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A u g u s t 2 0 1 0 | w w w . o d w y e r p r . c o m

Communications & new media August 2010 I Vol. 24 No. 8

SPECIAL SECTION: PG. 28PROFESSIONAL SERVICES PR

Rankings of topProfessional Services firms

Pg. 35Rankings of top IR andFinancial Relations firms

Pg. 27

HOW NEW WASHINGTON REGULATIONS WILL IMPACT INVESTOR RELATIONS AND FINANCIAL PR PG. 12

PROFILES OF FINANCIAL PR ANDINVESTOR RELATIONS FIRMS PG. 22

INVESTOR RELATIONS 2010:BACK TO BASICS? PG. 20

SPECIAL REPORT: FINANCE REFORM

A NEW ERA FOR IROEXPECTATIONS PG. 10

Rankings of topProfessional Services firms

Pg. 35Rankings of top IR andFinancial Relations firms

Pg. 27

O’Dwyer’s is published monthly for $60.00 a year ($7.00 for a single issue) by the J.R. O’Dwyer Co., Inc., 271 Madison Ave., New York, NY 10016. (212) 679-2471; fax: (212) 683-2750. Periodical postage paid at NewYork, N.Y., and additional mailing offices. Postmaster: Send address changes to O’Dwyer’s, 271 Madison Ave., New York, NY 10016. O’Dwyer’s PR Report ISSN: 1931-8316. Published monthly.

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EDITORIAL CALENDAR 2010January: Crisis Comms. / Buyer’s Guide

February: Environmental & P.A.March: Food & Beverage

April: Broadcast & Social MediaMay: PR Firm Rankings

June: Global & MulticulturalJuly: Travel & TourismAugust: Financial/I.R.

September: Beauty & FashionOctober: Healthcare & Medical

November: High-TechDecember: Entertainment & Sports

Vol. 24, No. 8Aug. 2010

ADVERTISERS

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CONTENTS

20

Fleishman-Hillard...BACK COVER

Grayling.....................................43

Log-On.......................................25

KEF Media...................................3

MacKenzie Partners, Inc...........11

NAPS.....................INSIDE COVER

Nasdaq OMX............................15

NIRI............................................13

Omega World Travel.................31

Ruder Finn.................................17

Sard Verbinnen & Co..................7

Sloane & Co.................................9

TV Access..................................29

Walek & Associates...................5

PR BUYER’S GUIDE

PROFESSIONAL DEVELOPMENTFraser Seitel

FINANCIAL MANAGEMENTRichard Goldstein

GUEST COLUMNWes Pedersen

GUEST COLUMNVirgil Scudder

GUEST COLUMNKevin Foley

363738

4042

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WASHINGTON REPORT41RANKINGS OF TOP PROFESSIONAL SERVICES FIRMS35

PROFILES OF FINANCIAL PR &INVESTOR RELATIONS FIRMS22

DAN EDELMAN CELEBRATES90TH BIRTHDAYThe PR mogul brought in another

year, surrounded by friends and family.

21EDITORIALWashington’s financial reforms usher in some much needed oversight.

6BLAME FLIES AS LOOSE ASFACTS IN SHERROD HOAXMedia have blamed everyone butthemselves for the false story.

8FOX WINS TOP ‘CUSTOMERSATISFACTION’ RATINGA national poll of customer satis-faction ratings finds Fox.com rates higherthan any other news organization.

9NEW SHIFTS IN MANAGEMENT ALTER IROsChanges in corporate hiringpractices have impacted recent industryand influencer expectations.

10UNDERSTANDING FINANCIAL REFORMSHow recent financial reformssigned into law will affect financial communications and investor relations.

12SOCIAL MEDIA AND IR:WHO NEEDS IT?Social media could someday liveup to its hype in the IR world, butso far it hasn’t.

14UTILITY PR: ACCEPT NOSUBSTITUTESWhy clients should never acceptbeing locked in to rigid, expensivecontracts with PR services firms.

16EDELMAN, MCCORMICKSPEAK AT PRSA MEETINGHighlights from the July 16 PRSAboard meeting in Atlanta.

18STUDY GAUGES ADVOCACYGROUP SOCIAL MEDIA USEA Burson Marsteller study findsadvocacy groups have recently flocked tosocial media sites.

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USING SOCIAL MEDIA TOBUILD COMMUNITIESSuggestions when using social

media to build an audience around yourclient’s content.

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RANKINGS OF TOP FINANCIALPR & IR FIRMS27

PROF. SERVICES REBOUNDWITH NEW TOOLSHow a revolution in communications

has unleashed a vast new arsenal of tools.

30

RECESSION TOOK TOLL ONPROFESSIONAL SERVICESRecent financial woes put aside the

notion that PR’s professional services sectorwas impervious to an economic downturn.

28

AZ SEEKS TO OFFSET IMMIGRATION BACKLASHA tourism task force has recommended PR help to explain AZ’snew immigration law.

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PROFILES OF PROFESSIONALSERVICES FIRMS32

COLUMNS

Cover Photo by Jon Gingerich

FINANCIAL PR PROS SEEBRIGHT FUTUREAfter a grim few years, PR pros inthe financial sector are looking forward toan economy on the upswing.

20

Financial reforms usher in much-needed oversight

EDITOR-IN-CHIEFJack O’[email protected]

ASSOCIATE PUBLISHERKevin [email protected]

EDITORJon [email protected]

SENIOR EDITORGreg [email protected]

CONTRIBUTING EDITORSFraser SeitelRichard GoldsteinChristine O’Dwyer

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EDITORIAL

It’s been a long time coming. After months of wrangling, the July 21 signage of the WallStreet Reform and Consumer Protection Act offers the most comprehensive set of changesto our U.S. financial institution since the Great Depression. It’s a victory for consumers and small businesses, and a defeat for special interests, as well

as banks and mortgage firms — institutions that for too long have won big on the footloosefinancial schemes, predatory lending chicanery and brazen bailouts of a casino economy.

The Act offers several broad changes, each of which offers a glimmer of hope that futurefinancial follies won’t be a case of history repeated.

First and foremost, it vastly increases transparency in the marketplace. Derivatives can nolonger be traded under a shroud of secrecy. The longtime clandestine institutions of hedgefunds would be forced to disclose more information about their operations, and would be reg-ulated under the auspices of the SEC. Executive compensation must be disclosed, with inde-pendent company compensation boards.

The Act also establishes a new, single con-sumer protection agency, the ConsumerFinancial Protection Bureau, to strengtheninvestor protection and ensure productslike mortgages, car loans and creditcards don’t come with predatory fees,unfair rate hikes or discriminatorylending practices.

Lenders must assess a borrow-er’s ability to repay before hand-ing out a mortgage. New lawswould prohibit lenders from steer-ing borrowers blindly into expen-sive, high-risk loans they knowcan’t be repaid.

Financial terms will have to bewritten in a language we can understand.Consumers who suspect predatory practices will have access to a national, toll-free hotline.

The new law also increases regulation of credit rating agencies. Free annual credit reportswill be available to consumers who were refused a loan because of their credit standing.

It also ends the possibility of future bank bailouts. Companies that can’t hack it will simplybe forced to liquidate. Companies also can’t simply merge and acquire ad infinitum until theirdownfall threatens to topple the entire economy.

Finally, the Act gives the government better tools to handle a crisis. Regulatory agencies willbe consolidated, and new ones will be created to evaluate risks in the marketplace, completewith periodic public reports. The Treasury will now have the authority to extend lines of cred-it in a crisis, and can place non-bank financial firms like insurance companies into positions ofreceivership.

As expected, the new rules have already come with a lot of industry grousing. Granted, theAct isn’t perfect, but neither were the laws governing our financial leaders when they steeredus into this mess to begin with. If you ask me, I say the Act doesn’t go far enough: for one, itstill doesn’t require banks to clean up the mortgage mess they created three years ago. But it’sa good start.

Naturally, investor relations and financial communicators have been worried about whataffects the new regulatory clampdown will have on PR budgets. The fact is, these new regula-tions will also be a boon for the industry. Why? For one, financial institutions will need com-petent counsel to educate them on these new rules and the increased potential for litigation. Ourfinancial sector is going to have lot of new responsibilities. They’ll need experts: crisis com-municators, mergers, acquisitions and restructuring pros, asset experts, corporate responsibili-ty leaders and a score of others just to guide them through the tangled legalese.

Second, the very idea of transparency is predicated on a notion of increased communication.Banks and lending institutions will have no choice but to air their financial laundry in the courtof public opinion, and in doing so will need solid strategic communications to help them withearnings announcements, disclosures, IPOs and public affairs work, not to mention countlesshours of reputation management and media training support. The U.S. financial community isquickly realizing that a good PR plan isn’t something they can choose not to have.

— Jon Gingerich

On July 19, conservative bloggerAndrew Breitbart posted what healleged was “video proof” of

“racism coming from a federal appointee,”in this case U.S. Department of AgricultureGeorgia State Director Shirley Sherrod.The two-and-a-half-minute clip, whittleddown from a 45-minute speech given at aMarch 27 NAACP banquet, depictedSherrod recounting a case in which she wascalled to help a farmer facing bankruptcy.In the course of her story, Sherrod recalledshe “didn’t give him the full force of what Icould do” because the farmer was white.

Taken within the purview of its editedform, the video purported to be a shamelessadmission of abject racial discrimination.Breitbart posted the video as a response tothe NAACP, which had recently called onTea Party leaders to repudiate memberswho use racist language, a characterizationBreitbart said “negatively and falselybrand[s] the millions strong, loosely affili-ated Tea Party phenomenon as ‘racist.’”

The video went viral, and the reactionwas almost immediate. AgricultureSecretary Tom Vilsack forced Sherrod to

resign upon seeing the clip, a move WhiteHouse Deputy Chief of Staff Jim Messinalater called “a good example of how torespond in this atmosphere.” The NAACPcondemned Sherrod, issuing a statementvia Twitter that claimed the organizationwas “appalled by her actions.” WhiteHouse Press Secretary Robert Gibbs admit-ted that even President Obama was “firedup” about the clip. There’s little doubt theswift nature of Sherrod’s termination was-n’t without reason. She was let go within 48hours of the story breaking, before themainstream media could even put theirhands on it.

Of course, the Breitbart clip becamemedia wildfire. Almost all the major net-works picked and re-aired the video, espe-cially Fox News, which looped Sherrod’swords with an almost Orwellian repetitionalongside headlines such as “discriminationcaught on tape.” Discussing the incidentwith Sean Hannity, Newt Gingrichapplauded the Obama administration’s fir-ing of Sherrod by stating “after that kind ofviciously racist attitude [it] was exactly theright thing to do.” Bill O’Reilly saidSherrod’s behavior was “simply unaccept-able” and that she should “resign immedi-ately.” CNN and MSNBC also re-aired theBreitbart clip numerous times for the nextday-and-a-half without question.

And that was the problem. No one — notthe media that re-ran the clip ad nauseam,nor the officials who fired her, nor the pun-dits that waxed endlessly about Sherrod’sadmissions in a post-racial America — hadseen the original, unedited tape from whichthe clip originated or bothered to posit onthe veracity of its source. If they had, theywould have understood the parabolic tenorof Sherrod’s tale, that it was actually meantto illustrate her ultimate realization that, aswas later made clear in the full, unreleasedvideo, “we have to work together.”

The media, and the White House, haderred. It wasn’t until after it was revealedthat the video was heavily edited for narra-tive that the institutional backpedalingbegan. It would have been prudent for net-works, pundits and Presidential staff tointernally question their tactics, to ask why

anyone in 2010 would base their judge-ments from content taken from the blogos-phere without checking their origins.Publicly, they instead resorted to finger-pointing. The blaming game had began.

The NAACP claimed it had been “snook-ered” by Breitbart. CNN and MSNBC,which both aired the Breitbart clip withoutverifying or cross-checking its content,decided to blame Fox News.

CNN called Fox’s handling of the inci-dent a “smear campaign.” MSNBC newshost Rachel Maddow accused Fox of “man-ufactured outrage,” stating the network“continuously crusades on flagrantly bogusstories designed to make white Americansfear black Americans.” Network colleagueKeith Olbermann similarly referred to FoxNews as a “fraud machine,” and claimed itshandling of the Sherrod case showed an“utter and complete perversion of journal-ism.”

On Fox, Gingrich made an about-face,saying he was “operating on the context ofthe Secretary of Agriculture” and statingthat later developments returned him to thepreconceived realization that “it’s one moreexample of the Obama administration’scontinuing incompetence.” O’Reillyoffered a similarly backhanded apology,admitting that he didn’t do his “homework”by “not putting her remarks into the propercontext.” However, he followed this admis-sion by quipping that Sherrod “sees thingsthrough a racial prism” and that he still feelsshe “said other things that need explana-tion.” O’Reilly ended his apology segmentby stating Sherrod was guilty of a “possibleethical violation” for her “blatant partisan-ship”

There were still a few holdouts. RushLimbaugh, who previously referred toBreitbart’s handling of the story as “greatwork,” lambasted the “cowards in the con-servative movement” who “caved” on theirsupport of the Breitbart footage.

Then there is the plain ironic. A July 21New York Times editorial commendedGlenn Beck’s handling of the story, simplybecause he did not run anything on it at all.“This time, he was right,” the editorial said.Beck, who first said Sherrod “obviously hassome sort of Marxist or redistribution qual-ities to her,” later said he “supported” her,and then hinted at a wild conspiracy theorythat the entire Brietbart tape could havebeen planted as “political assassinationfrom the White House or from theNAACP” as a way “to destroy the credibil-ity of Fox News.”


MEDIA NOTES

Recent ComScore data indicates MySpaceis growing increasingly unpopular amongretail and marketing’s core constituency,teens. U.S. MySpace users under 18 dropped30 percent over the past year, as Facebook’sdoubled during the same period.

Facebook surpassed MySpace in May asthe social media site with the most uniquevisitors (124 million, versus MySpace’s 115million). Facebook beat MySpace for totalviews in April, with nearly 51 billion pageviews, compared to MySpace’s 45 billion.

MySpace’s migration was also felt in theU.K., where ComScore data revealed nearlyhalf — 49 percent — of users fled from thesite, though nine out of 10 U.K. teens report-ed they use social media. The site now hasonly 3.3 million U.K. users, compared to 6.5million the year before.

Media briefs

TEENS DITCH MYSPACE

Blame flies as loose as facts in wake of Sherrod ‘scandal’Old habits die hard. White House officials, political pundits andTV networks baited by the Shirley Sherrod “racism” hoax havebeen as quick to pass the buck for their stake in the phony storyas they were to spread its apocryphal content in the first place.

By Jon Gingerich

Astudy of national customer satisfac-tion scores has foundFOXNews.com has achieved the

highest-rated score for a news and informa-tion site in the 10-year history of the ratingssystem, according to the AmericanCustomer Satisfaction Index in Ann Arbor,MI.

ACSI released its findings in July, stat-ing FOXNews.com was the highest-ratednews website they had ever studied interms of customer satisfaction. ACSI polls70,000 consumers annually on productsrelated to more than 250 national compa-nies and 45 industries, from manufacturedgoods to retail outlets and banking.

ACSI scores all companies and productswith a universal 0-100 scale. ACSI’s sur-veys ask consumers how satisfied they arewith the product, and then measures per-ceived overall quality, complaints and loy-alty. The study also measures the causesand consequences of customer satisfactionand the perceived relationships companieshave with their customers.

2010 marked the first time ACSI meas-ured Fox.com, and it debuted strong, out-

performing all other ranked news sites(ABCNews.com, MSNBC.com,CNN.com, USAToday.com, andNYtimes.com) by a large margin.

The ACSI study also found mostFOXNews.com viewers are older, have lessformal education, and view far fewer newswebsites than viewers of competitor siteslike NYtimes.com (an average of two sitesversus and average of ten, respectively).

“They have a very loyal customer base,”said Larry Freed, CEO of ForeSee Results,which sponsored the ACSI study. “Saywhat you will about Fox users’ tendency towatch fewer news stations and look atfewer websites. From a Fox perspective,it’s a good thing.”

Fox’s dominance in customer satisfac-tion comes despite (or perhaps because of)a well-known political bias and high publiccriticism. Freed claimed the Fox data is anexcellent primer to understand how con-cepts like ‘customer satisfaction’ ride thefine line between what you get and whatyou expect.

“Traditionally, we’ve seen the otherplayers in the news industry have a hardtime differentiating themselves. Theyhaven’t transitioned their brand and per-sonality from the TV show or the newspa-

per into the Website. Fox has brought thesame personality they have with broadcast,and I think that’s key,” he said. “You can’tbe all things to all people.”

By Jon Gingerich

Fox takes historic ‘customer satisfaction’ rating

AUGUST 2010 WWW.ODWYERPR.COM 9

Goldman Sachs has been fined $550 millionafter a months-long civil fraud lawsuit by theSecurities and Exchange Commission. TheSEC found the global investment and securi-ties firm intentionally misled investors in thecourse of selling subprime mortgage portfo-lios as the house market was tanking.

It is the largest SEC penalty paid by a WallStreet firm.

The SEC ruled that Goldman deliberatelyomitted facts related to a financial securityproduct involving subprime mortgages sold toprivate investors. The suit claims Goldmanalso failed to disclose that a hedgefund, Paulson & Co., helped select mortgagesincluded in the package, against which itplanned to bet. Paulson allegedly made a $1billion profit from investments linked to thedeal, while purchasers of the materials lost.

Goldman’s SEC fine includes a $300 millionpayment to the U.S. government and $250million to investors involved in the deal.

News briefs

SEC FINDS GOLDMAN GUILTY

No matter what industry we’retalking about, the professionalswho are hired, especially at the

leadership level, are now what setcourse direction, provide managementand colleagues with guidance and wis-dom, and ultimately help shape the suc-cess of the organization. In the investorrelations field, the IRO is pivotal in thisregard.

The corporate ‘athlete’Investor relations has shifted periodi-

cally in the past few decades in terms of

its focus and the role it serves within acompany. Today, however, with thecapital markets being interlocked glob-ally and the regulatory climate foreverplaying a domineering role vis-à-viscorporate financial reporting, manage-ment teams are seeking different quali-ties in the IRO executive. In fact, thesingle most important trend that is beingvalidated every day in corporate hiringis the demand for the corporate athlete.What does that mean, exactly?

The common denominator acrossmost leadership teams is the fact thatexecutives are seeking to recruit talentwho represent specific functionalexpertise (in this case the IRO) and whocan contribute intellectually across theenterprise. So, professionals who have afirm understanding of other functionalareas and have a point of view that willadd value to advancing the organizationare competitively ahead of their coun-terparts who are still mired solely in themechanics of their roles. CEOs areexpecting (and rewarding) points ofview about process improvements andefficiencies, other corporate staff func-tions, key revenue drivers and innova-tions that may ultimately lead to com-petitive advantages. Never before hasintellectual breadth and ease in con-tributing content that will position youas an influencer, been more important tocareer survival and advancement. And,it is particularly critical to the IRO.

This trend has been gaining impor-tance and significance for approximate-ly two years, and I believe, will contin-ue for many years hence. In addition,most corporations are now seeking IROtalent with traditional finance experi-ence, almost exclusively, to fill the sen-ior-most IRO position. Why? Two rea-sons: one, the capital markets are fullyintegrated on a global basis and CFOsand CEOs want their investor relationsleaders to understand the capital mar-kets and global economy intimately.The second reason has to do with careerlongevity and talent retention. When anIRO with a finance background isrecruited, not only can they performbetter in the role into which they arerecruited, but five to seven years in the

future, there arecareer progressionopportunities intobroader corporateroles that can beoffered to thoseexecutives. Thisallows the compa-ny to deploy suc-cessful talent fromthe IRO positioninto other keyfinance roles suchas possibly serving as a CFO of an oper-ating group, heading strategic planning,or corporate development, etc.

Throughout the years that I was arecruiter, I witnessed many situations inwhich the IRO was unable to success-fully fulfill management’s desire to bethe corporate athlete due to lack ofbreadth of wisdom, knowledge andexperience in broader functional areas.As a result, these professionals werenot allowed the privilege of being invit-ed into the inner sanctum of manage-ment’s decision making.

While these professionals reveled inthe idea of solely being the functionalexpert, what they did not recognize wasthe fact that management’s need forinsights about the financial marketscoupled with the business acumen toassess situations across the enterprisewill always outweigh one’s ability to beconversant solely in one functionalarea.

Expectations have changed. The pasttwo years of economic turmoil andsoaring unemployment has forced lead-ership teams to recognize that theyneed and want more from their mid-and senior-level professionals. The costof acquiring and retaining talent is sig-nificant, and with the impending talentshortage in the next three to five years,management will have a laser sharpfocus on “the athlete.”

Rapidly fading away are the dayswhen being an excellent investor rela-tions professional was enough.

Smooch Reynolds is Senior VicePresident of Communications of theIrvine Company. She is a member of theNational Investor RelationsInstitute’s (NIRI) Senior RoundtableForum, and previously owned her ownexecutive search firm, The Repovich-Reynolds Group. She is author of “BeHunted: 12 Secrets to Getting on theHeadhunter’s Radar Screen.”


REPORT

By Smooch Reynolds

New shifts in management alter IRO expectationsIn the leadership world, there are two markets: financial andhuman capital. The latter has set the stage as the singlemost critical success factor in modern industry.

Smooch Reynolds

The Mortgage Bankers Assn. hastapped Democratic firm Glover Park Groupfor assistance on shaping of the financialreform overhaul.

The MBA called the bill that was votedout of conference on June 25, legislationthat “could have been much worse” butstill in need of improvement during theregulatory process. The Senate passedthe financial overhaul bill last month.

The MBA, according to chairman RobertStory, stands in favor of “financial regula-tory modernization” as long as if does notnegatively impact borrowers and bankers.Its 2,200-member companies, includingcommercial banks, thrifts, insurers andbrokers, are eager to work with regulatorsover the next year to ensure a balance isstruck between promoting a robust finan-cial system, protecting consumers andavoiding a negative impact on credit avail-ability.

Joel Johnson, Managing Director ofGPG’s Government Relations Practice, isleading the account. He is joined by VPJason Rosenberg, who joined the firm lastmonth from Sen. Jon Tester’s office.

Rosenberg served as Tester’s liaison tothe Banking, Housing and Urban AffairsCommittee, working on issues such as theEmergency Economic Stabilization Actand the Troubled Asset Relief Program(TARP). He also worked on financial issuesat Dittus Communications.

PR services briefs

MBA FINANCES GLOVER


FEATURE

The 2,319-page financial reformact is complex and still unfo-cused; regulators now will face

the task of translating broad mandatesinto specific rules. One clear premise,however, permeates the law: thatincreased government-mandated trans-parency and public disclosure regardingthe financial sector is essential to pre-vent future abuses. In short, the lawsaddles management with multiple newcommunications responsibilities andfresh sources of reputation damage.

To help prepare for this new era, wehave briefly outlined key provisionswith the greatest PR impact, and thenreviewed what communications execu-tives might consider doing now torespond.

Key PR provisionsBureau of Consumer Financial

Protection. This new agency is a cen-terpiece of the reform act, giving thefederal government broad power towrite and enforce new rules pertainingto both banks and non-banks.Especially targeted will be “unfair” or“abusive” practices, terms that theAmerican Bankers Association says are“far from clear.” The bureau will alsostep up enforcement against discrimina-tory lending practices and establish asingle national toll-free consumer com-plaint hotline.

Executive Compensation. Shareholderswill have the right to a so-called “Say onPay” vote as part of the proxy statement —the ability to publicly register disap-proval (non-binding on management)regarding executive compensation. Partof newly required public company dis-closure is a requirement that companiesprovide data comparing their executive

compensation with stock performanceover the past five years.

Financial Stability OversightCouncil. The new agency will includesophisticated economists, lawyers andothers charged with identifying the nextbig problem in the financial system.The council will have powers to collectand analyze data and responsibility tocommunicate its findings in periodicpublic reports as well as in annual testi-mony to Congress.

Mortgage Reform. The law estab-lishes stiff penalties for lenders that failto meet the rather vague standard that“institutions insure that borrowers canrepay the loans they are sold.”

Federal Insurance Office. Theinsurance industry will be regulated forthe first time by a separate federalagency charged with ensuring access to“affordable” insurance products amonglow- and moderate-income persons.This body will also monitor the industryfor systemic risk, similar to the over-sight council.

Hedge Fund Regulation. Hedgefunds and private equity advisors willbe subject to much stricter regulatoryand disclosure requirements. For thefirst time, they will be required to regis-ter with the SEC and to disclose infor-mation about their trades and portfolios.The law will also subject more advisorsto state — as opposed to federal —supervision.

PR implications and responseGiven these and other new realities,

where should public relations execu-tives focus their energies in the nearterm? Here is a short list to consider.

PR Planning for Litigation. Nearlyall observers agree that the reform act— particularly the creation of the con-

sumer protection bureau — will signifi-cantly increase exposure to litigation.

Banks and others should be engagingin pre-emptive planning now so that itsfirst response toany litigation is notthe damaging,deer-in-the-head-lights “no com-ment.” Litigationis always a form ofcrisis. Has thecompany preparedclear and succinctpublic messagesabout its lendingpractices? Does ithave publics p o k e s p e r s o n strained to deliver and defend those mes-sages? Does it understand new mediaand how to manage its impact? Areinternal legal and PR teams prepared tocollaborate rather than feud? Does thefirm have trusted litigation public rela-tions specialists at its call?

It is important to remember that anylawsuit engages a company simultane-ously in the court of law and publicopinion. And, as British Petroleumreminds us, public opinion can “con-vict” a company long before the facts ofthe case are presented in a formal courtof inquiry.

Engaging with Local Communities.Retail banks and insurers will soon findnew regulatory agencies closely scruti-nizing their sales practices for evidenceof discrimination, redlining and otherinequities. Not only do companies needto carefully monitor compliance here,but they will be advised to build greatertrust within the low- and moderate-income communities they serve.Citigroup, tarnished during the econom-ic crisis, is a good model on this front.The bank has championed neighborhoodrevitalization, local sponsorships,employee volunteerism, microfinancelending, college scholarships, financialeducation and a recommitment to mort-gage refinancing.

Justifying Fair ExecutiveCompensation. The new law obliges allpublic companies to take the offensiveon this issue. First, we encourageboards to explore provisions in the lawthat invite compensation committees toengage independent consultants regard-

Understanding financial reform’s impact on PRThe Wall Street and Consumer Protection Act justsigned into law contains a sweeping set of rulesand standards of unprecedented scope since theGreat Depression. Yet the law does more thanattempt to protect the economy from systemic risk.It will confront all business — not just financial insti-tutions — with a set of communications challengesunparalleled since Sarbanes-Oxley.

By Scott Tangney

Continued on next page

Scott Tangney


ing salary and bonus plans. If pursued,this decision and the subsequent recom-mendations should be aggressively pro-moted with investors and the media.

Second, public relations and investorrelations staff will have new responsibil-ities to interpret mandated disclosureslike the compensation v. stock price datacited earlier. Finally, PR executivesmust recognize that investors armedwith “Say on Pay” powers will serveincreasingly as de facto evaluation com-mittees for top executives, and that thestructure of compensation plans willneed to be explained and justified longbefore proxy time.

Educating Employees. During theshakedown period ahead, when a lack ofprecedent increases the risk of inadver-tent non-compliance, education foragents, advisors, reps and other sales-people is especially crucial. Public rela-tions must play a central role here,working with internal compliance andlegal departments to communicate andespecially reinforce new operating pro-cedures in persuasive, non-technical lan-guage.

Committing to Media Relationships.The data collection and disclosure activi-ties required by the law represent a treas-ure trove for financial journalists, blog-gers and others. As such, it represents a

fresh source of potentially damagingnews. It will be increasingly importantfor management to cultivate open andtrusting lines of communication withnew and traditional media covering theirindustries.

Crisis Preparedness. The newly cre-ated federal oversight council will havean essentially confrontational relation-ship with financial firm management,given that its primary role is to identifycompanies or activities within thosecompanies that pose systemic risk to theeconomy. It has the power, in theory, toforce banks to divest practices. In short,this agency by itself poses a new poten-tial reputation challenge for most finan-cial firms; crisis preparedness shouldmove forward accordingly.

It is undeniable that financial institu-tions, and in some cases all public com-panies, face a new regulatory regimethat demands increased transparency,increased disclosure and increasedattention to compliance. Each of theseissues places public relations profes-sionals front and center as the organiza-tional develops new policies and cultur-al attributes to respond.

Scott Tangney is Executive VicePresident of Financial and ProfessionalServices for Makovsky + Company inNew York.

Robert Rendine, who heads global corpo-rate affairs at GE Capital Global Banking, hasbeen tapped as Senior VP of CorporateCommunications for NYSE Euronext, startingin September.

Rendine will oversee media relations, exec-utive communications and broadcasting,reporting to Executive VP/ChiefAdministrative Officer Andrew Brandman.Ray Pellecchia, VP of Corporate Comms. at theNYSE prior to the $11 billion 2007 mergerwith Paris-based Euronext, continues in thattitle.

Rendine was Senior VP/Corporate Comms.at the American Stock Exchange before mov-ing to GE in 2003. He is currently stationed inLondon.

In addition to operating the Euronext, NewYork Stock Exchange and NYSE Arcaexchanges, the company also runs the NYSERegulation non-profit that oversees securitiesfirms and companies listed on the NYSEexchanges.

Prior to the ASE, Rendine was VP/comms.at GTech Holdings.

He formerly served as Chief-of-Staff andPolitical Director to Rep. Claudine Schneider(R-R.I.).

People in PR

NYSE TAPS GE CAPITAL EXEC

AUGUST 2010 WWW.ODWYERPR.COM14

PR and IR practitioners — bothinside the corporate ranks and in theconsulting world — constantly tell

us we must tweet, send out sound bytes,hypnotize and mesmerize our growingnetworks of friends, camp followers andcountless others.

And, to no surprise, we — the PR andIR profession — tell clients and compa-nies they need to embrace all social mediachannels as if it’s the second coming of theMessiah.

We tell our life’s secrets, remove allveils of privacy, and insist this is thefuture.

I hope not. Consider a June National Investor

Relations Institute (NIRI) annual gather-ing in San Diego where social media’sfuture and use was widely debated. It’sforemost on many minds. After all, agrowing number of consultants havepreached the gospel, are teaching courses,webinars and the like, and have found thesocial media channel converts into foundnew business.

Likely, they are the only ones at thispoint to have monetized this new commu-nication. There aren’t too many others.

Maybe, just maybe, the time will comewhen social media will drive the IR engine

as we know it. However, that time is notnow.

It’s still scary and too problematic for IRpractitioners. After all, are you going toask your CEO to write a blog, answer theresponses that he/she will undoubtedly getand produce fresh content all of the time?

Get real. Who will run the company,meet earnings expectations asked by WallStreet or exceed them? Twitter?

To reach new constituencies or classesof shareholders — assuming you are at orrepresent a publicly-held corporation —you do have to think “outside the box” andwhether it means the better use of searchengine optimization tools to widen thereach of your communications, adding ahyperlink to previous disclosure, sprucingup the FAQ’s on your Website, etc., this isde rigueur.

It’s still an uphill battle, however, withthe company’s legal team, never mindmanagement, to fully utilize the everomnipresent social media channels.Nonetheless, changes are afoot.

Then and nowIt wasn’t that far off when companies

dispatched messengers simultaneously toDow Jones and Reuters (now Thomson-Reuters) — Bloomberg was a very distantthird back then — to deliver an earningsrelease.

At the appointed moment, they wouldcall the company to announce they hadarrived at their media point and a count-down would commence. When thecadence hit one, the messengers couldhand over the release simultaneously.

That delivery mode became antiquatedwhen the pre-eminent newswires like PRNewswire and BusinessWire and even anupstart Marketwire, got their groove.

But with Reg FD (Fair Disclosure) andthe 2002 Sarbanes-Oxley Act still verymuch with us, although Sarbox has itscritics eager to kill it — IR folks haveactually gotten used to it and may notwant further change. Change causesangst.

Still, the newest drama evolving is theallowing of corporate Websites to placetheir news and timely information oncompany sites without coughing up thebig dollars the private newswires demandand get.

Consider a one-paragraph news release

that announces an addition to a company’sWebsite without all of the folderol, boiler-plate and requisite disclosure (aka SafeHarbor) statement.

Often times, thelength of the SafeHarbor languagealone exceeds thenews in the release,let alone the wordcount. And, withthe newswire trans-missions, you payfor word count andcircuit selection forstarters. Thischange is coming alot sooner thansocial media.

While we are at it, let’s be betterspellers: don’t rely on “spell checker”and proofers. There’s nothing better thanthe naked eye or several pairs of eyes toread and correct a document or newsrelease or website too.

Let’s also stop using terms like “carboncopy.” After all, how many of us haveever used carbon paper, whiteout — notthe ski vintage, a telex or mimeo machineor possibly even a facsimile machine?It’s a declining, almost generational, uni-verse. The Smithsonian in Washington,D.C. likely has or will have a display ofthese communications tools of the past.

Finally, as much as we read about thedemise of the written word and printmedia such as newspapers, there willcontinue to be a vital and viable role forthem as influencers, even if more news-papers fade into oblivion or try to com-pete with AOL’s Patch.com or similarpioneers in suburban Providence, RI andstarted by a PR practitioner.

Who knows, they may be on the cuspof succeeding and realizing the ability tomonetize before many social media chan-nels do.

At the same time, we shouldn’t rule outthe cause and effect of what the FinancialTimes and The Wall Street Journal (theNew York Times too, in short order ) aredoing to get and keep readers by cuttingoff free access.

They’ve realized this is the end of theirwelfare state and that they’ve a responsi-bility to their subscribers, shareholdersand employees — all important con-stituents.

Andrew Edson is President of AndrewEdson & Associates, a financial PR andIR shop.

Social media and IR: who needs it?All we read about in the press these days is social media:tweeting, Facebooking, foursquaring, linking in, ad infinitum.

By Andy Edson

INGUAT, the tourism board for the nation ofGuatemala, has hired New York agencyLatitude as PR and marketing agency of recordto promote tourism to the Central Americancountry.

Latitude will work with INGUAT in brandinga North American travel image for Guatemalathat emphasizes the country’s heritage andattractions. The agency has developed a com-munications plan that includes PR, trade mar-keting, special events and promotional initia-tives. The campaign will focus primarily onpromoting cultural initiatives based onGuatemala’s rich Mayan history and traditionsas well as the country’s colonial heritage.

PR Services News

GUATEMALA LINES UP PR

Andy Edson

FEATURE

Imagine that your electric company toldyou that to get power you have to sign upfor a year and commit to paying a pre-

fixed amount each month. And that theseterms would stick regardless whether youcanceled service or used less electricity.Would you sign up?

If you had a choice of utilities, the answerwould be a very loud and unequivocal,“No.”

From energy companies to telecommuni-cations vendors, it’s every serviceprovider’s goal to lock customers into arecurring payment model, whereby the con-sumer is billed a set amount each month forservices. Because there is startlingly limitedcompetition for products like electricity andcable TV, consumers are mostly stuck with

this model.Fortunately, there’s plenty of competition

in the PR industry. So, why do clients allowthemselves to get locked in to rigid, expen-sive contracts with PR services firms?

Burned by long-term contracts and over-sized pacts, clients are starting to insist thatPR firms provide greater flexibility in get-ting paid.

During the past decade, the softwareindustry began a slow, steady march torefining the way it sold and delivered prod-ucts. The movement, known as cloud com-puting, on-demand or software-as-a-serv-ice, is popular for many reasons. But themost obvious is that it switches the balanceof power away from the vendor to the cus-tomer.

In the new paradigm, customers paymonth-to-month for software and can can-cel agreements with vendors at any time, inmost case without financial penalty.

Thankfully, the same business model isfinally beginning to show up in the PRservices industry. Forever burned by long-term contracts and oversized retained serv-ices agreements that often don’t delivervalue commensurate with cost, clients arestarting to insist that PR services firms pro-vide greater flexibility in the way theybecome engaged.

Increasingly known as “utility PR,”clients simply crank up or down the PRdial as they need more/less service. In thisnew model, clients are not saddled withlong-term guaranteed contracts and it’s upto the client to decide, day to day, exactlyhow much PR service — and cost — theywant to absorb.

There are a number of benefits to thismodel for the client as well as the PR firm.The primary advantage to clients is theability to align costs with results. If a clientis preparing to launch a product, it’s likelygoing to need more time/service from thePR firm. On the other hand, when thelaunch is finished, needs diminish for thetime being. In the utility model, theywould reduce PR spend accordingly with-out sacrificing results.

A second benefit to the client is account-ability. Knowing that the PR firm has toearn the client’s business each and everymonth, the client can logically expectgreater and more consistent effort on thepart of the PR firm. Any client who hasever felt like his/her PR firm is slacking offcan appreciate this point. When the PRfirm knows its neck is constantly on theline, rest assured it will be more account-able.

Another important result of the utilitymodel is that clients can enjoy the benefitsof PR firm competition. No one likes toswitch PR firms, but it happens all the time.Too often the switch is painful for theclient, which must absorb whatever cost isassociated with canceling the old firm’scontract.

This problem goes away in the utility PRmodel. Here, clients are free to move fromone firm to the other, without added cost.This means clients can more easily andcost-effectively engage with a PR firm andPR people that are right for them at anygiven time.

PR firm benefitsThere are a number of benefits to the PR

firm in the utility model as well. PR firmsdon’t have to over-hire or increase over-head (office space, computers, etc.) to sup-port clients. Instead, they can outsourcework to PR contractors, thus retaining theflexibility to ramp up or down as client sit-uations require.

PR firms can also use the utility model totheir advantage by employing it as a tool toincentivize account staff. If a PR personknows his or her progress is being moni-tored on a month-to-month basis, and thatpositive results likely means the client willstick around, the PR firm can offer toincrease the wages of account staff whodeliver most.

Finally, PR firms win in the utility modelbecause they have freedom to take on agreater amount of business. Becauseclients are not locked into a set fee everymonth, it’s understood that the level ofactivity is going to fluctuate. As such, PRfirms don‘t need to allocate a large sum ofaccount staff hours to a client on an ongo-ing basis. Instead, firms can spread theirPR people more leniently across multiple,and many more, clients.

The utility model should not be confusedwith “pay by the project” PR. In fact, proj-ect work is a bad PR model in generalbecause, as most PR professionals know,PR is a process, not an event. It’s the kindof thing that needs to be done every day, fora long period of time, to truly be effective.

Rather, utility PR is all about increasingPR firm and client flexibility by allowingboth parties the freedom to balance costand resources on a regular basis. Thismodel is the future of outsourced PR. AndI encourage clients to insist that their firmget on board with this movement rightaway.

Kevin Wolf is Founder and President ofSilicon Valley firm Tool Guy PR. He previ-ously managed accounts at Fleishman-Hillard in San Francisco and ran corporatecommunications for Actuate Corporation.


FEATURE

‘Utility PR’: accept no substituteBy Kevin Wolf

Sard Verbinnen & Company is helping pub-licly traded convenience store operatorCasey’s General Stores mount a PR defenseas the target of a $1.9 billion hostile takeoverbid by Couche-Tard, the top conveniencestore operator in Canada.

Casey’s said that C-T’s $36-per-share offerhas been tendered by only 19% of sharehold-ers. “The low number of shares tenderedreflects what Casey’s has heard from manyshareholders — that this hostile, highly con-ditional offer is inadequate,” the companysaid.

C-T, which is working with Joele Frank,Wilkinson Brimmer Katcher for PR, is unde-terred. It has extended its takeover offer untilAug. 6.

Sard Managing Directors Paul Caminiti andAndrew Cole, along with Principal BrookeGordon, Senior Associate Jared Levy andAssociate Emily Deissler, are working theCasey’s account out of New York.

Joele Frank Partner Matthew Sherman andDirector Eric Brielmann are on the C-T teamat that firm.

Casey’s, based in Ankeny, Iowa, operatesabout 1,500 locations in the Midwest instates like Nebraska and Minnesota. It wentpublic in 1983, but started with a singleleased location in 1959. The company topped$1 billion sales in 1996.

C-T had revenues of nearly $16 billion lastyear and claims 5,800 locations in Canadaand the U.S.

PR news briefs

SARD DEFENDS TAKEOVER


FEATURE

Richard Edelman, head of the world’slargest independent PR firm, attend-ed the PR Society board meeting

July 16 in Atlanta in a move to get the soci-ety to support removal of APR as a require-ment for national board service.

Chair Gary McCormick thus far has saidthe board is neutral on the subject. He wantsthe Committee for a Democratic PRSA tofollow the usual process of submitting abylaw amendment that would be consid-ered by the Assembly Oct. 16 inWashington, D.C.

The Assembly itself was about three-quarters APR, and the Society has seen itshealth suffer while mainlining the APR cre-dential.

It’s also been expensive. Large numbersof corporate, agency, non-profit and educa-tors have simply taken a hike from theSociety, leaving it in the hands of thosemostly in their own firms or small jobs andwho have little time and less clout to affectwhat’s going on at PRSA headquarters.

Edelman raps leadershipEdelman, on his blog July 14, announced

he would attend the board meeting in aneffort to end the “unrepresentative” leader-ship of the Society.

Only 3,870 of the current 20,657 mem-bers (18.7%) are APR but all the nationalleaders are, he noted. Only 904 membershave become APR in the past six years, healso said.

The 2009 Assembly, by a vote of 142-111, defeated a proposal to allow non-APRson the board. Such candidates wererequired to have 20 years in PR posts withever higher degrees of responsibility.

Edelman faulted the APR exam itself,noting it is a 3.5-hour multiple-choice testthat does not involve “a writing test or anexamination of counseling skills.”

Far better, he said, is the exam of theInstitute of Management Consultants thatdemands three years of experience (noneare required for the APR test); details fromfive clients on engagements; a writtenresponse to a case study; written and oralexams, and an exam on ethics.

Society played bigger role in pastEdelman said the Society played a far

bigger role in the industry in past decades.“Now, more than ever, the PR industry

needs a voice on important issues,” theEdelman blog said. “We must establish abright orange line between PR (paid advo-

cates) and journalism, since anyone canpublish anything online at a time when themedia industry is under siege from eco-nomic stresses.”

McCormick disappoints some Chair Gary McCormick, who addressed

155 at the Georgia chapter lunch, disap-pointed some members who said his 40-minute description of what he does atHGTV was far too long, too commercialand not too relevant to what PR people do.

McCormick used videoclips to illustrateHGTV’s “partnerships” with Stainmaster,Whole Foods, Cookie, Parents and Starmagazines, Cost Plus World Market andBed, Bath & Beyond.

Chapter members asked for his view ondropping APR as a requirement for nation-al office but he refused to give it. He said,“It’s not my place to decide” and that thematter was up to the Assembly.

Asked why there is no list of Assemblydelegates on the Society’s website,McCormick said such information must beobtained from each chapter, section or dis-trict and that it is “their decision … nation-al does not determine their governance.”

This non-answer was given to freelancerNancy Spraker, who had been hired byO’Dwyer’s to pose questions toMcCormick.

National should compile a list of all thedelegates who were elected as of Jan. 1 anddisplay their contact points prominently onthe national website. Anything but this is adereliction of national’s duty as a centralplace for information about the 21,000members.

Many chapters don’t list their Assemblydelegates so it is impossible to create such alist by going to the chapters.

Against audiocastingIn reply to other questions, McCormick

said he was against audiocasting the 2010Assembly; is against providing transcriptsof past or future Assemblies; does notbelieve in offering a PDF of the member-ship list to members, and does not believethe Society should have a midtown auxil-iary office that could serve as a library andmeeting place for members.

Asked why he has only visited six of the110 chapters thus far and only one of the20 biggest, he said he only goes to chap-ters that request a visit by him.

As for obeying or not obeying Robert’sRules, he said such rules are “onlyadvice.”

Asked where is IRS Form 990, whichwas initially due May 15, he said the formwill be filed when it has been prepared.

The 2008 990 was not filed until October2009 and was not provided to theAssembly that met Nov. 7. A copy of the990 was sent by PRSA to the O’DwyerCo. and received on Nov. 6.

Asked about the financial report for thesecond quarter, he said he is not yet ready.The Society reported a 10% decline in rev-enues in the first quarter after a 14%decline in 2009.

Murray did not speakAlso present at the lunch was Society

COO Bill Murray, who did not speak.He had received a raise of $50,064 (19%)

in 2008 to $312,779 and also received$30,500 in retirement pay and non-taxableexpense benefits of $16,587 (total of$359,866). Neither he nor the board willdivulge the terms of his new two-year con-tract that started in January 2010.

Some members thought that with contro-versy surrounding so many Society policiesand practices, he should have made somemention of them and invited questions.

Members were surprised that Murray hasa speech impediment that would precludehim from taking part in any TV or radioappearance. This is due to spasmodic dys-phonia, physicians told O’Dwyer’s, a condi-tion that causes involuntary contractions inthe throat that inhibit free-flowing speech.

Murray almost never appears in publicand his problems with speaking apparentlyare the cause of this. In three and a halfyears, he has never addressed the NewYork chapter.

Edelman, McCormick speak at PRSA Atlanta meetingBy Jack O’Dwyer

PRSA Chair Gary McCormick in Atlanta. Photo: Nancy Spraker


Atask force of tourism officials inArizona has recommended a PRfirm be hired to explain the

state’s strict new immigration law thathas led to a raft of bad press and can-celed travel to the Grand Canyon State.

A set of recommendations wereissued by the task force on Wednesdayand released by the office of Gov. JanBrewer, who signed the controversialbill into law in April.

“Despite threats by some to Arizonansbecause of misinformation about immi-gration law enforcement, I am confidentthat Arizona’s reputation and brandremains strong and that the truth is pre-vailing,” Brewer said June 30.

Among the recommendations are animmediate contract with a PR firm “tohelp manage existing dialogue and clar-ify the facts regarding [the new law] tokey target audiences,” according to asummary. “This could include editorialsand interviews in key markets through-out the U.S. such as Los Angeles, SanFrancisco, Denver, Chicago, New Yorkand Washington, D.C., as well asMexico and other select internationalmarkets,” the task force said.

About $280K has been allocated forthe recommendations.

The task force, which includes thestate’s Dept. of Commerce, ArizonaMexico Commission, Office of

Tourism, Arizona Hotel & LodgingAssociation, Arizona Tourism Allianceand business leaders, also recommendedan immediate fact sheet be printed fordigital and print distribution to clarifythe new law. Outreach to corporations,associations and grassroots programsare also among the task force’s plans tooffset the barrage of negative coverage.

Tourism is a crucial pillar of thestate’s economy representing 37 million

visitors and an $18 billion impact in2008.

The new law, which requires individ-uals to carry immigration documentsand gives law enforcement significantlywider discretion to detain anyone sus-pected of being an illegal immigrant,sparked an immediate backlash againstBrewer and the state, including pointedcriticism from President BarackObama.

Arizona seeks to offset immigration backlashBy Greg Hazley

The American PetroleumInstitute has kicked off a 10-state campaign against new

taxes on the oil and gas industry,pitching any hikes as a potential blowto the country’s economic recovery.

Edelman and its Blue advertisingunit are working with API on thecampaign, said Linda Rozett, VP ofcommunications for the trade group.

“While the focus of our industry ison helping BP stop the spill and cleanup the oil, we cannot ignore the factthat imposing significant new taxeson the oil and natural gas industrywill have severe economic conse-quences and job impacts,” said JackGerard, president and CEO of theAPI.

The push comes as Congress isexpected to take up energy legislationthis summer and some progressivemembers push for new taxes on theenergy sector.

The campaign, which was launchedJuly 6, is targeting Colorado, NorthDakota, Michigan, North Carolina,Pennsylvania, Virginia, Maine,Missouri, Ohio and West Virginia.API is highlighting the number ofjobs served by the sector in each state— 271,000 in Pennsylvania, forexample — and running ads featuringAmericans denouncing additionalenergy taxes.

“Americans have historically beensuspicious of taxes on the industrythat produces most of the energy theyconsume,” Gerard added.

Oil industry kicks of anti-tax campaigns

Political advocacy groups haveflocked to social media en masseto mobilize and engage stakehold-

ers, but only one in five are using suchtechnology for fundraising, according toa study by Burson-Marsteller.

B-M studied S.M. use among 34groups like AARP, National RifleAssociation and the National TaxpayersUnion — 15 left-leaning, 14 right-leaningand five considered neutral — findingthat only one had no social media pres-ence and 91 percent have adopted thethree main tools in the space — Twitter,Facebook and YouTube.

Twitter is the most popular socialmedia tool, followed by Facebook andYouTube, B-M found, although

Facebook “fans” far outnumbered Twitterand YouTube followers. The NRA (260Kfans), Freedom Works (253K), HumanRights Campaign (417K) and MoveOn(92K) had the largest followings onFacebook.

In analyzing social media use, B-Mfound that Facebook is being heavilyused to rally base supporters and buildcommunities, while Twitter’s use isgeared toward disseminating messagesand positions on issues to both supportersas well as “influencers” like journalists.

A solid majority of groups useFacebook (56%) and Twitter (61%) toencourage direct outreach to Congress,providing links or email forms.

Dallas Lawrence, Managing Directorof Digital Public Affairs for B-M said thefindings reinforce the fact that “intoday’s social media age, any issue advo-

cacy or public affairs campaign thatrelies solely on traditional media andpaid advertising simply will not suc-ceed.”

But only 21 percent on Twitter and 19percent on Facebook were using socialmedia to raise money for causes, theresearch found. Right-leaning groupswere significantly more engaged infundraising through S.M. with 29%using Facebook and Twitter for that pur-pose, compared with only 14% of left-leaning groups on Twitter and only eightpercent raising funds on Facebook.

The relative dearth of fundraising willlikely change as tactics and technologychange. New software like BlueSwarmallows Facebook users to donate fundsand cultivate their own friends and fol-lowers for donations through Outlook orFacebook, for example.

By Greg Hazley

Study gauges social media use among advocacy groups


FEATURE

Granted, 2009 is over, but newfinancial growth in 2010 has beendisappointing — dismal even —

and any signs of recovery have come attortuously slow intervals, certainly notwith the robust fervor most of us wouldhave hoped.

The stock market has been a carnival ofwild mood swings, oscillating from lowsto highs and every position in between.Interest rates remain low, but so does rev-enue growth. Many sectors (oil, retail)are expected to earn less in total netincome than they did last year. The resultresembles a cartoon weather vane, mis-leading signs that point at seeminglyevery direction and yet nowhere at once.

A historic oil spill didn’t help, and nei-ther has extremely disappointing employ-ment gains. 2010 is also the year therecession truly hit Europe. In the midst ofit all, President Obama in July signed intolaw the boldest reforms of the U.S. finan-cial industry in the past century, one thatputs a much-needed magnifying glass oninstitutional affairs, protects consumersfrom predatory lending practices andguards the nation from the possibility ofanother bank bailout. While consumershave hailed its passage, it’s sent theinvestment community — skittish,abstemious — scurrying to K Street lob-byists to decry an attack on jobs and busi-ness performance.

Second quarter earnings reports haveso far given themarket a slightoptimistic boost,with S&P 500firms expected torake in almost $200billion more in2010 than they didlast year, and sever-al sectors revealingpossibilities of dou-ble digit revenuegrowth. These aregood signs, butwe’ve long been

trained to hold off on any prematureinvestment in hope.

Federal Reserve Chairman Ben

Bernanke’s July characterization of thecurrent market as “unusually uncertain”has now become the de facto rallying cryof the year. Most experts agree it won’tbe until at least mid-2011 that we begin tosee true recovery, a comforting signthough it seems an eternity away. So whysmile?

A much-needed reputation makeoverAccording to PR pros, U.S.

financial institutions in 2010have come to an almost uni-versal realization that a goodcommunications plan isn’tsomething they can choosenot to have.

“Generally speaking, I’veseen more companies becomeaware of PR simply becausethe market is volatile andchallenging,” said Miri Segal-Scharia, Chairwoman of MS-IR. “More people are aware ofthe need to raise money evenwhen they don’t need it, simply becausethey don’t know what tomorrow willbring. The most interesting part of thisvolatile and challenging market is thefact that it’s made investor relations avery hands-on discipline. It’s more fromthe floor up, it involves more conversa-tion and more of just trying to getclients into conference calls, and tryingto get analyst coverage. All of thesethings have had a great impact.”

Richard Dukas, President and CEO ofDukas Public Relations, said in the pastseveral months his firm has seen amarked increase in both the amount ofbusiness and the level of services thatfinancial companies have broached withhis firm.

“Financial services and financialcompanies, in general, definitely nowappreciate more than ever the value ofPR,” he said. “I wouldn’t say that budg-et isn’t an issue, but I’d say that suc-cessful companies are willing to paygood fees, even though smaller firmsmight still be struggling somewhat.”

Evan Zeppos, President of Zepposand Associates, said one reason for therecent pickup lies in the fact that finan-cial institutions have finally realized

communications isn’t limited to crisishelp, earnings reports or public affairs.Proactive reputation management — theart of putting your best foot forward —can do wonders at a time when percep-tions of the industry have hit an all-timelow.

“There’s one client we’ve had a long-term relationship with, who is well-regarded and has been very strongthroughout this [recession], and they’vetried to capitalize on the fact thatthey’ve always been so strong andsecure,” he said. “If you’re a good insti-tution, if you have a strong reputation,that message will grab the attention of

customers.”“PR is going to have a very

central role in the financialcommunity,” Zeppos contin-ued, “and institutions need totake heed of that and plan tocommunicate aggressively,both internally and with theircustomers. There’s been a lotof turmoil in the marketplace. Ithink the most important thingthe financial services industrycan do right now is aggressive-ly tell its own story. The onlyalternative is they’ll get swept

away with the bad guys. Taking part inthis conversation means if you’re not atthe table, you’re probably on the menu.”

Segal said while more clients arebeginning to “get it,” given the climatePR firms need to be more competitiveand provide corre-sponding results.

“Just this morn-ing I had a meetingwith a client — asmall client — whotold me that if youdon’t take an IRfirm, people willnot invest. Theyknow it’s a verycompetitive marketand you need spon-sorship,” she said.“However, the mar-ket is now morecompetitive and companies have ademand for more results. They want tosee the proof of what you’re able to do.Not everybody can do that.”

Reforms could ‘help’ PRWhile it’s still too early to tell exactly

Financial services pros report new fees, optimismSpeaking with PR pros with clients in the financial servicessector, it might be hard at first to figure out what everyone isso excited about.

Richard Dukas,President & CEO of

Dukas PR

Miri Segal-Scharia,Chairwoman of

MS-IR

Evan Zeppos,President of

Zeppos &Associates

By Jon Gingerich

Continued on next page


Dan Edelman, whose PR empirecreated the largest independentfirm of all, celebrated his 90th

birthday July 1 in Chicago with the helpof 80 family members and friends.

Edelman, a native New Yorker, foundeda PR firm in Chicago in 1952 after beingtransferred to the city by a New York firm.

While Dan spent most of his time inChicago, his son Richard built New Yorkinto an even bigger office. The firm laterexpanded internationally, and nowincludes more than 35 offices abroad.

Edelman’s birthday party was high-lighted by a review of the early days ofthe firm.

Edelman, a graduate of ColumbiaUniversity (Phi Beta Kappa) and itsGraduate School of Journalism, worked ata newspaper in Poughkeepsie, NY, and asa stringer for United Press before joiningthe Army in 1942.

He spent three and a half years in psy-chological warfare including analyzingGerman propaganda on a daily basis.

After the war, his first jobs were writing

news copy for CBS Radiofor Douglas Edwards,Arthur Godfrey and otherpersonalities. He alsoworked at MusicraftRecords, helping to publi-cize its stars.

A local maker of haircoloring products, ToniCompany, later asked thePR firm of EdwardGottlieb & Associates tohire Edelman.

Toni then requested a PRperson near its Chicagoheadquarters.

“Since I was the onlysingle man at Gottlieb, Iwent,” recalls Edelman.

He later joined Toni asPR director and in 1952opened his own firm withToni as his first client.

The Edelman firmreported total fees of $440million in 2009 whichincluded $92 million inNew York and $63 millionin Chicago.

By Jack O’Dwyer

Dan Edelman celebrates 90th birthday

The Edelman family, clockwise from top left: John, Renee,Richard, Ruth and Dan.

Photo by Richard Shay

how Obama’s financial reforms are goingto impact PR, Segal posited that newmandates for accountability and trans-parency could drive finance groups toseek PR help so as to maintain a healthyimage in the eye of public opinion.

“A demand for more transparencymeans we need to communicate better,”she said.

For this reason, PR pros said the lastthing they expect the reforms to hurtwould be PR budgets.

“The reality is that so much PR spend-ing is dictated by revenue,” Dukas said.“Even though we live in a new era ofoversight, the reality is when it comes tomaking money, there really is no one bet-ter or more creative than Wall Streettypes. Portfolio managers are the oneswho are really driving the decisions, andthey are impacted 100 percent by revenueand profitability.”

“The bigger question now,” Dukas con-tinued, “is what the appetite is going to beon Main Street and among consumers.The mutual fund business is predicatedon strong consumers demand — that’s a

little more questionable but the appetitefrom pension funds is picking up.”

New financial trendsWhile it’s impossible to predict what

trends the future will bring, a big part ofthe game in finance involves predictingthe next big thing. Of course, futuremovements in the market will alwayshave an affect on the communicationslandscape as well.

Dukas said he believes alternativehedge funds — hedge funds that are tra-ditional in structure but can work withnon-equity investments for long or shortterms — could soon account for a pick-upin PR representation. He also said thecommunications industry could see anincrease in business from investmentbanks, as well as broker/dealers andstrategists.

“For so long hedge funds have operat-ed on a model of anonymity. They werelike the hot, underground clubs in NewYork,” he said. “Along comes the reces-sion, and all of a sudden hedge funds arecaught up in the crosshairs. They werevery slow to understand the value of mar-keting, let alone PR, and it’s hard to say ifthat will change but there are a minority

of hedge fund managers who now reallyappreciate the value of PR and market-ing.”

Zeppos believes the mergers and acqui-sitions market, as well as a dormant hous-ing market, could be returning to lifesometime soon.

“For people who are involved in M&A,they’re going to see a lot of activity sim-ply because a lot of stuff has bottomedout, so there’s a pent-up appetite,” hesaid. “And if you go to the crux of thewhole financial collapse, it was the hous-ing market. There are a lot of things cur-rently at play there, really in any activityrelated to home buying — mortgagebanks, real estate, investment trust orrefinance — these areas are going to befull of opportunities and challenges.”

“I see positive things, based on recentmeetings I’ve had with companies,”Segal said. “There’s still a lot of moneythat needs to be invested. Financialresults are the reflection of how business-es are doing. Many companies tookadvantage of this time to squeeze theirexpenses, to let go of areas that werebleeding and to focus on growth areas.I’m cautiously optimistic.”

FINANCE PR OPTIMISTICContinued from previous page

CARMICHAELLYNCH SPONG

110 North Fifth StreetMinneapolis, MN 55403612/375-8500www.carmichaellynchspong.com

Douglas K. Spong, APR,PresidentJill Schmidt, Senior Principal

Through its Corporate

Practice, Carmichael LynchSpong helps clients protect andenhance their corporate reputa-tions. The firm works with clientsto define and manage their repu-tations both on an ongoing basisand in times of significant changein management, corporate gover-nance, financial or economiccycles and strategic direction.

With staff in Minneapolis, NewYork, Chicago, Denver and SanFrancisco, the firm includes pro-fessionals with significant client-side corporate experience, as wellas expertise in finance, law, printand broadcast journalism, publicpolicy and community outreach.Carmichael Lynch Spong pro-vides communications counseland support to companies in awide range of industries, includ-ing financial services, commer-cial/industrial, consumer prod-ucts, health care, food, retail andautomotive.

The firm’s capabilities includecorporate PR, investor relations,financial communications, merg-ers and acquisitions communica-tions, crisis communications,issues management, strategicpositioning, litigation and regula-tory support, media relations,employee engagement andresearch.

Carmichael Lynch Spong isowned by the Interpublic Groupof Cos.

CJP COMMUNICATIONS350 Fifth Avenue, Suite 3901New York, NY 10118212/279-3115 [email protected]

Jen Prosek, Managing PartnerMark Kollar, Partner (Fin.Comms.)Thomas J. Rozycki, Jr., SeniorVP (Investor Relations)

CJP Communication’sFinancial Communicationsclients span the financial servicesspectrum, including commercialand retail banking; investmentbanking; M&A advisory;research and trading; insurance;

asset and wealth management;private equity and venture capi-tal; and hedge fund and alterna-tive investment vehicles.

CJP drives tangible businessresults by ensuring that targetaudiences are reached with theright message utilizing all avail-able channels, including print,broadcast, online and socialmedia.

CJP’s complementary InvestorRelations practice is designed todeliver a clear set of messages toWall Street, providing a platformfor proper valuation. We achievethis through four key areas ofexpertise: a deep understandingof a client’s operations and capi-tal structure; the ability to provideconsistent and trusted counsel tosenior executives and boards ofdirectors; established relation-ships with institutional investors,equity/debt analysts and legalcounsel; and ongoing relation-ships with members of the finan-cial media and relevant trade pub-lications.

DUKAS PUBLICRELATIONS

100 West 26th Street New York, NY 10001 212/[email protected]

Richard Dukas, President &CEO

Dukas Public Relations (DPR),ranked among the fastest growingindependent financial PR agen-cies in the world by O’Dwyer’sfor the past four years, has exten-sive financial and investment-related experience, as well as atrack record of regularly securingpublicity for its clients in all ofthe top-tier media including: TheWall Street Journal, Barron’s,Financial Times and CNBC, aswell as in leading trade outlets.

Approximately 85% of DPR’srevenues come from the financialsector. DPR represents knownbrands and emerging firms in avariety of areas within the finan-cial services industry — bothretail and institutional — includ-

ing: asset management (hedgefunds, mutual funds, ETFs),investment banking, wealth advi-sory, personal finance, creditunions and professional services.

Top clients include: GabelliFunds, the investment manage-ment firm run by legendaryinvestor, Mario Gabelli;BlueMountain Capital, $4 billioncredit-related asset manager; andLCH Clearnet, one of the largestclearinghouses in the world.

The agency’s CEO, RichardDukas, previously was the in-house director of corporate com-munications of a $9 billionmoney management firm.

FEINTUCH COMMUNICATIONS

AND MS-IR

245 Park Ave., 39th FloorNew York, NY 10167212/[email protected] www.feintuchcommunications.comwww.ms-ir.com

Henry Feintuch, PresidentMiri Segal-Scharia, Chairwoman

Feintuch Communications, astrategic relations firm, and MS-IR, a full-service, globalinvestor relations firm, offer afully integrated approach tocommunications for public com-panies or those seeking to gopublic.

We create holistic programsthat address the broad range ofpublic company needs. Coreinvestor relations servicesinclude corporate positioning,institutional and sell-side target-ing, IPO consulting and roadshows, conference call prepara-tion, shareholder letters, M&Aadvice, speaking platforms andmore. Financial PR servicesrange from strategic media rela-tions (trade, business and finan-cial) to special events and tradeshow programs.

Combined, we offer ourclients a half century of experi-ence in developing and imple-menting street-smart campaigns.Feintuch Communications is a

Profiles

FINANCIAL PR &8.10

O’Dwyer’sGuide to:


Henry Feintuch, President ofFeintuch Communications.

INVESTOR RELATIONS

Miri Segal-Scharia,Chairwoman, MS-IR.

member of ECP Global, aninternational alliance of premierindependent communicationconsultancies which are particu-larly adept at coordinatingmultinational PR/IR projectsand programs.

GRAYLINGMichael Murphy, [email protected]+44 7785 116 018 (London)

Anne McBride, Vice [email protected] 646/284-9431 (New York)

James Acheson-Gray,International Managing [email protected] +44 7904 649 125 (London)

Grayling is the world’s sec-ond largest independentInvestor Relations, PublicRelations, Public Affairs andEvents consultancy with spe-cialist services including CSR,environment, sustainability anddigital.

Around the world financialcommunity relationships are thelifeblood of corporations; com-panies simply cannot grow andprosper without access to capi-tal.

Grayling offers clients a glob-al platform for those lookingwithin, and beyond, their localcapital markets. With InvestorRelations experts in NorthAmerica, Latin America,Europe, Asia and the MiddleEast, we deliver global perspec-tives matched with local expert-ise and language skills.Exceptional cross-border capa-bilities, matched with a strongemerging markets platformhighlight Grayling’s ability toprovide clients access to keymoney centers around theworld.

HOPE-BECKHAMINC.

17 Executive Park Dr., Suite 600Atlanta, GA 30329404/[email protected]

David C. Van Voorhis, Director,Business Development & ClientRelations

Hope-Beckham is committedto being your best resource forpublic relations, marketing

communications and experien-tial marketing services —responding quicker, workingfaster and smarter and provid-ing the best possible value.

We are dedicated to beingflexible and cooperative. Thereis no single best way to marketa company, product or service,but a variety of creative andsavvy options, and we strive toconsider them all.

Hope-Beckham believes it isthe knowledge of the variety ofoptions available and our abili-ty to effectively implementthose options that achieves thebest results.

Whether communicatingwith a client’s various con-stituencies or creating programsand events that effectively posi-tion an organization within theareas it serves, Hope-Beckhamis known for its creativity andcost effectiveness.

Hope-Beckham is proud tohave been named by O’Dwyer’sin the Top Independent PRfirms for 2007, 2008, 2009 and2010.

LINHART PUBLICRELATIONS

1514 Curtis Street, Suite 200Denver, CO 80202303/[email protected]

Sharon Linhart, APR, ManagingPartnerPaul Raab, APR, SeniorVP/PartnerKelly Womer, APR, ABC, VicePresident

Linhart PR specializes in help-ing clients build reputation andrelationships based on trust. Weserve public companies in sectorsincluding airlines, restaurants,footwear, building materials,healthcare, telecommunicationsand energy, among others.

Long-term relationships andhigh levels of client satisfactionhelp to set us apart. We use theNet Promoter Score methodologyto assess client loyalty. In 2009,we earned a 100 percent NetPromoter Score from our clientsfor the third consecutive year,meaning 100 percent would rec-ommend us to others seeking aPR firm.

Almost every member of ourmanagement team has client-sidecorporate leadership experience.Our team includes veterans ofsome of the most respected PR

firms, including Burson-Marsteller, Fleishman-Hillard,Golin/Harris, Ketchum andOgilvy, and the most admiredcompanies, includingMcDonald’s and SouthwestAirlines.

Capabilities include corporatecommunications, financial mediarelations, crisis preparedness andresponse, change-managementcommunications, employeeengagement, executive leadershipcommunications, litigation sup-port and social media strategies.

MACKENZIE PARTNERS, INC.

105 Madison Avenue,17th FloorNew York, NY 10016212/929-5500www.mackenziepartners.com

Dan Burch, Chairman & CEOMark Harnett, President

MacKenzie Partners, Inc. is afull-service proxy solicitation,investor relations and corporategovernance consulting firm spe-cializing in mergers and acqui-sitions and proxy contest-relat-ed transactions. The firm hasoffices in New York City, LosAngeles, Palo Alto and London.

MacKenzie’s services include— in addition to traditionalproxy solicitation — corporategovernance consulting, securi-tyholder solicitations, informa-tion agent services for tenderand exchange offers, beneficialownership identification, mar-ket surveillance and associatedfinancial, investor and mediarelations services. We work inclose partnership with ourclients’ attorneys, investmentbankers and public relationsconsultants, providing adviceand counsel at each stage of thetransaction.

MAKOVSKY +COMPANY

16 East 34th Street.New York, NY 10016212/508-9600Fax: 212/751-9710www.makovsky.com

Makovsky + Company,founded 30 years ago, hasbecome one of the nation’s lead-ing independent global publicrelations, investor relations andbranding / interactive consul-tancies by adhering to its origi-nal vision: that specialization in

key areas is the best way tobuild reputation, sales and fairvaluation for the client. Ourcompetitive edge is reflected inour brand energy line: “ThePower of SpecializedThinking.”

Headquartered in New York,Makovsky has agency partnersin more than 27 countries and in37 US cities through IPREX,the second largest worldwidecorporation of independentagencies, of which it is afounder. Named to the 2010 Inc.5000 list of America’s fastestgrowing companies, Makovskywas also just named “2010Midsize PR Agency of the Year”by the Bulldog Awards and“Multispecialist Agency of theYear” by the Holmes Report.Ken Makovsky just won theStevie Award as “PR Executiveof the Year.” Other accoladesinclude a full complement ofSilver Anvils, Sabre Awards,IABC Awards, Creativity inPublic Relations Awards, BigApples and recognition by lead-ing industry trade publicationsas one of the nation’s leading B-2-B communication firms.

Makovsky + Company inter-nal values — innovation, initia-tion, communication, collabora-tion, motivation and education— are about ensuring externalvalue and realizing the firm’smission: smart people workingin harmony to help our clientsand the agency win. With a his-tory of financial services clientsin every major sector — fromasset management and bankingto credit cards, insurance andbenefits consulting —Makovsky + Company has dis-tinguished itself in an areawhere few of its peers havegained a foothold. Our profes-sional staff brings the necessaryexperience, sophistication andcreativity to this complicatedand demanding environment.Our experience is so deep, infact, that financial servicestechnology providers in theareas of risk management, trustadministration and securitiestrading retain us to handle theircommunications needs.

PROFILES OF FINANCIAL PR AND INVESTOR RELATIONS FIRMS


The September issue of O’Dwyer’s willprofile firms that specialize in beautyand fashion PR. If you would like your firm to be listed,contact Editor Jon Gingerich at 646/843-2080 or [email protected]

NASDAQ OMX

One Liberty Plaza, 50th FloorNew York, NY 10006212/[email protected]/corporatesolutions

Demetrios N. Skalkotos, SeniorVice President, Global CorporateSolutions

Expanding upon our unri-valed, transformative tradingtechnology, NASDAQ OMXCorporate Solutions powersglobal business communica-tions. From investor relations,to corporate communications,to governance, NASDAQ OMXis the first and only exchangededicated to owning and operat-ing Corporate Solutions thathelp public and private compa-nies worldwide minimize risk,maximize efficiency, andincrease transparency.

NATIONALINVESTOR RELATIONS INSTITUTE

8020 Towers Crescent Dr., Ste. 250Vienna, VA 22182703/[email protected]

Michael C. McGough, VicePresident, Marketing &Membership Development

Founded in 1969, NIRI is theprofessional association of cor-porate officers and investorrelations consultants responsi-ble for communication amongcorporate management, share-holders, securities analysts andother financial community con-stituents. The largest profes-sional investor relations associ-ation in the world, NIRI’s morethan 4,000 members represent2,000 publicly held companiesand $5.4 trillion in stock marketcapitalization. Membership inNIRI entitles the investor rela-tions professional to a widerange of benefits such as educa-tional programs, publicationsand networking. For moreinformation about the “graduateschool” of investor relations,please contact NIRI’s member-ship department at 703/506-3570, or visit www.niri.org.

RF | BINDER PARTNERS

950 Third Avenue, 7th FloorNew York, NY 10022212/994-7500www.rfbinder.com

Amy Binder, CEORobert D. Ferris, ExecutiveManaging Director; Chair, CapitalMarkets PracticeTom Pratt, Senior ManagingDirector

RF|Binder Partners providesexperienced and strategic counselas well as public relations and mar-keting communications services toclients, worldwide.

In the capital markets arena thisyear, financial regulatory reformmeasures are likely to result in sev-eral important governance and dis-closure changes, with attendantimpact on the practice of investorrelations. Our professional staffprovides management and theBoards of our clients with importantperspective on the complexities ofnew rules and guidelines, as well asbest practices, as they navigate themarkets in search for growth capi-tal. RF|Binder helps clients gainbroadly-based recognition of assetvalues, performance and prospects,while fostering richer valuationsand lowering the cost of capital. Wealso work with non-public compa-nies and organizations whose posi-tioning challenges require a closerunderstanding of capital flows.

RF|Binder advises clients oncommunications and positioningstrategies in respect of strategic cor-porate initiatives, including M&A,divestitures, IPOs and follow-onfinancings, as well as going-privatetransactions, and in crises and con-tingencies, such as bankruptcy, ten-ders or proxy contests for controland accounting irregularities.

Core IR activities include: com-parative market analyses and per-ception research studies; targetingand investor outreach programs;messaging platforms and disclosurepolicy and procedures; traditionaland new media relations supportprograms; IR website develop-ment, and 24/7 counsel.

RUDER FINN INC.

301 East 57th StreetNew York, NY 10022212/593-6400

Kathy Bloomgarden, co-CEO,New YorkLouise Harris, President,

International, New YorkRachel Spielman, EVP, NewYork

Ruder Finn designs and imple-ments award winning financialcommunications programs tohelp organizations enhance cor-porate reputation, build trust andincrease shareholder value.

Working with some of theworld’s leading global companiesin healthcare, technology, energy,automotive and financial servic-es, Ruder Finn has particularexpertise in communicationsaround corporate strategy andperformance, controversial andcontested bids, corporate restruc-turing and complex globalissues. We work with compa-nies reaching out to new stake-holders and financial markets, aswell as enhancing their focus onexisting ones.

We continually strive to addvalue to our clients’ most criticalbusiness needs by bringing themstrategic thinking, global connec-tions, insights and innovative useof media.

Using proprietary researchfrom RF Insights to shape strate-gy, Ruder Finn’s core activitiesinclude message development,stakeholder mapping, executivepositioning, global analyst andmedia relations, as well as cre-ation and management of innova-tive online and social media toolsand measurement.

SARD VERBINNEN& CO.

630 Third Avenue, 9th FloorNew York, NY 10017212/687-8080www.sardverb.com

George Sard, Chairman & CEOPaul Verbinnen, President

Sard Verbinnen & Co. is aleading strategic corporate andfinancial communications firmwith offices in New York,Chicago and San Francisco. Weprovide communications strategyand services to clients includingFortune 500 and global corpora-tions, smaller public and privatecompanies, investment firms,financial and professional servicefirms and high-profile individu-als. The firm’s highly experi-enced senior specialists providesound, objective counsel toclients across a broad spectrum ofindustries. Our work on behalf ofour clients encompasses corpo-rate positioning, media relations

and investor relations, transactioncommunications, litigation sup-port, crisis communications andother special situations. We areregularly cited as one of the topM&A and crisis communicationsadvisors in North America.

Founded in 1992, our firm isrecognized for our candid andthoughtful strategic advice, excel-lent written product and tacticalexecution, and tireless advocacyon behalf of our clients. Our sen-ior professionals are activelyengaged in both counsel andimplementation, and their diversebackgrounds and expertise,unparalleled relationships andcredibility with the media, anddeep understanding of the invest-ment community drive the firm’ssuccess in helping our clientsnavigate complex situationsinvolving multiple constituen-cies.

SLOANE & COMPANY

7 Times Square, 17th FloorNew York, NY 10036212/486-9500Fax: 212/486-9094www.sloanepr.com

Elliot Sloane, CEO

Sloane & Company is anindustry-leading strategic com-munications firm specializing incorporate and financial publicrelations, investor relations,transaction support, publicaffairs, crisis and litigation sup-port. Differentiating us from thecrowd, the key to the firm’s suc-cess is bringing a fluid and expe-rienced capital markets orienta-tion to all our assignments.

Over the past ten years, thefirm has earned a reputation forproviding strategic counsel to“C” level executives of Fortune500 public companies, as well aslarge and mid-sized private busi-nesses and associations. Ourclients include leading consumerproducts, pharmaceutical, tech-nology and financial companies.

Sloane & Company providesexpertise to clients across a widerange of industries in craftingtheir communications strategies.The firm’s diverse portfolioinspires our professionals to thinkoutside of the traditional boundsto reach clients’ key constituen-cies including customers,employees, investors, global and



Continued on page 26

local opinion leaders, industryexperts and political decisionmakers. Sloane’s team recognizesthe dynamic relationshipsbetween these crucial audiencesand knows how to best developand generate value from them.

Our professionals understandand recognize the impact thatmedia coverage has on a client’svaluation and reputation, particu-larly as it relates to key issues innational, state and local govern-ments. Sloane & Company’s pub-lic relations programs are effec-tive because they begin with acomplete understanding of eachclient’s business fundamentalsand future goals. Every decisionis tied to these strategic objec-tives, helping our clients shapetheir core positioning in the mar-ketplace while aggressively andcreatively pushing that position-ing through global, national andregional media outlets.

TREVELINO/KELLER COMMUNICATIONS

GROUP949 W. Marietta St., Suite X-106Atlanta, GA 30318404/214-0722Fax: 404/214-0729dtrevelino@trevelinokeller.comwww.trevelinokeller.comwww.wheelhousetk.com

Dean Trevelino, Genna Keller,Principals

Trevelino/Keller delivers anintegrated communications strat-egy of public relations, socialmedia and brand communications

for public and private companies.Its depth within financial servicesincludes existing and emergingsegments such as traditionalbanks and credit unions, businesscash advance providers, mobilebanking companies, loyalty mar-keting firms, biopayments, pay-ment processors, ecommerceproviders, retailers and other firstmovers. Founded in 2003, thefirm has launched several innova-tive initiatives, leading withStart-Up Council, a communityfocused on delivering a gratisoffering of consulting services toassist start-up companies. SocialStatus is the firm’s proprietarysocial media platform designed toeducate and engage companies insocial media. Most recently,Trevelino / Keller has launched aseries of industry-specific com-munities including TechSpartacus( w w w. t e c h s p a r t a c u s . c o m )focused on supporting b2b andtechnology companies. Moreinformation can be found atwww.trevelinokeller.com.

WALEK & ASSOCIATES

317 Madison Avenue, Suite 2300New York, NY 10017212/889-4113Fax: 212/889-7174www.walek.com

21/F ICBC TowerCitibank Plaza, 3 Garden RdCentralHong Kong852/2273-5102Fax: 852/2273-5999

Thomas Walek, PresidentArmel Leslie, PrincipalMary Beth Kissane, Principal

Walek & Associates is one of

the largest and fastest-growingindependent, global financialand corporate public relationsfirms. Founded in 1998 in NewYork and in 2008 in HongKong, Walek specializes inpublic relations and investorrelations in capital markets,asset management, hedgefunds, private equity, profes-sional and financial services,information and financial tech-nology, and public companiesin all sectors. From buildingvisibility and brand to financialPR, financial transactions,product and service launches,and managing crises, Walekdelivers results that help clientsbuild business. Walek &Associates has received numer-ous awards, including the 2010Hedgeweek award for Best PRfirm, the Boutique PublicRelations Firm award fromHedge Fund Journal, numerousawards from The NationalInvestor Relations Institute andvarious PR industry awards.

WEBER SHANDWICK

919 Third AvenueNew York, NY 10022212/445-8000www.webershandwick.com

Fox Court14 Gray’s Inn RoadLondon WC1X 8WSUnited Kingdom44 20 7067 0000

Paul Jensen, Chairman, NorthAmerican Corporate Practice Thomas Coop, ManagingDirector, London Office, WeberShandwick Financial

Weber Shandwick’s financialcommunications practice com-bines the market-specific expert-ise, experience and strategicfinancial communications andinvestor relations skills of a spe-cialist firm, with the resourcesand international reach of a full-service global agency.

As experts in communicationsrelating to international flows ofcapital, from initial public offer-ings to mergers and acquisitions,spin-offs or demergers, bankrupt-cies and restructurings to quarter-ly earnings outreach, WeberShandwick Financial counselslisted and privately-held compa-nies and organizations on a glob-al basis. It has advised on some ofthe largest and most complextransactions in recent years

including the $2.4 billion NYSEIPO of MasterCard, the $19 bil-lion IPO of Kingdom HoldingCompany in Saudi Arabia,Cerberus’s $7.4 billion acquisi-tion of Chrysler and $14 billionacquisition of GMAC, ExproInternational’s $3.6 billion acqui-sition by Umbrellastream, a pri-vate equity-led consortium, andNortel Networks’ Chapter 11 fil-ing and administration proceed-ings in the U.S., Canada and theU.K.

We work closely with clientsand their advisors to ensure con-sistent targeted outreach to keystakeholders including investors,analysts, employees, customersand journalists to support effec-tive communication of importantfinancial activities both locallyand globally. Established rela-tionships with key financial, busi-ness and industry media andinvestment community influ-encers and real-time local marketintelligence in leading financialcenters allows Weber Shandwickto identify and mobilize advo-cates in support of its clients’business objectives.

ZEPPOS &ASSOCS., INC.

400 East Mason Street, Suite 200Milwaukee, WI 53202414/276-6237Fax: 414/276-2322www.zeppos.com

Evan N. Zeppos, President

Zeppos & Associates is an inde-pendent firm with demonstratedsuccess in financial communica-tions matters. The Wisconsin-based firm has represented banks,investors, corporations, non-prof-its and others in communicatingabout financial reporting and suc-cesses, bankruptcy filings, cre-ative financing agreements andmore. Zeppos & Associates hasworked on planning and imple-menting communications aimed atmedia, investors, employees,shareholders, policyholders andother key stakeholders on a varietyof financial challenges and oppor-tunities. The professional team atZeppos & Associates has a back-ground in government, and specif-ically in banking and insuranceregulations, as well as in themedia. The firm also providesservices that include communityoutreach, crisiscommunications, grassrootsorganization, government rela-tions, social media and more.



The senior PR team at Zeppos & Associates includes John Gardner,Senior Account Executive; Brenna Kriviskey Sadler, Vice President;and Brian Knox, Vice President.

SLOANE & CO.Continued from page 24

© Copyright 2010 The J.R. O'Dwyer Co.

O’DWYER’S RANKINGSTOP INVESTOR RELATIONS & FINANCIAL PR FIRMS

1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.25.26.27.28.29.30.31.32.33.34.35.36.37.38.39.40.41.42.43.44.

Edelman New YorkICR Westport, CTAPCO Worldwide Wash., D.C.Cubitt, Jacobs & Prosek New YorkIntermarket Comms. New YorkMakovsky + Co. New YorkRF | Binder Partners New YorkRuder Finn New YorkLevick Strategic Comms. Wash., D.C.Gregory FCA Wash., D.C.Lambert, Edwards & Assocs. Grand Rapids, MIBliss PR New YorkDukas Public Relations New YorkMiddleberg Comms. New YorkRegan Comms. Group BostonTravers, Collins & Co. BuffaloLane PR Portland, ORZeno Group New YorkCooperKatz & Co. New YorkJackson Spalding AtlantaRasky Baerlein Strategic Comms. BostonLandis Comms. San FranciscoLinhart PR DenverMcNeely Pigott & Fox NashvilleKwittken & Co. New YorkBuchanan PR Ardmore, PATrevelino/Keller Atlanta5W Public Relations New YorkKohnstamm Comms. St. Paul, MNSchneider Associates BostonZeppos & Associates MilwaukeeHope-Beckham AtlantaVollmer HoustonThe Zimmerman Agency TallahasseeSiegenthaler PR NashvilleDawson + Murray + Teague Comms. DallasTransMedia Group Boca RatonWinning Strategies Newarkrbb Public Relations MiamiRon Sachs Comms. TallahasseeBridge Global Strategies New YorkMaccabee Group MinneapolisThe Rogers Group Los AngelesRosica Paramus, NJ

$22,696,826 20,597,497 11,454,142 4,500,000 3,633,528 3,400,000 2,600,000 2,200,000 2,035,739 1,900,000 1,845,600 1,775,000 1,700,000 1,100,000

988,000 794,895 647,779 493,660 407,545 379,024 353,050 288,275 273,829 267,247 244,934 244,236 225,000 205,200 203,394 156,455 154,917 153,000 151,978 138,840

92,347 91,302 85,000 75,494 63,600 63,420 58,383 55,183 35,379 23,186

O’DWYER’S RANKINGSTOP INVESTOR RELATIONS & FINANCIAL PR FIRMS

The recession put aside once and for allthe notion that the professional serv-ices sector of PR is impervious to an

economic downturn.The bottom of the business just fell out.

Important chunks of the PS practice are ashell of what they once were. The Bureau ofLabor Statistics reports that employment inthe legal profession is at its lowest since theaftermath of the terror attacks of 9/11.

The nation’s top law firms either cut pay(Nixon Peabody and Baker & McKenzie) orsliced staff to deal with the corporate paringof legal bills.

Leslie Corwin, who advises professionalservices firms at Greenberg Traurig, toldBloomberg that ’09 was the tightest yearthat he’s seen in a 36-year career. “We’re ina tsunami economy.”

As ’10 unfolds, there is a glimmer of hopefor PR pros working in the legal profession-al. Even the whitest of white shoe firms,such as Cravath, Swaine & Moore nowfully understands the need to market one-self, according to Zach Lowe, of AmericanLawyer.com.

Lowe blogged July 14 that Cravath mayhire “as many as four new members of amarketing team that will do everything fromfinding work within the firm’s history topitching its work to magazines.” That suresounds like PR.

Another glimmer of hope: Wall Street isbeefing up staff in anticipation of an econo-my recovery. The New York Times reportedJuly 10 that the biggest banks and brokeragehouses that led the country into the GreatRecession are beginning to hire staff.

The financial work force in New York isnow slightly less than the 2003 level, theyear when the tech bubble burst. Each job inthe securities sector generates two addition-al jobs in New York City, according to theBureau of Economic Analysis. That mathwill translate into growth for legal, account-ing, management consulting, real estate andeducational portions of the professionalservices world.

Hammered in ’09PR firms on O’Dwyer’s ranking of pro-

fessional services agencies got hammered in’09. The Big 25 reported a 13 percentdecline in overall revenues to $67.4M.

Number-one Edelman doubled that per-cent decline, falling 26 percent to $27.5M.That fall-off contrasts sharply withEdelman’s overall performance.

Richard Edelman guided Edelman to a

respectable two percent dip in overall fees to$440M during the past year. He toldO’Dwyer’s the shop is enjoying a robustrebound in ’10.

Some professional firms simply “threw inthe towel” in ’09, preferring to take a yearhiatus than report a sharp decline in fees.Only 51 firms reported fees in ’09 comparedto 66 in the previous year.

Ronn Torossian’s 5W Public Relationstook the sixth notch on the professionalservices list. The New York-headquarteredshop dipped 8.6 percent to $2.5M.

This year, says Torossian, “the profes-sional services business has been more orless status quo or maybe up a little. Smallshops are spending more than the largermore conservative companies in the space,that’s absolutely a trend we have seen.”

Henry Feintuch, the KCSA StrategicCommunications alum, is using his finan-cial/IR experience to plot a foray into theprofessional services arena. He has justreturned from Singapore where he ran aseminar for the government’s economicdevelopment agency about opportunitiesthat about in the U.S.

Feintuch’s work received support fromDavid Adelman, who was recently appoint-ed the U.S. Ambassador to Singapore. Thechief of Feintuch Communications says theSingapore experience may translate intowork in the People’s Republic of China ashis 18-month-old firm achieves more trac-tion. On the immediate front, Feintuch seessteady improvement in business during thesecond-half with a perked-up ’11 waiting inthe wings.

CJB, R&B on the moveCubitt, Jacobs & Prosek and Rasky

Baerlein were big movers on the ’09 profes-sional services list.

CEO Jen Prosek reported a rise in fees to$800K from $448K as her shop surged fromNo. 36 to 18 in the rankings.

Brian Hickey is managing director ofCJP’s professional services practice. He ledthe financial and professional servicesgroup at Walek & Assocs. and served asGlobal Director of Communicatons andMedia Relations for law firm Orrick,Herrington & Sutcliff before joiningProsek’s shop. CJP has done professionalservices work for Lovells, INSEAD,Firstsource and Acritas.

R&B cracked O’Dwyer’s Top 10 Club in’09. The firm owns the fifth slot, up fromNo. 17 in ’08. Boston-based R&B’s risecoincides with its stepped presence in theprofessional services-rich Washington, D.C.market, coupled with the expansion of its

crisis and litigation communications prac-tice.

Widmeyer debuts at No. 2Widmeyer Communications broke into

the professional services category at No. 2,registering fees of $4.6M or 48 percent ofthe firm’s overall $9.8M income.

CEO Scott Widmeyer says WC’s profes-sional services work is a mix of work forcompanies, foundations and governmententities. The firm isNorth Americanagency of record forU.K.’s Pearson,which bills itself asthe world’s largesteducational compa-ny. WC counselsmanagement in cur-riculum, teacher pro-fessional develop-ment and in supportof literacy programs.

Widmeyer saysWC is involved withthe Carnegie Corp.’s“Opportunity Equation” program thatfocuses on improved science and mathteaching and learning via improved teachingskills and better coursework.

He also singled out WC’s long-runningcampaign for “Stop Bullying Now!” bully-ing prevention campaign among teens andtweens. Widmeyer sees good things thisyear. Part of his enthusiasm is based on the$3.5M pick-up in early January of the U.S.Consumer Product Safety Commission’snational campaign to educate parents, care-givers, consumers andindustry on swimmingpool and pool safety.

To reduce entrap-ments child drowning,Widmeyer is to use“every means possibleto reach the public withinformation needed tokeep children safe inand around public andresidential pools andspas,” said CPSCchairman InezTenenbaum in announcing the award of thecontract under the Virginia Graeme BakerPool and Spa Safety Act.

Widmeyer expects the CPSC businesswill help drive fees up in the 15 to 20 per-cent range in ’10. That’s more than twice the7.4 percent gain in overall fees that theWashington, D.C.-based firm enjoyed in’09.

REPORT

‘Great recession’ took toll on professional services PRBy Kevin McCauley


CEO Jen Prosekhas CJP Comms.

moving up the professional

services rankings.

Scott Widmeyerexpects his firm to

grow 15 to 20 percent this year.

You’ve created a Facebook page foryour business or client. You’ve setup a Twitter account, followed by a

YouTube profile. Logos, contact informa-tion, and company bios have been updat-ed. What’s missing? You may have agreat page background for Twitter or postthe most interesting and unique articles toyour Facebook “wall,” but if nobody’swatching, your content goes to waste.

So, how do you build an audience foryour content? The following are a fewsuggestions you might find helpful whenlaunching a social media campaign for abusiness:

Post links. This might sound like com-mon sense, but every day I encounteranother company that makes the mistakeof not posting their social media links totheir website. There are varieties of aes-thetically appealing visual designs youcan choose from. Whether it’s an iconthat says “Follow Us On Twitter” or onethat says “Like Us On Facebook,” getthose links on your homepage so you candirect your most likely followers — thosewho are interested enough in your com-pany to already be checking out yourwebsite — to your social media sites!

Sharing is caring in the digital mediaworld, so show some love for your newInternet friends. Read an article support-ing major funding for your industry? Postit. The Wall Street Journal writes a favor-able review of your groundbreakingstate-of-the-art technology? Post it. You

get the idea. The more people and placesyou can link to, the better chance youhave of your content being noticed.While doing this, it is important to givecredit where credit is due. There are vari-ous ways you can share outside contentcrediting those who authored it. Socialmedia is reciprocal; you’ll be surprisedhow many share your content with theiraudiences.

Stimulate your audience. This phrasemay be overkill by now, but social mediais more than just posting editorial cover-age, company news and relevant photosabout your company. Listen to what peo-ple are saying, and ask questions. Socialmedia is just like the real world — ifyou’re sitting across from someone at arestaurant talking AT them until you’reblue in the face, they’re going to stand upand walk away. Ask your audience forfeedback on your company; what they’recurrently doing or whether or not theyunderstand a company announcement,press release, etc.

Monitor for your brand. You’re notthe only person out there talking aboutyour company (at least I hope not), sowouldn’t it make sense if those talkingabout you on social media outlets knew

you were out theretoo? If you’re notusing a professionalsocial media moni-toring service thenget out your detec-tive tools and dosome sleuthing onyour own. Startwith your companyname, and moveoutwards fromthere. Keywords that define your compa-ny and industry and names of competitorsshould be monitored on a daily basis.There are also websites out there that cando this for free, including SocialOomph,HootSuite and TweetDeck.

There are many more ways to buildyour online communities via social mediaand establish quality relationships thatresult in sales, investments, insight orwhatever else you’re looking for. Havefun, be creative, share and connect withothers. These steps are the buildingblocks for establishing long-term successonline.

Eric Fischgrund is a Senior AccountExecutive at Beckerman in Hackensack,N.J.


Building online communities on social media’s foundationBy Eric Fischgrund

News distribution service Marketwire hasacquired social media monitoring companySysomos for an undisclosed sum.

Both companies have Toronto roots.Sysomos was created as a research projectat the University of Toronto in 2005 andcounts PR firms like Hill & Knowlton andShift Communications among its customers.Nick Koudas, Professor at the university, isco-Founder and President.

Marketwire said the move gives its clientstracking and sentiment analysis capabilitiesfor outlets like blogs, social networks,Twitter, forums and video through Sysomos’services — MAP and Heartbeat.

Marketwire is owned by Toronto privateequity firm OMERS.

PR news briefs

MW ADDS SYSOMOS

Eric Fischgrund


The recession is spawning a wave ofconsolidation in many industries,with the strong survivors growing

market share and absorbing weaker rivals.For healthy professional services firms, it’sa great time to be visible and demonstrateleadership. It’s a time when that visibilitymore readily translates into new strategicalliances, partnerships, and expanding busi-ness opportunities as the competitive land-scape shifts.

For professional services firms, the revo-lution in communications has unleashed avast new arsenal of tools and channelsuniquely well-suited to showcase theirexpertise online. Clients in engineering, law,accounting, architecture and wealth man-agement are seizing this moment in time toposition themselves as highly visible leadersand “go-to” resources for prospects and themedia. With recovery glimmering on thehorizon, more firms are upping their invest-ments to outflank recession-weakened com-petitors.

The sheer abundance of communicationschannels and tactics available to profession-al services firms underscores the need for acomprehensive communications strategy —something that PR professionals are bestequipped to provide. Below is a list of 10communications strategies that professionalservices firms are deploying to positionthemselves for accelerated growth in 2011and beyond.

Increase and enhance client communi-cations. Clients are gold — and their care isnever more critical than in a recession.Whatever the format or medium, clients ofprofessional services firms want to hearfrom their trusted advisors during challeng-ing times. This means direct client contact,as well as firm-wide messages from theCEO or Managing Partner. For clients whocommunicate only through quarterlynewsletters or statements, we recommendmore frequent, event-driven communicationas a way of strengthening relationships intrying times.

Formalize and deepen referral net-

works. It’s amazing how many professionalservices businesses that rely on referrals asthe lifeblood of their business lack a system-atic approach to obtaining these very refer-rals. In addition to one-on-one meetings,we’ve assisted clients in formalizing a pro-gram of “meet and greets,” where they hostreferral sources.

Increase speaking engagements. Face-to-face communications have added impactduring times of economic travail. It’s theideal time for “trusted experts” to step upand share their knowledge and perspective,which in turn solidifies their stature as lead-ers in their field.

Clients are increasingly receptive to com-munity speaking engagements, as well asnational industry platforms. While tradeshow budgets may be reduced, industrypresence can be maintained through speak-ing engagements. Each speaking engage-ment in turn provides the potential for newsreleases or media advisories, client email oronline coverage of the event.

Showcase expertise in blogs, podcasts,e-newsletters and webinars. These “real-time” communications formats are ready-made for showcasing your clients’ knowl-edge about business issues and develop-ments as they unfold. With the barrage ofnew regulations, CPAs, attorneys and otherexperts are well-positioned to issue non-promotional updates on tax, accounting orhealth care rules. Brevity and timeliness arekey. With these periodic, informative com-munications providing a value-added wayto keep your client’s name in front of theirclients and prospects. Even traditionallyconservative firms are beginning to see thevalue of blogs as a way to build relation-ships and dialogue with stakeholders, espe-cially in regards to their future clients.

Update website and optimize forsearch engines. Many professional servic-es firms created their websites in the earlyyears of the decade and have neglected themsince.

With searches for all kinds of servicesincreasingly started online, it’s critical thatprofessional services firms search engine

optimize (SEO) their websites, so that theyappear as high as possible in online searchrankings.

As long as the site is being optimized forsearch, it’s a good time to refresh the contentand design so that it reflects the firm’s cur-rent positioning and content is timely versusthe all-too-often outdated speaking engage-ments and yesterday’s tired content.

Capitalize on LinkedIn and onlineranking sites. LinkedIn is the primarysource for professionals in all walks of life.Be sure your clients’ profiles are up-to-dateand compellingly presented. Every profes-sion has its own rankings and ratings sitesthat often require no more than a submissionto gain a listing, which can help boost onlinesearch rankings.

Personalize your brand with video.Because professional services firms rely ontrust and chemistry as well as expertise towin clients, short video interviews withpractice leaders are a great channel forrevealing the “personality” of the firms’principals. Videos can be posted to websiteas well as on YouTube.

Client surveys. In a recession, profes-sional services firms recognize the value oftheir loyal clients more than ever. Severalfirms we work with have recently conduct-ed client surveys, to learn how they measureup, what’s working and what’s not. Surveyfindings can be leveraged in testimonials orcase studies on the client’s website or withempirical data-based claims, such as “90%would recommend.”

Bylined articles. Every niche of profes-sional services has its own specialty andtechnical publications. With advertising inthe doldrums, these journals, whether onlineor in print, are increasingly reliant on arti-cles submitted by experts in their respectivefields. Once your client’s article is pub-lished, you can link to it on the website, noteit in client emails, and otherwise leverage itto demonstrate thought leadership.

Traditional media visibility. Despite therise of the blogosphere, traditional mediacontinues to have impact. With the spate ofregulations across industries, your profes-sional services clients can be positioned asexpert commentators on breaking news andissues in their categories. Even better, ifyour client can identify a trend of broaderinterest and comment on it, you can shapethe story. Using Skype, clients can now dovideo interviews for national news outletsfrom their own offices.

Patricia L. Harden is Managing Partnerof Harden Communications Partners, LLCin San Francisco.

FEATURE

Professional services firms rebound with new toolsWhile many businesses have battened down the hatches toweather the ‘Great Recession,’ savvy professional services firmsare turning to communications to position themselves for growthwhen the economy finally recovers — whenever that may be. Aschallenging as the downturn is for PR budgets, it’s also been a cat-alyst for well-capitalized professional services firms to solidifyclient relationships by launching new communications initiatives.

By Patricia L. Harden

ALLISON & PARTNERS

505 Sansome StreetSan Francisco, CA 94111415/[email protected]

Matthew Della Croce, ManagingDirector

It’s no secret that business iswon and lost on corporate reputa-tion — and never more so than intimes rife with economic chal-lenges and a focus on transparen-cy. Effectively illuminating com-petitive differences and expertiseto your stakeholders is essentialto building brand recognition andcultivating clients. At Allison &Partners, building brands thatconvey value and drive revenueis our top priority. We work withyour team to assess market posi-tioning, trends and challenges todevelop strategies that effectivelyinfluence your stakeholders. OurServices include: B2B marketing,brand messaging and positioning,CSR and cause marketing, crisisand issues management, digitalmedia strategy and SEO, employ-ee communications, executivebranding and positioning, finan-cial communications, investorrelations, media strategy andtraining, M&As, restructuring,speaker’s bureaus, sustainabilitycommunications and thoughtleadership.

BLISSPR500 Fifth Avenue, Suite #1010New York, NY 10110212/840-1661Fax: 212/840-1663www.blisspr.com

BlissPR is a New York-basedbusiness-to-business strategicmedia relations and marketingcommunications firm specializingin the professional services, finan-cial services, and healthcare fields.Founded in 1975, we were one ofthe first PR firms in the country tofocus on PR for professional serv-ices firms. In the past thirty years,

we have been privileged to workwith some of the world’s mostprestigious strategy consulting,accounting, actuarial, banking, HRand law firms. At BlissPR, webelieve knowledge-based business-es differentiate themselves throughthe quality of their ideas and theirspeed to market. That’s why wespecialize in creating and promot-ing thought leadership. We helpclients develop points-of-view, pre-dictions, trend commentary, andinsights, positioning them asexperts in the media and categoryleaders in their markets. A goodmessage is tough to create. Webelieve when we have one it shouldbe delivered through all the rele-vant “traditional” and “new” mediachannels for maximum effect. Formore information, thought leader-ship, case studies, bios and thefindings of our new study, TheSocial Media Landscape forConsulting Firms, please visit ourwebsite: www.blisspr.com.

COOPERKATZ &COMPANY INC.

205 Lexington Avenue, 5th FloorNew York, NY 10016917/595-3030www.cooperkatz.com

Andy Cooper, PrincipalRalph Katz, PrincipalAnne Green, President / COO

CooperKatz has extensive expe-rience supporting professionalservices organizations, includingmanagement consultants, industryanalysts, research organizationsand trade associations.

The firm offers a unique integra-tion of marketing, public affairsand creative resources and pro-vides clients with these capabili-ties: Developing thought leader-ship programs; Executing researchfor publicity purposes; Organizingan “experts bureau”; Providingcontent-oriented media training;Monitoring news and connectingsubject matter experts with timelymarketplace issues; Placing op-edsand bylines; Securing speakingopportunities; Conceiving, design-ing and executing business presen-tations, meetings, events, videos,

trade advertising and collateralmaterials.

CooperKatz’s professional serv-ices experience has includedengagements for such clients as:American Society of Composers,Authors and Publishers (ASCAP);Association of NationalAdvertisers (ANA); CapgeminiFinancial Services; CapgeminiHealth; Guardian Life InsuranceCompany; Jackson Hewitt TaxService; Millward Brown;National Association of InsuranceCommissioners (NAIC); NielsenMedia Research; Noblis HealthInnovation; TowerGroup;TowersPerrin; and VNU.

CREATIVEGROWTH GROUP,

INC.

3221 West Andrews DriveAtlanta, GA 30305404/664-7484www.creativegrowthgroup.com

Andrew Dietz, Managing PartnerMira Leonard, Partner

Creative Growth Group isexclusively dedicated to helpingprofessional services firms growclient relationships and revenue.Because Creative Growth inten-tionally integrates professionalservices firm marketing commu-nications activities with businessdevelopment follow-through,clients realize faster and moremeasurable results. CreativeGrowth works with professionalfirms from strategy to executionof client attraction tactics: fromhelping to identify a client’s dis-tinctive “claim to fame” to target-ing ideal client prospects andimplementing creative, content-rich approaches to reach thosetargets. Creative Growth Group’sclients have included some of theworld’s leading professionalservices firms across a range ofprofessions from law andaccounting to strategy consultingand IT services. The firm haseven assisted major marketingfirms in their own growth initia-tives. Creative Growth Group isalso the creator of the Client

Advisor Awards program honor-ing the economic impact of theprofessional services marketplaceand professionalism amongexpert services firms and theirclients.

GIBBS & SOELL PR

60 East 42nd Street, 44th FloorNew York, NY 10165212/697-2600Fax: 212/697-2646www.gibbs-soell.com

Cos Mallozzi, Chairman & CEOLuke Lambert, PresidentRoger Ardan, VicePresident/Group Head

The Professional Servicespractice of Gibbs & SoellPublic Relations provides high-impact strategic communica-tions and tactical public rela-tions programs to financial andprofessional service organiza-tions seeking growth, recogni-tion and leadership for theirservices, products or firms.

The practice provides abroad range of services, includ-ing strategic planning, commu-nication consulting, productlaunch and support, events,media relations, media train-ing, marketing communica-tions and crisis communica-tions programs.

Clients managed by the NewYork, Chicago, Raleigh andZurich (Switzerland) officesinclude accounting firms,banks, bankruptcy/financialrestructuring institutions, busi-ness consulting firms, invest-ment banks/managers, insur-ance, industry associations,law firms, private equity, ven-ture capital and other servicesinstitutions.

Clients: Berkery, Noyes &Co., Carter Ledyard & Milburn,Farmer Mac, Fitzpatrick, Cella,Harper & Scinto, GE RailServices, Labe Bank, MillionDollar Roundtable, OberweisAsset Management, Networkfor Teaching Entrepreneurship,Seneca Financial Group,Seward & Kissel, TradeCommission of Spain andTrustmark Insurance.

Profiles

PROFESSIONAL SERVICES8.10

O’Dwyer’sGuide to:


HOPE-BECKHAMINC.

17 Executive Park Dr., Suite 600Atlanta, GA 30329404/[email protected]

David C. Van Voorhis, DirectorBusiness Development & ClientRelations

Hope-Beckham is committedto being your best resource forpublic relations, marketing com-munications and experientialmarketing services — respondingquicker, working faster andsmarter and providing the bestpossible value.

We are dedicated to being flex-ible and cooperative. There is nosingle best way to market a com-pany, product or service, but avariety of creative and savvyoptions, and we strive to considerthem all.

Hope-Beckham believes it isthe knowledge of the variety ofoptions available and our abilityto effectively implement thoseoptions that achieves the bestresults.

Whether communicating witha client’s various constituenciesor creating programs and eventsthat effectively position an organ-ization within the areas it serves,Hope-Beckham is known for itscreativity and cost effectiveness.

Hope-Beckham is proud tohave been named by O’Dwyer’sin the Top Independent PR firmsfor 2007, 2008, 2009 and 2010.

LINDEN ALSCHULER& KAPLAN

1251 Avenue of the AmericasNew York, NY 10020212/575-4545Fax: 212/[email protected]@[email protected]

Lisa Linden, CEOSteven Alschuler, PresidentLloyd Kaplan, Chairman

Linden Alschuler & Kaplan, Inc.has built an outstanding reputationfor fresh ideas and effective strate-gies that help clients project theirmessages, fulfill their goals andachieve their bottom line objec-tives. Combining a strategicapproach to communications withoutstanding strength in media rela-

tions, the firm has developed high-ly successful public relations cam-paigns that have produced nationaland international exposure forscores of clients in the professionalservices industry, including BigFour and other international profes-sional services and advisory firms,major national and internationallaw firms, real estate-related servic-es firms, financial services compa-nies, business and managementconsultants, professional recruiters,accounting firms, as well asresearch and analysis companies,among others. The firm has alsodeveloped and executed crisis com-munications programs for majorcompanies and has worked on spe-cial situations including litigations,bankruptcies and mergers andacquisitions, and has particularexpertise working with clients atthe intersection of government andthe private sector.

MARX LAYNE &CO.

31420 Northwester Highway,Suite 100Farmington Hills, MI 48334248/855-6777 ext. [email protected]

Michael Layne, ManagingPartner

Marx Layne & Co. has a longand successful track record of posi-tioning professional services firmsas industry leaders in their respec-tive sectors.

For over twenty years, our expe-rienced account executives havelaunched results focused communi-cations campaigns for attorneys,accountants, financial institutions,financial planners, turnaround-managers, architects and engineers.Our proven ability to exceed clientexpectations has earned us a repu-tation as a valued partner to ourclients.

With our depth of experience,we combine the most effectivemarketing strategies to help profes-sional service providers build brandequity and reputation, sell services,enhance credibility, and solidifyrelationships with their clients,prospects, and other stakeholders.

At Marx Layne & Company, weunderstand the subtle nuances andlegal issues when marketing pro-fessional services. We are able totake our clients’ complex messagesand package them in concise writ-ten formats that are compelling toprint, broadcast and new media.Importantly, we have demonstrat-

ed, time after time, that successfulpositioning can generate new busi-ness and retain existing clients forprofessional service firms.

We reach our clients’ targetedaudiences through means beyondpaid advertising. Our professionalservices firm clients retain us toposition them as experts, to gener-ate feature profiles in leading busi-ness media, to ghostwrite articlesubmissions for professional tradepublications, and to coordinatehigh-profile interviews in leadingnewspapers, magazines, radio, andTV news formats, locally, regional-ly and nationally.

From individual practitioners tolarge international firms, we posi-tion our clients through strategicinitiatives including: local, nationaland international media relationscampaigns; media training andmessaging; article/editorial ghost-writing and submission; websitewriting, design and optimization;email campaigns; social media andonline reputation management;planning and implementation ofseminars; direct mail campaigns;design, writing and printing ofbrochures and newsletters.

In all we do, we continue torespect the correlation between dol-lars spent by our professional serv-ice firm clients and results.

MICHAEL J. LONDON & ASSOCS.

4 Daniels Farm Road, Suite 330Trumbull, CT 06611203/261-1549www.mjlondon.com

Michael J. London &Associates is a leading full-servicepublic relations and communica-tions agency that serves an eclecticclientele, in the Northeast from itsheadquarters in Connecticut and inthe South from its Florida base.

Since its inception more than 20years ago, Michael J. London &Associates has established a solidpresence within the professionalservices realm, with particularemphasis on the legal sector. Theagency now provides manyConnecticut and New York lawfirms with highly structured andcost-effective initiatives that haveresulted in client firms frequentlyfeatured in national media as wellas in targeted, regional print andbroadcast. Media programs forlaw firms often are designed toenhance overall marketing. Inaddition, Michael J. London &Associates has been very success-ful in earning media to supplement

a client law firm’s legal actions ina specific case.

The agency is driven by a teamof award-winning journalists and aPulitzer-nominated author.Widely noted for its achievementsin media placement and innova-tive campaigns, Michael J.London offers an array of digitizedcommunications strategies inaddition to classic marketing andadvertising tools and collateralmaterials. Event production,speech writing, interview andspeech coaching, and completevideo and film production are alloffered.

Carefully crafted and wellresearched plans allow Michael J.London’s clients to attain thegreatest possible visibility.

QUINN & CO. PUBLIC RELATIONS520 Eighth Ave., Suite 2102New York, NY 10018212/868-1900Fax 212/465-0849www.quinnandco.com The Purple Lounge Blogwww.quinnandco.com/wordpressFacebook, LinkedIn and Twitter@Quinnandco

Florence Quinn, PresidentSuzanne Billet Rosnowski,Partner, Real EstateCarla Caccavale Reynolds,Partner, Travel

At Quinn & Co. we combineour signature creative approachto traditional media with strate-gic digital media initiatives todevelop dynamic and highlyeffective integrated PR pro-grams. We partner with clientsin our core areas of Real Estate,Food, Wine + Spirits and Travelto achieve goals, manage repu-tation, engage audiences andultimately drive business.

Quinn & Co.’s real estatedivision has grown to becomethe industry go-to for ground-breaking campaigns. The teamhas helped to successfullylaunch new companies as wellas differentiate some of the mostestablished residential, commer-cial, architecture, development,legal and financial clientsworldwide.

Our results-driven approachhas earned noteworthy recogni-tion, most recently a BulldogReporter “2010 Gold Award forBest Campaign Under $10,000” forour work with Alchemy Properties.With this campaign, the team craft-

PROFILES OF PROFESSIONAL SERVICES PR FIRMS


Continued on page 34

ed a Blowout Sale at Alchemy’sHudson Hill Condominium, NYC,the centerpiece of which was an e-video initiative with weekly chatswith the developer. This was a“first” for New York’s residentialindustry and helped spike sales 25percent. The real estate team wasalso recognized with a BulldogReporter “Gold Award forExcellence in Public Relations andPublicity for Best CompanyPositioning/Branding” for workwith Accelerated MarketingPartners in 2009. Additionally,partner Suzanne Rosnowski, wholeads the real estate division, wasnamed PR News’ “Top 15-To-Watch” nationwide in 2009.

Quinn & Co.’s campaigns arerecognized globally. Most recently,we were the U.S. PR firm behind

the blockbuster The Best Job in theWorld campaign (TourismQueensland), which earned aHSMAI Adrian Best of Showaward for best travel PR campaignof the year, worldwide. Our firmhas conceived such unique pro-grams as Extell’s one-of-a-kindpartnership with Lincoln Center,the first residential Moon Garden,the first Nanny Concierge, TheProcreation Vacation, the Martinion the Rock, and more.

SCHNEIDER ASSOCIATES

2 Oliver Street, Suite 901Boston, MA 02109617/536-3300www.schneiderpr.com

Joan Schneider, President andCreative DirectorPhil Pennellatore, COO/Partner,Professional Services and PublicAffairs Practice Leader

When marketing synergy is acritical requirement for success,companies call upon SchneiderAssociates and its 30 years ofexpertise in public relations andintegrated marketing. Whether youare repositioning your brand; align-ing communications; navigatingthe organizational challenges of amerger or acquisition; or planningthe launch of a product, service,company, or community — youwant a partner who understandsmission critical demands. AtSchneider Associates, we are proudof our track record of deliveringeffective public relations cam-paigns for professional servicesclients ranging from entrepreneur-ial firms to the nation’s largest cor-porations. Our work for commer-cial real estate, engineering, andfinancial services clients has madeus one of the most trusted firms inthe Northeast.

In our 30th year, SchneiderAssociates is a full-service publicrelations firm specializing inLaunch Public Relations®. Clientsinclude prominent firms such asPatriot Partners, Equity Office,Nordblom Company, and FHOPartners. Learn more: www.schnei-derpr.com

THE VANDIVERGROUP, INC.

510 Maryville Centre Drive,Suite 320St. Louis, MO 63141314/991-4641www.vandivergroup.com

The Vandiver Group, Inc.(TVGi) is an award-winningstrategic communications firmhelping clients build brands, rep-utations and relationships by pro-viding a full portfolio of commu-nications services such as: strate-gic planning, branding, publicrelations, social media, creative,web design, market research, cri-sis communications and execu-tive/employee training.

TVGi’s Pulse® FeedbackSoftware is used to gather publicor employee comment. Itengages users in conversations,then organizes the feedback intokey themes and topics, allowingorganizations to identify impor-tant issues and track them.

Founded in 1993, TVGi hassatellite offices in Nashville,K.C., L.A. and Chicago. CEODonna Vandiver is President ofPinnacle Worldwide, a networkof eighty premiere PR agencies

around the world. TVGi is acharter member of WOMMA.

Our global clients are from avariety of industries includingFortune 500 corporations andindustries such as healthcare,agriculture, transportation, edu-cation, government not-for-prof-its and professional services.

ZENO GROUP

3222 N Street NW, Suite 500Washington, DC 20007202/[email protected]@zenogroup.comwww.zenogroup.com

Mark Shadle, Executive VP andManaging Director, CorporateAffairsHeather Gartman, ManagingDirector, Washington, D.C.,Zeno’s Health Care Practice.

Today, companies and organiza-tions are under 24/7 scrutiny.News — both bad and good —travels around the globe in aninstant. The public, government,investors and the media demandtransparency. In this environment,companies need strategies to pro-tect their most valuable asset –their reputation.

Zeno Group’s experienced cor-porate team works across multipleindustry sectors with Fortune 500companies, emerging enterprises,and privately–held firms toenhance and protect their reputa-tions. We offer a complete suite ofcorporate communications servic-es, including: Strategic planning,competitive insights and stake-holder analysis; Executivethought–leadership communica-tions; Financial communications;Corporate social responsibility;Issues Management; Crisis plan-ning and communications; Policy,legislative and regulatory commu-nications.

Another reality: governmentactions can determine success orfailure in the marketplace with thestroke of a pen. Public policy deci-sions and regulatory interventionsfrom city halls to statehouses toWashington impact individualcompanies, organizations andentire industries.

Our team helps clients influenceand manage legislative and regula-tory policy outcomes with smartstrategies, stakeholder mobiliza-tion, and engagement of tradition-al and digital media. We haveexperience at all levels of govern-ment from local to federal.


PROFILES OF PROFESSIONAL SERVICES PR FIRMS

QUINN & CO.Continued from page 33

The Vandiver Team (L to R): Donna Vandiver, President & CEO andAmy Crump, Chief Financial Officer.

Schneider Associates’ President and Creative Director JoanSchneider (left) and COO/Partner Phil Pennellatore.

1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.25.26.27.28.29.30.31.32.33.34.35.36.37.38.39.40.41.42.43.44.45.46.47.48.49.50.

Edelman New YorkWidmeyer Communications Wash., D.C.APCO Worldwide Wash., D.C.Schwartz Communications Waltham, MARasky Baerlein Strategic Comms. Boston5W Public Relations New YorkLevick Strategic Comms. Wash., D.C.Bliss PR New YorkAllison & Partners San FranciscoRegan Communications Group BostonQuinn & Co. New YorkCooperKatz & Co. New YorkETC CincinnatiMakovsky + Co. New YorkGibbs & Soell New YorkBoardroom PR Plantation, FLAirfoil PR DetroitCubitt, Jacobs & Prosek New YorkGregory FCA Ardmore, PAJackson Spalding Atlantarbb Public Relations Coral Gables, FLKwittken & Co. New YorkLambert, Edwards & Assocs. Grand Rapids, MIL.C. Williams & Assocs. ChicagoNyhus Communications SeattleMcNeely Pigott & Fox PR NashvilleSeigenthaler PR NashvilleWinning Strategies PR Newark, NJAffect Strategies New YorkDukas Public Relations New YorkLinhart PR DenverLane PR Portland, ORIW Group W. Hollywood, CAGibraltar Associates Wash., D.C.The Rogers Group Los AngelesKohnstamm Comms. St. Paul, MNZeno Group New YorkNew West LouisvillePerry Comms. Group SacramentoZeppos & Associates MilwaukeeShelton Group DallasSchneider Associates BostonIntermark PR Birmingham, ALTrevelino/Keller AtlantaPierson Grant PR Ft. LauderdaleRon Sachs Comms. TallahasseeO’Malley Hansen Comms. ChicagoPeritus LouisvilleHope-Beckham AtlantaBridge Global Strategies New York

$27,465,297 4,621,4664,266,5053,491,9182,988,6702,535,4652,311,6272,267,0002,243,2051,855,0001,748,2851,171,7561,147,0411,100,000

995,418900,000877,422800,000755,000752,432740,234659,777621,835603,957579,459509,156481,989452,965432,175425,000424,816407,562326,000300,063283,849267,519206,515191,131183,051154,917131,171108,514103,250

95,00083,50079,32062,00050,52742,14517,235

© Copyright 2010 The J.R. O'Dwyer Co.


Call me a contrarian or uninformedor just a plain, old idiot, but I thinkthat all things considered, basket-

ball’s LeBron James did a respectable jobin handling the PR of his move to Miami.

I’m well aware ofthe tidal wave ofopinion crucifyinghim for exemplify-ing everything fromselfishness and dis-loyalty to narcissismand gaul.

Prevailing, ahem,“wisdom,” seems tohave centered, ironi-cally, on how cava-lierly Cleveland’sformer “ChosenOne” chose to treat his hometownCleveland Cavaliers;turning his back in a

provocatively public renunciation of hisseven years with the team.

Summarized Cav’s Majority OwnerDan Gilbert in an “Open Letter to Fans,”so full of sour grapes classlessness that itmade the young George Steinbrennerseem tactful, James’ action was a “heart-less and callous” act of “cowardly betrayal.”

And disgruntled sportswriters, journal-istic purists, and shut-in bloggers acrossAmerica seemed to agree with the right-eous wrath of the moronic MajorityOwner.

Well, excuse me but, with respect, whatwould you have advised LeBron if hesought your PR counsel?

Here’s what I would have told him.First, seek control.I understand reporters don’t like it, but

what’s the first thing a competent PR pro-fessional tries to do in behalf of hisclient?

Control the agenda, the content, timingand tenor of the announcement.

Ask BP, with its gaffe-a-minute CEO if“control” counts. Or Toyota. Or Govs.Sanford and Spitzer. Or Tiger Woods. OrMel Gibson.

The fact of the matter is that theLeBron James “next destinationannouncement” was the biggest story insports for nearly three years. There wasno way — despite what the MondayMorning quarterbacks now suggest —to “low key” it or play it down.

So LeBron tried — and succeeded in —doing it on his own terms, controlling notonly the agenda and content and timingand tenor, but also the news cycle andnetwork and announcer.

In a PR sense — simply stunning.Second, be true to your purpose.It’s axiomatic in PR that you can’t pour

perfume on a skunk.If your product is contaminated or

crashworthy or your company is respon-sible for the biggest oil spill in history oryou’ve been a serial adulterer or a bonafide anti-semite and racist — there’s notmuch, frankly, that PR counsel can do for you.

So if LeBron James was only after themost money he could make (not thatthere’s anything wrong with that), hecouldn’t pull off pretending there wassome higher motive.

But in his case, in fact, there was. As hestated early and often in the process andreiterated the other night, his primarygoal was to go to a place where he could“win the championship.”

Now what, in the name of Dr. Naismith,can possibly be wrong with that? A pam-pered, set-for-life, professional athletewho actually wants to win rather than justtaking the money!

That “place” James had in mind turnedout to be Miami, the only franchisesmart enough to retain his two fellowsuperstar friends, Dwayne Wade andChris Bosh.

Like Michael Jordan, who had ScottiePippen and Dennis Rodman, and KobeBryant, who had first, a young ShaquilleO’Neal and now, Pau Gasol — Jamesfinally had the supporting nucleus toallow him to compete for the title.

Compare that to wronged Cleveland,where for seven years the always hard-working James was surrounded by themuch more earthly likes of BoobieGibson, Anderson Varejao, SebastianTelfair, and a 38-year-old and vastlydiminished Shaq.

The fact is despite Majority OwnerGilbert’s pathetic rant, Cavaliers’ owner-ship was either too cheap or too ignorantto provide James with the support heneeded to attain his championship goals.And he — and they — knew it.

Interestingly, three former NBA greatswho joined the sour grapes chorus lam-basting LeBron for leaving Clevelandwere Reggie Miller, Charles Barkley andChris Webber, none of whom, despite

their stardom, ever won an NBA championship.

Third, be kind to Cleveland.LeBron’s greatest vulnerability, of

course, was the sting the announcementwould have (and the stink it would cause)in Cleveland.

This was inevitable if he chose to goanywhere else.

PR counsel would have recommendedhe be ultra kind about his happy years inCleveland, his lingering good feelings forOhio, and his difficulty in reaching adecision to leave.

All of which he conveyed convincinglyin his ESPN performance, with sincerityand magnanimity. The only other thinghe might have done, but didn’t, was tocommit philanthropically to some impor-tant Ohio charity to try to cushion theblow.

“But why didn’t LeBron have the decencyto tell the Cavs first?” Ask the critics.

Are you serious?! Do you honestlybelieve that a sore loser like Gilbert —whose real problem, by the way, is thathe now owns a doormat team and standsto lose $250 million as a result ofLeBron’s leaving — would have honoredJames’ desire to control his ownannouncement?

No way.“Ok, but did LeBron have to rub it in

with a televised press conference extrav-aganza?”

Come on. It was the biggest sports storyof the year. He donated his TV sponsor-ship revenues to the Boys & Girls Club ofAmerica. Ya’ think they thought his bigshow was “narcissistic and self-promo-tional?”

Besides, would you rather watchLeBron James announce where he’sheaded or oil spewing from the Gulf ofMexico, Lindsay Lohan sobbing on herway to the slammer, or Al Gore sexpoodling?

And as for the “self-serving press con-ference,” constituting, as one nitwitblogger phrased it, “the worst PR movein sports history,” let me get thisstraight.

Here we have an international sportssuperstar who calls a press conferencethat, for once, doesn’t concern allegationsof rape or adultery or drugs or gun pos-session or dog fighting, and he is guilty of“lousy PR?”

Spare me.

Fraser P. Seitel hasbeen a communicationsconsultant, author andteacher for 30 years. Heis the author of thePrentice-Hall text, ThePractice of PublicRelations.

Two cheers for (hated) LeBronBy Fraser Seitel

Professional DevelopmentOPINION


While driving into work theother day, I listened to oneof the morning news radio

programs. The talk was not about arecession, but a depression, albeit not a

“great” depressionbut nevertheless adepression. It seemsto make a recessionsound good. Part ofthe reasons for thisconclusion was theemployment rate.While there is not amajor decline in theunemployment rate,there are 14.6Munemployed withthis number increas-ing when the censusworkers return to the

unemployment line. So, how does thisimpact your PR agency — small orlarge?

What to do now Over the years I have written numerous

times on how to survive the economic storm.My advice has included the following:

• Update or write a business plan.• Update or prepare a survival budget.• Evaluate staff needs. (The current

economic environment actually gave usan opportunity to improve the quality ofour professional staff.)

• Revisit or prepare a resource alloca-tion matrix that shoots for 75% to 85%staff utilization.

• Monitor write-offs. This does notmean after the write-off has occurred.

• Maybe a client that has not paid youin 90 days or more is no longer a client.Consider stopping work.

• Monitor cash collections daily.• Track client profitability. If you do

not keep track of professional time byclient this will be difficult to do.

• Make sure your rates are completive(see following discussion).

• Do not over service.Client ProfitabilitySpeaking of client profitability, the

way to determine if a client is profitableis to subtract from client revenue (feesand other income such as mark-up) directsalary and related costs and overhead.

The first step is easy — how much didyou bill?

Next, subtract salary costs, not justsalary. Salary costs include salary, pen-

sion, life insurance, medical insurance,payroll taxes, etc. This informationshould be available if you keep track oftime.

The next step is to understand what isoverhead. First, if it is not salary andrelated costs, it is overhead. To arrive atyour overhead percentage, divide totaloverhead costs by direct billable salarycosts. For example, you are trying toapply overhead to a client engagementbased on direct costs. For every dollar ofdirect labor, overhead will be $1.10.

By way of example, let’s assume thatXYZ PR earns a $300,000 fee fromABC, LLC. The total direct labor costcharged to the engagement is $190,000.Assuming a overhead rate of 100 percentof direct labor, overhead charged to theengagement will also be $190,000.Doing the math, you lost $80,000 onABC. Why? It could have been overservicing, time dumping, or miscalcula-tion of the engagement scope.

Speaking of losers, my friend Al Croftin his July 1999 issue of ManagementStrategies wrote some interestingthoughts and ideas on dumping losers. Ihave to tell you, eleven years later it isstill fresh advice. Here are some of histhoughts on deciding to dump a client:

• Small, picky people do not show upwell on your bottom line and are nevergoing to get bigger or better;

• Clients who demand too much ofyour time but scream at your hourlyrates;

• Clients who are demanding but whohave too many things on their plate andseldom have time to provide the infor-mation or guidance necessary to pushthorough approvals;

• Clients who wouldn’t accept a newidea if you offered to give it away orwho are just plain boring to work for;

• Clients whose products are ten yearsbehind the times, who haven’t done any-thing newsworthy in decades and won’thave anything interesting to say butwhose CEO keeps inquiring why his/hercompany wasn’t included in the mostrecent industry round-up; and/or

• Companies whose idea of promptpayment is 90 days (or more).

Benchmarking your way to success It is critical that you benchmark your

agency against the competition. It isoften difficult to gauge your agencyagainst other firms your size because ofthe lack of creditable information.

Information is nevertheless out there.For example, a call to Rick Gould,Managing Partner of StevensGouldPincus,or Al Croft, Publisher of ManagementStrategies, and a PR agency consultantmay just point you in the right direction. In June 2010, Rick Gould pub-lished the “PR Agency Industry 2010Billing Rates and Utilization Report.” Iwould think this is an important survey tobenchmark your agency against.According to Gould, “…every PR agencyregardless of size should be performing ongoing profitability analysis.” By profitability analysis wemean determining profitability by client,account team, staff, project, division, etc.

Running the numbersAll professional firms have or should

have a mechanism to determine a price.Most service industry firms attempt todetermine the hours necessary to serv-ice a client need and multiply thosehours by a rate. Some firms use actualrates by staff level, others use a blend-ed rate and others use a concept called“activity based costing” (a future col-umn). Regardless, the goal is to make aprofit. Once the “price” is determined,the hope is that the rates used to deter-mine price will be competitive withother agencies in the market beingserved. There have been times that Ibeen able to read the proposals of otherfirms and therefore benchmark fees.Other times I call a firm and just ask therates they use. After years of practice,you get to know the competition andinformation is shared. In the PR indus-try this may not be an option.Therefore, the Gould survey is criticalin the benchmarking process. Forexample, account manger rates verifyfrom $217 per hour to $250 per hourdepending on agency size according tothe Gould survey.

It is important for you to compare yourrates against the Gould survey. If yourrates do not match up, you need to knowwhy. I bet salary is in line but overhead isnot. The next step may be to look at the“Gould 2010 Benchmarking Report.” Forsure, doing nothing gets you nowhereunless you are just lucky.

A rate test: whenever I meet a newagency I always ask how they determinebilling rates. “Our rates average $200 perhour.” If such is the case, why when rev-enue is divided by billable hours, theaverage rate is $75.

Financial Management

Richard Goldsteinis a partner atBuchbinder Tunick &Company LLP, NewYork, Certified PublicAccountants.

Management in the current economic environmentBy Richard Goldstein


This has been a banner year so farfor the men and women whomake the nation’s laws.

They’re raking itin and there’s noend to what theywill take home byyear’s end.

Here’s a clue,though: Last year,they made $3.5 bil-lion, and this yearthe opportunitiesfor even more arenotches higher.

Yes, things arelooking up forW a s h i n g t o n ’ s lobbyists.

The explosive story is told by inves-tigative reporter Stephen Brill in Timemagazine. Here’s the cover headline:“The Best Laws Money Can Buy.”

The headline inside reads: “On Sale:Your Government. Why Lobbying IsWashington’s Best Bargain.”

There’s a lot of tongue in check inthat line, “Why Lobbying IsWashington’s Best Bargain.” It’s thecorporate world that is getting the bar-gain.

Brill focuses on the lobbying goingon to keep corporate taxes low and tokeep damages down from potential pas-sage of the 2,319-page financial regula-tory reform bill ground out likesausages by a House-Senate conferencecommittee.

There would seem to be enough work

to ensure constant employment forevery one of the 11,000-plus lobbyistsregistered to work in Washington – andfor the 1,900 firms that hire them.

But consider the cases that stem forcorporate failings and wind up needinglobbyists. Every corporation involvedin the Gulf disaster — BP, its allies, andthe companies that blame BP for thespill — has hired PR and lobbyingforces. Toyota is still paying big forHill representation, and GM andChrysler lobbyists only recently helpeddefeat a bill that would keep those com-panies from hiring outside lobbyists.

Brill explains what a “bargain” lobby-ing can be: Lobbyists over the past yearhave been paid approximately $15 mil-lion to protect the favorable carriedinterest tax treatment for heavy finan-cial hitters. That sounds like a lot, but,Brill emphasizes, “This is a debate overhow some $100 billion will be taxed, ornot, over the next 10 years.”

For that $15 million, the money man-agers for Morgan Stanley, GoldmanSachs, Ford and other major players gotabout $10 billion in lower taxes. Bymaking the bill effective in 2011instead of the proposed 2010, the lobbyists achieved an immediate addi-tional tax savings of $2 billion for theirclients.

As Brill sums it up, “For just a fewmillion, lobbyists can make clients billions.”

Watch for Congress to plead cleanhands and even, perhaps, to once morelaunch investigations into how lobby-ists came to wield so much power overour elected representatives.

Watch, too, for new examinations inCongress and the press into the rolebeing played in all this by the many for-mer Senators and Representatives whoare making far more money as lobbyiststhan they ever did in public service.

Some day I’ll do a column explainingthe positive things that they can do.And why anyone can be a lobbyist andbe effective.

But you should know all that. Youprobably do quite a bit of lobbyingyourself. It is, after all, another form ofpublic relations.

Corporate love affair with lobbyists heats upOPINION

Wes Pedersen is aretired ForeignService Officer andprincipal at WesPedersen Commun-ications and PublicRelations Washing-ton, D.C.

By Wes Pedersen

Guest Column


Watching recent media inter-views — and seeing so manypublic figures handle them so

badly — I can’t help but wonder what theproblem is.

Outgoing BP CEOTony Haywardmade so many ver-bal blunders he’sturned himself intoan almost comicfigure. FormerGeneral MotorsCEO Rick Wagonerwas such a poorcommunicator thathis lack of skillswas highlighted bythe New York Timesas a reason for hisd i s m i s s a l .

Connecticut Attorney General RichardBlumenthal, who’s now running for theU.S. Senate, went from an almost certainwinner to a potential loser due to falsestatements regarding his non-existentservice in Vietnam.

What’s going on here? Media training has been around for 40

years. Virtually every major companynow requires it at some point in an executive’s career.

Poor performances like the ones men-tioned above are the results of mistakesby spokespeople, media trainers, or PRprofessionals – or any combination of thethree.

Were these people never mediatrained? Did they ignore the lessons ofthe training? Were their public rela-tions counselors ignored? Let’s look atsome common mistakes executivesoften make when placed under the spotlight.

Media fear. A large percentage of C-level executives see the news media asunrelentingly hostile and view anyinterview as a lose-lose situation. Theyhave to be shown examples of easy,business-friendly interviews to getthem into the game. They must bemade to realize that they can handleeven the toughest reporter if they pre-pare properly and take positive controlof the interview.

Misunderstanding the value. Manycorporate leaders see interviews as anego trip rather than an essential tool for

enhancing the company’s reputation andinfluence. Shutting out positive inter-view chances can be leaving opportunity— and money — on the table.

Resistance to training. If you sug-gest “training” to a CEO, you may getthrown out of the office. CEO’s invari-ably think they’ve had plenty of train-ing. But, call it “coaching” or “messagerefining” and your chances of successimprove dramatically. Many of themwill respond to the concept of “havingyour own personal communicationscoach.” It strokes the ego.

Sense of anointment. A day of mediatraining in 2004 does not prepare anexecutive to suddenly face the media in2010. Remember: this is skill honing,not the waving of a magic wand. It’s likeimproving your golf game. You need togo back and see the pro every fewmonths to stay in shape.

Potential PR staff mistakes include:Fear of management. Some PR pro-

fessionals hesitate to tell the boss that heor she could be performing better orcould use a little training (coaching). APR professional needs to give an honest, not fawning, assessment of theexecutive’s performance — supportivebut candid. A good way to deal with thissituation is to find an ally: either a high-er level company executive or an outsideconsultant who has the boss’s ear.

Bible-length talking points. Even thebest PR pros sometimes have troubleboiling down message points to work-able form. The result is that the execu-tive gets a page full of words andremembers practically none of them.The right formula is simple: three shortheadline points (6-8 words) with exam-ples and proofs for each. The executiveshould know enough about the businessto fill in the details.

Banning tough questions. A clientonce instructed me to get her executiveready to handle anything the media firesat him “but don’t ask him any toughquestions.” That’s like saying “we’llhave a couple of light practices on a soft-ball field to get ready to play the NewYork Yankees.” The trainer’s job is tofire all kinds of questions at the execu-tive and help that person find, andsmoothly deliver, the answers.

Crowding. Too many people in atraining session means none will getenough practice to be truly effective.

We recommend no more than a four-to-one ratio for a full day of training— one instructor for every four exec-utives — and no more than one or, atmost, two people in a half-day ses-sion. It’s false economy to do other-wise.

As for media trainers:Too few practice interviews. Some

media trainers spend too much timelecturing and not enough time drillingthe client with a variety of interviews.The lecture and message developmentportion of the program should usuallytake up no more than a quarter of theallotted training time.

Unreasonable time constraints.Media trainers should never agree toless than half a day for an initial ses-sion, and should lobby hard for atleast a full day. The job can’t be doneright in an hour or two. The worstmistake a media trainer can make is tosend someone out not fully preparedto succeed in a media situation.

Bad advice. Some trainers shouldsimply be doing something else for aliving, especially those who say,“ignore the reporter’s questions; justgo directly to your points.” The prob-lem with that approach is a loss ofcredibility. People see through it.Every question must be satisfied insome form, briefly where possible,before bridging to the interviewee’sagenda.

Too much emphasis on cosmetics.While appearance is important, thissubject should be dealt with quickly.The essentials are: dress appropriately,sit up straight, smile, make good eyecontact with the interviewer, and usegestures. Once that has been said, thefocus should be on content, smoothdelivery, and making the executivecomfortable in the media environment.

I’ve left the most important bit ofadvice for last, as it involves everyone.

Rehearse before speaking. Do adry run before any major interview,bringing back the media trainer if thesituation is tough. Even in a crisis,when things are chaotic and time islimited, a practice interview or mediabriefing is essential to ensure the rightthings get said and the wrong onesdon’t. If you question the value ofthis practice just turn on your TV andstart critiquing.

Who’s to blame when interviews go awry?

Virgil Scudderheads Virgil Scudder& Associates, amedia training andconsulting firm inNew York.

By Virgil Scudder

Guest Column

40

Blue Star Strategies, LLC, Washington, D.C., registered June 10, 2010 for Ministry of Coordination of Production, Employment andCompetitiveness; Republic of Ecuador, Quito, Ecuador, regarding providing consulting services to support the outreach of the principal to the Executiveand Legislative branches of government, as well as the private sector in the United States.

Edelman, Chicago, Ill., registered June 10, 2010 for Bombardier Inc., Montreal, Quebec, Canada, regarding increasing awareness and understanding ofBombardier among institutional investors, redefining the Bombardier story to reflect strengths in aerospace and transportation and demonstrating the com-panyʼs leadership in the technology of transport.

NEW FOREIGN AGENTS REGISTRATION ACT FILINGSFARA News

Below is a list of select companies that have registered with the U.S. Department of Justice, FARA Registration Unit,Washington, D.C., in order to comply with the Foreign Agents Registration Act of 1938, regarding their consulting and commu-nications work on behalf of foreign principals, including governments, political parties, organizations, and individuals.

NEW LOBBYING DISCLOSURE ACT FILINGSBelow is a list of select companies that have registered with the Secretary of the Senate, Office of Public Records, and the Clerk of theHouse of Representatives, Legislative Resource Center, Washington, D.C., in order to comply with the Lobbying Disclosure Act of 1995.For a complete list of filings, visit http://sopr.senate.gov.

Broydrick & Associates, Washington, D.C., registered July 12, 2010 for National Catastrophe Adjusters, Inc., Fishers, Ind., regarding effortsto win a contract assisting with disaster compensations for those affected by the Gulf oil spill.Capital Legislative Strategies, LLC, Washington, D.C., registered July 14, 2010 for Renaissance Technologies LLC, New York, N.Y., regard-ing financial regulations and legislation related to hedge funds.

Crossroads Strategies, LLC, Washington, D.C., registered July 2, 2010 for Mars, Inc., McLean, Va., regarding issues related to the FY2011Agriculture, Rural Development, Food and Drug Administration Appropriations Act.

AUGUST 2010 WWW.ODWYERPR.COM

Watching the British Open, acurious idea struck me. What ifthe Royal & Ancient Golf Club

had the world’s best golfers take a multiplechoice test rather than play 72 holes ofcompetitive golf on the St. Andrews links?

The test mightinclude questionslike, When playingout of a bunker, youshould always a)close the club face;b) be sure to test thesand with your club,or c) open yourstance and club faceand swing through.The highest score onthe test would winthe title of ChampionGolfer of the Year.

An absurdnotion, I know, for in golf as in any othercompetitive endeavor, the real test isalways taken on the field of play. If you putthe time in, pay your dues, gain experienceand become good at what you do, your suc-cess will be evident to everyone.

You will rise up the leader board anddevelop a reputation as a winner.

The PR business is no exception.Looking at the CVs of the top people in ourindustry, anyone can see these pros are suc-cessful for a reason.

Yet the Public Relations Society ofAmerica does require a multiple choice test

and you may not be a PRSA board memberwithout passing it. Your stature in theindustry, your achievements, your reputa-tion, and the victories you’ve won on thefield of play mean less than the title “APR”after your name.

Since starting my PR career some 30years ago, I have never been very involvedwith PRSA beyond the few meetings Ihave attended or addressed. PRSA seemeda convivial place to meet fellow profes-sionals and perhaps network, but I wassimply too busy building my business tobecome very involved in Society activities.

I am pretty certain that if I thoughtPRSA was truly relevant, I might be moreengaged. I suspect many others in the PRindustry might agree with me.

My impression seemed to be validatedlast week when I went to the Georgia chap-ter of the PRSA’s luncheon to hear what thetwo PRSA national leaders had to sayabout the many pressing issues facing ourindustry. Surely Gary McCormick, APR,PRSA’s Board Chairman, and Bill Murray,its President and Chief Operating Officer,would have observations and insights ofvalue to our city’s PR practitioners.

Instead, after introducing himself andMurray by saying — without a hint ofirony — “you probably don’t know whowe are,” the gathering of 155 professionalswas treated to a lengthy sales presentationby McCormick on the virtues of partneringwith the company for which he works.Mr. Murray chose not to speak at all.

This isn’t leadership. This is two nicegentlemen enjoying an excellent adventure

and it’s why I never joined PRSA. Untilmembers understand that our industry willbe relevant when we have Society leaderswho are relevant, it just doesn’t seem like agood use of my time.

The top people at the Society should beleading PR professionals, passionate andoutspoken, tirelessly advocating the valueof public relations and always seekingways to expand our industry’s influence.Not only should they appear before everySociety chapter to discuss relevant PRindustry issues, they should address leader-ship forums around the world; gatheringsof CEOs and CMOs, academicians, topgovernment leaders, and other importantaudiences. Their writings promoting ourindustry should appear in influential mediaall the time. And most important of all,they should always be available to thepress.

Jack O’Dwyer, arguably the most impor-tant and respected voice in the business,has been a critic of PRSA’s lack of trans-parency for many years. The current PRSAleadership has sought to marginalizeO’Dwyer rather than engage him. Theyseem to believe nobody pays attention toO’Dwyer and they couldn’t be morewrong.

It would appear O’Dwyer’s efforts havefinally borne fruit. Some 350 influentialPR industry leaders have formed theCommittee for a Democratic PRSA andwon the backing of 65 leading PR execu-tives including at least one sitting PRSAboard member and Richard Edelman, wholobbied the PRSA board last month forremoval of the test requirement.

Let’s hope PRSA delegates and mem-bers are watching and listening.

PRSA needs big hitters at the topBy Kevin Foley

Kevin Foley ownsKEF Media Assocs.,Inc., an Atlanta-based producer anddistributor of elec-tronic publicity.

OPINION Guest Column


Aconsortium of shallow-water Gulf drilling companieshas hired the Livingston Group and Bracewell &Giuliani, the Washington, D.C., government and public

relations shops, to defend their operations amid the Macondowell disaster.

The group, led by Houston-based Hercules Offshore, is usingthe moniker Shallow Water Energy Security Coalition. The com-panies, which operate mainly in shallow water and drill for natural gas, are fighting for their operations as the Obama admin-istration has banned deepwater drilling and considers otheraction.

Frank Maisano, former Hill press secretary and a media andstrategic communications consultant at Bracewell & Giuliani,and George Felcyn, a PR veteran and Director of GovernmentAffairs at B&E, are working with the coalition.

Bob Livingston, the former House Speaker-designate, alongwith former Congressmen Allen Martin and Steve Kreseski areon the Hercules team, according to a federal filing dated June22, which also includes other drilling companies SeahawkDrilling, Rowan Companies and Ensco.

“Shallow-water drilling has distinct physical and operationalcharacteristics that make it safe and reliable,” John Rynd, pres-ident and CEO of Hercules, said in a statement issued on behalfof the coalition.

Hornbeck Offshore and Delta Towing are other companiesinvolved.

Hercules said that Chevron is trying to break a lease contractfor a Hercules rig in the Gulf in the wake of the federal govern-ment’s six-month moratorium on Gulf drilling.

Offshore drillers tap D.C. lobbying reps

DI adds Shell, Hill vets

Fulcra Worldwide, the PR firm that has worked with theU.S. military in Iraq and Afghanistan, filed a protest June25 after the Department of the Army awarded a lucrative

PR pact for Iraq to competitor SOS International of Reston, Va.,last month.

Fulcra, formerly known as Lincoln Group and, earlier, Iraqex,filed the protest over the $2.5M pact on June 25 and the case isunder review, according to the Government Accountability Office.

A decision is expected by October. The contract cannot proceed until then.

An RFP was issued in May for the eight-month strategic com-munications contract in Iraq, covering media advising, monitor-ing, content production and other PR-related tasks for the Armyas the U.S. winds down its presence following the 2004 invasion.

Fulcra was the incumbent for the work, although SOS hasconducted similar assignments for the military.

SOS has declined to comment on the pact.Fulcra once employed Gen. Stanley McChrystal’s former

press aide, Duncan Boothby, who resigned in the wake of therecent Rolling Stone scandal. The firm, which has changedhands since its inception, has apparently changed its name againto Strategic Social, according to its website. An email has notyet been returned.

Matt Bigge, a former Army Ranger and Harvard BusinessSchool grad, is CEO of Fulcra, which has offices in Virginia andSilicon Valley.

Firm protests Iraq PR award

Robert Burley, a senior communications executive forRoyal Dutch Shell overseas, has moved to Direct Impact,the grassroots PA unit of Burson-Marsteller, as an

Executive VP.DI has also added Jordan Stoick, Communications Director

for Sen. Roger Wicker (R-Miss.), as a VP.Burley, an Oxford grad, worked in several global outposts for

Shell, including Melbourne, The Hague, Calgary and Londonover eight years, most recently as Senior External AffairsAdvisor and practice leader for government and media relationsin Australia.

Stoick was previously Press Secretary for the SenateRepublican Conference, Rep. Shelley Moore Capito (R-W.Va.)and ex-Rep. Bob Beauprez (R-Colo.). In the DI vein, he wasgrassroots field director for then-Rep. John Thune’s successful2002 campaign for the Senate.

DI and B-M are part of WPP.

American Crossroads, a growing conservative politicalaction committee, has brought in Jonathan Collegiofrom the National Association of Broadcasters to direct

communications.The “527” political organization has vowed to spend millions

on the midterm elections with a stated goal of raising $52 mil-lion by the fall. Among its leadership is D.C. PR pro Jim Dyke,who runs his own shop after a communications director stint atthe RNC during Presdent George W. Bush’s re-election cam-paign. Romney campaign alum Carl Forti is its newly mintedpolitical director.

Collegio led NAB’s $1.2 billion campaign for the transition todigital TV and was press secretary for the National RepublicanCongressional Committee during the 2006 midterm election cycle.

The group currently has Sen. Harry Reid (D-Nev.) in itscrosshairs and kicked off a $120,000 ad in Nevada hitting themajority leader for “bailouts, government takeovers and spiral-ing debt.”

Former Bush aides Karl Rove and Ed Gillespie are helping thegroup raise money and its president said they have about $30million in pledges.

AC raised $8.5 million in June.

Conservative PAC tapscomms. head


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