More than a few analysts warn of a coming slowdown, like experts at Morgan Stanley, JPMorgan, and Goldman, Sachs. According to a Duke University/CFO Global Business Forecast report, almost half, or 48 percent, of chief financial officers. expect a recession by mid-2020. By the end of next year, more than two-thirds, 69 percent, are expecting a slowdown.
During economic slowdowns, companies usually slash public media budgets, arguing that they must safeguard cash flow to survive. Such irrational decisions, while understandable, may mean the loss of clients and even the loss of the firm itself. When they stop seeing and listening to them, clients will stop patronizing firms. Maintaining the position of firms in the industry increases the likelihood that the business will survive the decline.
Currently, experience suggests that the perfect time to raise PR support is a contraction. For example, Subaru of America corporate communications director Michael McHale credited PR for the record sales of the car industry during an era when other auto-makers' sales slowed.
Hence following the recommendations provided by the best PR companies in Sri Lanka will help you to overcome rough economic times.
- Seize opportunities when rivals decrease PR spending. If your PR measuring service states that the voice share of rivals is stable or diminishing, step up your PR attempts to obtain publicity while it is there for the taking, advises Evan Goldberg, ARPR's senior vice president of customer service.
- After a contraction, costs associated with PR operations inevitably drop. During good times, campaigns you wouldn't think could become feasible. Opportunistic PR outfits may execute new forms of campaigns instead of reducing spending.
- In trying times, customers see popular, trustworthy brands and products as a healthy and soothing option. In the Harvard Business Review, business analysts write those reassuring communications that strengthen an emotional bond with the brand and express empathy are vital.
- With originality, PR teams will turn an otherwise grim scenario into a benefit. The 2008 recession struck destination and travel brands hard, but with a new idea, PR responded: staycation.
- To devise the relevant PR tactics, study audiences and their tastes. One instance is given by the travel industry.
- The study will uncover perspectives necessary for relationships to be established that will attract considerable positive attention.
- Engage with one of the best PR firms in Sri Lanka who knows the organization and deals on stories and viewpoints, blogs, and speech subjects with them, something that highlights your experience and places you in front of important audiences. And when the budget is very limited, PR will produce impressive results.
Communicate with investors and clients freely and frequently to retain the trust and let them know how the business is going now. Sharing tales of achievement. Write case reports about how you helped your customers overcome an issue that saved them cash or helped them through a tough situation. Pitch the case studies to the corresponding target media.
To improve your exposure online and build partnerships with your clients, use online public relations. Start writing a group blog and taking part in forums and discussion boards. If you do not have an e-newsletter, then launch one and ensure that it is delivered to the clients and consumers on a daily basis.
Zig while Zag is your opponent. Businesses prefer to follow the path of the herd during periods of economic crisis rather than looking at what tactics will fit well for them. Do the same as they are scaling down. You leave the door wide open by cutting back on promotions and PR, presenting the rivals with an opening.
Having a knee-jerk reaction will lose you your company now. People won't buy from firms if they can't see or hear from them anymore. So the point is clear, keep your footprint on the market, and then you have a better probability that when the hurricane is over, your business will still be standing.