Mobile payment company Venmo has been pulled into a crisis it probably never expected, and there’s a crisis management lesson that all brands can learn.
I’ve done a lot of crisis communications in my career, and part of the reason I really enjoy it is because every situation is different. A crisis forces you to think on your feet and get creative because it’s likely not something you’ve faced before. Every crisis has its own challenges, and it also has its own solution, but trust me, there’s always a solution.
Now, I typically don’t get into politics with these blogs, and I don’t want to do that today, but this will inherently have some political implications.
I’m sure most of you have heard about the issues and allegations facing U.S. representative from Florida Matt Gaetz. (Yahoo! News: Jimmy Kimmel and Seth Meyers mirthfully audit Matt Gaetz’s Venmo receipts)
Whatever your beliefs are there is a crisis management lesson here that all brands can learn, and it’s a lesson that Venmo is living. That lesson is you never know when you’ll be pulled into a crisis.
Many times, a crisis is the result of an action by the brand or representative of the brand, whether they be an employee, a celebrity, or an executive. We’ve all heard these examples where someone does something wrong and the brand has to answer for those actions.
But what happens when your brand has done nothing wrong, and yet you’re now in the middle of a crisis? How do you respond, what can you say, or should you say anything at all?
Representative Gaetz is in the middle of these controversial allegations, and Venmo is going along for the ride. So, if you’re Venmo, what do you do?
Most of the negative headlines include Venmo in them, so is this having an effect on the Venmo brand? Or, since Venmo is owned by PayPal are they obligated to step up and make a statement?
Honestly, only time will tell if this has an effect on the Venmo brand. And luckily they have not been called out for the actions of a Venmo user, but brands are often called out for the actions of their customers so they need to be prepared.
What it appears they’ve done is double down on their brand voice across their platforms, which seems to be working well. Venmo has a pretty solid social media presence. In fact, their social media accounts are fairly entertaining so if you have time, take a look.
But they have focused on what they know their audiences want, which appears to be entertaining content related to a somewhat controversial topic: money!
In case you’re not Venmo and find yourself in a crisis that isn’t your fault (or maybe it is), here are five quick tips:
Just because you’re in the middle of a potential crisis doesn’t mean you need a kneejerk reaction changing the content strategy for your channels. You’ve put a lot of work into that strategy, so when you can, keep reinforcing that strategy and your brand with appropriate content that meets audience expectations.
Make sure you are listening to and engaging with your audiences. They will tell you if there’s a need to address a topic or provide a statement on an issue. Having social listening tools is a bonus, but at a minimum make sure you have someone who is consistently engaged across your channels and tuned in to your audiences and their chatter.
Being transparent, or conveying transparency, doesn’t mean telling everyone everything. It simply means operating in a manner that doesn’t mislead your audiences. If you don’t have an answer, it’s ok to say that. I wrote about the 5 W’s of transparency, so be sure to check out that blog.
It’s easy to focus on what’s happening with your external audiences because, well, that’s who is typically creating the most issues for your brand at the moment. But your biggest asset is the team that runs the business, so make sure you’re making them a priority. Again, I wrote a blog about internal communications during a crisis a while back, so check it out.
Yes, it’s true that you can’t plan out every crisis your company will face, but you can plan on having a crisis. If you have the framework down for how you’ll respond, you’re setting yourself up for success during that crisis. If you wait until you’re in the middle of a crisis, it’s too late to do the planning and you’ll find yourself scrambling.
Let me know in the comments if there are other tips or tricks you’ve learned along the way.
Here are some additional crisis planning posts, and if you haven’t done so sign up for our Strategic Thoughts newsletter!
– Crisis Planning Musts
– Crisis Planning Tips During Coronavirus
– What to Say During a Crisis
– The Art of a Public Apology
I’ve also been discussing how you can find success following the Coronavirus crisis through the RADD approach, which is Recognize, Adapt, Develop, and Deploy. Check out our previous posts to see how you can succeed with the RADD process:
– Get RADD And Plan For Success Following Coronavirus Crisis
– Prepare for Success and Get RADD, Part 1: Recognize
– Finding Success By Getting RADD, Part 2: Adapt
– Get RADD, Part 3: Develop Plans For Success
– Deploying Your RADD Communications Plan
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