This article originally appeared in Fast Company.
As businesses ready for a possible recession, CEOs, CMOs and CROs can put their PR to work for them.
Talk of a recession is hard to escape—quite literally. Mentions of “recession” in news articles are up from less than 500 daily mentions in December to roughly 7,000 daily mentions in July. This has businesses understandably worried, with many looking to tighten their budgets and shore up their client bases.
Although often lumped into the mix with sales, marketing and business development, PR can serve as a surprisingly agile tool to help businesses maintain their reputation, stay relevant and reach new prospects during an economic downturn.
Here are five ways business leaders can utilize PR during a recession.
1. LEVERAGE EDITORIAL SUPPORT TO FREE UP YOUR SMES
In a recession, businesses need their subject matter experts (SMEs)—often premium resources—focused on the day-to-day actions that boost the bottom line. These resources are also the ideal authors for thought leadership pieces in normal economic conditions.
Businesses can take the burden off their SMEs and free up their time for client-facing interactions by leveraging editorial support. Experienced ghost writers can conduct a brief interview of your experts, research the topic further and prepare a draft bylined article. This process only requires your SMEs to dedicate 30 minutes to an hour on thought leadership as opposed to the many hours it would take them to develop a piece on their own.
2. REVISIT OWNED CHANNELS FOR GUARANTEED VISIBILITY
With over 58 million registered companies, LinkedIn has become virtually ubiquitous in the corporate landscape alongside websites and other social media platforms such as Twitter and Instagram. Think of these owned channels (i.e., your company controls them) as a free PR platform to disseminate your messaging, broadcast your POV and reach clients and prospects.
Check out what competitors or other thought leaders in your space are doing. Play around with different formats, post an article, ramp up your posting cadence and start engaging with other companies and individuals. This will quickly elevate your brand’s awareness amongst your followers.
3. EXPLORE PAID PUBLICATION LEADERSHIP COUNCILS
Earned media can be tricky and it’s never a sure bet. There are, however, several paid membership opportunities that provide guaranteed visibility for your thought leadership, which is another cost-effective way to ensure you are seen.
Consider applying to leadership councils that offer regular publishing opportunities, editing services and networking opportunities for members.
4. LEVERAGE PRESS RELEASES TO TELL YOUR STORY
The humble press release can be a powerful and cost-effective PR tool during a recession. Unlike earned media that needs to be pitched, accepted by an editor and conformed to a publication’s specifications, press releases give your business control over the message and allow you to broadcast updates as often as you like.
Services such as PR Newswire, PRWeb and Business Wire will publish and host press releases for a relatively affordable price. They also offer a format and URL that you can share through your sales channels and on social media. Oftentimes, press releases are picked up by other news services and may even lead to an interview with a relevant news outlet.
5. MAXIMIZE YOUR BUDGET WITH A VERTICAL MARKET STRATEGY
High-quality thought leadership that demonstrates your expertise in the market is what really makes a company stand out. A vertical market strategy will maximize the impact of your thought leadership (and your overall sales and marketing budget). Look for the publications that best align with new business prospects or emerging market targets and develop content that will resonate with their audience.
If you focus on the verticals and outlets that reach your sales targets and find a unique way to provide value to this strategic audience, you’re more likely to gain traction in sales conversations, elevate your credibility and boost awareness in your market.
HERE’S THE BOTTOM LINE
As businesses ready for a possible recession, CEOs, CMOs and CROs can put their PR to work for them to keep the conversation going with prospects, demonstrate credibility with existing clients and stay front and center in their industries.