Competitor in crisis? Here’s how to avoid guilt by association
If your rival suffers a PR blow, you could also take a major hit. Take steps to differentiate your business and clarify your position.
The most recent Wells Fargo scandal has increased the public’s distrust of big banks.
A new survey, conducted by Aspiration, shows that one company’s PR crisis can damage the reputations of its competitors. That means a problem at your neighbor’s house can quickly become a problem for you, too.
According to the survey, 14 percent of Americans trust big banks even less than they do Charlie Sheen and Tiger Woods.
It found that Wells Fargo is the least trusted bank, with 44 percent of Americans trusting it less than other financial institutions. Those other banks are not off the hook, however. The survey found that 38 percent of Americans under 35 are less likely to trust their own bank due to the Wells Fargo revelations.
More than half of Wells Fargo customers (51 percent) would be willing to switch to another bank if they thought it was more trustworthy.
Self-inflicted crisis; botched response
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