Many are concerned that a recession is looming as red flags are waving across the economy. As businesses face a recession and tech companies face a more challenging fundraising landscape, how they spend money and the return on the money they spend comes into sharp focus.
Often, businesses look to cut back on things like marketing and advertising, which often includes public relations. Yet, public relations may actually be a key component of helping businesses navigate uncertain economic times by addressing the concerns of and communicating effectively with key stakeholders from investors and customers to employees and even the media.
Here are a few keys ways in which public relations is crucial during a challenging economic environment:
Reputation management Recessions often create uncertainty and anxiety among stakeholders. Through effective and results-driven public relations, businesses can manage their reputation, which helps to build trust and credibility.
Visibility By generating media coverage and through brand awareness initiatives like awards and speaking opportunities, businesses stay top of mind and can generate other promotional collateral.
Crises We’ve already seen the many headlines – from layoffs to the SVB bank failure – unavoidable or unexpected crises for businesses. By having an agile public relations team, who should already have a crisis plan ready to go, businesses can respond quickly and effectively to minimize damage to their reputations and ensure stakeholder trust.
Competitive Advantage No matter the kind of economy a business is navigating, differentiating and garnering earned media, awards, and other brand building activities sets you apart.
Support Sales Sales is the backbone of many businesses. By garnering media and other accolades, your business stays top of mind and also provides sales another tool for collateral, outreach, and overall validation. Simply put, effective public relations can lead to increased sales even during an economic downturn.
We’re committed to delivering effective public relations – we base our strategies on your business goals and set aggressive KPIs to help attain them. Ready to rise? Reach out to us at Fly@SkyPr.co