Rosabeth Moss Kanter Urges CEOs to Learn from the Royal Wedding
I'm a longtime fan of Harvard University's Rosabeth Moss Kanter, and she pulls through for me again with her latest HBR blog post titled "Why CEOs Should Watch the Royal Wedding."
I had wondered how I could put a business spin on England's bigger-than-the-2012-Olympics event tomorrow, but I've also been thinking more about yesterday's sessions at the MM&C conference. Now Kanter has shown me the way.
In case you're unclear, we're talking about the ballyhooed nuptials of England's Prince William to Kate Middleton, which may manage to pull our ally out of its economic slump by the sheer scale of the event's marketplace of commemorative plates, mugs, apparel, towels, and everything else imaginable.
Kanter calls the global uproar--an estimated 2 billion people are expected to watch--"one more example of the coming of the experience economy, in which people pay for the chance to participate at particular times (Farmville, anyone?), and expenditures on goods and services come in bundles tied to particular events."
Specifically, she identifies three "strategic insights" more relevant to CEOs than the color of the Queen's hat, and here I paraphrase and urge you to read her full explanations:
First, the selling of so-called "soft stuff"--happiness, unity, shared experience, ritual, meaning, and tradition--can touch customers and members in a way that brings them running with their wallets open. "The joy factor ... is a better business theme to emphasize than the fear factor," Kanter notes.
Second, take the experience and share it on many levels, using many media methods and tying it to causes that matter to your customers. In other words, excel at brand management. While most news outlets have joined in the ruckus and are broadcasting the event live worldwide, Kanter points out that even the usually reserved royal PR propers are working Web 2.0 tools with vigor.
Panicked that you forgot to send the couple a "prezzie?" No worries. These "modern royals" are into cause as much as many other we've-already-got-what-we-need-thanks couples today--they're urging well-wishers to donate to a charity in their honor in lieu of gifts.
Third, be aware that not all attention to your events is necessarily good. Here, Kanter warns that big do's "focus attention not only on the message but on the cost of getting out the message, which can undercut the message."
I can see that's true. With an unverifiable but widely estimated pricetag of around $30 million, the Kate-and-William wedding did prompt my British in-laws to make a passing remark about the number of poor people who could be fed and clothed for that amount. And who among associations hasn't heard the occasional complaint that a nonprofit event shouldn't be so showy or expensive (as defined in their terms, anyway)?
As we've examined the latest trends and skills needed to rock the marketing and communications worlds this week during the MM&C conference, we've seen loads of good and bad examples from the association community and the corporate world.
And to me, the lesson that still reigns supreme--whether promoting a worldwide event or evoking genuine emotions and actions through good storytelling--is that content remains king.
Kanter doesn't say that straight out, but "soft" or "hard," stripped to bullet points or gussied up for a global showcase, tailor-made content is the core value to our customers and members.
I'll try to remember that while eating scones and sipping tea from the commemorative cup sent by my mother-in-law while I watch a 5 a.m. pre-wedding show likely focused on Kate's possible dress designer and the royal glass carriage.