A Recession: Not the Time to Slash Marketing and PR Budgets

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During times of economic hardship, often the first thing companies slash are marketing and public relations budgets. These actually should be the last thing cut, because now more than ever, promoting positive messages about your company are crucial.

Let the media, customers, and investors know what you're doing to combat the current economic situation. Communicate the good news, whether it is a simple success story, a big sell, or positive quarterly sales. Write about the good stuff in press releases, e-newsletters, and company blogs.

Instead of eliminating marketing, look at how you may be able to cut costs. Consider blogs and e-newsletters, as they are simple and cost effective methods that can boost sales and awareness.

Contact your advertising reps and see if there are any other ways they can promote your business. Now is the time to get your money's worth on advertising, so make them work a little harder for you. Can your product be put in gift bags at the next magazine issue launch? Can your company sponsor a lounge at a magazine promotional party?

Another sector that struggles during economic downtimes is the nonprofit industry. Be a champion for charitable organizations by allocating some of your advertising dollars to nonprofits. Sponsor a gala, donate silent auction items, or have your restaurant donate food for an event. Consumers do notice what companies are compassionate members of their communities. I myself give business to companies who support charities in which I'm involved.

Historically, companies who have advertised more during a recession have fared better their competitors who did not or advertised less. Take advantage of the less crowded advertising air space out there. Consumers don't stop buying during recessions, they just shop smarter.