New Zealand journalists have been having a field day with our country's finance companies recently. A quick glance at the Herald reveals that businesses in the financial sector are under a huge amount of scrutiny. Not that you can blame them....Every day it seems that another scandal has been unearthed or another company has gone under, crushed to smithereens under a mountain of bad debt.
We all know that finance companies are having a tough time at the moment. But what should they be doing as far as PR and marketing goes? Should they be battening down the hatches, cutting their budgets and attempting to ride out the storm? Or should they be doing their best to maintain communications with their various audiences (investors, general customers, staff etc)?
My own feeling is that finance companies will have a much better chance of survival if they keep the lines of communication open and honest. They should be letting the NZ public know whether they are having difficulties and what they are doing about it. On the other hand, if they are turning a profit- even a small one- then they should be out there telling anyone that they can about it. Any successes, even ones that might seem quite minor to the CEO, are certainly something to sing and dance about in the current environment!
The upside to the economic downturn and the shake-up in the financial sector is that any dead wood will be cleared. Any businesses that have been caught up in underhand or fradulent activity will be sent packing, to the benefit of the market and to the customers.
I just hope that the companies left behind, the 'good' companies that have been trading ethically,
We all know that finance companies are having a tough time at the moment. But what should they be doing as far as PR and marketing goes? Should they be battening down the hatches, cutting their budgets and attempting to ride out the storm? Or should they be doing their best to maintain communications with their various audiences (investors, general customers, staff etc)?
My own feeling is that finance companies will have a much better chance of survival if they keep the lines of communication open and honest. They should be letting the NZ public know whether they are having difficulties and what they are doing about it. On the other hand, if they are turning a profit- even a small one- then they should be out there telling anyone that they can about it. Any successes, even ones that might seem quite minor to the CEO, are certainly something to sing and dance about in the current environment!
The upside to the economic downturn and the shake-up in the financial sector is that any dead wood will be cleared. Any businesses that have been caught up in underhand or fradulent activity will be sent packing, to the benefit of the market and to the customers.
I just hope that the companies left behind, the 'good' companies that have been trading ethically,
will have put enough time and effort into their marketing and PR campaigns throughout this period. These tools are vital to remaining top of mind and could mean the difference between emerging from the downturn as a stronger force in the market and sinking into obscurity.
That's my take on the situation anyway.....What do you think?
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