Surviving the Economic Downturn And Thriving Beyond
Top question from many, many businesspersons I have encountered since last year: What should I do?
The question was centered on marketing and public relations efforts. It was often an awkward situation to have people of action, people used to taking risks–people who owned their own businesses–shaken by the severe economic downturn enough to question their customer outreach.
It’s completely understandable. Besides their own interests, these business owners and executives have the livelihoods of many people riding on the economy’s effect on their business.
I was honored to speak earlier this year to groups of business leaders and offer my perspectives on the troubling question of how to handle Marketing & PR in an Economic Downturn.
Citing the very handy (and yes, very well-used example) of Kellogg’s Vs. Post, two companies that duked it out in the Great Depression for breakfast cereal market supremacy (hint: one advertised, one didn’t…click here for a great article about this from The New Yorker) I imparted my top tips on making it during these challenging times:
Stay Out of the Bunker
Companies that adopt a bunker mentality—cutting marketing and public relations activities in an attempt to save money—will ultimately damage their position in the market. This will afford competitors an opportunity to seize market share.
Re-evaluate Your Marketing Strategy
Refusing to cut your marketing/public relations activity doesn’t mean you continue business as usual. Make certain your advertising and overall marketing/PR strategies are effective. Are you reaching your target market through the channels you currently use? Should that newspaper dollar go to radio or TV? Are you using social marketing tools?
Tell Your Story
Public Relations is not a wholly reactive discipline—it’s not just there to serve as a buffer for bad news. A good public relations professional constantly works to identify the most compelling (interesting, sexy, exciting, timely) elements of your organization and packaging it for the news media. Through established relationships with the media gatekeepers and correctly-packaged (newsworthy) information, your Public Relations professional can potentially get your company that great feature on the front page of the business section or a sound bite on the 5 o’clock news. This brand-centric strategy improves visibility and credibility.
Integrate Special Events into Your Marketing & PR Plan
Whether you sponsor a community festival, host an industry conference or honor your employees with a recognition dinner, budget-appropriate special events firmly reinforce the image of your company as solid, bullish on the economy and moving forward.
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What do you plan to do about your marketing and public relations? Leave a comment.
Also, I enjoy talking to business and non-profit groups about these concepts, so contact me if you’d like to schedule a speaker.
Alex has earned a reputation for success and ingenuity from his more than twenty years experience in public relations, journalism, marketing and broadcasting. His career has spanned several industries including healthcare, television, non-profit organizations and higher education.
His work in the news media included positions as an editor, journalist, radio talk show host and vice president of Kansas City Public Television.
He founded AlexanderG Public Relations, LLC in January 2010. AlexanderG PR is a member agency of PRConsultants Group, a collaborative made up of senior-level PR experts in every major market in the United States.
Alex is also the award-winning author of several works of fiction, including the thriller novel "Pilate's Cross" available wherever ebooks are sold--including the the Amazon Kindle store. It is also available in paperback at Amazon, Barnes & Noble and Lulu. Visit the website at www.PilatesCross.com for more info.
Great insight, as always, Alex.
Like yourself, I was witness to many savvy business people retreating, especially when it came to Marketing and PR efforts; the very life-blood of their growth! Countless successful marketing directors and PR professionals lost their positions during these times. But, I believe those reactions merely show a lack of faith in their brand and their team. Here’s why:
Those who know their competitive advantage and who can be flexible and adaptable are poised for sustainability, if not growth, regardless of the swing in the market. Consumers do not stop buying Coke simply because it’s a down economy. Yes, they may buy less, but they’ll still remain loyal to the brand. Why? Because the company knows where it stands in the market and continuously promotes its brand.
If you have a strategic, but flexible, plan to reach your target audience and can establish your brand as strong by properly communicating your company’s message, then you can not only survive, but position yourself to thrive once the economy begins to recover. Many successful businesses have emerged during the most trying of times.
This is the time to be a leader, and not a follower. Lead by example. Are you content to try and ride the storm out, or do you want to take control of your company’s destiny and proactively put those strategies in place that will help your business to not only survive…but position it to thrive in the months and years to come?
Great stuff, Keith! You’re right on target about being a leader. Fortune favors the bold!