Many economists predict a recession in the coming year which will ultimately impact most businesses.
Regardless of the economy, you must maintain PR strategies that work for your business. Maintaining PR spend is key to a successful business strategy and coming out of turbulent economic periods on top.
Keeping your PR spend can help to position your brand for success during recession and in the months and years following.
Here’s more on maintaining your PR spending with a public relations agency in Orange County, given the impending recession.
Makes economic sense
A recent survey found nearly 60 percent of business executives will cut their budgets, which may include budget for public relations. Many executives mistakenly believe PR budget is discretionary spending.
Regardless of the economy, if your business faces a crisis, public relations is essential. You’ll need PR to develop a plan to react and create a plan of action. Should you cut your PR budget, you’ll be left without a strategy to maintain market share and growth.
During periods of recession, consumers have a lot of stress on their mind. Positioning your brand as a solution to their problems, or simply as a familiar, friendly face, can have positive long-term impacts for your business, both during the recession and after.
Trust
When times are tough, a PR strategy focusing on building trust helps you connect with your audience. A well executed strategy will serve to create meaningful connections between consumers and your brand – when financial worries are top-of-mind, being on their mind at all is valuable.
There are various ways to build trust with a PR strategy, including testimonials and press releases. Anecdotal experiences and well-written press releases can bolster your brands visibility and increase the presence of social proof – you want consumers to know that your brand is still here for them, and is aware of the troubles currently being faced.
In a recession, consumer confidence plunges. Families must make some tough budgeting decisions. With a tight wallet, people will choose products and services they trust before choosing something they don’t.
Get Your Story Out
Even in a recession, the news cycle continues. Reducing or cutting your PR budget could leave you out in the cold, while competitors take advantage of media space.
Keeping your name in the news cycle helps keep you relevant. For example, if you provide services to low-income families during a recession, positive news stories can boost your donations. Perhaps you’re a financial services company, and your top investor can serve as an expert for an article.
Stories that go viral can bring enormous amounts of attention to your business. People can share print and broadcast stories through social media, thus boosting your visibility.
Maintaining Your Budget With a Public Relations Agency in Orange County
In a recession, it’s essential to maintain your budget with a public relations agency. First, it makes economic sense and is necessary for trust. Moreover, you’ll want to keep your product or service in the news cycle and in the minds of your target consumers.
Let us help you improve your public relations strategy in a recession. Contact us today and allow our social media, marketing, and branding experts to work for you. We’ll maximize your efforts while keeping your budget on track.
