Why PR Matters in a Downturn
Author: Dock Street Group | Category: General
As New Zealand isnow officially in the grip of a recession, most companies are closely reexamining all of their budgets and it is tempting to have a good slash at marketing and public relations spend.
Dock Street Group, DINZ Platinum Sponsor
As New Zealand isnow officially in the grip of a recession, most companies are closely reexamining all of their budgets and it is tempting to have a good slash at marketing and public relations spend.
This is possibly the worst thing companies can do, as it is known in the public relations industry as “going dark.” When you “go dark” you will have little or no exposure for your company and your products. The one thing your customers and the rest of the market will notice is your absence.
While we may be accused of being biased about the subject, we at Dock Street Group genuinely believe that PR is more important than ever in a down economy. This is for the following reasons:
- If you “go dark”, you will have to play catch up once things start to recover. It will take you a lot of effort and money to rebuild your company and brand profile.
- If your competitors are continuing with their marketing and promotional campaigns, then you daren’t be left out or you will find you are not even in the race.
- If they are not continuing to promote themselves, then make the most of the opportunity - fill the vacuum and promote yourself. Look it as an opportunity to gain market share.
- PR can actually help to create new markets in tough times. PR helps to define trends, which is vitally important in the design industry. While PR is about much more than attracting publicity, never underestimate the power of publicity when launching your new product or brand.
- PR is also important for staff morale. If your employees witness you being proactive and strong in the marketplace, they will feel more energized and motivated to work hard for you.
- PR has more dimensions than other marketing services, such as advertising and direct mail, as it can communicate attributes such as expertise, reliability and your point of difference – which are all vitally important for reputation building.
- PR is also a lot more cost effective than other marketing activities such as advertising. There are a number of measures companies can take to improve and maintain their image during a recession without breaking the bank. There are media briefings, blogs, speaking opportunities – the list goes on.
- An external PR agency can provide expertise and another perspective to your business any time you need them.
It is easy, and perhaps even tempting, to put thoughts of engaging in PR aside until normality returns to the market. But (unless you have a crystal ball) nobody knows for sure when that will be or what the new “normal” will look like.
The companies that emerge from this economic downturn stronger and better off will be those who have invested in maintaining a meaningful dialogue with their target audiences; those whose brand remains strong and whose reputation remains unpolluted.
So, if you think you or one of your clients would benefit from the value that PR can add, give Dock Street Group a call (09) 377 2907, flick us an email consult@dockstreet.co.nz or visit our website www.dockstreet.co.nz
Posted on 5 June 2009, 01:07 p.m.
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