What does economic change mean for your business? It means that you must be more strategic than ever in your marketing and communications. This is when a qualified and experienced public relations firm can build relationships, help you focus on what is important, craft the right message with the right tone, what media channels to use and when to deliver the right message.
When there are fears in the market, naturally people are more conservative. They become more risk-averse and are more likely to be careful about budgets and expenses.
So, it’s essential to keep your existing customers and clients happy. Keep them updated on what’s going on with your company, and ensure they know that you’re still there for them.
In terms of marketing, you need to be more strategic and focused. You can’t afford to spend money on ads that don’t reach your target audience. And you need to find ways to get focused with your messaging and specific about your target audience. PR professionals know exactly how to do that.
Reasons Why PR Is Important During An Economic Downturn
Here are some reasons why PR is essential for your business as market conditions soften.
Keeps Your Company Relevant & Top Of Mind
PR is the best way to keep advancing your message to key stakeholders in these uncertain communication environments. These stakeholders include:
- investors who want to know that their investment is secure
- customers who want to know that your company is still around and delivering on its promises
- employees who need reassurance about job security
Cutting your PR budget when business slows down could prove to be an expensive mistake that could lead to customers forgetting your brand and discovering new brands.
In the early 90’s, McDonalds made one such mistake, and the result was a 28% decrease in sales. In contrast, Pizza Hut and Taco Bell saw this as an opportunity to promote new additions to their menus. In turn, they realized a 61% and 40% increase in sales, respectively.
While ad campaigns come and go, earned media placements stay on the internet forever. Your top-tier placements in The New York Times or Wall Street Journal will be there long after your campaign has ended.
A simple press release or blog post can show that you’re still active and relevant even if you don’t have any news to share.
Staying Connected With Your Audience
PR allows you to tell your brand story and shape the image of your company. Customers want to know that the brands they’re doing business with are healthy and trustworthy. The best way to show that is through consistent and honest communication.
Create an excellent PR strategy that focuses on staying connected with your audience and building relationships of trust during these chaotic times.
Connecting with your audience does not have to be expensive. You can use social media to tell your brand story and get an actual reaction from your target audience. Remember to respond to all comments, both positive and negative.
Another great way to stay connected with your audience is through thought leadership. Position yourself and your company as an expert in your industry by writing articles, blog posts, or whitepapers. This will show that you’re still active and knowledgeable, despite an economic downturn.
Finally, participate in relevant groups and forums to show that you’re still interested in your industry and want to help others. You can build a positive reputation for yourself and your company by engaging in relevant conversations.
Shows Reliability & Stability
It is essential to show that your company is reliable and stable. The best way to do that is through consistent communication and a focus on your core values.
Your PR strategy should include a plan for how you’re going to stay in touch with your target audience. You need to be regularly sharing information about your company and its products or services. Also share company news, such as new hires, promotions, or expansion plans.
In addition, it’s important to focus on your core values. What makes your company different from the competition? Why should customers trust you? By focusing on your core values, you can show that your company is stable and trustworthy, even in an uncertain economy.
People are bombarded with advertising everywhere they go. As a result, they’ve become immune to most traditional advertising methods. In fact, studies have shown that people are more likely to believe earned media placements, such as press releases, than they are to believe advertising.
Focus on earned media placements to get your message across. These placements are more credible and trustworthy, so your target audience is more likely to pay attention to them.
Hire a reliable Los Angeles PR agency to earn the best media placements and build relationships while you focus on growing your company.