Target Markets 2024 Mid-Year Meeting in Tampa, Florida, made clear insurance is, and continues to be, a relationship business. This year’s mid-year meeting set a record with more than 1,300 attendees – more than double that of prior mid-year meetings for Target Markets. It was also my first time attending a Target Markets mid-year meeting.
I understand the attraction.
The first full day of Target Markets, Monday, May 13, was straight to business. Old friends reconnected while new acquaintances were made. Meetings were held over coffee, at breakfast, in break-out rooms and hallways, in the lobby, at the hotel Starbucks, over lunch, at the bar, across countless restaurant dinner tables and over drinks and at numerous private parties afterward. All this went beyond socializing as companies pitched, partners explored and new business partnerships were formed. The pace was hectic and heady, and it will be interesting to see if Target Markets offers an estimate for the business transacted in Tampa. The number of people who faced daunting schedules with back-to-back meetings, hoping to sign or write business, was impressive as they ran the gauntlet of two large Marriott hotels connected by a single third-floor sky bridge. The spirit of the 2024 meeting could be best summarized in a single word: Hustle.
Day two was a mix of the day before along with a series of programs and events that covered topics including a Lloyd’s Market update, a keynote speaker of remarkable tenacity embodied by Diana Nyad, a women’s leadership lunch, discussions on talent, the Target Markets’ new Program Business Professional designation and, of course, ample opportunities for networking.
The Target Markets’ hustle – on display from start to finish – also demonstrated the power and innovation of an insurance industry in growth mode. Seizing opportunities. Strengthening relationships. Getting business done.
Through all of this, I found myself among old friends I haven’t seen in years while sharing coffee and meals with new friends, potential business partners and – in my world – the all-important insurance industry trade media who were there to get the inside scoop on the issues, trends and insights of those who drive the business of insurance.
I applaud the team at Target Markets for putting together a productive event, and for those who grabbed the opportunity to move their business, and the industry, further into the future.
Well, once again to the dismay of my three teenage sons, I won the family March Madness NCAA basketball bracket. We’ll just say I do not follow college basketball like they do, but please know that I didn’t pick solely on uniform colors or schools I’ve visited.
One topic I do have a better handle on than my boys is business jargon. This year, Kimball Hughes Public Relations thought it might be fun to explore some of the more over-used business jargon and build a bracket of sorts in the spirit of March Madness. The former journalists and word wizards on our team sure had fun with it. Afterall, as professional communicators, these are words we’d like to see used minimally, if not completely boxed out from content.
Confusing the Point
According to the Harvard Business Review, jargon exists in workplaces because it can reinforce a shared identity, assist in fast and accurate communications among particular groups, as well as to quench an individual’s desire for professional status.
Prospects and clients want to understand what your company does. They do not want to be frustrated by jargon and buzz words strung together. Afterall, doesn’t your company do more than create integrated solutions that optimize efficiencies, drive alignment and build synergies with an omnichannel approach, all while connecting with ecosystems that align with core competencies?
Placing phrases on an About Us page, on a press release or in another piece of content peppered with heavy jargon could lead the client or prospect to leave the page out of frustration, misunderstand your products and services or decide to completely disengage with your company.
Geoff Keast, VP of Sales and INSTANDA, raised an interesting point in a recent interview on insurance jargon with PropertyCasualty360. He noted that when agents or insurers use jargon, the average insurance policyholder does not understand, they run the danger of leaving clients and prospects feeling as though they are being deliberately tricked. In other words, the overuse of jargon can lead to distrust.
Further, Keast noted that in the world of insurance, certain jargon could be doing the industry a disservice. For example, he pointed out that the often-used insurance term “premium” could leave one to interpret that they’ll be paying a higher-than-normal price for the product or services, when a premium in insurance is simply an insurance payment.
Writing Slam Dunk Messaging
At Kimball Hughes PR, our final four business jargon terms included core competency, integrated solutions, North Star and synergy, with my vote to position integrated solutions atop that list. The term integrated solutions can certainly sound impressive, but if the content doesn’t explain the type of solutions a company provides and how they can benefit me or my business, what value do those business buzz words really hold?
Other words that made our list are terms we all easily recognize including: alignment, bandwidth, ecosystem, efficiencies, engagement, KPI, leverage, omni channel, psychographics, optimize, scale and viral.
Don’t get me wrong, these terms are essential for business communications. We simply used this amusing exercise to have a little fun and point out this fact: allowing your messaging to get lost in jargon can lead to an airball for your team, missing your key target audience.
Business jargon can and should be used in business communications, but it should not be your only play. For a winning communications strategy, consider:
Reviewing your copy for jargon and ensuring that what you are trying to say can be clearly understood by any member of your target audience.
Rereading any jargon to ensure it will not mislead readers or be misinterpreted.
Sharing the copy with an outsider and asking them to explain what is written.
Flagging identified overuse of jargon and exploring alternative ways to convey the same thought. (Finding fresh ways to explain what you do or to share key messages can help set you apart from the competition.)
Defining jargon terms that could confuse readers upon first reference on the word.
Finally, to ensure your communication fits your audience and conveys your key messages clearly and accurately, consider talking to a communications specialist or engaging a PR agency – preferably one staffed by former journalists or a proven team of writers. Good communicators will find the right words to tell your story in a way that resonates with your audience and delivers results.
No matter where you turn, social media issues are in the headlines.
Just recently, former President Trump’s Truth Social platform had its IPO, legislation to ban TikTok in the United States has stalled in the Senate, and the Supreme Court has expressed concerns related to free speech and state-level social media legislation. On the consumer side, according to TechCrunch, in 2022, TikTok’s monthly active users grew an average of 12% year-over-year per quarter, but this figure fell to 3% year-over-year per quarter in 2023.” Setting aside the politics and social concerns related to these headlines, the social media landscape is actively changing, and businesses will need to reassess how they utilize social media.
Understanding how the social media landscape is changing will require individual users and businesses alike to acknowledge the changes already been made. We are well past the days of Facebook’s monopoly on the social media market, and even traditional influencer relationships have changed with the growth of platforms like TikTok and YouTube Shorts. Now, businesses and users are seeing signs that these platforms are under attack, and some are asking if they will go the same route as Vine in 2017, when it was bought by Twitter (now X), and essentially shut down. Looking to the future, there are a few things that social media users of all levels should keep in mind.
Short-form content will remain dominant
While platforms are changing, the content has followed a similar trend — users want short, easy-to-digest content they can share and react to in a streamlined way. This means that even if TikTok is banned in the U.S., or bought by a different owner, other contenders will jump into the vacuum left in TikTok’s wake. Channels like Instagram and X continue to invest in video content, and that content will continue to be short as each brand’s content feeds continue to compete for attention.
Strategy is a must have
When choosing what platform to use, it’s important to consider how consumers interact with it, and how those audiences will then share and consume future content. Is a user looking to reach local business owners or C-level executives? For the former, community platforms like Facebook may still have a place in strategy, while the latter is more likely to capture engagement on LinkedIn. Understanding audiences and their media consumption habits will help users create a sustainable, long-term plan for engagement that makes a difference, despite ongoing changes or regulatory considerations. Reference the Twitter/X evolution as an example of how not thinking through these strategies can impact your long-term social media plans.
Names fade, but content remains king
Like many businesses, the names and identities of those at the top of the industry can change quickly. Facebook knocked Myspace off its throne at the onset of modern social media, and X has taken leaps away from the identity and goals it had as Twitter. While the names on the door may change, the user’s need to engage with relevant content remains constant. Now, as new platforms rise and identities change again, users are looking for the next big thing. While we don’t know what social media’s next big players might be, we can be sure there will be an emphasis on content that can be easily consumed, shared and analyzed.
As the role of social media in shaping politics and opinions has rapidly grown, businesses and individual users should pay attention to how the platforms are changing and being regulated. While it is impossible to predict every change that may come to a platform, social media users can be prepared by having a strategy and recognizing the kinds of quality content that remain popular on a given platform. By developing and sharing good content, users will remain at the top of social media home pages, regardless any changes to the platforms.
As we revel in the “Luck of the Irish” this St. Patrick’s Day, we thought we would look at how to get lucky with public relations.
Contrary to some thinking, luck has little to do with landing a good media placement. In fact, a reporter’s connections with journalists is barely a factor. While relationships can be part of getting the right journalist connected with that pot-of-gold placement, its only one of the many components that go into a successful PR campaign.
Unlike that pesky little leprechaun of General Mill’s fame, we’re willing to share the lucky charms we employ to land a good PR placement.
A Recipe for Success
The first step toward a public relations win is twofold: Identifying your key messages and understanding your target audience.
If your key messages double as marketing or sales copy, your luck has run out right from the start. In this world of smaller newsrooms and overworked journalists, language that even hints at self-promoting messaging will be ignored almost immediately. Today’s media climate requires brands to build authentic messaging that informs, educates or solves a significant problem of the outlet’s audiences.
Every company has a product or service to sell. Every nonprofit or charitable organization has a mission to promote. The question is, what does the target audience need? In most cases, it isn’t a sales pitch or information about a product or service that will save them time, money or convenience. Rather, messaging needs to work backward from the audience’s need, educating them on the situation and options, and positioning the brand or nonprofit as a reliable resource. Once you understand your target audiences, you can refine your message to attract the interests of journalists courting those audiences.
Another important component where most brands and organizations come up short is credibility. Public relations is not marketing if only because it is not — and should not be — about sales of products or services. Confusing the two is about as unlucky a step as one can take in business.
We hear from companies all the time that want to issue press releases about a fundraiser or new product or service. If these companies have done the work of building credibility, there are opportunities to be had. That hard work includes making executives available for commentary on industry trends and issues. It includes demonstrating industry knowledge and insight on matters that have nothing to do with the brand or organization’s products or services.
Credibility is built on being responsive and helpful to journalists who reach out seeking quotes, background and general information. This means fostering and maintaining a relationship with the outlets that matter most. Absent these things, a press release from an organization that is not engaged with the outlets and journalists covering that sector of the economy are of little interest to those media professionals. This is the number one reason why one-offs or project work often proves to be difficult.
You can’t buy your way into the Wall Street Journal’s news coverage. However, you can pay for a comprehensive public relations campaign that positions you as a thought leader in your space by showcasing your insights, commentary on industry trends, sharing of best practices and reacting to news of the day. This requires a steady stream of diverse content — owned and earned — across multiple channels to establish credibility and raise your profile as a go-to source for media covering your space. Consistent messaging and a consistent industry presence demonstrate credibility and brand commitment.
Additional Tactics for Good Luck
Thought leadership, the sharing of innovative ideas, insights and opinions — in the form of contributed content, owned content or in-depth media interviews — not only build relationships with media, but they demonstrate that vital credibility media needs to validate you as a source. Contributing to the discourse of your industry or field in this way often results in third-party endorsement by media (because they publish you as a reliable source) that provides reputational fuel, and a bit of luck, for your brand.
Newsjacking provides time-sensitive opportunities to help journalists understand or contextualize breaking news or emerging trends, often in the wake of actions taken by others. This type of media engagement helps determine the next phase of the story and, when done correctly, positions your organization as a trusted source.
Social Media has ebbed and flowed in terms of influence, and some channels are better suited than others to reach certain audiences or carry certain types of messaging. For business professionals and B2B industries, we continue to find value in LinkedIn. Between LinkedIn’s newsletters, live events, self-published articles and regular engagement by and with executives, LinkedIn consistently proves to be a powerful tool to reach key target audiences as well as media professionals searching for and vetting industry sources. Social media continues to be the investment some organizations are reluctant to make but would be lucky to have supporting their mission.
A Lucky Match
Finally, finding the right public relations agency for your business is less about luck than it is judgement. In fact, here’s a little secret: most PR agencies do most of the same things, with the same tools and connect with the same journalists. While many will point to a raft of key differentiators, from our perspective it comes down to one big one: matching personalities.
Public relations is, after all, a relationship-building business. While many of us trained the same way, have similar experiences and employ a range of not-too-dissimilar tactics to achieve our own lucky placements, it comes down to asking with whom you would prefer to work. Do personalities align or clash? Do you truly achieve a meeting of minds in that first meeting or is the pitch for the work simply pandering to your ego? Do you want to be surrounded by those who simply agree with you to please you, or do you want the expertise and insight you will pay for to be offered constructively, candidly and all to serve your best reputational interests? If things go wrong, is the PR pro or team you are considering the same individual or team you want standing by your side to fix it? Has the PR team pitching you on their abilities earned your respect and proven their value?
We advise prospective clients to understand all PR agencies offer similar approaches and resources. Some have deep industry specialties while others are generalists. What should matter in a lucky public relations partnership is the professionals doing the work, their knowledge and understanding of your industry, their track record, their ability to write well, their creativity, trustworthiness and their respect for your organization and its reputation.
Maybe there is a little luck in finding the right PR partnership, but the work itself has nothing to do with luck. It’s about tenacity, credibility, creativity and knowledge. If you find that in your public relations strategy as well as your PR partner, well, that truly is a lucky combination.
PR Matters 