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Preparing for a Recession
April 26, 2022
Three tips to keep your company in the spotlight no matter how rocky things get
As an agency heavily focused on commodities and commercial real estate (among other industries), we’re keenly aware of how rising interest rates, a pandemic, inflation, an escalating war and geopolitical tensions impact everything from home prices to recruiting to the price of oil and natural gas.
Experts have indicated that all these elements outline an upcoming harsh reality-check, and we should be doing all we can today to recession proof our businesses. Having been through two recessions and multiple oil busts, here are three things to start today that will have a lasting impact through any recession.
Relationships are key.
Paid advertorials, placed ads, events, sponsorships, etc., are wonderful ways to raise your brand’s awareness when money is flowing; however, companies should do the work now to create lasting relationships with reporters. By establishing a rapport with a key outlet and contact, your company will be better positioned to continue their story telling efforts when weathering the storm. And it never hurts to be top of mind when a reporter needs a source.
Since the pandemic, there’s been a shortage of reporters as outlets have scaled down. As those outlets look to scale back up and hire, look for opportunities to be a source, even if there’s no immediate reward for you or your company.
Communication is king.
Or perhaps, content is king? Either way, developing a consistent routine to create white papers, e-books, case studies, email campaigns and other forms of content is an obvious way to continue your message to stakeholders when budgets can’t be guaranteed. Although content is vital, so are the communication channels you use to disseminate information. Consider not only earned print media (publications, trade journals and newsletters), but also opportunities that allow experts to speak, such as podcasts or TV interviews. Additionally, look for ways that old information is still relevant. There’s always something to learn from a past case study or success story, so don’t be afraid to repurpose.
PR is about changing the perspective.
PR is just another touchpoint to reach audiences and tell your story. By routinely telling your companies narrative in the news, you can drive home key points. During a recession, when most companies hide from the spotlight, consider it an opportunity to reach new audiences and educate them on how your company is adapting to new changes. There is always something worth communicating.
Are you looking to recession proof your business? Reach out to Paige Donnell at firstname.lastname@example.org to get the conversation started on how we can help your company stay in the spotlight no matter how rocky it gets.