623: How Corporate Reputation Impacts Growth w/ Anthony Johndrow

ABOUT THIS EPISODE

In this episode we talk to Anthony Johndrow, CEO of Reputation Economy Advisors.

LinkedIn: https://www.linkedin.com/in/anthonyjohndrow/

... a podcast, interview your ideal clients and let them choose the topic of the interview, because if your ideal clients care about the topic, there's a good chance the rest of your audience will care about it too. Learn more at sweet fish Mediacom. You're listening to the BE TOB growth show, podcast dedicated to helping be to be executives achieve explosive growth. Well, you're looking for techniques and strategies or tools and resources, you've come to the right place. I'm Jonathan Green and I'm James Carberry. Let's get into the show. Welcome back to the BEDB growth show. We are here today with Anthony John Drew. He is the CEO of reputation economy advisors. Anthony, how you doing today? I'm doing great, James. I'm glad to be here. I'm a really excited to chat with you today, Anthony. We're going to be...

...talking about corporate reputation and how that impacts be tob growth and so before we dive into that, though, I'd love for listeners to know a little bit of context about you and your company. Tell us a little bit about reputation economy advisors. Thanks, James, and probably quite a few of your listeners might be a bit confused to see reputation and growth in the same sentence. So I'll start by talking about what got me into this topic, and really the world changed after the financial crisis. That's the biggest thing going on right now, and you don't have to look very far to figure that out, and I call it the dawn of the reputation economy. What I mean by that is that, starting in about two thousand and ten or so, people started caring more about the companies in the people behind the products and services they buy, and they do about the products and services themselves. So what that means to you, if you're a marketer or if you are a corporate strategist of any kind, is that suddenly how you engage the market place is going to need to change quite a bit. The big recognition that you have,...

...or that I've seen from companies as they embrace this reality or or shrink from it, is that they either approach it with a sense of fear reputation risk, or they approach it with a sense of greed. Wow, this is an opportunity to grow a little bit faster, and that's what I want to talk to you about today. I love it and so so, Anthony, let's dive into that. You know, talking about how the impact of what would change after the financial crisis. Of You, as we're talking about it offline, you mentioned that there are two specific things that impact bb growth as it relates to a corporation's reputation. You said it was risk and greed. Can you talk to us about both of those things? We absolutely when you think about where this comes from originally, it's grounded in social science. So if you look at the science of reputation behind it, is the science of relationships between people. People don't really have relationships with products, no matter what...

...brand marketers would like to tell you. They have relationships with people in groups of people. So companies are closer to groups of people than products are. That's really what they are. Companies a group of people working on the same effort towards the towards the direction that people can relate to. So typically, if you think about traditional consumer package goods, the companies behind them have hidden themselves. So reality number one is that's a huge reputation risk if your proctor and gamble, for example, you're the invisible hundred and fifty year old company behind tied and crest and product brands that are that dominate the world. So if suddenly people are curious as to WHO's the company behind these products they've been buying all along and, oh, by the way, they've seen these new market entrants that are leading with their company or their cs our proposition and your procturing gamble, that is a major risk and you don't know what to do about it because suddenly have to figure out how to tell your story. Now. If, on the other hand, so that the second point to yours, if you are a company that has a great story that you've always led with, led with, if your seventh generation, for example, or method...

...or something like that, in that competing in the laundrey isle against proctor and Gamble, you were born as a company in this new reputation economy and it's natural for you to talk about who you are as a company and what you stand for. So you're looking for new tools, new ways to tell that story and build on lead you may already have against proctoring gamble or, at a minimum, chip away at their market share God. And so how for the BTB companies, you know, for the all a lot of be tob marketers listening to this. I'd love to kind of dive deeper into the into the green side of that, into kind of owning embracing your story and kind of leading with that. What would be the advice that you would give as it relates to that idea, anthony, to the B to be brands that are tuning in? What's been great for me is I've as I've had the opportunity to work across a lot of big companies, both be tocn be to be. Is that the be to be executives that I've talked to tend to get this. This is already the be to be re reality. It's not...

...news for you. In fact, if you look at the science underneath it, if you look at be to be customers, they cared more about the companies behind the products they were buying years before consumers did. It was already when I look at it from a proportion standpoint, if you just take two sets of perceptions, perceptions of products and be to be in perceptions of the companies behind them and their relative importance when it comes to say net promoter score or purchasing behavior the company. Set of perceptions is who we are. Set of perceptions in be to be on average accounts for about eighty percent of those behaviors if you're looking at what explains what. So when you talk to a be to be leader, they get it. They're not this is not news to them. It doesn't rock their world like it does a strategist to proctor and gamble. But at the same time, these these old disciplines of brand marketing that really said, hey, we need to put a new brand behind every product we launch. Everything has to have a great product story and when you go talk to your custom and rich, talk up these products and use these new sales materials about the products, be to be salespeople, even though...

...they're instincts have told them that they need to tell a broader story, not just about the product but also about the company. They've been told to talk about the product exclusively for many years now, and retraining them, helping them figure out a new script for how to pitch in the market place, is a huge opportunity and it's actually a lot of fun when you get into that. And so tell me a little bit more about how your kind of coming alongside be tob companies, how you and you and your team are coming alongside bed be company. So you're helping them kind of craft these scripts. And what other things are you guys doing to help them get further along this path of really communicating their story and be less having less emphasis around the product itself? Well, I'll tell you a quick a quick story. I think they might illustrate the answer better than than me talking up our services. I was working with a major be to be to see company, really a healthcare device...

...and pharmaceutical company. So their business is B tob sales people who call on physicians. Essentially, they had been like I just described, talking about the new and latest products that their organization had developed for years. That was what sales looked like. You ran around, you gave samples to the doctors and you talked about the latest features and benefits of the products. And they were successful company, competing head to head with other big successful companies in the world's largest pharmaceutical market here in the United States. I had done some work for the corporate folks, the Corporate Communications and corporate branding folks in the organization that researched physicians and looked at what they thought about and really analyzed what drove their prescribing behavior. And so this research had been around the Organization for actually better the better part of a year. So it wasn't it wasn't like it was new news. But the sales organization looked at and said, you know, this is contradictory to what all the product marketing people are telling us and we've got so many new product initiatives we don't even want to have this insight presented...

...at our sales meeting. Oh Wow. So I said to them that's crazy. You know what, why wouldn't you want at least share this with what? You've got too much on our plate, we can't do it. But of course what they were looking at was a hundred and fifty pages of research and really a lot of that said reputation all over it. And I'll give you a secret, JAMES BE TOB salespeople don't really care about reputation. That's an abstract concept, that's a personal one to them, but when it comes to corporate reputation they've got bigger fish to FRY. So when I was when I got that pushback, I said, Hey, listen, this is predictive analytics that we put together for you here. That says, you know what, if you talked about the company a little bit, when you can give with physicians, they would write more prescriptions in your favor and you would build market share. So the people running this sales meeting said that's kind of interesting and it's certainly more interesting than what we saw at this one hundred fifty pages of research. So what we don't really believe you. It sounds is good, but we don't believe it. And I said, Hey, you guys are a science company. Why don't you test it out? Don't change everything...

...you do in your sales meeting, don't don't retrain all of your sales reps today, but why don't you go train a few of them in one of your markets and do it just like you would a science experiment. I have a control do a test and see what happens. So they did and at the same time during the test, which made me a little nervous, their biggest competitor launched a new, absolutely amazing product. So they lost market share all over the country except for one market, the market where they tested the new script. That incorporated storytelling about the company. So it's just it's phenomenal when you see, when you start to see it in real life. salespeople are are show me people. Be To be is a show me world. So once we're able to show them actual results, it was off to the races and they've been destroying a competition ever since. I love it, Anthony. This has been incredible. Is there? Is there anything else before I let you go today that you think would be valuable for our listeners to understand as it relates to reputation, tying back to growth in a be to be...

...context? I think billy on my story there. I think this idea that the world has changed is an uncomfortable one. It's much more comfortable to just go with a tried and true and there's a lot of a lot of fear associated with changing a growth strategy. But if you're in a be to be organization where you have these close relationships with your customers already, you're not two layers away as a consumer product marketer is, then talk to them and do it in a sophisticated way and use a little bit of that analysis that comes out of that to try something new and try it. You can experiment, and that's I think the lesson that we can take from that pharmaceutical company is that I'm you can experiment and I think that can happen really, really fast. So try it out, prove it in a pilot before you try and change the way you do thin because of organization. Awesome, Anthony. If there's somebody listening to this, they want to stay connected with you, they want to learn more about reputation economy advisors. What's the best way for them...

...to go about doing that? Just stopped by our website, which we've tried to keep simple. It's our EPECN REP ECON DOTCO, notcom, because someone stole that from us. So REPICON DOT CO and love to tnue conversation on twitter, Linkedin as well under my name. Awesome. Thank you so much, Anthony. This has been fantastic, so I really appreciate your time. Thank you, James. appreciated. If you've been getting valued from this podcast, you can help us reach more people by reviewing the show on itunes. Here's how you can leave a review in less than a minute. Open your podcast APP and tap the search icon in the bottom right corner. TYPE IN B toob growth. Then select our show. Once you're there, tap the reviews tab and tell us what you think of the show. These reviews help us out of time. Thank you so much for listening, until next time.

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