Financial PR in
times of crisis

Sharper minds

The investor Warren Buffet observed: “It takes 20 years to build a reputation and five minutes to ruin it.” This holds true most notably in the sector where Warren Buffet made his name, the world of finance. An even more notable figure in history (Sun Tzu - The Art of War) noted that “Every battle is won or lost before it is ever fought”. These leaders would tell you that the best time to prepare for a crisis is yesterday. However, the next best time is today. From a PR perspective, it is not the next press release that should be your focus; it should be building a reserve of stakeholder ‘good’ that you can draw on in a time of crisis.

The crisis management PR force multiplier

“Force multiplier” is a term that started with the military. It refers to a tool, a technology or a weapon that dramatically increases the effectiveness of a group of soldiers.  A force multiplier could be a better communications system, enhanced battlefield intelligence or even a logistics improvement that delivers soldiers and material at the point of need.

In the business world, a force multiplier increases the production or effectiveness of a business process or team. A next-generation online Newsroom like Lookatmedia™ is a force multiplier. A Lookatmedia™ newsroom is a force multiplier for your PR department for your team in a time of crisis and today. It allows you to build reserves of goodwill with the media and, ultimately, stakeholders today and demonstrate a consistent messaging over the longer term. It also helps make your profiles and reputation by more of the right type of media coverage.

Building confidence

In a crisis, the main focus of PR is rebuilding corporate reputations and restoring confidence in the organisations; however, reacting to a crisis is the first mistake. Confidence and trust must be built and maintained years in advance of every crisis if your organisation is to minimise the impact of either a crisis of your making or a broader crisis in the financial sector. Below are 7 ways in which you can survive and come out stronger from a crisis.

1. Be prepared

Your PR department often becomes a ‘buffer’ in times of crisis, having to comment on issues when staff from other parts of the company are not available. Comprehensive Q&As and consistency in messaging can be agreed upon. However, your online newsroom should have a reserve of this content that journalists who cannot access your people can refer to.

2. Act in harmony

At all times, but particularly in a crisis, the company must make consistent and uniform statements and establish communication channels, with particular attention shown to those who can amplify the message, journalists. Your Lookatmedia™ newsroom allows journalists searching online for story ideas to discover your responses to a crisis and enable access to all of the answers and visual content they need to create and publish their own articles.

3. Be honest

If you would handle a matter differently today than you would have a year ago, say that. Better still, demonstrate a consistency of evolution by regularly engaging with the media through your online newsrooms. Show you have a history of learning from mistakes and responding quickly and decisively in a way that works in the best interest of stakeholders.

4. Be approachable

Right from the offset, the company should establish itself as the reliable first port of call for information. Professional communication to all stakeholders in the ‘good times’ should form the basis for this. In the case of the media, they need more than just articles. They need secure 24/7 access to the types of content they need to publish. Content like backstories, breaking news, press releases, research and support documents and the compliant visual content that is essential for every story. Lookatmedia™ online newsrooms allow journalists 24/7 secure and authorised access to everything they need to meet their deadlines.

5. Understanding the organization as a whole

There are many rarely seen or understood aspects to your organisation that demonstrate a commitment to communities and stakeholders. Whereas these features of your organisation are essential in good times, they’re crucial in times of crisis. Use your Lookatmedia™ newsroom to build a reserve of stories about your role as a ‘good player’ in society and demonstrate that your mission is more than just financial.

6. Show faces

Background stories can have a significant leverage effect when building an all-around image. Aspects of this include reports about things like research and development or stories about thought leaders, managers, and employees. Since trust consists primarily of emotion, utilising visual elements can be another helpful instrument. Pictures can purposefully support the task of rebuilding trust, which is why Lookatmedia™ newsrooms have secure processes that allow journalists to access an entire library of pre-approved content, descriptions, attributions, and documentation they need for publishing.

7. Fast response

The speed at which you respond in a crisis can be the difference between survival and the other thing. Now is the time to connect with journalists in ways that provide direct and immediate access in times of crisis. Lookatmedia™ online newsrooms have a feature where journalists can opt-in to receive instant notification on your breaking or new stories. They can receive in-browser and app notifications even when they are not connected to your newsroom. This immediate and direct access can help to stay in front of the story and outperform your competitors.