The Value of Public Relations in a Tough Economy

Marketers are feeling the effects of another economic slump as the convergence of the global credit crunch, inflation and a weak dollar start to hack away at their balance sheets. As every marketing specialist knows, the corporate marketing budget is often the first casualty in a slumbering economy and thus a reality they must all face. Moreover, they are still expected to beat the previous year’s benchmarks despite a dwindling budget. But there is an affordable and effective solution to weather this pressure: public relations.

What value does public relations bring to the table?

• PR delivers: Consumers’ reluctance and skepticism in a tough economy often translates into a need for more in-depth information. PR can deliver a credible message through media relations, bylined articles, social media or by going directly to consumers through street campaigns.
• Traditional is still effective: Though it may appear old fashioned, traditional means of getting out the message are actually some of the most effective. In fact, the results of an independent research study, the APEX Influencer Report, indicate traditional media remain the most accessed and credible. Carefully placed opinion pieces, bylined articles and press releases are just some of the cost-effective options available.
• Make it measurable: As an industry, public relations has often been stigmatized for being unmeasurable. There is now a new industry standard in town called Media Relations Points (MRP), a method that has been endorsed by both industry societies IABC Canada and the Canadian Public Relations Society (CPRS).
• Time is on your side: PR can turn on a dime. A press release can be drafted within hours and a podcast produced overnight. With public relations, an opportunity can be seized very quickly, which is crucial in a competitive business environment.
• Getting online: With the proliferation of digital media, PR can now build mass marketing/media campaigns that transcend multiple channels while maintaining the editorial integrity consumers seek.
• No worries about head count: You can use experienced practitioners whom you may not have in house, such as writers, designers and media trainers. This also gives you access to their relationships with the media, government, special interest groups and other influencers.
• Thinking in or outside the box: Public relations can provide the added creative kick you need. From placing a recruitment ad for hiring William Shatner as the receptionist for Kellogg’s All-Bran to creating a series of coaching podcasts for BMO small business customers, PR can leverage your own creative ideas.
• And most important, the cost: A public relations budget is typically 10 to 15 per cent of a marketing budget. The great value of PR is that you can have a year-long campaign, or come in and out of the market at key times.

While at first blush a marketing budget cut might appear negative, think of it as an opportunity to get creative. Beyond extending your advertising to promotions and contests, train staff to be experts on your products, services and industry – and make them available to reporters on deadline. You can also send your products to influencers and try a blog, but if you do, keep it timely and on-message.

A slower economy isn’t necessarily synonymous with an end to company positioning. By using public relations strategically, businesses can continue to deliver their messages while still reaching their target audiences.Pre

Please contact us to discuss how PR can bring value to your business. For more information on the APEX Influencer Report, click here.

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