The last time I reviewed the tracking data on my website, I found one person had reached it searching this question: What effect has the recession had on relationships between organizations and their stakeholders?
- The importance of the basic brand and reputation assets
- The importance of stakeholders
Public relations now has the task of establishing CONFIDENCE in an organization … . The recession showed flaws in advertising and marketing, which operate through paid placement and not the third party endorsement of opinion leaders. Hence, due to the recession, PR has a new tool in its toolbox and a new message strategy that can increase or decrease stakeholder perceptions of an organization’s credibility, relationships, reputation, and trust.
We’ve had to remind ourselves that it’s not just about how smart we are or how good our products are, but also if our stakeholders trust us and think highly of us. Reputation and integrity will continue to be critical as consumers control the market.
As our donors’ and volunteers’ personal and corporate resources got tighter during the recession, we assumed they would appreciate knowing exactly how their contributions were helping. This necessitates increased transparency and clear, ongoing communication, which we have tried to provide.
Commercial organizations are paying greater attention to loyal and longtime external stakeholders, because the recession has painfully reminded them of who pays their bills. Competition is coming from organizations larger and smaller, and there is no guarantee of when new business will come in the door.We have to return to the basics of: increased and prompt communication to ensure customer satisfaction … .