article in AD AGE this morning about Madison Avenue forming a relationship with VC partners, I got shivers down my spine.  There is hope that my vision could come true.

Investment banks look for return on assets that strengthen financial statements.  PR firms can help leverage assets–both tangible and intangible.  At SMPR, we strive to hit on any innovation buttons we can, for these are the very buttons that trigger asset development.

Anyone who knows me in the PR world has heard my explanation of PR and how it mirrors economics–clients have a supply of information, and it is our job to match the demand of the marketplace with what our clients are supplying.  Our currency is content.  In the VC and PR worlds, content is king.

If any PR folks are doing something like what this article is describing, I would be curious to learn about your feedback.

Recently, I posted an article on SMPR’s Facebook page about how the DETROIT NEWS (my hometown newspaper) seemingly threw its ethical codes out the window (not to mention selling its soul) and changed an article to soothe an advertiser’s wallet and ego.  Combined with the latest Groupon fiasco and its ad blunder (I wrote about this issue on A Sorry State), maybe it’s time to skin the cat differently.

So I thought it would be cool to share something that is cool about ethics, specifically talking about how our friends in the advertising industry are making efforts to bring more of an ethical position into their operations.

Check out the following article from ADVERTISING AGE on the industry’s attempt to get more ethical.  These are really good ideas; what do y’all think?

One of the great passions I have about this business is teaching junior people about the rigors of public relations, and (in turn) what people in my field have taught me.  I was talking with a friend who operates a great agency in Dallas; we were talking about what each of us has learned about running a business, as well as what we would have done differently if given the opportunity.

Speaking to the latter point, I would not have changed a single thing and have done anything differently. Running a business, you quickly learn how to take the good with the bad. If you cannot take lumps in this business, then you shouldn’t be in it. To be sure, I have built a much tougher and stronger skin than when I first embarked on my journey now almost eight years ago. I have seen people come and go; clients start with a bang but spend funds miserably and fail. I have seen the highest of the highs and the lowest of the lows. I have made incredible friends and have formed several meaningful relationships.

 
Still, I have learned a lot—more than any of my college studies could have prepared me for. Here are some thoughts.

 
Understand the power of “no.” It’s easy for business owners to take on things because the money is appealing or the allure of having a “name client” associated with you would add to your reputation. Saying ‘no’ is empowering, for it allows you to focus on what you truly want to do. “No” keeps your eyes on the prize of ultimate satisfaction.

 
The customer/client should not always be right. Logic tells me when presented with an array of options, I want to make as informed of a decision as possible; life is not one way or the highway. I also rely on my past experiences about what journalists want; I would expect both my peers and fellow colleagues would follow the same path.  As an agency, we are hired to bring an objective voice to our clients’ tables. Maybe it’s because I have more gray hairs than when I first started the business, but I take my role as a counselor more seriously than ever. I have learned to cement my position by proving it with smart research and positioning and not just do what a client thinks is the most ideal course of action. I would never go back to a client and tell him/her “I told you so…” but I would go back to what I know has worked for others–and could work for them if given the opportunity.

 
Hiring a business coach is a wise investment. It’s one thing to preach objectivity to your clients, but it is hard to obtain objectivity running an agency—especially when it is your agency. I have learned how to distinguish things between the SMPR brand and that of Michael Shmarak; I used to take things personally when something went wrong. But as many people have come to tell me, it’s just business. We need to remember that business should stay where it belongs. To that end…

 
…tell your spouse and kids that you love them as often as possible. I set up SMPR to represent beliefs I have that agencies need to be treated like families, that if a family member’s name is on the door, then the belief set should represent the person/people who you are honoring. I have tried to bring “family” into everything I do, inclusive of making sure that my team enjoys their lives outside of work. Understandably, my team means the world to me, and I try to communicate the value they bring as often as possible. But I would be nothing without my wife and three kids. Hugs from children are the best elixir for soothing a bad day at the office. Clients come and go; my wife and kids are always with me. It is up to me to make sure they know that.

 
Client love is the ultimate measurement tool. If a client merely likes its PR counsel, then the agency is not doing enough to foster the relationship. I know about my clients’ kids, their families, what they do outside of the office, et.al., to show that we (as people) are deeper than what a letter of agreement tells us we should be. Striving for client love does as much for what makes good clients awesome clients as any deliverable you can provide.

 
Know the right time to reinvent your business. When I started SMPR in 2003, social media was just beginning to hit the mainstream. There were several agencies that got on the bandwagon early, going as so far as to say they do it—and do it well.  Me?  I would rather wait and let other people make mistakes so I can learn from them.  In turn, I can then take this education and shape it in a way that best fits who I am as a professional, as well as what my team knows it does well. Claiming to be all things to all people deteriorates one’s focus. We should all strive to own something and be really good at it first. Do we do social media work? Of course, but we specialize in helping companies build their infrastructure so they are ready for what social media has to offer.

Above all else, I have been blessed to learn that my team’s work has impacted lives. We take it for granted that PR can help influence other people’s decision making processes. When you’re leading the charge for those decisions, there is an immense source of pride and accomplishment. There are so many examples of how we have enacted change I could go on all day.

Moving forward, I want to learn how to learn better.  I want to get smarter about more tricks of the trade.  I want to build deeper relationships and find work that drives satisfaction for all of us.

It starts today.

The site may be All Things Digital, but their work is All Things Ethical.

Among the many things I read online and in print, I am a big fan of the Wall Street Journal’s “All Things Digital.”  Having been engrossed in media relations for most of my 15-plus years in the business, I have found that Kara Swisher is among the most insightful journalists out there. Every time I read a story from her, I learn something.

I was reading her most recent post about Google’s seemingly pending acquisition of Groupon, and noticed a line at the end of her story:  Please see this disclosure related to me and Google.

I was shocked–in a very good way–when I saw a headline that read, “Kara’s Ethics Statement.”  What was even more cool was the choice of words that Kara offered to her readers:  “Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.” Kudos to Kara for sharing with her readers how she feels about the integrity of her work.

Here at SMPR, we hear the stories about PR pros and journalists, alike, who are called into question about the types of work they do.  With many of our clients, we work with them to draft ethical mission statements in addition to traditional mission statements & key messages to distinguish “sales” from “beliefs.”  In both cases, people need to have trust in what the company does, but how you say each has to be completely different.

Some of the best journalist relationships we have are based on ethics.  We know what people will and won’t cover.  We know that when we position a company, that we are prepared to do so objectively.  If there is something negative about a client that someone brings to our attention and we know it exists, we won’t spin things.  We’ll be honest and upfront–and expect our clients to do the same thing.

We would hope that more journalists follow Kara Swisher’s lead and print their ethics statements for all to see.  For now on, I will still continue to read Kara’s work; I will just appreciate it that much more.

Disclosure on my part:  I have never worked with Kara directly, but hope to one day when the right client comes along.

How Labor Is Liberated–WSJ ONLINE

Thanks to one of SMPR’s fine colleagues sending me the following article, I am reminded–perhaps even validated–that traditional models of leadership need to be shown the door.

At SMPR, we tell our clients that the best communication programs are built when leadership does all it can to connect with its lower ranks so that key messages are germinated through an entire chain of command.  Top-down leadership has its place; bottom-up leadership is how smart companies are made.

Perhaps labor being “liberated” means that workers are having a voice, and that managers are listening to them.  Radical concept, eh?

I am going out on a limb here, but very few PR people would ever gain a lesson in ethics from their condo Board.

But in fact, I had the most unusual opportunity to gain insight thanks to outdoor seat cushions that the Board felt my wife and I didn’t keep in optimal condition.

One member of our Board has spent time going around the neighborhood to cite people for the littlest of worthless details (e.g.,another neighbor for having a Welcome mat that didn’t look so welcoming). In doing so, it has become as much a vendetta as doing her supposed job.

How many times do we have clients who ask us to advocate a special position, only to find out the position takes you away from the client’s core service?  This personal crusade becomes a dangerous path which moves client teams–and companies–away from core strategy.

The lesson here–both for clients and for my condo board–know when to say when.  Stick to what you know, and you’ll become known for it.  Stick to your crusade,however, and your entire team will be known for something you really don’t want.

Back in January, I wrote about the number of people who were relying on “the economy” as an excuse for attracting new business. When client make cuts to budgets, they have a crutch to fall back upon–”It’s the economy…” I had hoped to find examples of companies or people who believed the same thing.

Thankfully, I found a great lead. If you haven’t done so, check out the May 2009 issue of INC. and read Joel Spolsky’s “It Isn’t the Economy, Stupid.” It captures much of what I was talking about in January.  No matter the month, no matter the season, no matter the company’s size or acumen, the best companies adapt to address the needs of their customers.

Mr. Spolsky’s article references the demise of Circuit City and its inability to connect with customers.  Can you blame the economy on consumers not buying electronics? Sure. But what about Best Buy? What about Amazon? What about Apple? They sell electronics and are doing OK. These companies have a host of intangible assets like culture, customer-centric systems, strong infrastructure.

Herein lies a lesson for PR practitioners everywhere. SMPR preaches that we care about what clients think as much as what they do.  We know there are ways to make a brand mean something to a customer, but you need a people-first voice to make it work, not a company-first voice.

When you blame the economy, the company is speaking for people.  When people speak on behalf of companies, innovation can take many shapes.

What other ways can a company get around “It’s the economy?”  I’m interested in your feedback.