What role does communication play in building and managing relationships with stakeholders in Portuguese companies focused on B2B and exports? Ana Raposo (School of Media Studies) and Marta Gonçalves (SayU Consulting) offer some insights.
Communicating with partners is “very important” for 75% of exporting companies, but less than half (49.2%) track and evaluate the return on their communication investments. This conclusion comes from the study “InterComm Report – B2B Communication Trends in Global Businesses” (InterComm), conducted by the School of Media and Communication at the Lisbon Polytechnic Institute and the SayU Consulting – Evoke Network, with support from AICEP Portugal Global.
The study also reveals that just over half of Portuguese B2B exporting companies have a communications department, and not even 60% establishes an annual action plan, although 75% recognize its importance as “High” or “Very High” and 58% plan to increase investment with the goal of strengthening relationships with stakeholders.
In the vast majority of organizations (78.2%), stakeholder relationship management is handled by the sales department, and 46.8% of these work with communications agencies or consulting firms. Less than half (49.2%) monitor and evaluate the return on investment in communications. Nine out of ten organizations (90.3%) have a website, with the majority of communications investment going toward social media (76.6%), followed by participation in trade shows (70.2%), advertising (59.7%), business missions (50.4%), and finally media relations (41.1%).
Ana Raposo, a professor at the School of Media and Communication and Vice President for Strategic Communication at the Lisbon Polytechnic, and Marta Gonçalves, managing partner at SayU Consulting, discuss the role of communication in building and managing stakeholder relationships in Portuguese organizations with a focus on B2B and exports.
The pandemic crisis we have been experiencing over the past year—and its many impacts, which few could have anticipated in their strategic planning—took communication managers and professionals by surprise and forced them to adapt in order to foster resilience and ensure survival in the market. How has the perception of communication with various stakeholders changed? And to what extent does communication play a strategic role in the response that companies must consider?
The pandemic has made it imperative for organizational leadership to review and adopt a planning strategy that ensures business continuity, stability in relationships with customers and other stakeholders, and growth during this unpredictable and unprecedented time. As we have all seen, the way the market operates has changed radically, giving rise to new expectations and aspirations for the future.
Today, the public is paying even closer attention to how brands are positioning themselves and responding to this situation. Listening to, understanding, and addressing their concerns is essential to protecting brand perception and reputation in an environment where the balance is more fragile and volatile.
In the face of this challenge, communications has emerged as a function of growing importance, taking on a new priority within companies“ strategic thinking. Considered the ”voice” of brands, communication—at a time when the relationship between organizations and their stakeholders is taking on even greater importance—serves as an anchor for building trust and navigating the transition to a post-pandemic world.
A Landscape of New Expectations
With the restrictions imposed on the movement of people, building rapport with audiences has become a challenge, as many of the touchpoints for creating opportunities for interaction and building trust seem to have disappeared. Recognizing that corporate communication must be relational, personalized, genuine, and grounded in closeness, companies have had to reinvent themselves by adopting different forms of interaction—ones they were not accustomed to—in order to address new consumer trends and lifestyle habits.
Physical distancing and isolation at home have forced entire segments of consumers to shop differently. The dramatic increase in the adoption of e-commerce and omnichannel services shows no signs of slowing down and has changed the relationship between companies, teams, and the public.
This shift in behavior in response to COVID-19 was also reflected in a decline in brand loyalty. The disruption experienced encouraged experimentation, creating an opening for new solutions to emerge and fostering a greater appreciation for innovation and creativity.
Communication focused on regions and localities is set to become more prevalent. The importance placed on products and services with a “local” label and the attention paid to the surrounding community mean that, today more than ever, proximity is also a factor in people’s choices.
The search for original answers
The findings from the “InterComm Report – B2B Communication Trends in Global Businesses (InterComm),” a study conducted by the School of Media and Communication at the Lisbon Polytechnic Institute and SayU Consulting – Evoke Network, with support from AICEP Portugal
On a global scale, they illustrate how Portuguese companies focused on B2B and international business view communication and integrate this aspect into their overall business strategy.
This was the moment when many companies began to focus on communication and try to figure out what path they could take through it. They then turned to simpler, more immediate tools and actions—such as using a website, social media platforms, or creating a newsletter—and considered how to continue communicating, whether through commercial, technical, or corporate channels.
Although just over half of the companies surveyed have a Communications department and not even 60% establish an annual action plan, 75% rate its importance as “High” or “Very High” and 58% plan to increase investment with the goal of strengthening their relationships with their stakeholders.
The Importance of Strategic Communication
One of the key findings from the responses to this survey is the role attributed to reputation. It emerges as a concept that cuts across the entire organization and is directly related to identity management issues. In an environment of increasing noise, it is up to companies to ensure they stand out by defining and highlighting who they are, what makes them unique, and their history, and by projecting what sets them apart from the competition in the eyes of the public. This is a factor that organizations appear to be becoming increasingly aware of, and one that has earned a place in their planning moving forward.
Companies are expected to comprehensively address internal communication, digital communication, reputation management, media relations, sustainability, and crisis risk communication. It is essential to demonstrate consistency, rhythm, and continuity, relying on a strategic approach, mapping and managing all relevant stakeholders, and reaching them all through these different areas of expertise.
Since long-term planning is no longer an option, managers and professionals in the field must start thinking differently. Even organizations with a robust structure have felt the need to learn, become more flexible, and adapt. This isn’t going to change anytime soon: the importance of strategic vision will remain, but action plans are likely to vary depending on the specific challenges that this “new normal” will bring.