Takeaways for Professional Services Providers…
2024, another year in the books. As is the annual tradition, we’ve taken some time to reflect on prominent media trends impacting our professional services clients and offer some insights on what that may mean for the future. Who knows, this time next year we may be writing on how best to communicate with people in Greenland, our 52nd state (after, of course, Canada joins the union first)! But for now, let us consider the state of everything from print to broadcast to social media.
The Lure of Niche Audiences
Regardless of your feelings on the outcome of the 2024 U.S. presidential election, one major takeaway is that audience segmentation is important and that “narrow-casting” can build a multi-layered sandwich of raw aggregate audience/engagement numbers that matches the old heft and impact of traditional broadcasting alone (and at a far lower cost). Most prominently, we saw this in the Trump campaign strategy to embrace and make their candidate very visible in the so-called “manosphere” targeting young men. These podcasts are not political per se but rather aim to be observers and commentors on “the culture” and proved long-form safe spaces for the now president-elect to opine. While not fully devoid of any journalistic or reporter chops, they are a far cry from traditional, and still heavily consumed, media such as 60 Minutes.
While there may not be a direct application of an appearance on a podcast, such as Bussin’ with the Boys, for an accountant, architect or lawyer, there is a takeaway: look for opportunities, even if unconventional, to be featured on shows that reach high-value audiences. For professional services companies, podcasts hosted and tied to trade media are often great spaces. Interview appearances on niche podcasts can complement text-based media strategies, showcasing thought leaders on multiple mediums and meeting audiences where they are/engage.
The Return of a D.C.-Dominated News cycle
With Donald Trump returning to the presidency, there will be a lot of “news” in the days ahead. There will also be a lot of noise.
For instance:
- Will the U.S. unilaterally rename the Gulf of Mexico to the Gulf of America?
- Is Greenland poised to become part of the U.S.?
- How and why would Canada become a U.S. state?
Hey, all of these are possibilities. But these provocative remarks are dominating the news cycle when some really important, business-focused issues are at play, such as:
- How will the new administration’s energy policy roll out?
- How will the proposed tariffs impact businesses and supply chains?
- What will EPA and FDA do under the new administration?
Professional services firms, when possible, should keep their eyes on the road and hands on the wheel – not chasing or obsessing over tabloid-esque sensationalism. The firms that lay the foundation now for real and expected changes in D.C. will be best positioned to be featured as qualified advisers and thought leaders.
More (and More) AI-Generated Content
On the one hand, we have to applaud once-trusted media outlets when they are forthright about their intention to replace human reporting with AI. On the other hand, how big of an “honor” is selection to the Top 100 list if you know that honorees are completing an online Q&A and an AI bot is drafting up a profile that the outlet intends to: 1) leverage for the sale of congratulatory ad space and 2) sell back to the firm in the form of a reprint. Unfortunately, the proliferation of very lightly vetted lists aimed at generating ad dollars and the increased reliance on honorees to write their own AI-educational materials means that these lists are losing some of their veracity. But at least (some) are transparent about it. Firms will need to continue to consider carefully if these honors resonate with their intended prospective clients and warrant the investment of time and money to participate.
Social Media Mélange
LinkedIn’s position as a business networking space remains strong and generally considered the most neutral ground in an ever-churning “culture war.” From there, it’s the social media wild west. Do we stick with the distinctively Musk-y X (formerly known as Twitter)? What about Zuck’s Facebook? Hop on the Bluesky bandwagon (but didn’t we do that with Threads and Clubhouse)? Develop more imagery for Instagram? Video for YouTube or TikTok (provided it’s legal)?
What’s a professional services comms team to do in this splintered social media ecosphere?
Relationship status: it’s complicated.
(Uncle) Elon Musk X’ed (nee, tweeted) right after the election, “You are the media now,” meaning X users versus the ABCs and NBCs of the world. Maybe. But, users are also now the fact-checkers with Meta CEO Mark Zuckerberg watering down content moderation and embracing X’s “community notes.”
Given the array of strong viewpoints found across many channels, it may be best to adopt the “boring is essential” mantra and just stick to LinkedIn. But, whatever you do, tailor the content to match the medium and the audience.
Crisis Communications Plans Expand (or should)
According to a recent survey from Capterra and Forbes, only 49% of companies have a crisis plan and less than 25% have practiced the plan they have or conducted active drills. We suspect that if we home in on the professional services sector, these percentages drop even further.
The need for crisis communications planning for pro-serve firms has never been more acute. Smartphones and social media channels present myriad opportunities for exposing employees behaving badly. Data breaches are now a daily occurrence. Natural disasters impact operations, business continuity and client projects. Both daily newspapers and trade publications feature coverage of allegations (regardless of veracity) of harassment, discrimination and financial malfeasance, among other unsavory office exploits. And strategic mergers, partnership splits and acrimonious departures threaten reputations built over decades and generations. Why put this at risk? Scenario planning and crisis response exercises mean firms and their leaders know if, when, who, and how to respond to both operational and reputational threats. 2025 might just be the year to do that tabletop exercise and put the plan in place.
A Retreat or a Retrenching?
Trump’s return to office combined with the continued erosion of revenue streams for media is starting to morph into a reassessment trend. Notably, the Washington Post pulled an endorsement of Vice President Kamala Harris, and the outlet’s owner penned an op-ed defending the decision. We also see Comcast looking to spin off a group of cable networks, including left-perceived MSNBC. Such a move would potentially create a cleavage with NBC News, which would remain with the broadcast network, and theoretically allow for a more “center-center” focus/perception.
The Fate of Cable News
Cable news will continue to lessen in importance as the legacy pay-tv bundle it is connected to withers. Some channels with older demographics will be hardier than others, with Fox News as a prime example. Outlets are attempting to execute streaming exit strategies (and desperation content paywalls), but it may be too late and their relevance too diminished for it to matter much.
Does Local News Still Matter?
The fate of local news is one of great interest, too. Big weather event? Count on viewership to soar. Otherwise, it’s kind of hard to see the audience remaining strong as demographics change. There are simply too many content options (see the one million podcasts) and social media feeds. The reflexive watching of the local news at six and eleven is generational and eroding quickly. Many local broadcasts are artificially propped up by election ad revenue bursts. We’ll likely see fewer competitors in each market and more asset-sharing agreements (think sharing news helicopters).
NPR and PBS are a target of cost-cutting GOPers simultaneously unhappy with their content. The loss of federal support for these broadcasters could be a heavy blow to the journalist bench/roster
Optimistically, we are entering a period where reporter ranks may bottom-out and stabilize somewhat before modestly trending up. However, and looking at this apolitically, the data shows that the Trump administration years were a golden era for journalism when outlets heavily invested in chasing readers. Perhaps a repeat will occur. Maybe.
A Need for Knowledgeable and Credible Sources
In 2025, there will most certainly be a need for professional service “explainers,” thought leaders who can give straightforward analysis of developments both to broad news outlets and to niche trade media. There will also continue a trend of more self-published content being produced to fill-in the gaps created by media shrinkage.
The overall media forecast? A bit murky in early 2025. The weeks ahead will be revelatory, and the year promises to be one of more (and more) change. Comms pros: stay flexible with your plans.
BONUS: If you are a glutton for punishment, like we are, check out former Washington Post editor Marty Baron’s book Collision of Power on audiobook. It’s read by actor Liev Schreiber, whose mellifluous voice also narrates the HBO NFL series Hard Knocks. The book details the dynamic between the Post, its owner Jeff Bezos and then-president Donald Trump.
— Traci Stuart and Michael Bond