Company: Makovsky, New York NY
Company Description: Makovsky is a leading integrated communications firm.
Nomination Category: Corporate Communications, Investor Relations, & Public Relations Categories
Nomination Sub Category: PR Innovation of the Year

Nomination Title: Wall Street’s Reputation: A Different Perspective on the Long Road Back to Recovery

Tell the story about this nominated innovation since January 1 2013 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Four years after the Great Recession ended, and three years after Dodd Frank - the most sweeping financial regulatory reform since the Great Depression - the task of building public trust remains one of the most important business challenges facing the financial services industry. Scott Tangney, a seasoned communications consultant to financial services firms, knew it was imperative to take a deeper look at how the crisis and resulting recession had impacted the reputation of the industry as well as individual brands. Tangney works for Makovsky,a leading integrated communications firm.

Tangney knew there were several other studies measuring consumer sentiment toward financial brands (which was at an all-time low), but he also realized that no one was looking at how companies were reacting, what strategies they were using, where they struggled and where they were having success, may they be small or large. “We felt that with these uncertain and volatile times no one could provide a better insight into the state of reputation than those on the front lines fighting to protect and restore their company’s standing. Communications and marketing executives at these firms are charged with driving strategic programs to help sustain companies now and into the future,” Tangney said. “We needed to focus on what needed to be corrected and what the best remedies were for recovery.”

Regulation also needed to be considered as greater scrutiny and new rules were forcing companies to realign themselves. To understand the size and effect of these changes, Tangney engaged with Ebiquity, a global research organization, to develop a methodology and questionnaire. Tangney decided that he needed to speak to communications/public relations, investor relations and marketing executives in the U.S. at top financial brands to gain the insight missing from other research.

The 2013 Makovsky Wall Street Reputation Study delivered a compelling story from the front lines of Wall Street’s reputation battle, uncovering some disquieting trends, including:

oNearly half of financial services companies lost 5% or more in business due to reputation and customer satisfaction issues, equalling hundreds of millions of dollars.
o60% percent of marketing and communications executives in charge of restoring and building brands at financial service companies told us it could take up to another five years to restore their reputation to 2007 (pre-financial crisis) levels.
oContagion: the #1 reputation threat going forward for financial services firms is distinguishing themselves from their competitors’ serious reputation and customer service issues.
oIn a self-assessment, marketing and communications programs now in place were ranked as “somewhat effective” in improving perception of financial services firms.

Working with the Financial Communications Society, Tangney has presented the study results to hundreds of executives and gathered AIG, Credit Suisse, The Hartford, UBS, Wells Fargo, Capital One, and Fitch Ratings to tell of their own experience on the front lines. MBA schools are next.

To spread the word further, Tangney and Makovsky used the study to start a conversation through a series of news releases, blogs, social media initiatives white papers, brochures, by-lined articles, videos, infographics, presentations and interviews which resulted in more than 500 Million impressions in 2013.

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Provide a brief (up to 125 words) biography about the leader of the organization that developed this innovation:

Scott Tangney has nearly 30 years of public relations and integrated communications experience helping corporations and financial and professional services firms communicate and market to consumers, businesses, and other key stakeholders.

Scott has created hundreds of very successful and long running corporate reputation campaigns for clientele including: American Express, Charles Schwab & Co., Fidelity, New York Life Investments, Federated, Guardian, Crystal & Company, CW Financial, Hatteras Funds, Alerian Capital, SteelPath Funds, Bingham LLP, Blank Rome LLP, Ernst & Young, Baring Asset Management, National Financial Partners, Russell Reynolds Associates, Principal Financial Group, Progressive Insurance, Investment Program Association, Western Union, Coldwell Banker, Citibank, RE/MAX International, Pitney Bowes, Goldman Sachs, Chase, the World Economic Forum and Jones Lang LaSalle, among many others.

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