Communicating during a crisis

No one has been immune to the effects of Covid-19 – everybody has experienced the impact on some level. Within the Fintech industry, although only 2% of Fintech’s have been severely affected, and 1% critically affected, Fintech companies have certainly not been immune to the economic damage that was been caused globally.

However, one thing that we all depend on to navigate through a crisis like this is positive communication. In particular, a lack of communication from businesses we depend on can leave us in the dark and unaware of the current environment, and the future actions we need to take.

Nobody likes being in the dark. It’s like when you are waiting for bad news – the waiting is always the worst part, regardless of the outcome. Essentially, Fintech businesses have a responsibility to take care of the community they have fostered.

And while Fintech companies and other businesses cannot control the rest of the world’s response to a situation, it can control how it responds and communicates with its internal community and customers.

So, to give you the tools you need to approach any crisis positively and make sure you come through it with your team firmly around you, here are 5 tools for communicating effectively:

1. Be inclusive – consider all stakeholders perspectives e.g. use multimedia to be more personable.
2. Be generous – Don’t just consider who you should do, but rather what you can do. A good strategy will include positive messages for society and positive action.
3. Be clear – There is a wealth of content around so be sure to have a purpose for communicating –be informative, educational, and understanding. Clarity is a virtue.
4. Be consistent – Be regular with updates and stay relevant with your narrative.
5. Be a good listener – Communication goes both ways. Consider your audience’s needs and wants and deliver your services to suit their demands.

When crises happen, it can be easy to focus on the negative impact on your business. However, a time like this can be a great time to review PR strategies that are no longer fit for purpose, or ones that you have wanted to update for a while but not got around to.

In fact, using a time like this to find a true voice for your business may be the best way to turn a crisis into an opportunity.

To find out more about how our PR agency SkyParlour, with offices in Manchester, London and soon to be New York, can help your business communicate effectively, have a read of our new eBook The PR Toolkit for Fintechs: Communicating during a crisis