The PRV Report Card: This Week’s Winners & Losers

hijabs The PRV Report Card: This Weeks Winners & LosersPR WINNER OF THE WEEK: “A” (PR PERFECT) to the Overland High School girls soccer team in Aurora, CO, for a stirring show of solidarity. Last week, referees barred one Muslim player on the team, Samah Aidah, from playing with a hijab on her head, calling it “dangerous.” Never mind that FIFA, soccer’s international governing body, officially permits the practice – not to mention the US Constitution. For the next game, all of Samah’s teammates and coaches wore the traditional Islamic headscarf in support. A tweet by one of the girls with a picture of team, all in headscarves, sent the matter viral. Young people leading by example, again.

 The PRV Report Card: This Weeks Winners & LosersPR LOSER OF THE WEEK: “F” (FULL FIASCO) TO Lady Gaga, who continues to have a bad hair year. She fired her longtime manager, and her latest album, ARTPOP, hasn’t sold nearly as well as her previous collection, Born This Way. Now, her Born This Way Foundation, which seeks to “foster a more accepting society,” is under fire. Tax reports for 2012 show that BTWF spent $1.85 million in legal fees, salaries, travel, philanthropic consulting, and $808,661 in “other” expenses. Actual donations? A mere $5000. An example of how celebrity foundations aren’t born bad, they’re made that way.

 The PRV Report Card: This Weeks Winners & LosersTHE PRV “THERE’S NO ‘THERE’ THERE” AWARD TO newly annointed Federal Reserve Chief Janet Yellen, who tried (and failed) to avoid rattling financial markets by couching her comments at her first press conference. Oh Janet, have you not studied your predecessors’ previous faux pas? After saying “We will try as hard as we can not to be a source of instability here (regarding communications)”, Yellen promptly gave what investors interpreted as a potential timeframe for interest rate increases, and one earlier than they had expected. Was that the message Yellen meant to convey? Who knows — and it doesn’t matter. Stock markets fell, bond yields rose, and the world carries on. PR tip to the head of the Fed:  When it comes to interest rates, “no comment” is the best comment.

For New Fed Chairman, the Message is the Medium

 For New Fed Chairman, the Message is the Medium

THE PR VERDICT: “B” (Good Show) to Janet Yellen (right; with Larry Summers) for her methodical approach and realistic expectations.

As President Obama prepares to name a new Fed Chairman, he may be well advised to look closely at the communications skills of the candidates. Ben Bernanke dragged the Fed into the modern age of communications and institutionalized commonplace PR strategies to the Fed’s tool kit.

A comparison of the two leading candidates, Larry Summers and Janet Yellen, suggests that both have communications know-how. No doubt Summers is a more practiced communicator, but Yellen has fully embraced today’s communications/transparency paradigm. Under Bernanke, she led a subcommittee on communications and presumably developed the playbook for publicly releasing FOMC minutes, issuing monetary policy “guidance,” as well as establishing a schedule of post-FOMC-meeting press conferences.

But despite Yellen’s studious approach to communications, Bernanke has had trouble staying on message. Bernanke suggested accelerating QE “tapering.” Markets reacted badly, and at his next press conference, Bernanke pushed back. The Fed would “continue to support the recovery,”  but his message was lost in the media glare. One live blogger wrote: “Bernanke seems frustrated that markets and pundits don’t understand the point of policy guidance.”

THE PR VERDICT: “B” (Good Show) to Janet Yellen’s methodical approach and realistic expectations.

THE PR TAKEAWAY: The best communicators focus on long-term objectives. While she has had some bad breaks managing her Chairman’s PR with the financial markets, Yellen believes good communications can support monetary policy and reinforce the Fed’s leadership. As she told journalists in April, “I believe further improvements in the FOMC’s communication are possible, and I expect they will continue.” No PR plan can work flawlessly. The institution you speak for is the message, not how aggressively you handle the media or how articulately a spokesperson expresses a viewpoint.