Communications Lessons to Learn from the SVB Crisis
In today’s world of instant communication, a financial crisis can have a devastating effect on a brand’s reputation. However, if handled properly, it can also be an opportunity to demonstrate transparency and accountability. There are plenty of things that other financial institutions can learn from the recentSilicon Valley Bank failure. These lessons can improve their communication skills and crisis communication strategies.
Being honest
The first and most important rule of crisis communication is honesty. The public wants to know what happened, why it happened, and what the company is doing to fix it. Financial institutions should immediately take steps to inform the public about the crisis. That includes the cause, the impact, and the steps being taken to address the situation. It’s also important to be honest about any mistakes that were made and take responsibility for them.
Acting quickly
In a crisis situation, it’s important to act quickly. Delaying a response can make the situation worse and may be perceived as an attempt to hide something. Financial institutions should have a crisis communication plan in place. The plan should outline who will be responsible for communicating with the media, customers, and other stakeholders. It should also list what steps will be taken to address the situation.
Using multiple communication channels
In a crisis, it’s important to use multiple channels of communication to reach as many people as possible. This may include press releases, social media, email, and other forms of communication. Financial institutions should also consider using targeted messages to reach specific audiences, such as customers or investors.
Showing empathy
During a crisis, people may be feeling anxious, scared, or angry. It’s important to show empathy and understanding for their concerns. Financial institutions should acknowledge the impact the crisis has had on their customers and other stakeholders. It should also offer support and assistance where possible.
Providing actionable information
In a crisis, people want to know what they can do to protect themselves and their assets. Financial institutions should provide clear and actionable information on what steps customers can take to protect their finances. That can include things such as changing passwords or monitoring their credit reports.
Monitoring social media
In a crisis, social media can be both a source of information and a source of misinformation. Financial institutions should monitor social media for any mentions of the crisis. Then, it should respond to any questions or concerns in a timely manner. It’s also important to correct any misinformation that may be circulating.
Being prepared for questions
During a crisis, customers and other stakeholders will have questions. It’s important to be prepared for these questions and have a plan in place for answering them. Companies like financial institutions should provide clear and accurate information. They should also be honest if there are questions they can’t answer.
Following up
After a crisis, it’s important to follow up with customers and other stakeholders. This allows financial institutions to ensure stakeholders are satisfied with the steps taken to address the situation. This may include surveys or other feedback mechanisms. It’s also important to continue to communicate with stakeholders about any ongoing steps being taken to address the situation.
Empathy and transparency
During a crisis, it’s important for brands to demonstrate empathy towards their customers and stakeholders who may be impacted. This includes being transparent about what happened. It also includes all the steps the company is taking to address the situation, and what customers can expect moving forward. Brands should communicate regularly and be honest and forthcoming in their messaging.
