Why media training should be a leader’s secret weapon

In 1991 Britain was gripped by a deep recession, primarily caused by high-interest rates, falling house prices, and an overvalued exchange rate. Despite the challenging economic conditions that had followed excesses of the 1980s economic boom, a family-owned chain of jewellery shops had been transformed into an international runaway success story.

It all came tumbling down

However, on 23 April at a swish Institute of Directors lunch at London’s Albert Hall it all came crashing down. In front of 6,000 leading lights of British business, it took Gerald Ratner just a few sentences self-sabotage his global empire of 2,500 stores he nurtured over the previous seven years.

During his speech he explained the secret to his success.

“People say to me, ‘how can you sell this for such a low price?’ And I say, because it’s total crap.” He wasn’t done there. He moved on to the quality of the earrings his shops sold.

“People say that’s cheaper than a prawn sandwich from Marks & Spencer. But I have to say the sandwich will probably last longer than the earrings.

The next day the Daily Mirror splash screamed “YOU 22-CARAT MUGS”, “I sell crap says jewels king Ratner.”

Decades to build a reputation and just minutes to ruin it

In 47 words he’d razed everything to the ground. A rescue strategy was rolled out that included Paul Gascoigne featuring in glossy adverts, but it was too late, the damage was done. The modern equivalent of £800million was wiped off the value of his company in days.

Ratner ended up sacked from his own company and “spent seven years watching Countdown from his bed”. Fast forward three decades and as the poster boy for self-inflicted PR disasters Ratner was asked to comment on the Nigel Farage bank account spat with exclusive wealth managers Coutts.

“If I had £100 for every time I’ve seen people say some corporate decision is a ‘Gerald Ratner moment’,” the former jeweller said, “I could open a Coutts account.”

Understanding a changing media landscape

We now live a world away from the media environment that brought Ratner’s empire crashing down. Mobile phones weren’t so mobile, they certainly didn’t have HD cameras, and social media was years away from even reaching Friends Reunited. Remember it?

Reputation is a result of what you say and do

Organisations are now being forced to exist in a transparent age where the focus is on what you do, and not just what you say you do. Judgement is instant and marketable value is inextricably bound to your reputation. Media training in the past was about preparing CEO’s and organisational leaders to front up in front of the TV cameras or written press.

Media training can help prepare people across the business

Now it is about much more than that and should be considered for a far wider group of people in any business.

The success of an organisation is built on building and maintaining a consistent and credible reputation. Everyone has a part to play in that and by understanding the media, how it works, wants and needs, pitfalls can be avoided, and every opportunity can be made the most of.

Our training sessions are bespoke and designed to ensure participants understand what the media want, need, and most importantly how to promote and protect their organisation. There are far more ways “to do a Ratner” than ever before, but there are also more opportunities to use knowledge of the media to be of benefit than ever before.

Get in touch and we will help you learn how everyone in your organisation can tell its story.

Graham McKendry.

Media strategist.

Send us an email or give us a call on 01412210707

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