Has the PR Department of the Financially Distressed Commercial Banks Failed?
By Centre for Media Analysis
A number of Ghanaian Banks obsess with the number of press statements send out by their PR officers and the number of news stories the media publish about them.
But, should PR campaigns just be volume of news material and organizing activities? The answer is obviously no, PR should be measurement oriented instead of just activities driven.
Banks that cannot measure the activities of their brand are sitting on a “time ticker” because their competitors who have strategic PR tactics would take advantage over them in the competitive market. A successful PR involve developing and adopting effective communication strategies to enable the corporate leverage the competitive market by promoting brand-health and penetration.
What seems to be a developing story in the Ghanaian banking sector has it that, 9 Commercial Banks are financially distressed and have been asked by the Bank of Ghana (BoG) to submit recapitalization plans.
According to a report by the Ghanaian Times Newspaper on page 26,” Wednesday 26 2017, the affected banks were found after the BoG conducted Asset Quality Review (AQR) on the 36 banks in the country”.
Though the identity and the core reasons behind the development remains sketchy, media analyst at the Centre for Media Analysis believe that, the PR department of those banks could have fought for considerable results with their “PR Tactical Strategies”. PR is a functional tool for sales driven objectives if it is well harnessed.
What strategy could have been adopted by the PR departments to salvage the looming crises? Obviously, it should have been adopting effective media monitoring to scientifically track, analyze and measure the activities and strategies of their competitors and also develop effective communication strategies to enable them leverage the competitive banking sector market.
Tracking their competitors both in the traditional and non-traditional media would have also enable them gather intelligence on what their consumers and journalists say or write about their brand.
Of course, a person without a communication eye may argue that, the reasons behind the banks distress is capital not media strategies, but the question is what would have been the end result if the banks were leveraging on the chocked Ghanaian banking sector through brand-content measurement, brand-content penetration and brand-sentiment appraisals?
In the 21 century PR goes beyond flipping through newspapers, going around distributing press releases to various media outlets and promotional activities but rather, editorial oriented strategies of adopting effective communication tools to be ahead and be able to take advantage of the competitive beat.
As the BoG is reported to have given the affected banks 2 months ultimatum to submit their recapitalization plans, Analyst at the Centre for Media Analysis (CMA) admonishes the PR department of the banks to review their “PR Tactical Tools” which are their strategies to enable them change the fortunes of the banks. The synergy between PR and Marketing departments should be well integrated to avert future profit slips.