One of the first things some companies cut is marketing. But smart companies know this is not a wise decision. Brands should instead lean into their public relations efforts, especially in the midst of a recession. Why?
Out of sight, out of mind
Companies that cut their marketing and PR budgets during a recession leave themselves at a long-term disadvantage. This is often because producing fewer PR efforts leaves your brand out of sight, and out of mind from your customers. Remember, PR builds a brand, and advertising supports it.
Adapt the strategy
Instead of cutting your PR agency, you should adjust your strategy. Look to your PR firm for its knowledge and expertise to help you change your focus. This can be especially important because other companies may be leaving the spotlight and withdrawing their PR efforts. Now is the time to adjust your PR plan of action to better handle a recession.
Lean in
Stay the course and start thinking in the long-term for your company. It may hurt a little to continue spending money while everyone else tightens their belts, but ensuring your company continues moving forward means leaning into the recession. Think about when your company launched and how those founding executives kept pushing for success, and make the same effort.
Branding
Focus on branding your company and making it recognizable to your consumer base. A couple ways you can do this: Review your key messages and ensure your corporate communications team utilizes them, and review your social media channels and website to ensure they follow your brand guidelines. Sometimes we get entrenched in our work and our brand strays from the original plan – you can complete these small tasks to help ensure your customers recognize you and your company.
Reporters
In lean times, reporters still need sources for stories. It’s a great time to build relationships with journalists and be a resource for reporters. While other companies cut PR, you have a unique advantage and great opportunity to build relationships to earn media coverage for your company.
Companies that cut PR today, during a recession, may not see the impact initially, but it could hurt in the future, especially if the competition decides to lean in. Don’t be a statistic or a company lost in the shuffle – continue building your brand and company image.
