CollectivNews
Welcome to a monthly round-up of information relevant
to comms professionals and everyone interested in the fractional model.
July 2024
Is Fractional the Future of
Communications Resourcing?
Early June found CommsCollectiv partner Jane Randel debating Max Forsyth, Founder, Comms, Search & Selection, and Travis Parman. CCO, Philip Morris International, under the superb moderation of Ann-Marie Blake, Co-Founder, True. The venue was a virtual event conceptualized and hosted by Mike Klein FIIC, FCSCE, SCMP, #WeLeadComms and the Centre for Strategic Communication Excellence. A fantastic discussion with lots of participant questions and comments, the biggest take-away for the CommsCollectiv team involved assumptions and misunderstandings about the role that “fractional” communicators can play in a company. For example, we agree that it does not typically make sense for a large, publicly-traded multinational entity to hire its Chief Communications Officer on a fractional basis. It could, however, use a proven senior communicator to cover parental leave or for a specific assignment or challenge where the experience a seasoned leader brings is required. Fractional communicators are also a perfect solution for portfolio companies within private equity and venture capital, offering all the experience without the expense — a win win win all around! Watch the debate for yourself here.
Reputation Management: 10 Points of Wisdom
In a recent webinar on Reputation Management tailored for Private Equity firms and hosted by CommsCollective, industry experts Ellen Barry, Jennifer Hanley, and CommsCollective partner Eric Kraus explored the essential role of Reputation Management. They noted that reputation management not only influences regulatory compliance and market positioning but also helps cultivate strategic partnerships. They also pointed out that effective Reputation Management is integrated into daily operations and acts both as a risk mitigator and as a catalyst for opportunities — serving as an indispensable insurance policy for sustaining business health and fostering growth. The session reinforced why it is crucial for Private Equity firms and their portfolio companies to be equipped with comprehensive strategic communications resources to adeptly handle potential challenges. To effectively promote and safeguard their reputation, companies must incorporate these ten vital actions:
- Tell your corporate story
- Engage in thought leadership
- Create goodwill
- Build strategic partnerships
- Execute a robust stakeholder communications plan
- Prioritize corporate governance
- Implement continuous improvement and learning
- Ensure there’s crisis/issues management preparedness
- Develop a comprehensive social responsibility strategy
- Benchmark against your competitive set and do it better
NEWSFLASH
Microsoft and Meltwater Take a Step Towards Reinventing PR & Comms Using the Power of AI
A recent post by Microsoft CCO Frank Shaw gives an update on how AI can be used to revolutionize comms work. Said Frank, “As we continue to push into the age of AI and reshape our function, we must ask ourselves what tools will help our stories connect with audiences in a new era of intelligent communications.
Today Microsoft and Meltwater announced the first step in reinventing PR and Communications with the power of AI as we unveiled a communications assistant built on Microsoft’s technology stack that allows users to surface real-time insights such as brand mentions, sentiment analysis, key issues, and competitive benchmarking all within Microsoft Teams.
This is more than just a tool—it’s a step towards transforming how we understand and engage with our audiences. By integrating these capabilities seamlessly into the platforms we use daily, we’re making it easier to stay informed and proactive in our strategies. Let’s set the standard for the future together!”
You can learn more about this initiative here.
PR Daily Puts 4 AI Tools Through a PR Task Test
Allison Carter of PR Daily tested four free, popular AI tools (OpenAI’s ChatGPT, Microsoft’s Copilot, Google’s Gemini and Anthropic’s Claude) to see how good they were at PR. “We put each through their paces, asking them to write a press release, brainstorm ideas, suggest a list of journalists for a pitch and parse some data,” she said. “We found an environment that’s still messy and rife with mistakes and hallucinations – but which shows flashes of promise…. None had been specifically trained on specific needs beyond what appears in the prompt. With additional coaching or a custom bot, the responses likely would have been better.” Read the whole article here.
