Reprinted from TrustedPeer
Meet the Expert
- Co-founder and President of STARKMAN, a public relations, branding, and marketing firm with offices in New York City and San Francisco.
- Clients have included Fortune 100 companies, national not-for-profits, leading financial services firms, and startup companies.
- Previously held leadership positions at respected PR and investor relations firms, including senior vice president at The MWW Group, where he oversaw corporate communications and investor relations, and Morgen-Walke Associates, where he was responsible for the firm’s corporate communications practice.
- Worked as an editor and reporter at major newspapers in the U.S. and Canada, including The Wall Street Journal, American Banker, The Detroit News, The Toronto Star, and The (Montreal) Gazette. Earlier, he worked as a copywriter at W.B. Doner in Michigan.
- Eric is cited in the acknowledgements of four books written by leading financial journalists.
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Managing the Nuances of a Corporate Crisis
Risks & Opportunities
RisksA company with a poorly-executed crisis response plan risks:
- Short and long-term disruption of daily business activities
- Rumors, speculation and untruths dominating media coverage in the absence of clear and frequent communications from the company
- A loss of narrative control with outsiders in control of the messaging
- Loss of stakeholder confidence
- Customer cancellations
- Added regulatory investigations
- Reduced employee engagement and productivity
- Opportunistic "whisper campaign" by competitors to the media and the poaching of key customers
- Negative impacts on the company's stock
- Increased likelihood of stakeholders being attentive to, and participating in, negative word-of-mouth commentaries, both in person and via social media
- Hard-to-reverse negative public perceptions of the brand, the company's products/services, and management
- Increased litigation costs, fines and regulatory penalties
- Management shakeups as the public and board demand a "fall guy"
OpportunitiesCompanies that maintain a strong crisis management orientation benefit from:
- Business practices that promote transparency, access, accountability and honesty
- Increased trust, respect, and goodwill with their key stakeholders
- The ability to control and diminish the short and long-term harm a crisis may cause to the company's image
- A culture of crisis readiness that reduces the likelihood of panic, missteps, and poor response when an incident occurs
- A strong, appropriate and immediate response that can drastically reduce the crisis' shelf life as news and also reduce the severity of media coverage received
- Less intensity and duration of any interruptions to daily business operations
- A more secure bottom line and leadership
- A less-impaired reputation following the crisis' abatement
Managing the Nuances of a Corporate Crisis: Risks & Opportunities