We have seen this during other periods of economic uncertainty: Businesses and consumers react, and those reactions have ripple effects. Marketing strategies are being altered and advertising budgets are being slashed. While it can be argued that this is a short-sighted strategy during an economic downturn, when coupled with a global pandemic, this response is a bit more understandable.
Consumers have reacted by shifting their focus more toward information than commercialism. They are engrossed in the latest news and updates, which may affect their well-being. The volume of news content being published, as well as the consumption of news media, has spiked. This is where the eyeballs are — this is where the attention is.
The role of public relations is to positively place a brand into news stories. That is why PR is the one function within the marketing organization that is positioned to step up, take a leadership position and have the greatest impact on company reputation during this period.
Earned media, specifically, is already the most trusted form of marketing. Somewhat paradoxically, it is also the most cost-effective. There is simply no better instrument during a widespread crisis than communications.
People need more right now. They need to be educated, entertained and enlightened. People need great stories. We are operating in a world of narrative economics, and this is at the heart of the communications function: identifying the compelling idea, crafting the narrative and finding the right partner to tell the story with.
