Comments on: PR Completely Overshadows Ads as Financial Crisis Lingers

By: The Financial Brand » Blog Archive » More proof that PR overpowers financial ads

Fri, 20 Mar 2009 20:49:17 +0000

[...] People have always responded to ads with skepticism and incredulity. Common sense should tell you that — right now — ads from financial insitutions are lacking in credibilty as much as they ever have. [...]

By: John Ryan | Blog » Blog Archive » Getting the message out…and “in”

Fri, 20 Mar 2009 16:51:37 +0000

[...] Pilcher at The Financial Brand has a brilliant post, “PR now completely overshadows ads in financial crisis,” which is highly recommend. It focuses on the need for big banks to avoid the temptation to [...]

By: Editor

Editor — Mon, 16 Mar 2009 16:25:38 +0000

General Motors thinks it needs a major ad campaign to clean up its image. Do you think it will work? What if they took the $20 million it would cost to produce and air a national campaign and either (A) worked on PR, (B) worked on improving their cars/operations, (C) innovating, and/or (D) all the above?

By: Editor

Editor — Mon, 16 Mar 2009 14:38:11 +0000

UPDATE: Here is an excellent research-based article that just came out this morning on the subject.
Financial-Services Communications Insight Revealed in New Survey: Managing Credibility, Crises Cited as Biggest Challenges

The biggest communications challenges for financial services firms in the next six months are:
* Overcoming a credibility gap with their constituencies (66%)
* Managing crises (57%)
* Responding to regulatory changes (50%)

Financial services companies have an opportunity to rebuild trust and differentiate themselves by being:
* Financially sound (71%)
* Honest and credible (69%)
* Having their customers’ interests in mind (58%)

Financial services reporters say their biggest challenges are:
* Getting financial services firms to communicate in a downturn (48%)
* Finding the time and resources to cover the news (47%)
* Knowing who to believe (39%)

Financial reporters say the most common mistakes by financial firms that lead to negative media coverage include:
* Failure to communicate newsworthy developments promptly and honestly (79%)
* Not responding to calls or e-mails seeking commentary (76%)
* Evasive responses (70%)

When communicating during a crisis, the most common mistakes made by financial services firms include:
* Lack of communication (86%)
* Not providing access to senior leadership (61%)
* Incorrect or dishonest communications (60%).

In crisis communications, financial reporters say it is most important to:
* Communicate in a timely manner (89%)
* Communicate honestly (85%)
* Provide access to senior leadership (67%)

The best ways for financial services companies to receive positive media coverage is:
* Through developing relationships with reporters (78%)
* Having company executives available to discuss industry trends (78%)
* Developing studies on marketplace issues (58%)