It seems with the current economic times, customers are really evaulating where they are going to take their dollar to. With the corporations like Ford, GM, Citigroup, and others getting a bailout, not only are customers not spending money– but they are feeling played and outraged with the corporate practices of the senior management at these companies. One of the interesting points that the Ad Age article makes is how a lot of these corporations (Bank of America, Citigroup, etc.) may need a “bailout” from the government, but they do have enough money for sponsoring an athletic stadium or two. The picture below is of the construction of the new New York Mets Stadium (sponsored by Citigroup of course..)
Sure, it is part of their overall marketing strategy to get their brand name out to the public, but the perception that business adventure is negative. How does a business like Citigroup communicate to their employees and other stakeholders that they need a bailout, but have plenty for executive weekend getaways and expenses to put their name up on a stadium? It is indeed a PR Nightmare situation for these organizations.
Corporations are having to be very strategic in their marketing and public relations campaigns to prove to their stakeholders that they are a trustworthy and credible business entity. Consumers are going to be looking for not the glitz and glamour that some of these companies have communicate and marketed in the past. They are going to be more than ever focusing on how transparent the corporation is with their core values and ethics, as well as determining which ones “walk the walk, and talk the talk.” Consumers in 2009 do not want to deal with corporations that “spin” their business– they want just the honest facts.
Hope you all are having a great day! 🙂
Best Wishes,
Karen
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