It’s coming. Like it or not, a recession is on its way and likely to hit us at some point in November. This shouldn’t be a surprise, given everything that we’ve seen and heard in the media in the past few weeks. I remember being quoted by the Express newspaper back in April, predicting as much.
However, whereas the recession of 2008 and the pandemic of 2020 were about as diabolical as it gets, this one was still hurt, but the pain will go away a lot sooner. Those two predecessors, that’s what the city is forecasting and what the majority of our clients are sensing, too. For marketers and business leaders, the next few months will no doubt throw some challenges. Some will look to cut costs and keep as much cash in the business as they can.
They’ll suspend all public relations and other marketing activity and batten down the hatches until the proverbial storm passes over. Others will continue with the same level of PR spend and activity, and there will be those who opt to increase their spend because they see this as an opportunity to pull away from the competition who, for their part, entered a period of PR hiatus.
We’ve seen this happen innumerable times before, and there’s nothing to suggest that this time will be any different. So what’s the best option for your business? Slash, maintain or splash out on more of the same when recession comes? What about the PR tactics that you currently deploy? Will they be fit for purpose of steering you through the coming storm? Or does a rethink and re-imagination of how to promote yourself to your customers and target audiences need to be undertaken?
Well, we’ll address all of these in this series of how to plan and prepare your business for a recession and how PR will – and it will – see you emerge in a far stronger position than where you are right now.
So stick with me throughout the next two videos and I promise you will get a lot of value and plenty of ideas that you can deploy in your business in the coming months. Thanks for watching.