Last post: Feb 28, 2024
In challenging economic times, the importance of maintaining your PR and marketing activity can’t be overstated. It’s common for businesses to consider cutting marketing expenses when budgets are tight but recent evidence demonstrates that PR, often perceived as a luxury, is in fact a critical component for maintaining relationships with both internal and external audiences.
The
pandemic was a good example as the onset of the crisis revealed the impact on
marketing budgets, with PR being particularly affected. However, businesses
soon recognised that scaling back on PR could harm their connections with
stakeholders across various industries.
In the ever-evolving business landscape, PR has proven to be indispensable, playing a vital role in keeping clients at ease, crafting crisis communication plans, and contributing to overall business resilience.
Here's how strategic PR can not only help you weather economic storms but also position your company to emerge stronger:
Stay Relevant in Changing Times:
Recessions are temporary, and pausing PR activities can leave you with a significant recovery challenge. PR helps you adapt to changing stakeholder needs, ensuring you stay relevant during tough economic conditions.
Building a reputation takes time and pressing pause means falling behind. PR enables you to move with the times, maintaining relevance in the minds of your audience and potentially reaching new markets.
Signal Strength and Reliability:
In uncertain times, maintaining your profile signals strength and reliability to customers and stakeholders. Consistent PR efforts establish your brand as a trusted source of information.
Engagement through media, awards, and social media reinforces the importance you place on connecting with your audience. Abruptly halting these efforts sends a message that could erode trust and credibility.
Learn from Past Mistakes:
Historical examples, like Nike's proactive approach during the 1991 recession (which you can read more about here - Nike_PR - emphasise the importance of not cutting marketing budgets. Stepping up investments in innovative ideas can lead to market dominance when the economy rebounds.
Consider your competitors; maintaining or increasing marketing and PR budgets positions your company ahead when the economy regains momentum.
Leverage Your Success:
PR stories, shared through editorial and social channels, offer a cost-effective means to raise awareness. Free media exposure becomes particularly valuable when marketing budgets are constrained.
Leverage success stories like securing international coverage through national newspapers, turning them into long-lasting assets through e-shots, social media posts, re-posts, and blog entries.
The Power of Effective Communication:
In times of crisis, effective communication is crucial. PR professionals excel in reaching clients, investors, and employees, adapting swiftly to changing environments.
Engaging with PR during turbulent times ensures your company remains well-informed and connected, fostering resilience and agility.
As you consider budget adjustments in uncertain economic times, remember that maintaining your commitment to PR can be a strategic investment in the longevity and strength of your business. Our team at Cerub PR is ready to discuss tailored PR strategies to help you navigate these challenges and emerge stronger.
With thanks to "Cerub PR" for providing an insightful article on the importance of developing a PR strategy and allowing Choice Business Loans to share this with our customers.
If you would like assistance with PR within your business, Choice Business Loans are happy to talk through your requirements and make an introduction.
Contact us at 01494 410125 or email: info@choicebusinessloans.co.uk
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