If you are looking to understand how crucial public relations is for your firm in a generally unstable economy or during a recession, then you are in the right place. In this article we will be covering the importance of Public Relations in that specific situation and how to get the most out of your communications efforts.
Importance of Public Relations
Many economies have been recently either unstable or undergoing a series of crisis. In a troubling Economic Reality, at that specific point in time or event, strengthening Public Relations through strategic communication outreach will be of great importance, especially during a slowdown when traditional advertisement alone is not enough.
Public relations can be defined as the communications that form the bond between the larger public and a certain organization, it also concerns itself with public’s perception of an organization’s brand, identity, the company’s overall larger impact, mission and vision statements
Throughout the year’s, executives and leadership teams in firms have started to recognize and understand the value of PR more. Many well-known brands have been shifting their brand management’s focus to public relations mostly due to the Covid-19 pandemic, the main reason behind this is the fact that when times are tough trust is more important than ever and public relations is arguably the strongest way to gain the consumers trust and shift the public perception in your favor through strategic planning.
Advantages of Public Relations
PR allows a firm in a struggling economy to show the world that they are surviving and able to still prosper by keeping the customers updated through multiple communication channels including but not limited to social media, press releases and media relations. This comes with the advantage of PR being extremely cost effective since the core of its communication is usually earned and not paid.
A struggling economy can raise concerns for stakeholders, while public relations by itself can not fix the economic slump, it can have a major calming effect on anxious stakeholders; when PR is practiced properly it allows the company to shield itself to a certain degree from reputational damages that could have happened as a result of the downward economic situation.
Although major companies usually take the right approach of focusing on public relations during an economic crisis, many other firms decide to cut down their PR budget in times of a recession, it is extremely important not to follow those firms who may be shedding their PR efforts since they will be giving other firms the advantage of having less noise around making it much more easier to increase community engagement by forming a proper communications plan, this will raise more awareness and create signal around your company.
Public Relation is one of the most important tools to stay in touch with your customers and attract new ones, especially during a recession or a crisis. Corporations need to stick with their clients and customers through thick and thin, it is extremely important to strengthen communication networks to represent the brand and overall organization truthfully during these times. Every brand needs its own story, a strong PR team can be the solid foundation of any brand story, creating a narrative in a way that mirrors the organizations core values and embodies its mission.