Brand equity and brand positioning are both incredibly important.  However, an act that gives your brand power today can bring a cloud of negativity tomorrow.  Ringing the Opening Bell at the NYSE has long been a coveted photo opportunity and a chance to flaunt a brand in front of hundreds of millions of viewers. But with market turmoil and an unpredictable financial landscape, the act of ringing the Opening Bell has become an undesirable risk.  Who could have ever thought that a brand could be sullied by associating with the NYSE?  But, indeed, a New York Times article seems to say so.

As I have stated earlier vis a vis sponsorships, every action has a reaction, and brands have to be cognizant of the world around them before agreeing to participate in any initiative.  Public opinion can shift swiftly and dramatically.  The wrong association can cause it to shift against your brand.  We’ve had a number of clients ring the Opening Bell in the past, when the NYSE was seen as a bastion of power and prosperity, and I am sure those days will return soon. 

Ronn Torossian

5W PR

I keep money and investments, both personally and for 5W PR, at a number of different financial institutions. Given the uncertain financial times, I am analyzing my banking relationships and where exactly our money is parked. Who would have ever predicted it would come to this in the year 2008 in the USA?

In any case, banks have a difficult argument these days to make to convince people that investments are safe.  Right now, perhaps the most important thing a bank can do is communicate with their clients. All my folks here know my mantra: You know what’s better and more important than new business?  Existing business.

As important as customer acquisition is, customer retention (and security for those customers) should now be the number one marketing priority for banks.  I think that many banks, large and small, need to immediately institute marketing materials and proactive measures reassuring customers that their investments are safe (and spin it however fits them best – Cash on hand, debt, etc.).  Real, perceived or otherwise, the elephant in the room needs to be addressed.  I am sure that the issue is vexing many consumers, and it’s surprising that banks haven’t done more to alleviate fears, even something as simple as putting signage up in walk-in locations to ease fears.

This posting was spawned by an email from an acquaintance who works at Signature (with whom I don’t bank) emailing me proactive communication about the security of banking with them.  Hopefully for everyone’s peace of mind, and the security of the banking industry, proactive communication keeps coming.

Ronn Torossian

5WPR

I had a very interesting discussion about the economy today with a tremendously successful client, self-made, he’s worth hundreds of millions of dollars.

He spoke of his fear and gut instinct that this economy could be the worst the U.S. has experienced since the Great Depression.

Born during the Silent Generation, he spoke of growing up in Brooklyn, where women never ever worked.  The cure-all for the inflation problem in the ‘70s was that women went to work to supplement family income.

He said that, today, with 80-90 percent of women working, we no longer have a solution as simple as the one 30 years ago.  So now, how can the economy get better; by sending our children to work?  Surely not!

Hence, the crisis facing today’s families as the economy struggles.

It is continually interesting to me how one’s generational experiences and background affect their world view.

Ronn Torossian

5WPR

I had two meetings back to back this morning with a friend and a client at The Regency Hotel (a 5W PR client and unbelievable power breakfast location), and our conversations sparked some random observations on this soon-to-be-spring day in NYC:

1: Advertising Age has become a great magazine to find the pulse of marketing and advertising. By changing a lot of the content, it’s transformed into the rare “can’t miss” trade. This week’s articles on digital content, and a variety of other dead-on articles week after week after week, are absolutely impressive. While other industry trades focus on account wins and the like, Advertising Age has become so much more, and I look forward to receiving it every week.

2: While I was sitting today with my close friend, who is involved in a wide variety of businesses, he observed that the magnitude of America’s power will never again be the same. Traveling regularly and simply observing the changing of the guard throughout the world, I’ve seen that the power paradigm has forever shifted, and I believe it will continue to shift. Will America continue to be the center of the financial world?

While everyone realizes how much the prices of gas and wheat (price of bagels) have risen, it’s far rarer that people regularly look at how much the dollar has fallen. So how much have prices really risen? In a global economy, the real culprit isn’t more expensive commodities; it’s weaker U.S. currency. This is something we need to continue to recognize as we build businesses. (I have another colleague who has cut back his business 60-70% in the U.S. and now spends that time in Dubai.)

3: Earlier this week, I attended a Torah class with a Rabbi who wisely observed that just 20 years ago, business people used to plan months in advance (travel, supplies, etc.), and now people rarely plan a week in advance. Many are on a plane more than 25 times a year, which would have been unheard of years ago.

For those of us in the marketing business, we need to realize that travel will only increase and that this concept of a global business will only continue.

Ronn Torossian

5W PR

As a small business owner, it’s difficult to like politicians or governments of any sort as they seem to impede business progress rather than encourage it.

Today’s pet peeve is no mail service – How, after a long weekend can mail not be delivered ?

Bills to pay, invoices waiting on, client deliverables expected… but no mail because a President died ? As important as that may be (and it is), how is there any correlation between showing homage to a President and mail not being delivered ?

I fail to make the connection… and find it frankly absurd. Business can’t stop functioning because a President died.

Ronn Torossian

5W PR

It seems like every article on Detroit lately has to mention how lousy the city is. Terms like “America’s Baghdad” and the “nation’s poorest” punctuate most business stories concerning Super Bowl XL’s host. It’s a shame, since Detroit leadership missed a golden opportunity to reshape the image of the Motor City.

You’re probably thinking, “OK Ronn, tell us what you would have done,” so I will. As soon as mayor Kwame Kilpatrick and the City Council learned that they were hosting the Super Bowl, they should have launched a comprehensive PR campaign that touted the strengths and cultural attractions of the city.

Off the top of my head these would be:

Remind the public of Motown Greats like Marvin Gaye, Stevie Wonder, The Temptations and more.

Discuss how Detroit is the cradle of the American Automobile industry.
Discuss the Detroit Regional Economic Partnership – an innovative public and private sector effort to revitalize the city’s commerce and industry.

What if they put trained spokespersons in front of business, entertainment and travel reporters? Hosted special events and conferences that drew decision makers from other states? Engineered in-depth feature articles on how the city is struggling to improve itself through inventive means? Recruited a well- liked Motown singer to give back to the city through a series of televised or pay-per-view concerts?

Imagine a PR campaign similar to the above; one which culminated with this weekend’s Super Bowl. Missed opportunities are painful to behold.

Ronn Torossian

5W PR