3 Reasons to Double Down on PR and Tech During Uncertain Times

By Anna Crowe, Founder/CEO of Crowe PR and Raj Sanghvi, Founder/CEO of BitCot

As the sentiment around the state of the economy - and the world - continues to raise more questions than answers, companies across all industries consider how to best leverage their resources in the next 18-24 months. Is it time to disrupt? Conserve? Invest? Protect? And while the organization’s goals, capital and stage will ultimately dictate the decision, it’s important to take into account opportunities that uncertain times, such as a volatile economic environment, may bring forth.?

Over the years, multiple businesses have emerged from tumultuous times – like the companies that kept their doors open - or flourished - during the height of the pandemic, or the ventures that formed during the 2007-2008 financial crisis. In fact, some of today’s biggest brands and best ideas emerged from challenging times, including Uber, Netflix, Venmo, WhatsApp and more.

As the threat of a potential recession remains, it’s imperative to leverage opportunities and investments in public relations and technology to push businesses forward. Here’s why.

1. It’s a Prime Time to Amplify Impact?

While public relations has previously largely been associated with earned media, today it spans organic and paid media partnerships, influencer marketing, events, affiliate marketing, parts of social media management and more. A critical piece of the marketing mix, a strategic integrated PR campaign can help drive sales, increase market share and amplify interest and engagement with target stakeholders.

An economic shift can be the ideal time to double down on your integrated PR efforts. For one, competitors are likely enacting aggressive cost cutting measures, and some brands make the mistake of cutting marketing dollars at a time when they should be increasing them. This decreases industry noise and opens up media real estate, creating an opportunity for a brand to make an even bigger impact.?

If leveraging influencer marketing as part of one’s brand awareness and customer engagement strategies, now may be a good time to negotiate better deals and secure longer partnerships with less investment. Similarly, your dollar can stretch farther on social media as companies temporarily pull back on their spend and platforms seek additional monetization options.?

Technology is also a key driver of business growth by helping improve operations, increase revenue and expand customer base. And, with the rise of artificial intelligence and automation, investing in technology can ultimately reduce operating costs.?

The impact of a tech investment can also be greater during a volatile time because investing in efficiency solutions can create the winning differentiator. In fact, efficiency solutions powered by technology can provide a competitive advantage to businesses. By automating repetitive tasks, streamlining processes, and enhancing data-driven decision-making, technology can help companies operate more efficiently, reduce waste, and optimize resource allocation. This improved operational efficiency can result in cost savings, faster time to market, and better customer experiences, giving businesses an edge over their competitors.?

2.?Your Stakeholders’ Behavior is Likely Changing?

A change in the external environment often creates a shift in the way customers engage with brands and organizations. Take the recent pandemic years as an example. With major industries such as travel, hospitality and retail drastically changing course overnight, consumers had to adapt quickly to stay connected, purchase necessities, see their doctors, and more. Online shopping, telemedicine, Zoom integration, for instance, skyrocketed. In fact, the Census Bureau’s 2020 Retail Trade Survey (ARTS) found that ecommerce sales grew by $244.2 billion or 43% in 2020, during the first year of the pandemic, rising from $571.2 billion in 2019 to $815.4 billion in 2020.

On the PR side, it’s essential to keep a close eye on and forecast any changes in customer buying behavior. Data, such as marketing analytics can serve as great benchmarks to ensure you’re keeping a pulse. With the media landscape also evolving, it may be a good time to test out more integrated tactics, including expanding social media visibility and reach. Also, consider investing in content generation, such as case studies or use cases, customer stories, thought leadership, or even fresh website copy during this time.?

Furthermore, technology can enable businesses to innovate and create new revenue streams. By leveraging AI, data analytics, and other emerging technologies, companies can identify new markets, develop products and services, and find innovative ways to reach and engage with customers. This can result in increased revenue and market share, positioning businesses for growth in the long run.?

Now may be a good time to dedicate resources to developing tech that will lend more data for optimal decision making. In addition, consider employees as your stakeholders during this time - are your teams optimized? Efficient? Do you have enough information that can support your gut instincts? Profitability is crucial in any environment and putting elevated tools and systems in place could help a business come out stronger than ever on the other side.

3.?The Time is Now to Fuel Growth

Tech capabilities enable companies to reach new customers, expand into additional markets, maintain a personalized experience and provide data analytics and process automation. It’s both flexible and scalable, giving organizations the ability to quickly adapt to changes in the market, such as shifts in consumer behavior discussed above, changes in regulations, supply chain and more. Tech is a key driver in business growth where investments can yield significant benefits, especially during volatile times. By improving operational efficiency, creating a competitive advantage, and fostering innovation, technology can help businesses thrive in today's dynamic business environment. And with more businesses moving online, investing in technology can help brands stay relevant and adapt to the ever-evolving digital landscape.?

Similarly, brands prioritizing PR and marketing investments during volatile times can see significant return on their investment. In addition to auditing your PR ROI and doubling down on best performing tactics, consider testing our new ideas and marketing activities – the space is yours to own, especially as the economic climate inevitably shifts.?

Technology and marketing never stop advancing. Prioritizing both integrated PR tactics and technology investments during an economic downturn is a multi-faceted approach to keeping your business thriving, as the pair work in tandem to improve operations and continue forging positive relationships with stakeholders.