Surviving the Economic Downturn And Thriving Beyond
Top question from many, many businesspersons I have encountered since last year: What should I do?
The question was centered on marketing and public relations efforts. It was often an awkward situation to have people of action, people used to taking risks–people who owned their own businesses–shaken by the severe economic downturn enough to question their customer outreach.
It’s completely understandable. Besides their own interests, these business owners and executives have the livelihoods of many people riding on the economy’s effect on their business.
I was honored to speak earlier this year to groups of business leaders and offer my perspectives on the troubling question of how to handle Marketing & PR in an Economic Downturn.
Citing the very handy (and yes, very well-used example) of Kellogg’s Vs. Post, two companies that duked it out in the Great Depression for breakfast cereal market supremacy (hint: one advertised, one didn’t…click here for a great article about this from The New Yorker) I imparted my top tips on making it during these challenging times:
Stay Out of the Bunker
Companies that adopt a bunker mentality—cutting marketing and public relations activities in an attempt to save money—will ultimately damage their position in the market. This will afford competitors an opportunity to seize market share.
Re-evaluate Your Marketing Strategy
Refusing to cut your marketing/public relations activity doesn’t mean you continue business as usual. Make certain your advertising and overall marketing/PR strategies are effective. Are you reaching your target market through the channels you currently use? Should that newspaper dollar go to radio or TV? Are you using social marketing tools?
Tell Your Story
Public Relations is not a wholly reactive discipline—it’s not just there to serve as a buffer for bad news. A good public relations professional constantly works to identify the most compelling (interesting, sexy, exciting, timely) elements of your organization and packaging it for the news media. Through established relationships with the media gatekeepers and correctly-packaged (newsworthy) information, your Public Relations professional can potentially get your company that great feature on the front page of the business section or a sound bite on the 5 o’clock news. This brand-centric strategy improves visibility and credibility.
Integrate Special Events into Your Marketing & PR Plan
Whether you sponsor a community festival, host an industry conference or honor your employees with a recognition dinner, budget-appropriate special events firmly reinforce the image of your company as solid, bullish on the economy and moving forward.
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What do you plan to do about your marketing and public relations? Leave a comment.
Also, I enjoy talking to business and non-profit groups about these concepts, so contact me if you’d like to schedule a speaker.
