PR In Down Economy

Stocks are down. Unemployment is up. The news about our possible “double-dip recession” is enough to send anyone into a panic.
But while the economy struggles, PR flourishes. In fact, many recent articles have pointed to public relations as a recession proof industry.

PRSA (Public Relations Society of American) predicts annual spending on public relations services in the U.S will increase 55% between 2008 and 2013 to $8 billion.

So why the upswing in PR spending, when businesses seem to be cutting back on everything else?

1. Compared to advertising and other marketing strategies, PR is the cheapest and most effective, period. It typically produces the strongest, most tangible results. Many large corporations have shifted marketing dollars away from traditional ads to more powerful PR campaigns.

2. Now more than ever, businesses must stand out to survive. Consumers are reluctant to spend. So if you’re not fighting for dollars, someone else will. This isn’t the time to settle into the shadows. Grab the spotlight while your competitor waits… and reap the benefits.

3. Many media outlets have cut back on staff and rely more heavily on PR professionals and outside content. The editorial opportunities are broader and more attainable. Savvy PR professionals will take advantage of your company’s angles to get you widespread coverage.

4. Positive PR matters more in a down economy. When consumers have endless purchase choices, and limited pocketbooks, they do their research before they buy. That means turning to the news (TV, print, online) to find recommendations, reviews and write-ups. The power of PR can help convince potential customers to pick you!

5. The current economy is sparking new start-ups. Layoffs and cutbacks mean more people are finally leaving their jobs behind and starting the business they’ve always wanted. Whether it’s a basement boutique or an online service, new business means new PR. Afraid to start a business now? Consider this: More than one-half of the current Fortune 500 companies were launched in a recession!

While Washington power players argue over who or what is to blame for the economy and chief thinkers suggest new solutions, businesses are doing all they can to not only survive but thrive. That’s good news because the more companies grow, the more they hire and that’s more money pumped back into the economy. PR is playing an important role. We’re thankful for the business and up to the task!

Ann Noder