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The Value of PR in the New Economy

In today’s New Economy, entrepreneurs need more efficient than ever and cutting corners sounds like the apt thing to do.

Hmm. Read on.

By Karla Jo Helms

In today’s new economy everyone is looking for ways to cut corners, to be more efficient, and to squeeze the most out of every dollar that they spend.  This includes companies that are struggling, and so one of the first things they start cutting is PR and marketing.  Should you do this?

Actually, this is really the opposite of what a company should do during hard times and instead you should start spending more on your PR and marketing campaigns.  There are a lot of experts that say this, but do you know why?

PR is aboProperty Owners Braced For Interest Rate Hikeut forming opinions where marketing is about encouraging decision making and you need both of these units to help your company survive in a tough economy.  When the economy is poor, and you have a reputable company and a product that serves a specific need, then it is important to let everyone know it and you do this through public relations and marketing.

Why You Shouldn’t Cut Corners

 Companies that are trying to cut corners by reducing the amount of marketing that they are doing are basically signing their death warrant.  The last thing you want to do in an economy like this is to stop your public relations or marketing campaigns.  That would be the worst thing that you could do.

Instead, you need to get more efficient at it and learn how to improve it.  This is where you need a skilled PR professional. You need somebody who can look at what you are doing, look at your budget and go, “You are not getting the most bang for your buck in your PR and marketing campaigns and here is where we can improve your investment.”

The other thing you want to take into consideration is that in the current new economy, a lot of people are being asked to do more with fewer resources and to take on promotions, marketing, and PR to their already heavy workload.  It becomes too much.  As a result, the PR and marketing campaigns are not done correctly and the company revenue drops during a time when an increase in revenue may mean the difference between staying afloat and filing for bankruptcy.

A Great PR Professional is Worth the Investment

Companies that understand the importance of PR and marketing will go the extra mile during an economic downturn and invest the money in a PR professional that knows their trade.  Moreover, most company CEOs are not marketing experts nor PR savvy and with good reason because they are trained to oversee and focus on the company operations.  For a CEO to try and do this is very difficult because it is necessary to educate yourself on what is the most effective strategy, how to go about it, and other considerations that make a PR and marketing campaign a success.

If you have an experienced PR professional on board you can tell them the end goal you want and then they will provide you with a plan to follow to get that result.  This is essential in a tight economy where people are spread thin, plus it takes the pressure off everyone in the company when you have someone on the outside looking in and evaluating your strengths and weaknesses so they can convey your assets to the outside world.

Fringe Benefits

A PR professional can also provide fringe benefits to your company.  For example, we recently worked with a banking firm and sent one of our PR pros to attend a critical board meeting to help explain to their shareholders a number of things that were being accomplished.  Market research had been done earlier on the existing stockholders and as a result, the PR professional was able to come up with a program to keep the stockholders up to date as well as provide information on a continual basis that they were interested in.  The market research indicated the best way to communicate with the stockholders and how the stockholders felt about the bank as it related to the current economy. A major amount of stress was relieved off the Board of Directors when the stockholders felt their concerns were finally being addressed.

So, if you are wondering if you should invest in PR and marketing during the current economic conditions the answer is, “Absolutely!”  You need this to give your business the extra boost that it needs during an economic slump and if the PR and marketing are executed properly, your investment will come back to you in a big way.  Your PR campaign will always keep your audience informed and will maintain their interest during tough times while your marketing campaign will encourage people to make a decision by catering to their preferences.

 

 


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