Some market experts warn that where the economy is concerned, we’re “tip-toeing along the brink of abyss.” Conventional wisdom suggests that pubic relations’ spending is ripe for a cutback when business slows, but the fact is there are fewer cost effective ways to get your message out and build your brand than good public relations during slow economic times.
In part, that’s because the right positioning of a brand or organization in the media is likely to stand out more amid daily reports of doom and gloom. And, the company that leads in such an environment and is visible doing so, will thrive when economic tides turn and customers and partners look to expand again. Here are a few points to consider when evaluating the value of public relations and its ability to help organizations through good times and bad.
- Consider that a positive presence for your organization in the media and among key audiences is an important way of building trust, the most precious of commodities nowadays. The filter applied by editors, analysts and influencers in the media is often regarded as a litmus test that can separate winners from losers.
- The consequences of neglecting public relations can be swift and often painful. We live in volatile times where rumor and speculation can drive down the value of companies at a moment’s notice, and to survive this hostile environment, organizations need a prominent presence and well-established lines of communication with their audiences.
- Your public relations professional is a great counsel. Potential “issues” present themselves daily, and it’s important to have a firm that can act as a buffer or offer an alternative point of view when the spotlight unexpectedly arrives.
Public relations can be viewed as the first item on the cost-cutting agenda, but think twice about how far you can go without deep trust from customers, a person in the market looking out for you, or the voice of reason when all else seems unreasonable.