PR Is Most Valuable In A Recession
“In tough times your instinct is to hold back, but your competitors are going to be distracted. That’s the time to be aggressive and on the balls of your feet! If it’s a good long-term opportunity, you can gain more ground competitively in tough times than in good times.” Ken Chenault
“You can’t build a reputation on what you are going to do.” Henry Ford
“Your premium brand had better be delivering something special, or it’s not going to get the business. Only when the tide goes out do you discover who’s been swimming naked.” Warren Buffett
“During a recession, corporations and service providers must invest in telling their stories and explain why their better than their competitors or they will not survive. Strategic public relations is the best way to continue to grow their brands with all of their key audiences. Why? Because unlike advertising, strategic public relations must go through the filters of third party endorsements and the media, which add much more credibility and trust. Mike “The Reputation Doctor” Paul
ADVICE FROM THE REPUTATION DOCTOR REGARDING STRATEGIC PUBLIC RELATIONS DURING A RECESSION
My public relations firm, MGP & Associates PR, and my Reputation Doctor blog have been getting inquiries every day from corporations and service providers asking the following question since the global economic crisis began months ago:
“We are considering cutting our public relations budget. Is this a wise idea?”
My answer is always direct and very clear.
It is NOT a good idea to cut your public relations budget in bad economic times. However, you should consider three important things:
1) adding to your public relations budget from other departments by cutting ineffective marketing and advertising programs,
2) moving some financing to your PR budget from your sales budget by understanding excellent public relations programs drive sales and best support your sales teams with evidence of success and
3) making sure the public relations professionals you current have on your team are seasoned counselors with the needed toolbelt of day-to-day practical experience versus “kids” with little experience in strategic public relations, learning on your business and have never weathered economic storms or PR executives who just give lip service and haven’t done the actual work themselves in many years.
Strategic Public Relations Chart
3 WAYS STRATEGIC PUBLIC RELATIONS CAN HELP YOUR ORGANIZATION IN BAD ECONOMIC TIMES:
1) GIVE YOUR ORGANIZATION A COMPETITIVE ADVANTAGE
As Ken Chenault, CEO of American Express, said in his quote above,”in tough times your instinct is to hold back, but your competitors are going to be distracted. That’s the time to be aggressive and on the balls of your feet!” You must overcome the fear to invest in bad economic times and invest in your own success while others are afraid and burying their heads. As a result, your public relations program will stand out among your competitors as they reduce their PR spending and give your organization a clear competitive advantage with sales, reputation growth and brand management!
2) REACH ALL OF YOUR KEY AUDIENCES
Strategic public relations includes reaching ALL of your key audiences not just a few. A balanced PR program should allow access to all of these audiences and support your sales team with each. Key audiences are customized to each type of company, but may include current and potential customers or clients, government regulators and elected officials, nonprofit organizations and charities, the media, current investors, potential investors, young, old, married, unmarried, men and women and many more. As Henry Ford said, “you can’t build a reputation on what your going to do.” You actually have to do it yourself. The first step in reaching ALL of your key audiences with your story and with your success in other sectors or markets is to allow them to see, read and hear exactly how you can help them. Bottom line: tell your story to millions in your markets. Remember, public relations allows you to reach many millions with your message through the power of the media, the Internet and other powerful public relations tools.
3) POSITIONS YOUR COMPANY AS A LEADER NOW AND IN THE FUTURE
Now is the time to best support your sales teams with the ammunition to target all of their current and potential customers with excellent print, radio, T.V. and online media stories and key messages regarding your companies expertise. Also speaking at leading conferences and seminars and writing about how you, as an expert, can help clients weather the economic storm in a blog and have your PR firm introduce you to key segments of the market you’ve always wanted to be in, but have difficulty entering because of a lack of current access.
Remember, media relations is just one tool in the strategic public relation toolbelt. A seasoned public relations expert has dozens of tools to work with to make your business a success, especially in bad economic times! Want to learn how to walk the talk? Invest in your company’s future through strategic PR. Your company is not a building. It is you and your other excellent employees. Are you worth investing in? Of course you are! Now you know why an excellent, strategic public relations program, built by seasoned professionals, is a wise investment, especially in a recession!
Remember, do the right thing when your reputation is in crisis and seek the counsel of an experienced reputation management expert. It will be a major challenge, but ultimately the rewards of repairing your reputation will be great. Why? Because Your Reputation Is Everything!™
Author and Editor: Mike Paul
The Reputation Doctor is a nickname given to him by a global client years ago. Mike appears regularly on CNN, MSNBC, Fox News Channel, TruTV (formerly Court TV), ABC News, ESPN, CBS News, BBC, and others as a weekly contributor and expert in the global news regarding corporations, CEOs, celebrities, athletes, politicians and other public organizations and public individuals with reputations in crisis. Mike is also interviewed often by the New York Times, Wall Street Journal, USA Today, the Washington Post, NY Daily News, NY Post, Business Week, Sports Illustrated, Newsweek and others. Mr. Paul is also president and senior counselor of MGP & Associates PR, a leading strategic public relations and reputation management firm based in New York. For interview requests, keynote speeches, senior counseling or other business opportunities with Mr. Paul, please click here.
