Hearts & Minds: What the sausage roll slump teaches us about managing the hype

It had to happen eventually but nevertheless when it came, there was shock. The UK’s consumption of Greggs sausage rolls has slowed. For years, the brand was on an upward trajectory, a roll, thanks in large part to the popularity of its meat and pastry snack. Suddenly, that advancement has ceased and analysts and the media are pondering where the firm goes from here. Greggs remains in fine shape and there is little cause for alarm but it does raise the question: you’re in comms and the company is booming; quarter after quarter the results keep on getting better; but how do you prepare for the day when that trajectory flattens?

It's not a new phenomenon. Peloton experienced similar after Covid; Innocent Drinks enjoyed a relentless rise pre-being bought by Coca-Cola; Superdry took the High Street by storm and then didn’t; Tesco smashed all records and was destined to conquer the world, until it wasn’t. This happens.

The job of comms is to not get carried away, to recognise the rainy-day will come and downplay the excitement. Not so simple, when the market is going bananas and everyone is piling aboard. You do not want to be the party-pooper. That would raise alarm bells and questions to be asked. The shorts would circle. No, you wish to focus on trust and longevity, rather than hype. The language you use should be measured and considered - looking ahead, long-term, not breathless and only about the now.

The story you tell should be one of mapping out a lasting business. It’s method, rather than rush; strategy not tactics. You are investing in people and talent, not merely hiring and appointing. Your messaging should move the needle towards quality over quantity. Consolidation is your watchword. Your stakeholders are partners, not temporary, in and out guests.

Avoid superlatives. Some yes, but not too many; let the numbers do the talking while you emphasise planning steady growth and future building. If your take is over-the-top that will be believed and probably even moved up a few notches. When the dip hits, the sense of disappointment, the inevitable crash and the reputational damage, will be worse and unforgiving. You should build in some slack so that when that dip does arrive, you’re covered. What you must dissuade is journalists and critics comparing what you said then with today. Those oh-so sweet descriptions can quickly turn bitter.

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.