Nearly 75% of Americans believe that we have entered a recession. That’s according to a ecent CNN poll.
And it’s no wonder. Unemployment on the rise. The housing market has tanked. Forget getting a loan or credit. Couple that with an increase in food and fuel costs, time are certainly tough.
For more people in business, it’s time to tighten belts. But that doesn’t mean you should be cutting your marketing.
Research shows that if you keep up your marketing efforts during an economic downturn, you can keep your business running and have a competitive advantage.
A number of studies that analyze past recessions have consistently shown that sales and profits have dropped off at companies that reduce their marketing efforts. During these downturns, advertising was the marketing communications strategy of choice. But today, another strategy has now triumphed as the most effective-and most efficient-tool to weather the storm: public relations (PR).
Besides being low cost, it provides a great opportunity to stand out from the crowd, especially when so many businesses are scaling back and keeping hush.
So do you have news to share? In times like these, a journalist is looking for stories that feature positive business news. Think of a profitable quarter, expanding your workforce, new joint ventures, and other announcements that buck the downturn trend.