Damaged Goods Meaning - If you have followed our blog series on product damage and communication problems, you have wondered how to handle a company or your business during a disaster. Hopefully, the research questions and recommendations have convinced you that you need a comprehensive communications plan to assess damage and control the damage.
And for good measure, in this post, we're discussing one type of damage that can occur from using a distraction - damage to integrity due to overpromising. Let's look at some examples of harmful products and think about how to avoid overpromising in times of crisis.
Damaged Goods Meaning
As a successful professional, you've heard the negative and the negative. Even if we understand this principle intellectually, during the chaos of a crisis, our fight or defense system (AKA the lizard brain) can be used and will we do or say almost anything to change the story.
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This is why over-promotion is a very bad idea whether your business is in trouble or not:
The Top Gun Problem: Consider what IR professionals call the Top Gun Problem: "your money is writing checks that your body (or in this case, your business) can't handle." cash." I received a detailed report the other day that should show A for companies considering the increase and the long-term damage of credibility that can follow.
Analysts discussed a new deal led by a CEO who had recently completed another major spinoff in the same business. . This is what the researcher wrote:
"We believe that [Company A's] management is setting specific, exaggerated and sometimes false goals during the separation...while [Company A's SpinCo] is doing what best he can with the hand they dealt with, we believe [former CEO of Company A] is organizing [another SpinCo] with potential investors for a similar difficult approach.
Damaged Goods / Meg Stuart
In short, a bad reputation can turn your company into a damaged product for future business. Of course, this all goes back to the trust issue we talked about earlier. Also remember that over-promising is a sign that analysts look for when reporting back to investors. While it may not be a breach of contract, overpromising can hurt a company's value.
How not to deal with bad returns: Or imagine what can happen after a few weeks or months of research by a financial advisor, to find a stock that believes that which is ready to give customers a lot of money. Although he knows that there is no evidence in the stock market, all the evidence shows nothing but growth, so his hope is high.
If he tells his clients that the stock should give 15 to 20 points of return in the next few months, he knows that 10 to 12 points is more realistic. , he threatened. So imagine what happens when a disaster strikes and the stock only brings 5 points or crashes due to an unexpected problem. supplies. By over-promising, he sets himself up for failure.
It can be very tempting in the case of bad returns to double down and overpromise (again) to calm the fears of investors. But overpromising in the first place damages your credibility and leaves your company feeling like it's a damaged product, so you risk digging yourself into an even deeper hole if you leave. down this way. Remember that nothing happens inside a machine.
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In fact, it is important to realize that we rarely control all aspects of a stressful situation. There are cases where CEOs walk into a difficult situation and are forced to do the best they can with what they have. This is completely understandable. However, there is a difference between knowing and not knowing that it is better to promise, and this is exactly why loyalty is the CEO's best friend.
One of the best things you can do during a crisis is to think about how to avoid overpromising. If you keep these 5 simple tips in mind, you'll go a long way toward saving your brain bill.
During a crisis, everything cannot be handled at once. Your integrity and how your company comes out on the other side depends on making the right decisions about prioritizing the different parts of the crisis. When the house is on fire, there is no point in worrying about last month's money.
Overpromising can occur when teams try to solve an entire problem by, for example, blaming the victim or not fool. Papa John's has recently been in trouble for this after its earnings were blamed for the decline in revenue due to the NFL players' protests. In fact, Papa John's promised more profits after these "crazy things" - classic issues of the Top Gun problem.
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Triage is one area where hiring a business intelligence professional with experience in crisis communications can make a big difference. Just as medical professionals who arrive at the scene of an emergency know how to treat victims for the best outcome, the right professional can help you determine whether which problems are urgently needed.
Integrity depends on performance. And during a crisis, your company must exceed expectations just to restore its integrity and return to zero. The recovery of the damage to the brand name is about restoring those expectations and restoring the ideas that were damaged during the disaster.
The perception of performance depends on the setting of reasonable expectations. So if the business makes demands that you find unreasonable, push back. It's better to be honest from the start than to find your company failing later.
Be honest and direct about issues that you know may arise and interfere with the fulfillment of your promise. This will allow you to control the account and solve problems on your terms.
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The goal here is to get to the point where you can set or reset reasonable expectations for your company's performance.
Once you've published your official profile, the ship will begin realigning. So you must set the action plan and make sure that the promises made are actually fulfilled. The worst outcome after a crisis is the development of a new crisis because of the wrong handling of the first crisis.
This is why it is so important that your disaster communications team continuously monitors the situation and ensures that the promised risks are met. If you encounter obstacles along the way, you'll be in a better position to approach (see #2) problem-solving and adapt at all times. purpose.
This information is key to ensuring that employees or speakers do not harm you or others. Insane overconfidence can occur as well-intentioned team members feel pressured to answer questions from investors or the media for which they are not fully qualified. to answer. They may try to transfer money to other departments or make promises on behalf of the entire company, which they have no authority to make.
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It's important to continue an open conversation within the company about what can and can't be done, especially during times of crisis. The CEO also needs to be wary of making promises that distract the entire team. Having strong internal networks is the most important part of successful networking.
When a brand faces a challenge to its credibility, there is a strong temptation to overpromise in an attempt to deflect criticism or repair the damage. pretty damn ASAP. But if you overcome the appeal of over-promising and trust your social media strategy, you're more likely to get the results you're looking for.
Follow the advice above, and the only question that remains is what to say when the business community finds out that you have kept your promises. Whatever you say, don't give the impression that you're punching below your weight. They say you always do your best but sometimes you surprise yourself. If you practice effective communication, your audience will remember the way you presented it in the end, and this last impression will change the initial problem into a special idea.
Do you have questions about network interference? Do you want to come to our interview plan? We are currently recruiting 2018 clients. Start the year off right!
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This is part 3 of our three-part series on product damage and communication issues. If you missed part 1 on damage assessment and part 2 on damage control, read them here and here. It is considered a great fruit!
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Damaged products: Control the damage before the damage controls you. Hindsight is 20/20!—Don't make plans for 2018 without revisiting the lessons...
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