Joakim Lundquist


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Joakim Lundquist

  1. 1. Corporate online communications during the global financial crisis WFE Workshop on Leadership & Communication Zurich, February 19, 2009 Joakim Lundquist
  2. 2. Online communication and the crisis <ul><li>Defining features of communications during the crisis </li></ul><ul><ul><li>Scarcity of information </li></ul></ul><ul><ul><li>Widened interested audience </li></ul></ul><ul><ul><li>Short window of opportunity to communicate </li></ul></ul><ul><li>A unique opportunity to look at how companies communicate </li></ul><ul><ul><li>Allowed us to see what kind of crisis response companies had developed </li></ul></ul><ul><ul><li>Allowed us to see what priority they placed on online communication </li></ul></ul><ul><ul><li>Allowed us to see how present the management was </li></ul></ul><ul><li>During a crisis the demand for information on companies goes beyond investors and journalists who are interested in the company on a day to day basis, but also extends to depositors and the general public, who are worried about the possible failure of financial institutions, and the consequences for the general economy </li></ul><ul><li>In this situation companies have a responsibility to be proactive in communicating with stakeholders and the public and inform them about the crisis and how the company is being affected </li></ul>
  3. 3. Why the web? <ul><li>Allows you to get your message across </li></ul><ul><li>Can provide context for the information presented </li></ul><ul><li>Hub for communicating </li></ul><ul><li>Reach a wider audience, 24 hours a day </li></ul><ul><li>Cost and time effective </li></ul><ul><li>Ability to supply greater amounts of company information </li></ul><ul><li>Interactivity </li></ul>
  4. 4. Information demand <ul><li>What people want to know what happened, what they can do, and how the crisis will affect them </li></ul><ul><li>Response is huge in terms of searches regarding the crisis in general and companies specifically </li></ul><ul><li>Reaction is immediate but short-lived </li></ul><ul><li>Short window of opportunity to respond </li></ul><ul><li>Financial news and research sites have also seen enormous increases in traffic over this period </li></ul><ul><li>Proliferating sources of information </li></ul>
  5. 5. The Research – the supply of information <ul><li>Survey of 51 of the world’s largest financial institutions and how the communicated during the month of October 2008 </li></ul><ul><li>Looked at forms and types of ways they used the web </li></ul><ul><ul><li>13 criteria examined </li></ul></ul>CRITERIA: Press releases Web pages Webcast Management Statement External links Newsletter Q&A Home page Direct reference to the crisis Background to the crisis Statements on financial stability Economic analysis Information about government action
  6. 6. Companies surveyed Company Country Bank of America USA Citigroup USA Fannie Mae USA Freddie Mac USA Goldman Sachs USA JP Morgan USA Lehman Brothers USA Merrill Lynch USA NewYork Life USA Wachovia USA WAMU USA Wells Fargo USA Barclays UK Bradford and Bingley UK HBOS UK Lloyds Tsb UK RBS UK Company Country Swedbank SE Danske Bank Nordic Aegon Netherlands ING Netherlands Mitsubishi UFG Japan Mizuho Financial Group Japan Banca Monte dei Paschi di Siena Italy Intesa Sanpaolo Italy Mediobanca Italy Mediolanum Italy UBI Banca Italy Unicredit Italy Glitnir Iceland Kaupthing Iceland Landsbanki Iceland Banque Populaire France BNP Paribas France Company Country Caisse d'Epargne France Crédit Agricole France Crédit Mutuel France Société Générale France BBVA Spain Santander Spain Commerzbank Germany Deutsche Bank Germany Hypo Real Estate Germany Credit Suisse Switzerland UBS Switzerland CIBC Canada Royal Bank of Canada Canada Dexia Belgium Fortis Belgium KBC Belgium
  7. 7. Main results <ul><li>Results can be analysed in 3 ways: </li></ul><ul><ul><li>By overall types of responses used to the crisis </li></ul></ul><ul><ul><li>Geographical perspective </li></ul></ul><ul><ul><li>By reaction based on what happened to the company </li></ul></ul><ul><li>Revealed: </li></ul><ul><ul><li>Companies ignored the crisis online (only 17 made a direct reference to it on their site) – “business as usual” </li></ul></ul><ul><ul><li>Management absent </li></ul></ul><ul><ul><li>Companies were slow to react </li></ul></ul><ul><ul><li>Failure to contextualize the crisis </li></ul></ul><ul><ul><li>Little use of the homepage </li></ul></ul><ul><li>Best companies (13 criteria,max 13 points): </li></ul><ul><ul><li>Wells Fargo (10/13), BNP Paribas (9), Glitnir (9), Danske Bank (9), RBS (9), Aegon (8), Kapupthing (8), Swedbank (8) – Average score 4.5 </li></ul></ul>Type of Information Percentage of companies providing information Press releases 76% Dedicated webpage 27% Webcast 29% Management statement 31% External links 16% Newsletter 24% Q&A 25% Home page 73% Direct reference to financial crisis? 35% Background to the economic crisis 14% Statements on financial stability 47% Economic analysis 25% Information about government action 24%
  8. 8. Online leadership
  9. 9. Contextualised and accessible
  10. 10. Ways forward… Speed Tell it all Be transparent Tell your story quickly or else other sources will rush to fill the vacuum If you do not talk to the press, there is always someone else who will Explain and contextualise Management should be up-front and present Use the web effectively – make the information easy-to-find, accessible and interactive
  11. 11. This requires… <ul><li>Management commitment </li></ul><ul><li>Internal culture </li></ul><ul><li>Built up web capabilities </li></ul><ul><li>Organisation – standard operating procedures, dedicated resources </li></ul><ul><li>Make sure your message is consistent and coordinated </li></ul><ul><li>Live up to your brand promise! </li></ul>
  12. 12. Thank you <ul><li>Lundquist Srl </li></ul><ul><li>Joakim Lundquist </li></ul><ul><li>[email_address] </li></ul><ul><li>Piazza XXV Aprile, 1 </li></ul><ul><li>20121 Milan, Italy </li></ul><ul><li>Tel. +39 (0) 2 4547 7681 </li></ul>