Far too many in the corporate world see media relations as a luxury, something you only need when something goes wrong.
The reality could not be further from the truth. Being appropriately prepared for any positive or negative media coverage is imperative to not only building corporate image, but also protecting it.
Not only is your message key in your response, but you must also ensure your corporation’s spokespeople are ready to be in front of a camera at a moment’s notice.
Unfortunately for those who are unprepared, or underprepared, it can go very wrong, very quickly.
In an age where there is an acute appetite for public blunders, no one is safe. One prominent Australian CEO just found that out the hard way.
In just 24 hours, Woolworths CEO Brad Banducci has gone from a little known head of a supermarket chain, to viral and for all the wrong reasons.
His damaging interview on ABC’s Four Corners program on Monday night has already received 1.8 million views on ABC’s X platform following a heated dispute around supermarket price gouging.
When asked to comment on observations made by Rod Simms, the former head of the Australian Competition and Consumer Commission (ACCC), Mr Banducci, visibly frustrated, asked the reporter to “take out” his sharp reply. When he was informed his comments were on the record, the interview descended into rapid fire looks to his PR team and leaving the chair.
This is what happened when Four Corners asked Woolworths CEO Brad Banducci about the lack of competition in the Australian grocery market.
Watch the #4Corners documentary tonight: https://t.co/dDRYGLaw2i pic.twitter.com/bsrJD9IETB
— ABC News (@abcnews) February 19, 2024
Appointed managing director and CEO of the Woolworths Group in February 2016, the escalating coverage criticising his behaviour has now resulted in customers questioning if he is fit for his job.
As with any skill, the less you do of it, the more rusty you are. Training in anything is needed to stay sharp, especially in a role where external scrutiny is high.
While it is only a few seconds of footage, mentions of Woolworths Supermarkets online in Australia spiked to 324% above the previous week average, with 979 Australian media mentions in the space of 48 hours.
Through this poor interview experience, an already bad news cycle has been extrapolated across a longer timeline, with more and more people coming across the story through media platforms.
This interview does little to refute the allegation that Woolworths executives are out of touch, temperamental and most importantly, unable to keep their cool when faced with the opportunity to strategically communicate with media.
While there was likely to be negative media reporting even with the greatest of interviews, a poor performance such as this turned a bad one day story, into a much more drawn out affair.
An interview going sideways can leave the company’s stock price reeling and the CEO involuntarily seeking new career opportunities.
Banducci’s horror show interview was reminiscent of a notorious medtech live interview in 2016 with then Mylan CEO Heather Bresch explaining the recent price hike of its EpiPen – a increase of 600% over 9 years. Whilst Bresch’s explanation of the many factors that influence pricing, many of which the company has little control over, was sound, the message did not land.
“No one is more outraged than me” was a soundbite that rang hollow with parents worried about how they would be able to pay for a crucial medicine. Mylan’s stock sold off sharply after the interview and Bresch’s performance was referred back to incessantly until she left the company in 2020. Extracts of the interview can be viewed below.
Of course most media interviews with senior executives do not go south as badly as these examples, but done brilliantly versus done ok, can mean the difference between interest and excitement is a company’s innovative portfolio, or it being met with a shoulder shrug. Given the transformative opportunity that life changing medical technology offers to patients, physicians, and policymakers alike, it is beholden on company leaders to ensure that their message cuts through and secures the attention its cause deserves.
Media training is vital to keeping public-facing members of your corporation up to speed and more importantly, exercises a breadth of leadership that far outweighs conventional communication channels. When sharpened, it is an invaluable, sustainable tool.
Journalists are paid to get a story, and Mr Banducci found out its bad enough when your company is in the spotlight, it’s worse if you are.
London Agency offers media training services for medical technology companies – more details are available here.
EDITOR’S NOTE: After publication of this piece, Mr Banducci announced his intention to retire in September, 2024.
