Response to "In Case of Emergency: What Not To Do"
20 Feb 2011 | Article Link
New York Times' reporter Peter Goodman discusses the dos and don'ts in crisis communications management by highlighting the most high-profile public relations mistakes made by corporations this year, including BP, Toyota and Goldman Sachs. Goodman explains why these mistakes may cost these corporations their reputations and how your firm can avoid following in their footsteps.
Crisis management can make or break a firm almost overnight; the events of this past year have shown that no matter how strong a brand may be, it is never impervious to a poorly handled corporate crisis.
Having a crisis management plan in place is the best way to preserve the public's perception of a brand. As Eddie Reeves, former VP of media relations for Merrill Lynch puts it best: "People are reasonable. They know companies make mistakes, and people will forgive an honest mistake. They will not forgive a dishonest cover-up."
A strategic plan should include a few crucial elements: fully disclose the event, take responsibility, and address the public. By putting the public first, it shows that the company is doing all it can to remedy the situation not for its own benefit, but for the benefit of others.
James Donnelly, senior vice president for crisis management at the public relations colossus Ketchum, explains, "There's not a lot of news when the company takes responsibility and moves on. The good crisis-management examples rarely end waving the flag of victory; good crisis-management examples end with a whisper and end in a day or two."
Response to "How Financial Brands Should Market In a Recession"
1 Jul 2010 | Article Link
Harvard Business Review blogger John Quelch discusses the approaches financial brands should take in light of the recent recession. Rebuilding trust among clients, Quelch explains, should be the most important part of any financial brand' s marketing campaign.
With the current lack of faith in the financial sector, the current financial struggle provides a spectacular opportunity for companies to seize and truly make themselves shine in this difficult time.
Reaffirming client trust should be an integral part of any financial brand marketing campaign during this recessional period. You must demonstrate to your clients that your company is invested in helping them overcome their financial obstacles. Bankers have come to be perceived as the "bad guys" in this recession, so it is crucial for your company to portray that yours care about your clients' successes.
Consider ramping up your marketing efforts during this time. Your current clients want to feel nurtured during this recession, and you must reaffirm the trust that brought them to your financial institution in the first place. It also provides your company with the opportunity to attract new clients seeking a firm they can trust with their assets. As Quelch writes, "After all, the financial services industry is crying out for a brand that promises to ‘do no evil.'"
Response to "How Marketing Helps Democracy"
28 Jun 2010 | Article Link
Harvard Business Review blogger John Quelch addresses reservations many have about the world of marketing- that it is a deceptive, self-absorbed process. Quelch explains that marketing does more than benefit individual companies- it helps society as well.
Marketing does more than simply promote companies' products and services—in many ways, it serves a much greater good to the general public.
Certainly, marketing has made clients more discerning within the marketplace. They are aware of many different offerings there are today, and usually will choose the company with the most appealing and effective brand image. In this way, marketing helps the cream rise to the top of the pail—the companies offering the most distinctive services—and, many times, the most distinctive marketing—will be the most successful.
This shrewdness on the part of the client has created a more discerning voter and political participant. Quelch writes, "For most citizens, neither Democrat nor Republican is a trusted brand with a consistent, differentiated, and relevant positioning in the marketplace of ideas." The goal of branding is not only to retain current consumers, but to attract new ones as well. It has worked well for many of the most profitable and valuable companies in the marketplace; why don't political parties pursue this type of success as well?
Marketing, therefore, is not simply a self-promotional tool; in many ways, it promotes societal innovation. As Quelch writes, "A world without marketing would be a wasteland of sameness, commoditization, and inertia."
Response to "The Power of the Branded Differentiator"
25 Jun 2010 | Article Link
Brands today are having a much tougher time finding their niche; the field has never been so competitive; consumers, instead of focusing on the narrow points of differentiation between each brand, have given the price factor a main priority.
Brands today are difficult to differentiate from one another. It's as simple as that. However this may be, the fact remains that differentiating your company distinctively and effectively is key to your success. As stated in the article, "Differentiation is the engine of the brand train - if the engine stops, so will the train."
On average, a person is bombarded with over 3,000 advertisements a day. All of these ads have forced us to censure out the constant stimuli. Making sure that your brand stands out clearly and strongly in those 3,000 is your number one goal as a marketer. Creating strong points of differentiation is essential to successful marketing. Branding those points that are effective quickly before any competitor action emerges will help solidify your company from any competitor.