(I’ve been meaning to write something on this for a while after commenting on a post by Wendy McAuliffe over at Liberate Media and I’ve just been informed that David Brain has beaten me to it for today’s PR in a Recession post… Note to self: must get quicker!)
Ok, so it’s too late now, but let’s face it; this is a recession that we talked ourselves into. The news papers (let’s not name call here, you know which ones started it) have filled their pages with financial dread for the last few years – it all began with speculation over the housing boom crashing – and this has had the dreaded media butterfly effect. That’s a dead point, it’s already happened.
So what should we do? Should we hope the government enforces a cease and desist on the nations press? Do we stock up on bread and water and Spielberg DVD’s? Do companies simply reduce their expenditure in every area until they become nonexistent?
Do not panic, I have all of the answers…
1. While the press can be the source of worry, they can also unite a nation with positive messages. Why do you think the whole of the UK still believes the England football team can win at every tournament they play in?
2. Bread and water would make for a very limited menu. If you’re going to stock up, buy a few pot noodles too. Spielberg’s overrated.
3. Companies should try to increase expenditure in key areas – unless your office is boarded up and you’ve got the contents of your desk in your hands, it’s not too late.
This final answer breaks down into many fragments…
The key area to increase spending really is in public relations. When the papers say that your company is going down the pan how do you expect to respond; with one of those shaky ‘we’re fine, honestly’ press conferences or statements? Don’t be ridiculous. Every company issues a statement of confidence before the plunge – the public don’t buy into them anymore. So don’t cut your public relations budget, increase it. When rumours and uncertainty look like they might derail your investor relations and consumer confidence, public relations can improve both.
A word of warning: advertising will not turn around a company’s fortune. A £40k full page spread in one of the Saturday newspapers saying ‘We’re doing just grand’ will not work. However if you invest (that’s a dirty word, I know) the same money with a public relations agency then you might find that an article written by a high profile financial journalist commenting on how well your company’s weathering the storm might hold some sway… You don’t need to advertise your demise, you need to orchestrate your rise.
Phew. So that’s my call to arms for business to invest wisely and not throw money at ad agencies.
No amount of Gorilla’s and Phil Collins’ is going to stop you from going bust, but an effective public relations campaign might just help.