Public relations crises can happen to any business, big or small, fintech or financial institution. And they can arise from a number of reasons, including negative customer feedback, a product recall or sunset, a scandal, or an inappropriate tweet or post.
They can also happen without notice, making it crucial to manage a PR crisis effectively to prevent it from becoming a disaster for your brand.
Here are six steps your fintech or financial institution should follow with managing a PR crisis:
1. Be prepared
The first step in managing a PR crisis is to be prepared for one. Create a crisis management plan that outlines the steps to be taken in case of a crisis. Assign roles and responsibilities to your team members and ensure that everyone knows their role. Have a media list ready to contact in case of a crisis.
2. Gather information
When a crisis occurs, gather all the information you can about the situation. Get the facts straight and understand the extent of the damage. This will help you respond more effectively to the crisis.
3. Respond quickly
Responding quickly is crucial in managing a PR crisis. Delaying your response can make the situation worse. Acknowledge the crisis, apologize if necessary, and provide a solution to the problem. Be transparent and honest in your communication.
4. Monitor social media
Social media is a powerful tool in a crisis. Monitor social media channels to see what people are saying about your brand. Respond to comments and feedback promptly. Use social media to update your customers on the situation and what you are doing to resolve it.
5. Provide updates
Keep your stakeholders informed throughout the crisis. Provide regular updates on the situation and the progress you are making. This will help to build trust and confidence in your brand.
6. Learn from the experience
After the crisis is resolved, take the time to analyze what happened and what you can learn from the experience. Use this knowledge to update your crisis management plan and prevent similar situations from occurring in the future.
Managing a PR crisis requires preparation, quick action, transparency and effective communication. By following these steps, fintechs and financial institutions can minimize the impact of a crisis on their brand and maintain the trust of clients, customers and members.