Credit crisis? I think the current crisis of confidence facing the financial industry is far more dire, which is why it's so surprising how quiet banks, brokerages and other institutions have been the past few months.
Evn the most pessimistic economist will tell you that consumer sentiment --fueled, no doubt, by relentless media coverage of every layoff and stock-market hiccup -- is contributing heavily to the current climate. The question is, when the fundamentals of the economy are restored, how much will lingering fear keep the population from resuming their normal purchasing behavior?
As a communicator -- and a consumer -- I see a tremendous void in useful information about what's happening in the economy and what we should do about it. I'm not talking about sugarcoating the situation. I'm talking about informing and educating the public, a role for which PR is ideally suited.
Yet the financial services industry is eerily silent. Maybe they're afraid of getting caught with their pants down, like the Big 3 auto execs flying on private jets to court Congress for billions in bailout money. One PR consultant told me her mortgage lender client absolutely forbid any proactive media outreach until the storm passes.
PR pros may be staring at the proverbial once-in-a-lifetime opportunity. By reassuring the public during these turbulent times, they can restore confidence in the financial services sector and demonstrate the tangible value of thoughtful, purposeful public relations.
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