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Why PR is Important for Businesses When the Economy is Down

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Recessions and economic downturns can create a wide variety of issues for companies. For example, sales can drop, budget cuts might have to be made, company stock prices can drop, etc. But, despite the many problems that they cause, recessions are inevitable. They happen roughly once every six years, and so it is far better to be prepared to deal with them before they occur.

One of the best things that companies can do to prosper during economic downturns is to make sure that they have excellent PR. Here are three reasons why PR is crucial for businesses when the economy is down.

It Helps You To Preserve Trust

Customers, clients, vendors, and suppliers all tend to be cautious and more hesitant during economic downturns. Any loss of trust can put extra stress on a company, which is the last thing you want during a recession. PR can help to keep trust in your company high during these difficult periods. PR firms can help to provide the necessary reassurance to your audience while maintaining positive messaging and a strong presence.

Some companies make the mistake of neglecting PR during downturns, but this can make it seem like you are avoiding something or running away from an issue. For example, during a recession in the early 1990s, McDonald’s scaled back its marketing and PR activities and its sales fell by 28% as a result. Good PR keeps customers informed and reassured, helping to maintain trust until the market recovers.

It Helps to Minimize Damage

Even if your company has a strong business model and has strong sales leading into a recession, an economic downturn can still have unexpected negative consequences. Most businesses experience at least a few significant problems during recessions.

Good PR can help your company to get out ahead of any rumors or bad press about your company and minimize any damage. If there are any actual crises, it is absolutely critical to have your PR on point in order to make sure that you can fight back against any harmful narratives being created against your company.

It Helps Your Company to Successfully Pivot If Necessary

Recessions often cause companies to have to make dramatic changes suddenly. This can be changes in products, services, marketing messaging, operations, etc. The COVID-19 pandemic is a perfect example of this. During the COVID pandemic, many companies were forced to switch large portions of their operations to digital. In fact, 63% of business leaders state that the COVID-19 pandemic prompted them to embrace digital transformation sooner than they planned.

Having good PR in place helps to communicate the changes to your customers so that they clearly understand what changes are being made, why they are being made, and how they can adjust to them. PR reduces friction in these circumstances and helps to ensure smooth transitions.

The Bottom Line

PR is an incredibly beneficial tool for helping businesses to navigate economic downturns. In fact, having good PR is one of the best things that you can do to hedge against the negative effects of recessions.

So, if your PR is sub-par right now, consider bolstering it to make your company more recession-resistant.

Johnny Vigil

Johnny

Digital Strategy

Calling himself a “marketing magician” isn’t just an act for Johnny Vigil. He’s a digital marketing powerhouse, armed with the unique spells of social media mastery, SEO sorcery, and mobile marketing wizardry. But unlike your average spellcaster, Johnny’s true passion lies in helping small businesses conquer the digital realm. He’s not just another consultant pushing cookie-cutter solutions. Johnny approaches each client with a keen eye and a dash of innovation, crafting personalized strategies that are as interesting as they are effective. Whether you need to charm your audience on social media, cast a powerful SEO spell, or conjure up magical mobile marketing conversions, Johnny’s your guy.

Marcia

Marcia

Schuffman

Corporate Strategy

Marcía Schuffman is a strategic planning pro with extensive knowledge in creating and implementing come-to-market strategies. Her strengths include but are not limited to: company packaging for investor review, situational problem-solving, onboard strategy of new hires & customers; viability testing; customer expectation management, engagement & relationship processes, and much more. Her favorite industries to work alongside are Agtech, Medtech, Defense, and veteran-owned and operated startups.

Eric

Eric

Burleigh

Partner

Eric is a Partner and an accomplished professional with a diverse background in public relations, public speaking, and business management. He has a knack for rebuilding businesses in need and has developed a reputation at Kronus Communications for his ability to revitalize strong or struggling organizations and help them reach new levels of success.

With a passion for helping others, Eric has dedicated his time at Kronus Communications to helping clients navigate complex challenges and achieve their goals through effective communication and PR strategies.

Eric’s journey began with work as an account executive at TD Ameritrade, where he carefully observed successful (and unsuccessful) business practices. He utilized that experience, combined with his training at Salt Lake Community College, to hone his skills in communication, crisis management, and strategic planning.  Eric then expanded his expertise into public relations, where he now focuses his energy on rebuilding struggling businesses, using his unique combination of skills in public relations, public speaking, and business management to help companies overcome challenges and achieve their goals.

Through his leadership, and in partnership with his colleagues at Kronus Communications, Eric has helped numerous businesses craft compelling brand stories, embrace new technologies, and transform their operations.

Michael Walker

Michael

Walker

Marketing

Michael is a B2B growth architect, AI visionary, and revolution builder. He ditches mediocrity, and empowers brands (B2B, tech, SaaS, enterprise) to rewrite narratives, harnessing the future today. Over a decade of Silicon Valley to Wall Street growth, he crafts exit-ready transformations and propels household names. His weapon? Demystifying complexity, fueling teams with actionable steps, mastery in strategy, automation, and paid media. Let him recalibrate your growth.

Michaela

Micaela

Schuffman

Partner

Micaela is a Partner and the ultimate public relations expert for Kronus Communications. Her innovative approach to PR sets her apart and is the reason that she is perfect for this role. Micaela’s not afraid to take risks, challenge the status quo, and reimagine the boundaries of traditional PR strategies. Her ability to think outside of the box and create unique and memorable campaigns has garnered attention from top-tier executives and industry leaders alike.

But don’t let her edgy approach fool you, Micaela is also a consummate professional. She understands the importance of building strong relationships with clients and has an unwavering dedication to her craft. Her ability to listen and collaborate with clients ensures that their brand messaging is authentic and resonates with their target audience. She has experience in fields like venture capital, medical technology, agriculture, and artificial intelligence. Micaela graduated from Florida International University with a BA in Psychology.

Above all, Micaela is an inspiration to those around her, and has inspired Kronus Communications to new heights by exploring and even developing emerging PR trends. She continues to redefine the definition of success in the communications and PR world.

Adrienne Uthe

Adrienne

Uthe

Founder

Adrienne is the bold and visionary founder and Principal of Kronus Communications, a game-changing communications company that’s shaking up the industry. In this role, she is an accomplished entrepreneur, catalyst partner, and expert in high-performing marketing and communication strategies, delivering services to ultra-high-net-worth individuals and C-level executives.

Adrienne has always been a trailblazer, unafraid to take risks and push boundaries. With a deep passion for technology and an unyielding commitment to excellence, she founded Kronus Communications to disrupt the status quo and redefine what’s possible in the world of brand awareness, market perceptions and advanced communication strategies in an increasingly interconnected world.

But Adrienne’s journey to the top hasn’t been easy. As a woman in a male-dominated industry, she has faced her fair share of obstacles and adversity. But Adrienne’s never let that stop her. Instead, she’s used those challenges as fuel to drive her forward, constantly pushing herself and her team to new heights of excellence.

And Adrienne’s impact extends far beyond her work at Kronus Communications. As a thought leader and influencer, she is also the founder and CEO of two B2C e-commerce companies, where her unique insight into her clients’ needs and challenges and her entrepreneurial spirit help build successful businesses from the ground up.

With an MA in Health Education and unparalleled expertise, Adrienne continues to be sought by start-ups, world-changing companies, and think tanks throughout North America.