LT Public Relations

The vast majority of banks (mainly community banks) these days are relatively safe, financially healthy and have the capital to (hopefully) weather this storm–and help qualified customers gather money to support their needs.

There are a few banks, however, that aren’t healthy, and they’re dying a slow death–which inevitably leads to them closing their doors.  But as they say . . . “when one door closes, another one opens.”

Bank marketing executives are well aware that when a competing bank down the street closes, there’s opportunity to capture those customers (and increase deposits).  But what we’re talking about at LT Public Relations is that this is a pivotal time to increase the bank’s public relations and branding efforts to build long lasting bonds with prospective customers.  This is the time to show other banks, existing/prospective customers and the community that your bank is safe, sound and ready to navigate through this tough time.

This approach is not just for community banks to adopt, but for all financial institutions to adhere to (e.g. credit unions, commercial and private banks too.).  The opportunity to communicate a bank’s key messaging is now–not necessarily when things are ok. 

Think about it . . . people/customers are looking for a safe haven for their money right now.  They’re looking for a financial institution that is “ready, willing and stable” . . . as Northern Trust so brilliantly communicated recently.  If your bank can show financial stability and has a proven track record of making smart business decisions–then COMMUNICATE IT!

Now there’s an art to this communication that must be considered before pursuing that requires a great deal of strategy, timing and effort–because trust doesn’t happen overnight. Keep in mind, these customers are giving a bank one thing that’s very, very, very important to them right now . . . money.

As each situation is different, there is not one “silver bullet” approach to capitalizing on banks that have closed.  At LT Public Relations, we have helped similar clients benefit from their competition’s demise, but each approach is different.

Let us know if we can help your bank–as long as your bank is “open” to new ideas.

 

There’s no denying that we are in the midst of another recession/depression.  As indicated through the onslaught of media coverage showing the state of the economy and America’s psyche in a state of disarray.

During the morbid coverage, most reporters say something like, “this is as bad as it’s been since the Great Depression,” or “we haven’t seen dismal unempolyment rates like this since the Great Depression.” 

This frame of reference is getting tiresome because 1) there not many Americans living that fully remember the Great Depression and all its ugliness 2) what was so “great” about the Great Depression? 3) drawing the parallels between the Great Depression and today’s economic situation is just plain unfair, and 4) causes more unneeded anxiety during these troubling times by comparing something that happened years ago that was a dark era in America’s history. 

Why keep bringing it up??  It’s like a self-fulfilling prophecy.

At LT Public Relations, we feel it’s time to brand our current “depression” by officially giving it a name, tagline and other monikers that is directly reflective of this not-so-great recession. 

Here are a few names to get the naming process started (but we encourage others to comment and let us know your ideas!):

• Yes We ‘Got’ Canned
• The Ponzied, Duped, and Dipped Era
• “Stimulate This”
• ‘08 Not So Great
• Credit Be Gone Era

 We’ll be updating this list periodically, but would love to hear from you.  The Great Depression had its time and we’ll be damed if this one is called The Great Depression II.  We feel every depression needs a “great” name.

 

“We’re bringing Relations back.” — LT “Timberlake” PR

Sometimes folks forget what the two words are in PR . . . PUBLIC and RELATIONS.

Public can mean many things to many people, but LT Public Relations simply defines it as our client’s audience.  Whoever our client is trying to influence or communicate to (i.e. its audience) is its “public.” See, that was simple.  It may not be simple for some to truly understand who their target audience is–but that’s a whole other issue we may cover in a later blog.

The more challenging of the two PR words is “relations.” Let’s first leave the definition to the experts . . . Merriam Webster defines “relations” as (1) a person connected by consanguinity or affinity (2): a person legally entitled to a share of the property of an interstate (3) relationship by consanguinity or affinity: kinship 

Can’t argue with Merriam Webster.

But LT Public Relations goes a step further to truly understanding ”relations.”  For good relations to exist, communication is vital.   Ongoing, transparent, clear, consistent and honest communications.

Relations must be long lasting. Excuse the overused cliche, but public relations is a marathon . . . not a sprint.  This is a relationship that will take time to cultivate and to further establish understanding and trust.  Folks often use PR as a “one night stand” and expect miracles to happen with its audience (e.g. one positive coverage on CNBC is great, but it will be short-lived in the memory of the target audience).

Relations also takes interaction.  Sending notes and other correspondence is a start, but nothing is better when the “public” is able to see the whites of our client’s eyes.  That is, relationships grow when there is positive in-person interaction (e.g. handshakes, meetings, presentations, dinners, etc. etc. etc.).

Relations also means going through the tough times.  When things are bad in a relationship, most people at least try to do the right things to salvage the relationship, right?  So why would anyone stop public relations now during the hard times? Right now, public relations in a bad economy is just as critical as public relations in a good economy–If not more important.    All depends on the importance of the relationship.  If the relationship is important (and it usually is in our clients’ case), then cutting PR doesn’t make a whole lot of sense.

You get the point (we hope).  No need to belabor the issue . . . except to underscore that good, healthy relationships need time, nurturing, and attention to thrive.

Want stronger relations with your public?  Contact us (pr@ltpublicrelations) . . . we’ll extend a hand.

 

There’s no such thing as a free lunch, but apparently there is a free breakfast.

As millions of Super Bowl watchers witnessed entertaining commercials during breaks in the football action, most were caught a bit off-guard when they saw the Denny’s :15 second spot that advertised a free Grand Slam to be offered today (2/3/09).  “Could that be real?” . . . “Did it say free?”

From that point on, 14 million people went to Denny’s Web site to confirm.  Yes, it was true.  Today between 6:00 AM and 2:00 PM, America’s favorite restaurant–with the word “slam” on most menu items–was offering a free breakfast.

We’re still getting a tally, but we noticed that quite a few people took Denny’s up on its offer.  The news not only increased foot traffic to Denny’s, but the freebie is also attracted HUGE free publicity (http://www.usatoday.com/money/industries/food/2009-02-03-dennys_N.htm)

The breakfast was free, but the cost to Denny’s (including the cost of the Super Bowl ad) will be astronomical.  However, this stunt could play HUGE dividends to meeting Denny’s long term objective . . . to get folks back in their restaurants–especially during a down economy where people don’t eat out as much. 

This campaign has all the right elements in generating buzz:

• The advertising was simple, yet had a clear call-to-action (and a win-win for the customer)
• The public relations and coverage the campaign earned was remarkable
• The branding component was unmatched (people are now experiencing their local Denny’s again)
• There was mystique and intrigue
• Word of mouth or viral marketing about Denny’s was at an all-time high today

LT Public Relations applauds this bold move and encourages others to do so (are you listening Olive Garden?).  The idea was simple, but it had a huge impact.  Did it cost some money?  Absolutely.  Did it meet it’s objectives?  We’ll see, but we think the answer will be YES.

P.S. I think the wait-staff at Denny’s made out quite well today.  They worked hard, but I bet they made some serious tips (because that wasn’t complimentary).

Nice move, Denny’s!