It's no secret that the entire economy has officially collapsed, with the proposed $700 billion buyout--and, as a result, the future financial infrastructure--hanging in the
balance. While a tumultuous economy is nothing new to business leaders, the most recent collapse has solidified what many feared; in turn, management is searching desperately for
ways to communicate with their key stakeholders--employees, customers, investors--that they are remaining strong in the face of uncertainty. Many organizations are turning
specifically to marketing and communications to convey this message; Wachovia, Fidelity and Credit Suisse are just a few of the financial companies that have begun running
advertisements that stress their longevity--"120 year," "since 1856," etc.--to reassure anxious consumers.
This approach extends to the PR/communications profession with a number of implications, from the need to keep clients on board while budgets are being sliced and diced to internal
challenges surrounding employee morale.
Speaking to the former issue, Ronn Torossian, CEO of 5WPR Company, says, "As much as this is a time for expansion, it's an important time for the retention of business. Face time
and over-servicing is very, very important. Stay in front of your customers as a person, not as an e-mail address."
Sydney Ayers of Ayers Communications follows up on the importance of maintaining a strong presence in front of stakeholders, saying, "As counselors, it's imperative to help clients
understand how PR can help them have visibility without breaking the bank."
Here are a few tips for making headway in doing so:
*Get comfortable. In order to be strategic counselors in the context of the financial crisis, communications professionals need to have a strong understanding of finance in the
first place so they can come to the table with an understanding of business that goes deeper than rhetoric.
"Accounting and finance are essential parts of the language of business," says James Gentry, a professor with the University of Kansas' School of Journalism and Mass Communications
[for more information on financial communications, including definitions of key terms and explanations of common balance-sheet equations, see "How to Take the Fear and Loathing Out of
Financial Statements," PRN 07-16-07].
*Listen up and tweak accordingly. This is the time to really get in front of senior execs/clients to prove communications' value. Meet with key members of your/your client's
management team to find out their biggest concerns and priorities.
"Keep talking to them," Ayers says. "That helps allay some fears. Listen to what they're saying about their needs, and then roll that back into communications plans so you are
meeting specific objectives. The thing about a public relations plan is that it can morph. As long as you know where you are going, the path to getting there can change to meet
specific needs."
In this vein, Torossian recommends keeping goals simple so you can meet objectives along the way.
"Focus on things that can have as immediate an impact as possible," he says. "Continually explain your value."
*Think outside of perceived industry limitations with regard to digital communications platforms. Most communications professionals know that digital solutions can be extremely
cost effective, but many still operate under the assumption that they don't apply to certain industry--namely, business-to-business. However, this is quickly proving to be
untrue.
"We're seeing a lot more emphasis on digital and social media and communications from B2B [clients]," Ayers says. "It's a new, [cost-effective] place to play."
*Communicate internally. Employees are among the most important stakeholders for any organization, so being open and sensitive to their concerns in the current business climate is
essential. "It's very important to be honest with internal communications and to continually prove value, both as a manager and [a counselor]," Torossian says.
Speaking to internal issues--last week PR News Blog https://www.prnewsonline.com//prnewsblog
noted the large bailout sum of $700 billion and facetiously asked readers how
they could improve their PR with some extra funding, even if it was just a "measly
1 billion."
While the pumped up budget was clearly wishful thinking, many of the responses were indicative of what communications professionals genuinely need to support their efforts as
strategic advisors.
"I'd set up a full-scale social media network, complete with a blog, video-sharing platform, Twitter interface, Facebook presence and a kick-butt podcast to deliver my message on
how important it is that businesses have a PR strategy," Monique Caradine of Momentum Media Group said in her Sept. 28 comment to the blog post. "If done right, businesses wouldn't
have to struggle like so many do now."
CONTACTS:
Sydney Ayers, [email protected]; Ronn Torossian, [email protected]; James Gentry, [email protected]