From New York to Seattle, people have wondered about the impact of the Wall Street protests. No one is asking, but if the protesters wanted to know how to win, they needed to conduct a cohesive major-marketing campaign.
So, if you can humor me, let’s consider this a review of marketing best practices. Along the way, perhaps we’ll see an improvement in corporate ethics. My motivation, you ask? The nation needs a new culture – call it economic patriotism. I’ve been convinced that it’s partly an issue of How CEOs, Taxes and Policymakers Fail the U.S.
The corporate and Wall Street entitlement attitudes – certainly not everyone but a significant number – helped cause and exacerbate the Great Recession. The U.S. will continue to precariously suffer in its fiscal doldrums until economic patriotism becomes the norm, and productive public policies are implemented to improve the pecuniary environment for the creation of jobs.
It wasn’t just the questionable mortgage activities, but many banks and credit card companies behaved in a predatory fashion.
Because they’re domiciled in about six states that allow high interest rates on credit cards and related lines of credit, banks were able to charge exorbitant interest rates on small businesses and consumers – as much as 38 percent for dubious reasons.
And they abruptly cut off lines of credit for countless companies and micro-businesses.
Consequently, many have poor credit ratings, and can’t qualify for Small Business Administration loans.
Among the hard-hit domestic automobile manufacturers, it’s worth noting Ford has been outstanding in its recovery approach. Consequently, Ford didn’t ask the taxpayers for help.
But the banks and the other auto companies had the temerity to lobby for bailouts, as countless Americans lost their jobs and homes. Foreclosures are still rampant, and the financial institutions are hoarding their cash following the bailouts.
GOP and Democrats
In part, the blame for the Great Recession also falls on Republicans in Congress. Don’t get me wrong. I haven’t changed my stripes. I’m still a strong business and free-enterprise advocate. But the Republicans looked the other way during all the predatory behavior, and continue to do so.
Democrats failed to speak out as it was occurring, and they failed to include small-business protections in passing the Dodd–Frank Wall Street Reform and Consumer Protection.
Further, the Obama Administration has been cozy with Wall Street, ostensibly, to attract political donations. I took originally took note of the administration’s behavior in writing Sen. Cantwell Is Right to Question Risky Derivative Dangers, Geithner. So it’s an irony to me that Democrats are disingenuously trying to capitalize on the Wall Street protests.
Let’s not forget another entity. I wonder: Does the Federal Reserve Understand Small Business? No.
Fortunately, let’s consider that the Legal War on Wall Street Chicanery Isn’t Finished.
But how can the protests help change the culture of corporate greed for economic patriotism?
Protestors need more articulation – not just inane ramblings about corporate greed and spreading the wealth – and organization. Merely sticking it to the wealthy with taxes, and closely allying with opportunists, such as the Rev. Al Sharpton, won’t help the cause and enable good messaging.
The movement needs to grow roots and needs a credible leadership to espouse American values, just as the Vietnam War protests gained traction.Instead of just a bunch of hippies, pacifists and students, it became a movement for moderate American patriots as they began to question the justification for the war.
The Wall Street protests need to focus on corporate ethics.
Again, a classic marketing line of attack is needed. A rag-tag approach doesn’t lead to successful marketing results.
Moreover, it isn’t likely to happen, but leadership is to needed to avoid the typical 14 reasons for the failure of campaigns.
In marketing failures, there are 14 salient causes:
- Inadequate analysis of strengths, weaknesses, opportunities and threats
- Drawing incorrect conclusions from the analysis (leading to ineffective overall strategic planning)
- Unrealistic budgeting
- Ineffective testing of ideas and messaging
- Arrogance – over confidence
- Poor coordination with centers of influence
- Not developing effective teamwork and communication among stakeholders
- Targeting the wrong market
- Lack of job descriptions – who will do what and when?
- Wrong people in many key positions
- Poor positioning in attributes and benefit statements
- Ineffective allocation of promotional funds – wrong mediums preventing top-of-mind awareness in customers, or voters
- Unproductive evaluation of the campaign and return on investment
- Unsuccessful responses to negative surprises and failure to capitalize on opportunities
Thanks for humoring me. Let’s hope for meaningful reform.
From the Coach’s Corner: here are more thoughts about Wall Street greed.
“Three great forces rule the world: stupidity, fear and greed.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is also a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.