CEO of Next PR, an award-winning, full-service public relations firm with offices across the U.S.
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PR has become a vital business function for raising brand awareness, differentiating your company from competitors and even converting leads into sales (yes, PR can drive conversions!).
I’ve been in the industry during some historically tough times, including the Great Recession and the peak of Covid-19, and I’ve noticed that PR and marketing budgets are typically the first to get cut when businesses feel the financial stress of these conditions. Those who go that route, though, are often the ones left struggling when the market turns around. I get it; if you’re a CFO feeling pressure to cut back under the weight of rising business costs, shifting consumer spending and a possible recession looming, PR services might feel like a luxury.
However, pulling out of PR plans now could be disastrous for both your sales and your reputation. Now more than ever, customers and potential investors need to see a cadence of content, updates and thought leadership from your brand. While your competitors are backing down, now is the time to stay in the game, presenting yourself as an innovator, a change-maker and a brand to watch.
Continuing to tell your story by investing in PR even during tough economic times drives your brand forward and prevents the market from assuming the worst. If a company stops appearing in the media, it’s often perceived by consumers as a sign the brand is struggling, especially when it comes to startups. Maintaining a strong media presence keeps your company on the radar even as the field of opportunity gets smaller, which can make all the difference in attracting customers and investors.
Instead of cutting back on PR spending when times get lean, here’s what I think you should be doing:
Focus on measuring ROI.
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One reason companies are so quick to cut back on PR is because it’s historically been difficult to justify spending. For years, agencies and in-house pros have measured the results of their efforts with estimations and equivalencies (and many still do), lacking any tangible, quantifiable data. That makes it nearly impossible to measure ROI and see empirically how PR efforts drive business results.
But thanks to technologies like AI and Google Analytics, savvy PR pros have a wealth of data at their fingertips to prove the value and results of every strategy, campaign and tactic—all the way down to leads converted into sales. By clearly identifying what works and what doesn’t, your team can focus its strategy on the most impactful efforts.
Use brand awareness to drive leads.
Building trust and authenticity with your target audience are more important than ever when their budgets are tighter. Both B2C and B2B consumers want solutions they know will work from sources they can trust—and companies need tactics they can track.
For B2C, influencer marketing campaigns can be one of the most affordable, high-impact investments available. Influencers build up a loyal following of fans who genuinely trust them. When an influencer then shows support for a product or brand, consumers are more likely to follow the recommendation. Sponsored Instagram videos are relatively inexpensive to produce, effective when you connect with the right influencer and easily trackable to measure direct sales and bottom-line impact.
For B2B, LinkedIn content publishing and ads can be powerful tools. Through both organic content and ads, you can track click-throughs to your website to measure lead generation, following the customer journey all the way to the point of purchase. Unlike a half-page ad in The New York Times from which you can only infer (read: hope and pray for) results, shifting your budget toward more trackable placements can deliver quantifiable ROI.
Target key trade publications.
Too often, companies get hung up on seeing their name in a marquee title, expecting it to bring notoriety that will send customers flocking to their door. But landing that top-tier placement is difficult unless you have a powerful, groundbreaking story to tell.
Earned media coverage in niche, industry-specific publications is much more effective for reaching potential customers and driving sales. Rather than diluting your message across a sea of readers, many of whom have no need for your product, focus on landing placements in these smaller outlets that reach your specific target audience. This allows you to concentrate efforts on reaching the right people, speaking more directly to their pain points and how your product or solution solves them.
Companies should always be diligent about measuring the ROI of their PR investments and connecting them back to business objectives. But in times of uncertainty, the more you can control and measure, the better you can adapt to changing dynamics.
PR pros have access to more reporting and granularity than ever before for quantifying PR results. When combined with a smart team who understands the metrics that matter and how to build a strategy that delivers maximum ROI, you can avoid cutting back on your budget and instead carve out a larger share of voice for your brand as your competitors retreat.
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Author: Heather Kelly, Forbes Councils Member
