On March 11, 2020, according to the World Health Organization, the Coronavirus Disease 2019 (COVID-19) officially reached pandemic status. Corporations, and their leadership, are now faced with a crisis unlike any in our lifetimes. Even the challenges presented by the 9/11 attacks, as devastating as they were, do not equal those faced by America’s business leaders today.
What are the most important characteristics of good leadership in a crisis? Credibility, transparency, and visibility. These may not be all of what’s needed, but they’re certainly in the top ten.
What the leaders of financial institutions must do right now is respond in the way Mayor Giuliani did in the wake of the 9/11 attacks. In Paul Argenti’s Harvard Business Review article Crisis Communications: Lessons from 9/11, he describes Giuliani’s response, now legendary. “New York City Mayor Rudolph Giuliani arrived at the World Trade Center within minutes of the first attack to take charge of the rescue operation. In the days and weeks that followed, he would conduct several press conferences in the vicinity of the destroyed towers, attend many funerals and memorial services, and maintain what seemed like a ubiquitous presence in the city. His visibility, combined with his decisiveness, candor, and compassion, lifted the spirits of all New Yorkers—indeed, of all Americans.”
The challenge you face now is different and, in many ways, tougher. 9/11 did not create the isolation that we’re experiencing with Covid-19. Predictions have the unemployment rate at 20%, and businesses are closing, complete industries are shutting down. Groceries and medications are in short supply. Schools and daycare centers are closed, leaving many parents to not only try to maintain a household in a tough economy, but care for their children, as well.
If ever there were a time when you should be making use of every social messaging tool you have, this is it. Keep your members and customers abreast of the important developments that are occurring every day, as well as the products and services that you can offer to help. And use every available tactic to do so: social posting, advertising, newsletters, email and direct mail. Some institutions are even holding live stream town hall meetings for those who bank with them, giving leaders an opportunity to literally converse with stakeholders.
Financial institutions have a responsibility to keep their customers and members, as well as their families, informed… and more. You also have the opportunity to instill the confidence, optimism, and a sense of shared goals that people desperately need at this moment.
For more information on how BankMarketingCenter.com can help your institution with communicating vital information to both your customers and your associates regarding the Covid-19 crisis, visit www.bankmarketingcenter.com, or contact Neal Reynolds by phone at 678-528-6688 or by email at firstname.lastname@example.org. As always, I would love to hear your thoughts on this subject.