Branding becames a bigger challenge when your competitors are going out of business. Trying to position and market a business as “trustworthy” at a time when everyone is loosing confidence in just about every industry is beyond challenging. Even those in the marketing sector, such as digtal marketing agencies, can take a hit. This is why reputation management for digital marketing agencies and just about every industry is so important; without it, companies will crumble, especially when similar companies are going out of business. In some cases, a reputation can hang by a thread due to a past disgruntled employee, as an example. During this time businesses may need a defamation lawyer to help them sort out this issue so they can minimize the hit the business may have taken.
Many companies choose to have a online review monitoring system in place to see what people are saying about them to deal with any issues that occur. However, this doesn’t account for the reputation hit they could take when competitors go out of business.
While I don’t think marketing is the answer to this question, marketing will play an important part in communicating the solution and helping to bring back the trust. Chart from Edelman’s 2009 Trustbarometer
How did we get here?
I watched this excellent animated explanation of the financial crisis of credit by Jonathon Jarvis a few weeks ago and it stuck with me. The graphic flow charting and easy to understand. Very nice work of communicating a complicated financial mess! Hat tip to Flowing Data. In 11 minutes, it clearly explains the relationships between consumers, subprime mortgages, brokers, bankers and how things became unravelled.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
For more, see Flowing Data’s 27 visualizations. (Less visual but also of interest: the trend from the FDIC’s failed bank list.)
Finding the Answer to the Financial Crisis
Being the optimistic person that I am, I want some answers to complicated questions. Here are links I’ve gathered to help show the way out:
- Kevin McIntosh, of Bank Marketing Strategy says keep advertising. Neilson survey reveals it is a key to consumer confidence.
- Jeff Pilcher of The Financial Brand insists that the survey says PR delivers twice what advertising offers.
- Jeff Kear of Branding Brief recommends getting specific. He says embracing specific, ownable attributes will help rebuild after the blowup.
- Manny Rivas of aimClear explains how National City Bank handled reputation management on line. While not specific to the financial crisis, it’s a practical how-to on protecting your reputation.
Do you handle financial marketing? Have a solution and recommendation? Feel free to comment and leave your link -without the http:// so that it’s doesn’t get sent to the spam filter.