What’s (brand) love got to do with it?
The role of PR in surviving an economic downturn.
I’m a millennial. Call us whatever, but you can’t argue that we’ve faced more than our fair share of “once-in-a-lifetime” crises. And that has made us a pretty resilient generation, battle-hardened - if you will.
It may also give rhyme to our very dark sense of humour, especially when it comes to reacting to horrific situations with poor-taste jokes (but that’s a separate post for another day… cue Titanic submarine memes).
So as concern grows around the current economic challenges, for many of us it’s nothing an iced-latte, smashed avo and ‘Gold School RnB’ playlist can’t fix. Over 15 years in PR, I’ve witnessed several downturns, and PR - so often considered a “frill” - is amongst the first expenses to face the chop.
Typically in agency land, it means the Friday pizza parties stop and soon you start worrying about your job security. That said, this current situation is my first as a business owner, so naturally, I’m looking at things a little differently. And I can tell you, I’m far more optimistic.
Surprised? Me too. But here’s why.
Gen Z may take issue with older generations' inability to PDF a document, but the reality of six-figure salary positions is the wisdom and experience to understand downturns are an inevitable part of the cycle and to ensure the business is fiscally fit for such a scenario.
No matter the doomsday of right now, an experienced attitude is generally…‘this too shall pass.’
Despite grim headlines, as an agency, the past six weeks have borne witness to our largest influx of new business enquiries. We are bringing on great brands with solid budgets, all of whom know that when it comes to riding out the storm, (brand) love has everything to do with it.
And because I can’t resist a list… Here are the five key reasons that brands are actively seeking out our PR services as a critical component of their economic downturn survival kit.
1. Keeping up (and front of mind) with customers
How do you ensure that when household budgets are reevaluated, it’s your product, service or experience that people fight to hold onto? That’s your brand-customer relationship. That’s PR.
PR fosters meaningful connections with customers, employees, investors, and the community. These relationships can provide vital support and loyalty when times are tough. So whether it’s emphasising your current positioning, or reimagining the role you play in the lives of customers - it is during the tough times that communicating your purpose is the most important.
2. Being across temperature changes
I defer to the worldwide backlash on Joe Jonas’ attempted smear campaign of Sophie Turner as my case in point here. To win hearts and minds, you must understand the thinking of your audience, and this changes constantly (even more so during challenging times).
Your PR team is your connection to the public and we design communication that is effective because it has the right temperature check. In a world where viral can spiral, all content and communications need to be tuned in to the current cultural climate to be effective. That can be your customers, but also in terms of addressing workforce changes, shifts in business strategies, or highlighting corporate social responsibility efforts to stakeholders. At the end of the day, PR plays a pivotal role in crafting and disseminating messages that resonate with the right now.
3. The strongest offence is a strong defence
Yes, I’m talking about reputation management and crisis communications here. It takes years to build but can be damaged in an instant. As the guardians of your brand’s reputation, PR professionals are your strongest line of defence. Our role is to monitor and respond to online conversations, address negative press before it hits the headlines and to proactively shape your narrative with the public. Half of crisis communications is prevention, that’s not something smart companies are prepared to turn off in an effort to save a buck. If sh*t hits the fan, it’ll cost you far more than a few months of inactivity.
PR professionals are trained to manage crises effectively. Our expertise in both proactive and reactive communication can be the difference between a business enduring the storm or succumbing to it.
4. Adapting with authenticity
Okay, so the term “pivot” was worn out during the pandemic, but for good reason - and that’s because the sentiment stands true. During crises - pandemic or economic induced - businesses naturally adapt to survive. PR professionals are skilled at helping companies change strategic direction and innovate in response to changing market conditions.
We help brands identify new growth opportunities and position the business as a leader in its sector. Our finger is on the public pulse and that can support authentic approaches to business pivots while also clearly communicating and bringing audiences along the journey.
5. Investing in value
I once used to boggle at the exorbitant advertising budgets bandied about, where PR is so often (in comparison) delivered on a shoestring. PR - be it traditional earned news generation or content that engages on social media - works harder to deliver the right message, to the right audience at the right time.
We find that during economic downturns, the true return on PR investment finds itself more prominently in the spotlight. And fortunately, in today's data-driven world, demonstrating the value of PR efforts is possible. We use metrics and analytics to track the impact of our strategies on business outcomes. This quantifiable evidence reassures stakeholders that PR is a valuable investment, even during an economic downturn.
Ultimately, it’s called challenging economic times for a reason. There will be many challenges but the right PR partner knows to strap in for the ride to outwit, outsmart and outplay.
Clever company leaders know that PR is indispensable during a downturn. Harnessing the power of communication, trust-building and reputation are the tools that float the boat that sees you calmly through the storm and ready to set sail into the next season. (Plus pick a PR partner with a millennial at the helm and you can not only expect cool, calm and collected communication but a steadfast commitment to pizza parties and a few dark and self-deprecating memes for comedic relief).
