코닥(Kodak)의 PR적 교훈
세계에서 가장 강력한 브랜드를 꼽으라면 대부분 코카콜라나 코닥을 꼽습니다. 아프리카 오지에 가도 허름한 가게에 걸려있는 녹슨 노란색 코닥 필름 간판을 볼수있습니다. 특히 그 노란 코닥의 색깔은 엄청난 브랜드 가치를 지니고 있다고 많은 브랜드 전문가들이 수치적인 측정을 하곤하지요.
오늘의 주제는 그 유명한 코닥입니다. 코닥의 PR대행은 세계적 대행사 Sandwick이 담당하곤 합니다. 코닥은 얼마전에 회사의 생사를 건 기로에 서있었습니다. 주종품목인 필름의 세계 마켓쉐어가 하락일로에 있었고, 여러 경쟁사(일본의 후지, 유럽의 아그파..)들이 가격 경쟁을 시작하면서 덩치 큰 코닥을 공략하기 시작 했습니다.
참고로 공룡의 멸망 이유로 제기되는 가장 그럴듯한 설명중의 하나가 너무나 커버린 그들의 몸집때문이라는 이야기가 있습니다. 몸집이 커지면 더 많은 식량을 섭취해야 자신의 몸집을 유지할수 있습니다. 기업도 마찮가지로 거대하게 커진 몸집은 엄청난 Cost와 업무상의 Speed를 떨어뜨리게 되지요. 생상성과 효율성도 함께 잠수를 하게되면.. 결국은 시장이라는 밀림에서 다른 날렵한 하이에나들에게 먹히고 마는 겁니다.
코닥도 꼭 그와 같은 경로를 따르고 있었습니다. 조직적으로 방대해진 군살을 제거하고, 필름이라는 사업적 포커스를 디지탈 이미징 사업으로 바꾸는 일을 죠지 피셔라는 멋진 CEO가 해낸겁니다. 보통 Corporate Turnaround라고 불리는 이런 기사회생이 더욱 그 결실을 보기 위해서는 적극적인 PR적 지원이 필요합니다. 회사혼자만 살아 나면 뭐합니까, 회사 주변의 공중들이 그 기업은 이미 죽었을껄 하고 생각하면 끝이지.
조금 시끄럽다 생각 될때까지 “내가 이러이러하게 죽을 뻔 했는데 우리 왕초가 과감하게 힘을 좀 써서 이제 우리는 다시 살았고 쌀밥먹고 잘 살거다, 그리고 더 잘살기 위해 이것 저것 할꺼다”하는 자랑이 곧 Corporate Turnaround를 지원하는 PR의 역할과 임무입니다.
당시 미국의 많은 매체들은 코닥의 회생을 그리고 CEO 죠지의 카리스마를 찬양하고 엄청나게 떠들어 댔습니다. 많은 MBA 전략경영 클래스들에서도 자주 회자가 되었었고, 가끔 코닥의 회생을 주제로 팀프로젝트 케이스 스터디를 하는 모습들도 보였습니다. 하지만 (매체들이 떠들던) 그당시에는 코닥에게 실제로 더 많은 돈이 벌린다거나 하는 실질적인 변화는 별로 없었던게 사실 입니다. 이 모든 사회적 “호들갑”들은 잘 수립된 PR전략들과 그 전문적 수행에서 비롯된 사회 공중들이 갖는 “Perception”이었을 뿐입니다. 새로움=성공=코닥 이라는 인식적 연결을 형성하는데 성공했던거지요.
PR적인 지원과 그 운영에는 아무 문제가 없고 이렇게 영광스럽게””도 우리나라의 KPRA에서 한 사례로 게시될 만큼 괜찮은 프로젝트였습니다.
그러나, 얼마전 CEO죠지는 물러나고 말았습니다. 코닥이라는 회사도 다시 빛이 바래가고 있습니다. 그 회사의 문제는 사업적 발전 전략 자체가 잘못 되어있다는 것을 많은 경영 전문가들이 지적하고 있습니다. 디지탈 이미징이 코닥의 지난 가장 큰 실패사례 중의 하나였던 폴라로이드 (즉석 카메라) 사업의 재판이 된다면 이는 우리가 더이상 노란색 코닥 박스를 구경할수 없을찌도 모른다는 두렴움을 낳기에 충분할것입니다.
어쨋든, 세상의 필름이 녹색(후지필름)이 되던 노란색이 되던 우리가 지금 공부할것은 코닥의 기업회생을 지원하기 위한 PR팀의 눈물어린 모습과 그 과학성(일년에 두번씩하는 세계 대상 업무 만족, 기업 전략 확신 서베이..)입니다.
또한 큰 교훈하나 : “PR은 구리를 황금으로 만드는 연금술이 아니다”
PR팀이 아무리 뛰어도 기업이나, 사업 전략, 경영주 개인등이 부실하면 아무것도 이룰수 없다라는 교훈입니다.
가장 큰 최근의 예)) PI, IR, Issue Management등이 어우러져 우리나라 홍보사례의 큰 이정표를 남길뻔 했던 “현대증권 과 이익치” 케이스. 일단 잡혀 들어가면 PR팀의 노력과 신뢰는 무었이 됩니까. 모두 땡이지요. Crisis Management요? 이건 CM으로 해결될 문제가 아닙니다. 대증 완화는 되겠지요. 이런 신뢰의 타이타닉 현상 속에서 우리의 홍보문화도 지하실에 갖쳐 같이 물을 먹습니다.
한번 감상하시죠, 코닥의 한 때를…
“홍보!”
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Creating Confidence in a Corporate Turnaround
Eastman Kodak Company with Shandwick
OVERVIEW
“Can George Fisher Fix Kodak?” asked the Oct. 20, 1997, cover story of Business Week. By that fall, Eastman Kodak Company’s much heralded turnaround was facing grave challenges. Mounting losses from investments in digital imaging, share losses to aggressive competition, and the adverse impact of foreign currency exchange, triggered a dramatic fall-off in revenue and earnings growth, sending shock waves through the company’s many publics – customers, employees, the news media, the investment community, plant communities and elected officials.
Since arriving at Kodak at the end of 1993, CEO George Fisher, along with President Dan Carp, had effected what most thought was a remarkable turnaround. But the tide changed dramatically in 1997, prompting pundits to question their ability to lead the company. Management had to take bold steps to deal with the problem, long-term action that could take as much as two years.
Corporate management does its best work in an environment of trust. If employees, customers, investors, communities and others have the trust, strong management can accomplish almost anything. But building this confidence can be difficult, particularly in today’s environment of skepticism. This program is about winning that support for this critically important corporate transformation at Kodak.
RESEARCH
Company research measured the impact of the situation on Kodak’s reputation. The research objective was to understand the challenges facing Kodak in creating an effective turnaround. Two parts of the research program were helpful in identifying attitudes and developing the public relations strategy:
Part 1, Where we stood: By late 1997, public perception of the company fell on virtually all attributes measured in a semi-annual public opinion survey, particularly those relating to financial health and management of the business. The company surveys thousands of employees worldwide twice a year to track a variety of job satisfaction measures, including confidence in management. There were sharp declines in all attributes measured. CARMA International evaluated fourth quarter 1997 news coverage of Kodak, finding it 63% unfavorable and 28% favorable.
Part 2, What we needed to do: A third party audit of key media covering the company found that most reporters felt Kodak needed to be more forthcoming in its dealings with the media. An investor perception study uncovered loss of management credibility, dissatisfaction with the company’s disclosure of information, and a lack of confidence in the restructuring efforts. Press coverage and investor commentary were ugly, as many questioned management’s ability to deal with the company’s problems. This research guided the company in developing its communications strategy.
PLANNING
The following three elements of the business plan would be hard on everyone in the company and would require a substantial amount of attention for success: (1) Remove at least $1 billion from the company’s cost structure through asset sales, portfolio reductions, divestitures, and the reduction of 20,000 jobs from a worldwide workforce of 101,000. (2) Use the savings to fund growth and strengthen the company’s competitive position. (3) Narrowly focus digital imaging, seeking alliance partners and joint ventures.
Kodak’s Communications & Public Affairs department (C&PA) conceived and implemented a bold plan to communicate to customers, employees, the media, investors, communities – essentially all publics – the tough but necessary steps the company must take to improve its performance and achieve a lasting turnaround. Creation of an effective public relations strategy was critical to management’s plan and C&PA had a seat at the table with management from the beginning. C&PA worked with Kodak Investor Relations and its public relations agency, Shandwick, to develop and implement the plan. Based on the research conducted in 1997, C&PA identified the following objective to guide its work in 1998:
Restoration of internal and external confidence in management’s ability to accomplish a turnaround in the company’s performance.
To meet this objective, C&PA developed a strategy (called “Rolling Thunder”) to build wide support for management’s turnaround initiatives. The two-phase strategy was to deal with the difficult news in 1997 and communicate a positive future direction in 1998 and beyond. A wide range of public relations tools were planned, as noted in this binder. An overriding principle was to inform employees first, while respecting the rules of materiality. The key message: By removing $1 billion from its cost structure, Kodak could strengthen its competitive position, fund its business initiatives, and restore earnings growth.
Kodak spent approximately $965,000 to implement “Rolling Thunder” during 1998. 10% went to planning, 10% to research & evaluation, and the balance on public relations activities.
EXECUTION
Kodak seized every opportunity to reach its key publics. Announcement of the turnaround plan, including job reductions and other tough steps associated with restructuring, largely were dealt with during the last four months of 1997. Throughout 1998 and into 1999, C&PA focused on communicating a positive future direction to all publics.
In late 1997, Fisher, Carp and others communicated regularly to employees with letters, intranet communications, and videos to explain the company’s actions. External communications consisted of news releases and interviews with key media, leading to a major meeting with investors and the news media on Nov. 11, 1997 to outline the turnaround strategy. This was followed by the Dec. 18, 1997 announcement of a restructuring charge. In 1998, the company used:
a series of major news events, ranging from press conferences, to the company’s growth strategy in China, and strategic alliances with AOL and Intel to refocus the digital strategy, to reach customers;
management letters, the company newspaper (including a special strategy supplement, “Our Business is Pictures”), the intranet, and face-to-face “town meetings” to reach employees;
an intensive media relations program to keep the press up to date;
three major meetings in the US and Europe to keep investors informed;
and meetings with community leaders and elected officials in Albany (the state capitol), Rochester, NY (Kodak’s headquarters city) and Washington, DC.
EVALUATION
Based on research conducted in late 1998 and early 1999, the program was a resounding success, largely achieving Kodak’s objective. The research showed:
Customers: The company gained consumer film share in the US for the first time in more than a decade. New professional films regained ground lost to competition. Based on test markets, customer acceptance of the new digital products exceeded expectations.
Public: Perception improved from 3 to 6 points on key attributes in the tracking study.
Employees: An internal survey found an 8-point improvement in overall satisfaction and a 5 point improvement in management credibility.
Media: An independent research organization found that the favorability rating literally reversed, moving from about 60% negative in 1997 to 60% positive in 1998.
Investors: A perception study found that over 75% of investors now view Kodak’s strategy as appropriate and they were more pleased with access to management and disclosure.
Community: 75% of community leaders gave Kodak the highest rankings in a survey, saying they understood the company’s strategy and appreciated its commitment to the community.
Barron’s wrote “at last, this company is clicking” in a cover story on Aug. 24. Forbes titled its look at Kodak “Vindication,” writing that Fisher has “definitely turned this supertanker around” on Sept. 7. CNN’s NewsStand, co-produced with Fortune, broadcast an upbeat Kodak segment in October. US News & World Report reversed its negative stance on the company with two positive articles, one on China in July and a corporate profile in November, 1998 writing “Kodak CEO Fisher Mounts a Comeback.” Business Week altered its gloomy stance on July 27, writing “At last, a Bright Kodak Moment.”