PR is a dynamic and influential field that demands strategic thinking, communication skills and a deep understanding of public perception. While there are numerous best practices and strategies that can lead to PR success, there is one critical pitfall that fintechs and their PR teams must avoid at all costs.
Our latest blog explores the number one thing to never do in PR and why it is so detrimental to the profession.
The Cardinal Sin: Lack of Transparency
The number one thing to never do in PR is to lack transparency. Transparency is the foundation of trust, and trust is the bedrock upon which effective public relations is built. When fintechs fail to be transparent, it can have devastating consequences for both their clients and their own reputation.
Why Transparency Matters
Maintains Credibility: In the age of information, audiences are more informed and discerning than ever. They expect honesty and transparency from the organizations and individuals they engage with. When fintechs fail to be transparent, they risk damaging their credibility.
Preserves Trust: Trust is the most valuable currency in PR. It takes time to build but can be shattered in an instant. Lack of transparency erodes trust, making it difficult to regain the confidence of your audience.
Minimizes Reputation Damage: In the event of a crisis, whether it’s a product recall, a corporate scandal, or a public relations misstep, transparency is crucial. Acknowledging the issue, taking responsibility and being open about the steps being taken to rectify the situation can mitigate reputational damage.
Strengthens Relationships: Transparent communication fosters stronger and more meaningful relationships with the media, clients and the public. It demonstrates a commitment to ethical practices and mutual respect.
Compliance with Ethical Standards: Many fintechs have established strict ethical standards and codes of conduct. Lacking transparency not only harms your reputation but can also lead to ethical violations.
Transparency is the linchpin of effective PR. Failing to be transparent not only undermines your credibility and trust but also tarnishes the reputation of an organization. Fintechs must commit to open and honest communication in all their interactions. By doing so, they can build and maintain strong relationships, ensure ethical conduct and preserve their reputation as trusted experts.