It might seem tempting during difficult times such as recession or structural changes, for a business to decrease or bin their PR function as part of a cost-cutting measure. In the long term, this strategy could end up costing you more. PR is essential and this applies all the more during challenging times.
An effective PR strategy creates a bridge between your business and stakeholders. Potential and existing customers and investors and key audiences get to hear what your story is behind your product and service, what you do and why it matters. It creates connection, competitive advantage and builds awareness and loyalty.
1. Tough times mean strategic crisis management
It could be falling profits, layoffs or a product fault that is an unforeseen event to hit your business. During such times, effective, strategic communications are crucial. A good PR firm will mobilise quickly, working with all relevant business functions to craft an effective plan of action, together with key messages to help you safeguard your reputation.
2. Absence doesn’t make the heart fonder
Out of sight, out of mind does apply to brands. A lack of presence, amongst key audiences it could lead to you being overlooked by potential customers. It is all the more important in a saturated marketplace when many of your competitors are continuing to show up. Continuing to remind stakeholders of your relevance will pay dividends, especially in challenging economic times where customers need to know you are still operating and stable. During a crisis such as a product recall, it is imperative to remain present, be transparent and calmly respond to your customers that you are there, ready to own and fix the issue. Building a foundation of trust is key during tough times.
3. After the storm
Dropping core PR activity during a recession means that it will be even harder to restart momentum after an economic storm - especially if your customers have kept it ticking over. The good news is that the reverse applies. There will be companies that don’t understand the value of PR and cut back or stop their communications activity. This is a key opportunity to invest in and build relationships with customers, key media and other stakeholders and reassure them that you are a viable bet.
4. When the going gets tough, good PR adapts
If you need to cut costs with your current PR agency or are thinking about investing in PR but don’t think you have the budget, think again. A good PR firm can work with your budget, evaluating your current PR plan or devising one that can advise on what activity to trim e.g. paid advertising or do differently. Conversely, your PR contact should be able to advise what activities can take prominence such as socials.
Vitis PR has experience working with a variety of tech clients on a project or retainer basis and can tailor a PR plan to suit individual needs or budgets. To find out more, please contact us.
