Communicating about The Rock –Northern Rock

Recent statements and interviews by officials associated with the crisis in the financial sector in the UK did little to reassure customers all was well with their deposits. Statements made by officials and actions taken by customers was a classic case of ACTION speaking louder than words.

Customers voted with their feet –they did not accept what they heard. So, initially, official statements aimed at reassuring them had the opposite effect as depositors rushed frantically to get their hands on their funds/investments –hard earned. It was only after more than 96 hours and a commitment given by The Chancellor himself AND –and aimed at depositors- that there began to emerge a return to what customers considered to be business as usual.

What went wrong? The message! In the first 24 hours everyone received the same message, all’s well with Northern Bank, despite the fact they approached the Bank of England to borrow directly from them, should the need arise. While that message may be reassuring to financial analysts and investors of major funds who understand the workings of financial markets, to depositors, small investors and ordinary members of the public, the message was ‘company in trouble’.

Not surprisingly, depositors in their hundreds acted swiftly on the message they received –something was wrong. Both online and off, they rushed to get their hands on their funds. A message about ‘the bank being open for business as usual’ seemed rather inappropriate and misleading to customers. Customers knew that the scenes at their local banks and on their TV screens were anything but close to what they would consider normal. Highly inappropriate choice of words for what was anything but a normal situation!

Many of you reading this living in the UK may have been like me and first heard about the recent turmoil in the financial market and implications for the mortgage market towards the week end –seemingly about the same time that customers did. One message about the institution’s position was sent to the public, investors, mortgage holders, deposit account holders –all of whom needed to specific messages aimed at their concerns.

One message could not target the concerns of all interest groups –one size did not fit all.

So when deposit holders received the same message as the financial analysts –the result is panic. The opposite reaction to what was intended.

Three key principles of effective communication and customer care were ignored:

- WHO are the intended recipients of your message?

- WHY this message (purpose), i.e., is it to inform, reassure or persuade?

-What information will be relevant to them?

Hopefully vital lessons about communication principles were learnt by the official spokespersons and those with similar businesses.

Veronica

Speaking with Confidence

http://www.executive-solutions.co.uk/

Not my words Mr Speaker……

In an earlier blog, I highlighted the importance of choosing words appropriate for the presentation and audience. I was reminded of this while listening last evening to ‘Not my words Mr Speaker’, a programme on BBC Radio 4. Although the programme was about activities on the other side of town, at Westminster, rather than Canary Wharf, it lived up to its billing of being “A caustic and hilarious indictment of the way many politicians descent into cliché whenever they make a speech in the Commons.”

If you too had listened to the programme and would like to share your view, just add your comment to this blog. For those who would like to hear what Matthew Parris said in the Sunday Supplement feature (9th September 2007), just log on to the BBC website and make use of the listen again feature at: http://www.bbc.co.uk/radio4/progs/listenagain.shtml

Hopefully, after listening you’ll be even more aware of any ‘canned language’, jargon or empty fillers that creep into your presentation.

Veronica

Seen any 'lectern wrenchers' recently?

Below are some don'ts or do's for anyone prone to lectern wrenching.

Feel free to share with others who may find it useful -and they don't have to be working or living at or near to Canary Wharf.


Don’ts
Don’t press your palms on the lectern or gripping the edge of the lectern.

Don’t become glued to the lectern
Don’t slough your upper body over the lectern –it’s not a body rest.


Do’s
Do stand upright behind the lectern and maintain eye contact with all sections of your listeners.

If using a microphone fixed to the lectern, maintain a suitable distance between your face and the mic. Too close will muffle your words, too far will reduce your audibility.