Earned Media, Supporting Friends’ Businesses, & More 5-7-25 - Becker Private Equity & Business Podcast

Summary

Becker Private Equity & Business Podcast: Episode Summary
Episode Title: Earned Media, Supporting Friends’ Businesses, & More
Host: Scott Becker
Release Date: May 7, 2025

Introduction

In the May 7th episode of the Becker Private Equity & Business Podcast, host Scott Becker delves into the nuanced relationship between businesses and their personal networks. The episode, titled "Earned Media, Supporting Friends’ Businesses, & More," explores how entrepreneurs and professionals can ethically and effectively support friends and connections within their business ventures without compromising professional integrity or relationships.

Understanding Earned Media

Earned media forms a central theme in this episode. Scott begins by demystifying the concept, humorously noting, “Earned media is a phrase I don't know,” yet acknowledging its existence in the business landscape.

Definition & Importance: Earned media refers to publicity gained through efforts other than paid advertising, such as word-of-mouth, customer reviews, and organic mentions in the media. It is considered more credible than paid media because it is perceived as a genuine endorsement from third parties.
Qualifying Earned Media: Scott emphasizes that earned media typically goes to those who either invest significantly in the company or exhibit unique qualities that make them stand out. He states, “Earned media goes to people that either spend a lot of money with the company, with the media outlet, or that are so special and different that the media outlet is honored to have them on” ([01:25]).
Strategic Positioning: For individuals aspiring to earn media attention, Scott advises patience. He suggests waiting for media outlets to recognize and highlight one's unique value, rather than proactively seeking free publicity. “If you think you are that kind of person, then think you are that kind of person,” he remarks ([02:10]), encouraging self-confidence and genuine value creation.

Supporting Friends’ Businesses Ethically

Transitioning from media strategies, Scott addresses the delicate balance of supporting friends within a business context. He underscores the importance of maintaining professionalism and respect in such relationships.

Avoiding Favoritism: Scott advises against leveraging personal relationships to obtain discounts or free services. “If you have a friend who's in business... pay full price. Don’t ask for a discount or free stuff,” he asserts ([02:50]). This approach ensures that friendships are not strained by business dealings and that businesses are supported fairly.
Alternative Support Methods: For those unable or unwilling to financially support a friend's business directly, Scott suggests alternative methods of support. These include positive endorsements and referrals. “If you don’t want to spend the money to show up at your friend's place of business but still want to support them, then you say positive things to other people,” he recommends ([03:10]).
Maintaining Boundaries: Scott highlights the importance of not exploiting personal relationships for business gains. He shares personal experiences, such as refraining from asking his landscape business-owning friend for discounts, reinforcing the principle of maintaining professional boundaries ([03:30]).
Respecting Professional Roles: He also touches on the dynamics of asking favors within a professional network, specifically mentioning his podcast production team. Scott notes, “It might feel compelled because we do enough business with them, but it'd be awfully awful for me to ask that question or ask them to do it” ([03:40]), emphasizing respect for professional roles and responsibilities.

Practical Advice for Business Interactions

Throughout the episode, Scott provides actionable insights for listeners looking to navigate business relationships within their personal networks effectively.

Show Genuine Support: Whether choosing to be a customer who pays full price or supporting indirectly through referrals, the key is to demonstrate genuine support without expecting reciprocation.
Focus on Value and Respect: By treating friends’ businesses with the same respect and financial integrity as any other business, professionals can foster strong, lasting relationships that are beneficial both personally and professionally.
Wait for Recognition: Instead of seeking immediate earned media, focus on building value and allow media recognition to follow naturally, ensuring that any earned attention is well-deserved and sustainable.

Notable Quotes

On Earned Media:
“Earned media goes to people that either spend a lot of money with the company, with the media outlet, or that are so special and different that the media outlet is honored to have them on.” ([01:25])
On Supporting Friends' Businesses:
“If you have a friend who's in business, either don’t do business with them or pay full price. And don't ask for free stuff.” ([02:50])
On Media Recognition:
“If you think you are that kind of person, then think you are that kind of person.” ([02:10])

Conclusion

In this insightful episode, Scott Becker masterfully intertwines the concepts of earned media and ethical support for friends' businesses, providing listeners with a framework to navigate these often delicate areas. By advocating for genuine support, maintaining professional boundaries, and focusing on creating real value, Scott offers practical strategies that can help individuals foster strong business relationships while nurturing personal connections.

Listeners are encouraged to reflect on their own business practices and consider how they can support their network in ways that are both respectful and effective. As always, Scott reiterates the importance of authenticity and integrity in all business endeavors, leaving his audience with valuable takeaways to implement in their professional lives.

Thank you for reading this summary of the Becker Private Equity & Business Podcast. For more insightful discussions on private equity and business, tune in to future episodes with Scott Becker.

Transcript

A (0:00)

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B (0:30)

This is Scott Becker with the Becker Private Equity and Business Podcast. Today's discussion is Earned media and Asking for free stuff. So here's the concept. If you're in the media business or if you're any business, you have connections, friends, colleagues, customers, everybody. And here's my one piece of advice for a friend, a colleague, a connection who wants to do business with a friend's company. If your friend owns a restaurant, you go and you pay full price and you over tip the servers as a way of supporting your friend. You don't go to the restaurant and say to the friend, I want a discount. And then also cheap tip the service staff, the team that's working with you. Rather you do the opposite. When you show up at your friend's place of business, you either overpay or you don't complain. If you don't want to spend the money to show up at your friend's place of business but still want to support them, then you say positive things to other people. You encourage people to use that business. You do that kind of thing. So let me tell you what you what you don't do. You don't ask for free passes to the meeting. You don't ask for free publicity. If the business of the company is providing a media outlet, that's not the concept now of course. Earned media. Earned media, I joke is a phrase I don't know. But the reality is there is earned media. But it goes to people that either spend a lot of money with the company, with the media outlet, or that are so special and different that the media outlet is honored to have them on. Now the thing that I would encourage people to do is when you think about that second category, people that are so honored that the media company so honored to have you on you should wait for the media outlet to point you to you as that kind of person, then think you are that kind of person. So the concept today is orange media, supporting friends, businesses and more in our concept is that if I have a friend who's in business, either don't do business with them or I pay full price. And I don't. And I don't ask for free stuff. One of my best best friends owns a landscape business. The last I'm ever going to do is ask that friend for a discount on the landscaping. If you want to be supportive, you be supportive. If you don't, don't. But support in other ways. You don't have to be a customer your friends. By no means am I suggesting that, but don't ask your friends that run businesses for free stuff. If I tell my podcast production team, hey, I want you to do this free this week, they might feel they're compelled to do it because we do enough business with them. But it'll be awfully awful for me to ask that question or ask them to do it. And that's the concept. I hope this resonates with some people. I know I've not probably not nailed the topic exactly right, but resonates with people. If you're going to do business with friends, support those friends. We're going to do business with companies. Support those companies. Thank you for listening to the Becker Private Equity and Business Podcast.