Companies who buck the knee-jerk reaction to save and choose instead to double down on investing in their brand to meet customer needs very often reap huge rewards. The decision to continue with PR through an economic downturn can be one of the best strategic decisions a business makes. It’s a perfect time to reassess your brand, your products and your place in the market. 

When recessions hit, customers usually reconsider their priorities, and brands can use this time to strengthen their position in the market and set themselves apart from the competition. By recognizing the risks, and executing a rebranding that aligns with cultural, technological and societal shifts, you can strengthen your business.

Here are five reasons to hold onto your PR firm even while fearing the worst. 

• Confidence Is Crucial
  Consumer and investor confidence is often tied to how a company handles itself during crises. Businesses that pull back on their outreach will be the companies people assume are in dire straits. This can become a feedback loop, where outside concerns about performance can affect actual performance and the cycle continues. No company should ignore the realities of their situation, but maintaining healthy public relations exudes confidence and builds brand trust when so many others are struggling.
• You Get More Oxygen
  It’s self-evident that if there are fewer people talking, then there is more time to speak. Companies who cut down on PR in a recession lose their voices, and the vacuum is filled by competitors who are still going forward with their plans. Putting a pause on PR may save some money, but going dark has far greater potential to have a negative financial impact while also boosting competition.

• It Holds the Center
  Massive events like a recession can lead to a lot of shifts in a business, whether it’s a re-org of the company, people leaving or business models pivoting. A public relations firm can be that port in the storm, maintaining message consistency, staying focused on media opportunities and crafting new campaigns designed for this new environment. In unreliable times, your PR firm can be an anchor.

• The Numbers Don’t Lie
  All of this talk has some hard data to back it up. According to this article, multiple studies have shown that companies which keep PR during recessions do better. All of these studies are worth checking out, but we especially like this 2010 one out of Harvard: “Companies that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability (just 21%) of pulling ahead of the competition when times get better…” And this relates to our final point. 

• Recessions End
  We’re not sure a recession will happen, and, if it does, we don’t know how long it will last. But we do know at some point it will end. And those who have put PR on hold that entire time will have a lot of work to get up and running again. This lag can severely impact a business when everything starts moving again. Those who never stopped, though, won’t even have to worry about the transition as they’re already positioned for success.

Looking for help with PR strategy and to break through the noise? Mercury Global Partners is an award-winning PR firm focused on emerging tech. Get in touch with us at hello@wearemgp.com. 

Companies who buck the knee-jerk reaction to save and choose instead to double down on investing in their brand to meet customer needs very often reap huge rewards. The decision to continue with PR through an economic downturn can be one of the best strategic decisions a business makes. It’s a perfect time to reassess your brand, your products and your place in the market. 

When recessions hit, customers usually reconsider their priorities, and brands can use this time to strengthen their position in the market and set themselves apart from the competition. By recognizing the risks, and executing a rebranding that aligns with cultural, technological and societal shifts, you can strengthen your business.

Here are five reasons to hold onto your PR firm even while fearing the worst. 

• Confidence Is Crucial
  Consumer and investor confidence is often tied to how a company handles itself during crises. Businesses that pull back on their outreach will be the companies people assume are in dire straits. This can become a feedback loop, where outside concerns about performance can affect actual performance and the cycle continues. No company should ignore the realities of their situation, but maintaining healthy public relations exudes confidence and builds brand trust when so many others are struggling.
• You Get More Oxygen
  It’s self-evident that if there are fewer people talking, then there is more time to speak. Companies who cut down on PR in a recession lose their voices, and the vacuum is filled by competitors who are still going forward with their plans. Putting a pause on PR may save some money, but going dark has far greater potential to have a negative financial impact while also boosting competition.

• It Holds the Center
  Massive events like a recession can lead to a lot of shifts in a business, whether it’s a re-org of the company, people leaving or business models pivoting. A public relations firm can be that port in the storm, maintaining message consistency, staying focused on media opportunities and crafting new campaigns designed for this new environment. In unreliable times, your PR firm can be an anchor.

• The Numbers Don’t Lie
  All of this talk has some hard data to back it up. According to this article, multiple studies have shown that companies which keep PR during recessions do better. All of these studies are worth checking out, but we especially like this 2010 one out of Harvard: “Companies that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability (just 21%) of pulling ahead of the competition when times get better…” And this relates to our final point. 

• Recessions End
  We’re not sure a recession will happen, and, if it does, we don’t know how long it will last. But we do know at some point it will end. And those who have put PR on hold that entire time will have a lot of work to get up and running again. This lag can severely impact a business when everything starts moving again. Those who never stopped, though, won’t even have to worry about the transition as they’re already positioned for success.

Looking for help with PR strategy and to break through the noise? Mercury Global Partners is an award-winning PR firm focused on emerging tech. Get in touch with us at hello@wearemgp.com.