It comes down to awareness and influence. While it is important that the message is reached by the target market, it is also important that many different publics be served, or the program will not move forward successfully.
Risks in the Strategy
Just as any other business venture or strategy, there are always risks when implementing a new strategy or program. When the strategy or program is directly impacting the customers, potential customers, or publics, the risk is inherently higher. Mitigating that risk should be a large focus within the programming stage of a PR campaign. This will help ensure that the public relations campaign meets the objectives of the McBride Financial Services.
In order to mitigate the risks, McBride Financial Services has included additional resources in the budget for crisis campaigns. This will ensure that in the instance that a marketing plan is not successful, that there are additional resources for crisis control. In addition, the financial services team has identified the target markets wants, needs, norms, and cultural behaviors in order to understand the impact of strategy. This should help to understand any underlining risk when integrating the services into the market.
The Media Release and Distribution List
One of the best ways to accomplish good press coverage is to provide the story to the press, which is done through the form of a media release. A media release could include such mediums as newspapers, television, radio, or internet, and include a press release, video release, public service announcement, or internet posting. According to “Secrets of a Media Release” a media release should both “offer information… that can immediately be put to good use!” and should “seamlessly weave key information… such as the five "w's" of journalism (who, what, when, why, and how)” (D'Vari, 2006). McBride Financial Services has constructed the following press release:
McBride Financial Services to Offer Services Across the Border: In a bold move, McBride Financial Services has announced that they will partner with CanEquity Mortgage to create a seamless, and borderless, mortgage partnership. Beginning in the third quarter 2008, all of McBride’s financial services will be available in Canada. McBride is a one-stop mortgage broker who is customer driven and service oriented. Because of their Customer Service first approach they are one of the few U.S. Brokers how have not been affected by the sub-prime mortgage crisis sweeping across the United States. In addition, they are the only U.S. Brokerage firm to become licensed within Canada in the last three years.
As important as writing a good press release, is establishing a competitive media distribution list. This is the list of media outlets that will run the press release. It is important to focus on outlets which will provide the best PR for the organization as well as most likely set up your organization for future sales. According to “How to Write a Media Release” an organization should: “Send (the) press release to the appropriate channels” which could include “1) Newspaper tourism sections, 2) Radio stations, 3) Niche magazines, and 4) ” (Mader, 2008).
McBride Financial Services has decided upon the following distribution list:
Associated Press
Wal Street Journal, Canadian Edition
Economist, Canadian Edition
BBC, Canada
Public Radio Stations:
540 AM Watrous, SK
1010 AM Calgary, AB
990 AM Winnipeg, MB
1550 AM Windsor, ON
Online Canadian Financial Forums
www.fin.gc.ca
Develop a tactical plan utilizing three of the PR tools listed below - Christy
. Develop a Tactical Plan Utilizing Three of the PR Tools
Developing a tactical plan for public relation is an implementation phase of a long term planning process. Tactical plans are based on the organization's strategic plan. McBride Financial Services’ public relation staff members will have to develop tactical plans to implement and support strategic plans. Promotional items, Direct mail, and Newsletters are the three pr tools will be used for the tactical planning.
Promotional Items
McBride Financial Services’ (MFS) main purpose is to attract customers, rouse their dormant needs and stimulate them to act in the desired manner. Promotional items within an organization are a vital part in any promotional activity plan. McBride Financial Services goal is to spread the word about the company through advertising and event promotions. A project team would have to be creative and grab customers’ attention. For example, new home loan members would not have to pay their mortgage for the first four months. Also, T-shirts, calendar, mugs, and other product items can be given as tokens which show the organization appreciate the customers. In order for the MFS to compete, they would have to know what type offers their competitors are offering to the customers. Direct mail is another way of advertising.
Direct Mail
According to web definition, direct mail refers to any brochure, advertisement, or other printed marketing material delivered directly to the consumer through the mail or a private delivery company (2008). The key is to leverage the business vast knowledge and experience in executing and developing personalized direct mail campaign to customer to their financial services and increase their brand awareness. By strengthen the customer relationship will help show a successful direct mail campaign will receive a 2% to 4% response from customers.
Corporate Newsletter
By distributing a newsletter of McBride Financial Services’ roles as a corporate citizen and recognition within their community, informs people of what type of service is provided. Another great advantage of the newsletter it can be used internal or external. Special events and community relations program is a great way to outreach to the community and reflecting marketing efforts. Employees are also informed on what going within the organization such as benefits, new goals, new management and etc. Sending newsletters to customers and prospects is a common marketing strategy, which can have benefits and drawbacks.
Evaluate the business implications of your PR Campaign
The company’s management must be absolutely clear about what the campaign is to accomplish before it should try to assess whether or not it was successful. Not only is it the best interest of the company to create and maintain positive relations with the employees from a legal, ethical, economic, business standpoint, but employees at every level, management executives, field staff, support staff, labor force, represent the company’s public face, its image and reputation, to shareholders, suppliers and the rest of the outside world.
It is important not only that an employee relations program be in place, but that those charged with implementing such a program be aware as to whether or not it is achieving its goals. It is not enough to simply fund employee communications and assume if no one criticizes or attacks the effort that it must be a success. As with the external public, those inside the organization should not take loyalty or support as given among constituents just because a relationship exists.
Conclusion
A proactive organization can have successful PR campaign by combining strategy and tactical planning. Identifying and meeting the objective helps define the solution and foreseeing the organization goals. McBride Financial Services have to beware of how the message is delivered and be able to persuade the public in a positive way. Risks are likely to occur when organizations are implementing a new program. Tactical plans used in PR are vital and helps flow the company’s information to the public. A Good organization should always evaluate new programs and make changes if necessary. By keeping an open communication within the business can enhance employees and public relations.
References:
Seitel, Fraser P. (2004). The Practice of Public Relations, Ninth Edition. Prentice-Hall. Pearson Education, Inc.
Design Management Resources (2008). Strategic Public Relation: The Ultimate Return
on Investment. Retrieved on June 15, 2008 from
Mader, R (2008). How to Write a Media Release. Planeta.com, Retrieved June 14, 2008,
from http://www.planeta.com/ecotravel/tour/mediarelease.html
D'Vari, M (2006). Secrets of Media Release. Deg.Com, Retrieved June 14, 2008,
from http://www.deg.com/TipsArticles/media101.htm
