If you want to fix bad PR within the finance sector you’re not alone. Maintaining a good reputation within the finance sector is of paramount importance as everything from poor social media management to negative comments on review sites like Glassdoor or Forex Peace Army can have a detrimental effect on business.
Forex brokers are often called out for breaking specific regulations, upsetting clients or going against approved business practices. While there’s a certain amount of dishonesty within the industry and one too many scams, there are also plenty of hardworking, compliant and reliable financial companies who do everything they can to satisfy regulatory bodies and keep their business practices ‘above board.’
That said; bad PR can affect even the most respected brokers and financial organisations. It only takes one social post, disgruntled employee or a marketing slip-up, for a backlash to occur. While there’s often no smoke without fire – here’s 5 tips to fix bad PR within the finance sector.
1. Monitor social media platforms regularly
When using social media marketing platforms such as Twitter and Telegram, it’s essential to monitor all online activity regularly to know how your social communication is being received by the outside world. If you come across a negative comment or start to receive a flood of messages from clients who are unhappy about something that’s been done or said, acting quickly is necessary to prevent further damage.
To stop a fire of discontent spreading, you should:
- Formulate fast and honest responses
- Address issues head on
- Release an apology if necessary
As a rule, never delete social posts that reflect you in a bad light as this will look as if you’re trying to hide the complaint and could make the problem worse. If you respond well, your followers are likely to appreciate your efforts and give you a second chance.
2. Avoid anonymous replies – put a face to your brand
Anyone can sit behind a computer and cobble together a half-hearted apology, but if you really want to regain trust, it’s a good idea to put a face to your brand. A sincere apology from the CEO is much more professional than a response from an anonymous spokesperson and is likely to subdue those annoyed enough to want to re-tweet your mistakes or use your name in a host of negative hashtags.
An apology or statement doesn’t always have to be in quote form either. A video message is an effective way for business leaders to talk about specific issues openly, honestly and in more detail than they might have been able to in a social post.
3. Rebuild your reputation through content marketing
So you made a mistake – now what? One of the best ways to rebuild your reputation following a PR mishap is through effective content marketing. If you want to put past errors behind you and give people something positive to talk about, your content strategy needs to be innovative, engaging, thought-provoking and relevant.
Rehashing old material or posting articles that haven’t been specifically tailored to your target audience is a big no-no. Instead, try to cover topics related to your niche and be as creative as possible. Essentially, you should aim to become the go-to company for people who need immediate access to reliable information be it statistics or trading predictions for the rest of the day. The more consistent you are, the more you’ll attract attention.
4. Improve internal communication
Bad PR can be the result of poor internal communication. Perhaps something went live before it was properly signed off. Perhaps the marketing team didn’t receive the necessary disclaimers needed to avoid a backlash. Perhaps content skipped the editing phase and was therefore incorrect and non-compliant. To ensure the same mistakes don’t happen over and over again, it’s a good idea to streamline processes and implement a strict set of rules – for instance, nothing is posted to the website or shared to social sites unless it has been reviewed by the content team and signed off by the marketing manager.
5. Know what to do in the event of bad PR
On a similar thread, be sure everyone in the company knows what to do in the event of bad PR. If the CEO releases an unapologetic statement that’s evasive and dismissive of the issues at hand yet the company’s social sites are riddled with apologies – this could spell disaster. Internet users are vigilant and highly unforgiving so you must be consistent.
A good way to avoid conflicting messages is to assign someone to handle bad PR. That way, if a statement is needed from the CEO, they can request it. A PR expert can also respond to individual grumbles, post apologies to social sites and monitor channels until the negativity dies down. It’s all about damage limitation and therefore quick responses are vital.
What’s your PR plan for this year? If you want to improve your PR strategy or are worried about making costly PR mistakes, speak to the Contentwork team about how we can help your brand to shine bright like a diamond. Our expert team of finance writers and strategists are clued up on all the latest regulations and will help to improve your online reputation.
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