During a recession or economic downturn, many organizations look for ways to trim expenses until revenues pick up again. Often the first areas to be cut are marketing and public relations. However, it’s during the rough times that communicating with prospects, customers, investors and employees becomes especially critical. Here’s why:
- A well-planned, revenue-driven public relations program will drive sales, which are needed when revenues are lagging.
- A solid communications effort will make your company look strong and reliable, which is crucial to customers who want to invest in a company that will be around in the future.
- Positive and consistent exposure for your company and products will reassure customers that they made a good choice, which results in bolstered customer loyalty and referrals (an extremely cost-effective way to market!).
- Uncertainty breeds discontent among employees. To keep employee morale high, organizations must make an effort to communicate regularly with both the public and with employees about the status of business. A positive side effect of this is increased employee loyalty.