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Importance of PR during a recession?

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High Inflation, unemployment, layoffs, a bear market, recession. These are some of the words that are making the headlines nowadays. During such a situation when the going gets tough, most companies cut out on their marketing and PR budget. But in these situations, the time-old proverb stands correct: out of sight, out of mind and it is especially true in today’s competitive business environment. Rather than an expenditure, companies should look at their PR spending as an investment during the lean period and take it as an advantage. Utilizing earned media during a recession and putting in strategic yet consistent PR efforts ensures that the company continues to be in the minds of customers and stakeholders and helps build brand awareness even more once the economy bounces back. Cutting budgets leaves an organization at a long-term disadvantage which is more often than not, irreparable.  

Instead of cutting budgets, one should adjust their strategy. When other companies are trying to stay away from the media attention and spotlight it is a great chance to create a customized plan of action that is better suitable to handle a recession-like situation. During tough times, trust becomes even more crucial to maintain and PR is the best way to nurture trust.

Public Relations is also the most cost-effective medium of marketing and since it primarily deals in earned media it delivers more bang for the buck. Times like a recession can help in cultivating relationships with publications and journalists as they are looking for stories but with brands trying to stay away from the limelight it can be a great time to create a unique advantage and earn media coverage. It is also a great opportunity for a company spokesperson to build thought leadership and create a positioning as a subject matter expert in one’s industry.

Ultimately, it is imperative to stay on course and think for the long term of the company. It may look unnecessary to continue spending while most competitors tighten their budgets, but ensuring that the company moves forward through consisting brand building is the key.

Since nobody knows whether a downturn will last for a few days, months, or even years, the companies that keep their relationship alive with their key customers go on to gain the maximum momentum. It is a unique opportunity to craft the brand narrative in the minds of the larger audience and in a way that reflects one’s company values.

Why Scenic Communication?

DIGITAL PR & MARKETING SOLUTIONS FOR INDIAN STARTUPS AND BUSINESSES

We have created a distinctive advantage by giving holistic and Integrated Marketing Communications solutions to our client’s needs. Best PR Agency in Mumbai – Scenic Communication, therefore takes pride in not only providing effective public relations solutions to a brand but also with its girth, width and penetration, provide integrated communications solutions to the brand objectives of a client. With our strategic alignments and specialists on board we have geared innovation and value creation into all aspects of Brand & Reputation building. Having had domain expertise in multi-dimensional categories like – Corporate & Finance, Education, Real Estate, Infrastructure, Automobiles, IT & ITES, Government Development Boards, Tourism & Hospitality, Retail, FMCG, Fashion and the Entertainment industry; we provide innovative communications programs that focus on tangible business results.

Visit Scenic Website : https://sceniccomm.in/

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25 Aug 2023

Unconventional PR Campaigns: Breaking the Mold for Memorable Impact

In the dynamic landscape of public relations, where creativity and innovation reign…

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27 Oct 2022

How Startups can utilize PR to reach out to the…

[caption id="attachment_5056" align="aligncenter" width="1430"] Every startup wants to market its goods or…

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