Image courtesy of PRSA
PRSA (Public Relations Society of America) recently published an article (http://bit.ly/8Ar1KY) that summarizes the findings of several reports about the impact of public relations for various industries, its role in the integrated marketing mix and how PR will help companies survive and thrive during and beyond this recession. Here are some highlights from those findings:
- Public relations often may be more important to brand value than advertising, especially for purchasing decisions related to complex products.
- Public relations might have more of an impact on the bottom line during a recession than any other marketing communications activity.
- Media coverage relates to not just a company’s reputation but the actual financial value of the brand.
- The most effective messages will be those that are transmitted through trusted third parties or by word-of-mouth.
- Public relations is more likely to be effective in building consumer confidence in financial institutions.
- Public relations is just as effective, and often far more cost-efficient, than advertising for building long-term brand value.
The moral of the PRSA story:
The article’s author, Aedhmar Hynes concludes, “The current economy only serves to amplify the importance of marketing via third-party influencers and neutral venues. Since unpaid media placement is more credible to buyers, it should play a key role in building brand value for high-involvement brands — especially during the recession. Brands that invest in building their reputations this way will come out of this economic downturn stronger, while competitors who don’t will likely suffer.”
What this means for your business:
Every company or organization has an image, position and level of awareness in the marketplace merely because it exists. Whether or not a company takes an active role in the development of that image is another story.
Public relations is a powerful component of the marketing mix that can affect how customers, employees, stakeholders and the general public view your organization or company and its products. An organization’s public relations may be consistent, proactive, structured and driven by sound marketing goals. Or it may be allowed to develop unchecked in response to market conditions, competition and public sentiment.
Public relations cannot correct flaws in your products or services, nor does it work overnight. What it can do is communicate the benefits of your product or service to targeted audiences and help create relationships with them. And if there is a problem or crisis, it can help you actively communicate how your organization is solving the problem and perhaps soften the blow.
What you can do about it:
With a fresh, strategic and proactive perspective, Be Heard Marketing provides comprehensive public relations services. Get in touch to find out how an ongoing public relations program can help your business.
