Media are broadly reporting that a recession is coming in 2023. As stated in a recent Bloomberg article, “It may be one of the most anticipated recessions of all time …”
Given the pending economic downturn, CMOs and marketing professionals must consider adjusting strategic marketing and communication activities to effectively manage their company’s reputation and build trust amid these headwinds.
An economic recession can have several impacts on B2B marketing. It’s generally not recommended that B2B companies completely cut public relations activities during a recession. PR can still play a crucial role in helping a business to maintain a positive reputation and build trust with customers, stakeholders and other target audiences.
That being said, reviewing the overarching PR strategy and adjusting activities to maximize resources during a recession may be necessary. This could include prioritizing certain PR activities over other marketing activities or identifying more cost-effective ways to reach target audiences – perhaps focusing on earned media instead of often more costly activities such as tradeshows, events and paid placements.
Marketing professionals should consider some ways in which a recession can impact PR, including:
Overall, a recession can present many challenges, but by being proactive and adaptable, business leaders can effectively manage their company’s reputation and build trust with stakeholders. By carefully reviewing your strategy and being adaptable, you can continue to use PR to maintain a positive reputation and build trust with your stakeholders.
Tags: CMO, Colleen Moffitt, Communique PR, PR, Public relations, recession Filed under: Branding, INDUSTRY, Planning, PUBLIC RELATIONS, Strategy