Right about now, the Global Financial Crisis has probably hit most companies marketing budgets, with CEO’s tightening the belt on expenses as their revenue lines come down. Prudently these chief executives seek to bring costs into line with revenues.
A study by the Aberdeen Group, a Harte-Hanks company, found ‘82% of companies have reallocated their planned marketing spend for 2009 to varying degrees on account of the recession.’
The Aberdeen analyst continues with what would seem to be the bleeding obvious: ‘Companies need to ensure that they’re allocating their limited marketing funds in the most productive ways possible … In other cases, companies are actually investing more aggressively in various types of marketing programs, sensing an opportunity to capitalize on the grim economic headlines.’
So for PR managers across the globe this means that marketers are probably beating a direct path to their doorstep looking to leverage ‘free PR’ to augment their dwindling demand generation dollars. This is good news.
It’s good because like the Marines, PR comes to the rescue and to the forefront of marketers’ consciousness. It’s good because PR executed and managed correctly can do enormous good for awareness, consideration and preference. And finally it’s good because social media is the next black and PR as a discipline is primed and ready to take to this new vehicle with a vengeance.
Smart PR managers will be evaluating and prioritizing their core dollars and then looking to see how they can maximize and deliver results on the incremental dollars that some of the marketing folks will bring to the table. The even smarter ones will start to factor into their PR programs effectiveness metrics and will be able to provide a correlation between the campaign or program spend and execution and whatever pre-determined measures were agreed with the marketing folks. That then provides clear accountability and enables PR to talk the marketing talk and walk it at the same time.
Unlike traditional media, social media metrics provide a fantastic opportunity to highlight PR ROI, if done correctly. Linking back a PR-specific program to traffic, or eyeballs or community conversations can be easier (and cheaper) than the more traditional qual and quant analyses of print and broadcast media. There are powerful online tools that allow you to do this and even automate the reporting.
All in all, now is a great time to be in PR.
Media Relations Myths