Is public relations obsolete?

Waupsh's presentation outlined the challenges from new competitors as well as the changing world of mobile banking. His research also revealed that most banks are focusing on the wrong message. They're stressing service when their customers and the public--prospective customers--already think highly of the community services that community and regional banks provide. The real issue is that they don't think community and regional banks provide a wide variety of sophisticated products and services.

In addition to re-assessing a bank's advertising and marketing approach, what value can public relations add? It's no secret we're in a period of amazingly rapid change in the communication landscape, so our first task is to redefine public relations as "communication that is aligned with advertising and marketing that influences what a listener hears, believes and remembers," my definition of effective communication.

There are at least two things public relations can add. First, PR can convey that banks are indeed good corporate citizens and contribute enormously to the civic and economic health of your communities. Second, public relations should enlist your employees and existing customers as ambassadors for your bank.

Today, public relations professionals must ask, "Who is my audience, and how do they access information?" And next, "What information matters to them?" A news release about an internal promotion, new product or contribution isn't likely to engage existing customers or create new ones.

Are your press releases being ignored?

Many people still think of media relations as a first step in a public relations initiative, but traditional media has drastically declined and changed. Deadlines have evaporated; reporters post articles immediately online and beat reporters are fading away.

I know of a $6 billion bank with a presence in more than 40 cities and towns. Most of its press releases were being ignored. The question was, can they be jazzier? Bolder? More colorful? What will get people to read them? In the city where the bank has its headquarters, population 125,000, the local newspaper still accepts and prints a press release almost verbatim. In some other cities, the local paper will include the facts--ex-ecutive changes, an announcement of a new product, etc.--in a column in the business section but will ignore the quotes and characterizations, such as whether a new product will be useful to certain customers.

However, in most...