Amid the current financial crisis many are pointing fingers and immediately contemplating the idea of cutting costs. There seems to be a strong emphasis on cutting marketing expenditures during trying economic times. But, that is the last thing a business should do.
Currently financial services companies are - or should be - aggressively communicating with customers. Still, one must not simply focus on the customers. In a financial crisis everyone is a primary stakeholder. Companies must effectively communicate with employees, shareholders, media representatives, vendors, and the community in which it operates.
During times of economic uncertainty efficient public relations is essential. Opening and maintaining two-way communication can be a primary recipe for success. A recent article in PRWeek emphasises the need for financial services companies in good standing to communicate with the media and consumers about their competitive advantages.
Consumers and shareholders are wondering what is going on. It is the company's job to tell them. When the lines of communication are open and practiced with strategic and long-term objectives, companies can survive a shaky economic situation. CEOs should be embracing media attention and using this opportunity to directly and openly speak to stakeholders.
Interviews and other media placement in financial publications should be not only welcomed, but sought after. Appearing in Portfolio or Forbes to get your message out is a positive action. There are many strategies and tactics that could and should be implemented in this crisis that will benefit the company and its consumers.
When a company decides to cut back on public relations and other marketing efforts, it is essentially giving up. There is no greater need for effective communications and brand awareness than in a time of economic crisis or uncertainty. Once you realize that you will benefit tremendously.