A client sent the following blog post he found online. It relates to the input of various “talking heads” relating to CNBC appearances. It is obvious that these guests are not CNBCs biggest fans anymore. And that's a good thing because this kind of view creates opportunity for those financial professionals who view the media as a strategic partner more so than some kind of purist platform for showing the world how smart “you” are. Here is my perspective addressing some of the bloggers complaints.
- "Producers try to tailor the discussion (“Be more Bullish/Bearish”)". True, so be sure you prepare for your preinterview and make your points known in advance. You can often negotiate the agenda during this call. It isn't unusual for the interview to be heavilly weighted on our talking points.
- "Too time consuming." It is time consuming. You will have to get yourself to a local studio that works with CNBC. That could take minutes or hours, depending on your distance and the traffic to get there. However, if you are proactive in setting up your interviews (instead of being reactive), you can save time by planning for your next appearance. For example, you can call the producer and ask if she has an opening next Wednesday so you can plan your schedule accordingly. If you are really committed, build yourself a TV studio in your office. It may be an investment, but you can get to the studio in minutes and you can enhance your appearance with your own branding. Our partner who builds TV studios for our clients is LiveStudio. Email Dwight Dunne for more information.
- "Law of diminishing returns — the benefits are less and less each appearance." I agree when you are available to discuss the "news item of the day" or the "macroeconomic event of the hour", benefits are limited. So, we don't encourage our clients to be "talking heads." For our clients, we look for interviews that give the portfolio manager the opportunity to explain his philosophy or how he sees the market or why he is buying or selling specific stocks or sectors. A more strategic approach often does result in significant benefits such as:
- Clients and prospects now say "I have heard of you" instead of going in cold which speeds up the sales process.
- New leads when prospects call in directly
- Use videos in other sales and marketing efforts. Click here for some TV appearances on a clients Web site.
- "Last minute cancellations when “better” names become available." Usually, cancellations occur as a result of breaking news such as Obama's Heathcare Summit or hearings on the problems at Toyota. Although an inconvenience, you can always reschedule.
As you see in most of these spots, guests go on, answer questions and leave – that can seem like a waste. They’re not using the opportunity to their benefit. Two of the reasons cited not to do them state ‘benefits are less and less each appearance’. This is false if you know how to use that appearance to your advantage. As we teach in media training, that’s why the art of bridging (to cover your agenda) is so important, and it works! But you have to know how to do it and it takes practice.
ReplyDeleteThe quickest, most efficient way to talk with your shareholders is through radio and TV. It allows portfolio managers to cut through the volumes of red tape that ordinarily hamper timely communications with shareholders so that managers can talk to their investors in real time.
ReplyDeleteShareholders want to know what their managers are thinking and what strategies they are following. TV gives managers the opportunity to talk with shareholders and keep them informed of what the managers think are important. Television can become your most important shareholder communication tool.