In tough economies, it’s common for companies to cut PR and marketing budgets. Yet, maintaining or increasing these efforts is vital for long-term brand success. Fort Lauderdale and Aspen-based Durée & Company, with decades of strategic marketing and PR experience, helps clients thrive even in challenging times, standing out from the competition and growing market share. Scaling back on PR can hinder success; instead, challenging times should be seen as an opportunity to enhance communication and increase media presence, reassuring customers, solidifying their loyalty and thereby boosting market share while others withdraw.
According to a study by Analytic Partners, a marketing data and analytics company, 54% of brands that maintained or increased their marketing budgets during financial pressure saw an improvement in their return on investment (ROI). Furthermore, brands boosting their media spending could witness a 17% increase in sales, while those cutting back faced up to an 18% reduction in sales. This data highlights the importance of open corporate communication, especially during challenging economic periods. A report by Harvard Business Review emphasized that the most effective way to maximize customer value is through emotional connection, highlighting the significance of empathetic and relevant corporate communications.
The Importance of PR
During economic slowdowns, businesses often consider cutting costs in public relations and marketing to conserve resources. However, this saving strategy can lead to decreased brand visibility and engagement. Maintaining an active PR approach is essential to keep the brand relevant to customers. Subaru of America exemplified this during the late 2000s downturn by increasing PR and marketing efforts, focusing on core values like reliability and safety, which resonated well with customers amid uncertainty. Their commitment to consistent, value-driven communication and emotional storytelling allowed them to not only maintain but also expand their customer base, achieving sales growth and increased loyalty, thereby distinguishing themselves from competitors who were cutting back during the recession.
Capitalizing on Opportunities with Less Competition
When the going gets tough, a lot of companies pull back on their public relations and marketing, trying to save every penny. But this is the perfect time for a brand to shine. As competitors quiet down, a proactive PR strategy can spotlight a brand, similar to how emerging artists seize the stage once headliners depart. It’s not merely about increasing volume in the silence but strategically occupying the available space. Consider the analogy of a popular café closing for refurbishment, which then allows the smaller coffee shop nearby to attract new patrons. For brands that continue engaging with their audience, these periods of reduced competition can cultivate new and loyal customers, enhancing their market position when normalcy resumes.
Cost-Effective PR and Marketing Strategies
Market downturns can offer cost-effective PR opportunities and budget-friendly marketing strategies, as oftentimes advertising costs become more affordable and special deals and promotions more available. This environment is ripe for creative strategies, allowing brands to implement unique ideas and distinctive campaigns economically. Lower costs enable experimenting with engaging content, such as videos, graphics, or interactive events, without financial strain. Brands can expand their reach with online workshops or social media engagement, building connections with audiences cost-effectively.
Even when advertising becomes more accessible cost-wise, the real value lies in smart, tailored marketing and PR approaches. Durée & Company is dedicated to providing top-notch PR and marketing services that consistently support and enhance a brand’s standing, no matter how the market ebbs and flows.
Building Trust and Showing Empathy
When things get rocky, everyone’s looking for a bit of certainty — and that includes the brands, goods and services they choose to support. It’s all about trust and feeling understood. Brands and companies that get this and manage to put themselves in their customers’ shoes resonate with current and potential customers.
For instance, take how some well-known companies approach their messaging when the economy isn’t all roses and sunshine. They tailor their communication to reassure their customers that they’re in this together. A classic example was when a major computer company shifted its focus to messages that basically said, “We’ve got your back,” making their customers feel supported and confident in sticking with them. That kind of thoughtful communication can turn a casual customer into a loyal fan for years to come.
In challenging markets, understanding the audience is crucial for impactful PR and marketing. Brands that invest in research can customize their strategies to align with customer preferences, leading to more resonant campaigns. For instance, travel companies targeting millennial families create campaigns featuring desirable experiences, ensuring their messages engage this key demographic effectively. This targeted communication strategy strengthens the brand-audience connection, enhancing overall marketing impact.
The Power of Strategic PartnershipsStrategic partnerships that leverage in-depth research can amplify PR and marketing outcomes. Teaming up with influencers, industry experts, or complementary brands leads to creative campaigns that enhance media visibility and public engagement. These collaborations expand a brand’s reach and solidify market presence, forming a strategy based on mutual gains and broad message resonance.
Scaling back on PR and marketing during downturns may be counterproductive. Brands that invest in these areas tend to emerge stronger, with a louder voice and competitive edge. Being proactive and innovative with PR and marketing is not just a defense—it’s a tactic for market growth and leadership. Durée & Company specializes in guiding businesses through both challenges and opportunities, bolstering brand influence and visibility. For those aiming to upgrade their PR and marketing strategies, Durée & Company provides personalized solutions to secure a competitive edge and enhance industry standing.
About Durée & Company, Inc.
Founded in 1999, Durée & Company is a full-service, well-respected and highly creative public relations and marketing agency serving a diverse client base of local, national and international consumer brands, landmark industries, business leaders and philanthropists from its offices in Fort Lauderdale, Florida and Aspen, Colorado. Practice areas include real estate, nonprofit, hospitality, business, lifestyle, health, and wellness, legal, yacht and marine as well as cannabis, psychedelics, and other emerging industries. Durée & Company is a member of some of the nation’s most elite professional organizations including PR Boutiques International™ (PRBI). To learn more, call 954-723-9350; go to dureeandcompany.com; cannabismarketingpr.com; or psychedelicpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, Twitter, YouTube and LinkedIn at @DureeCoPR.