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Many Financial Services Firms Flunk PR
By Ken Makovsky, Makovsky & Company
While more than 77% financial industry professionals feel their company's reputation will improve this year, many challenges remain, according to a survey of 150 communications and marketing executives at leading financial institutions, commissioned by Makovsky + Company, and undertaken by Echo Research.
I noted with interest that 74% of those we polled believe that increased regulations of the financial services industry will help their firms improve reputations and trust with customers faster.
This suggests that reputations will improve due to external forces (in the form of increased regulation) as opposed to initiatives undertaken by the industry itself and its participants to bolster their reputations. Should a company's reputation be left to outside forces?
Read more...
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Apologize, Deny, Justify or Excuse?
By Linda Locke, Reputare Consulting
A crisis response that's good for the CEO may not be good for the corporation.
"When Things Go Wrong: Account Strategy Following a Corporate Crisis Event" by E. Deanne Brocato, Robert A. Peterson and Victoria L. Crittenden examines the impact of crisis-response strategy on stakeholder perceptions. The authors note that the CEO is typically seen as the most credible source of information in a crisis but not the most objective. An apology mitigates negative impressions of the CEO and helps that person build trust (but perhaps not trust in the corporation). Denial is most likely to mitigate negativity for the corporation. Practitioners can use this research in conjunction with a program that measures stakeholder perceptions and sentiment to frame a crisis response strategy that may bring about a better outcome. Read more...
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"Communications Lessons of the 2012 Campaign: Why __________ Won"
Mark Penn is Worldwide CEO of Burson-Marsteller and CEO of Penn Schoen Berland. He served as President Clinton's White House pollster for six years and a key adviser in his 1996 reelection. Karen Hughes is Worldwide Vice Chairman of Burson-Marsteller, with more than 30 years of public policy, communications and political experience. Hughes served as counselor to President George W. Bush. Tickets to the November 8th event are $500 per person or $5,000 for a table of ten. The Lecture will be held at the Yale Club in New York City. |
