Why PR Matters in a Down Economy
Posted on | March 9, 2009 | brett turner
A lot of people have come to me since October – clients, colleagues, PR pros, students, etc. – asking what they should do PR-wise to survive in the down economy. The answers vary for each group and individual, but the basic truths remain the same. Here’s my Top-10 reasons why PR matters, especially in a down economy:
- Credibility – No other form of communication is as credible as PR. Why? PR lets unbiased decision makers tell your story for you. Think about it? If you read from an unbiased columnist that a widget works or a restaurant is great, doesn’t it resonate with you more than an advertisement or direct mail piece? What if you read it on someone’s blog or your best friend tells you about it? It’s powerful and it works!
- Value - PR provides better ROI than other forms of communication. Sometimes, a simple phone call to an editor can result in a story that reaches thousands of people and is worth tens of thousands of dollars.
- Perception – No other form of communication can persuade and change public opinion better than public relations.
- Trust - Consumers are constantly looking for trustworthy sources, especially now with all the negativity that is surrounding the economy. PR pros are that trustworthy source for companies and consumers. If you are an executive or high ranking manager on the corporate side, seek and get honest feedback from your communications team. It is needed. If you are working with an agency, let them inside and trust them with sensitive information. Sometimes the truth initially hurts, but it certainly pays to have trustworthy advice that can lead to positive solutions.
- Message Strength – Public Relations allows you to say all of the things that you can’t communicate in an advertisement or on a billboard. It tells a much deeper and broader story that evokes emotion and addresses the values and attitudes of your audience.
- Relationships – Newspapers, trade publications, television and radio stations are feeling the effects of the economy, too. They are short staffed and underfunded. The need for PR pros with solid editorial connections is at a premium.
- Short term vs. Long term – Don’t sacrifice long-term marketing objectives with short-term financial problems. PR can help you weather the short-term storm and meet your long-term objectives when the market returns ahead of the curve.
- Facts – It is normal for rumors to fly and mountains to be made from mole hills during tough economic times. People are edgy and nervous. It is even more important now to deal with facts and truth, both from the client side and the editorial side. Fact checking and trustworthy sources are needed more than ever. Inaccuracy can be a death wish.
- Don’t play Hide-and Seek – As a formal journalist, nothing is more frustrating than the “PR pro” who is only there when times are good and nowhere to be found when times are bad. Too many companies, executives, clients, etc. are hiding behind their attorneys or getting rid of their communications departments to cut costs. This is not the right approach. Be seen and be heard – good and bad. It will build trust, credibility, and relationships, and will pay you back 10-fold when times are good.
- Bite Into Market Share – There is no better time than now to bite into your competitor’s market share. It follows the same principle as the stock market of buy low and sell high. When your competitors are not doing all of the things mentioned above, and you are, the results will be increased market share and better brand awareness. Times are bad. So invest. The market will return and consumers will purchase again. The key is: will they then purchase from you?
Did you like this post? Here are a few more:
- Where’s Communication When We Need It???
- Does PR Accreditation Matter?
- Stop Selling and Just Answer the Question
- Clipping Coupons and Paying Cash – Is that what’s in store for 2009?
- Don’t Be an Entourage of Suck-ups
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Welcome to The Cure for Common Marketing, a Jackson Marketing Group blog dedicated to sharing insightful thinking, new ideas, technologies, what-if concepts, success stories, and book/article reviews about light speed changes in the B2B marketing universe. We encourage you to share your thoughts and opinions.
February 3rd, 2010 @ 2:05 am
PR and marketing are two of the most important considerations in a down turning economy. Careful planning will protect a company and maintain growth. So many companies cut their budgets during the recession, a fatal mistake and a terrible shame.