We are now just five days away from officially being in a recession. “Recession Day” as some politico will no doubt dub it.
Yes, marketing budgets are being slashed, but we are still excited by the opportunity. We think this could be a blessing in disguise.
Why?
Because it will remove the comfort blanket of the million pound media campaign and force everyone to be more creative.
More than ever brands will need to come up with ideas-led programmes, which rely on creating stories that can spread from media channel to media channel, from blog to blog, without the need for large media budgets.
As a consequence, we believe that the recession will offer significant opportunities for businesses and brands that have an interesting story to tell.
Bill Gates famously said, “If I was down to my last dollar, I would spend it on PR”.
So our question to you is - How would you spend your last marketing pound?
Our views can be found in our latest thought piece. But, more importantly, we’d love to hear your opinions.
One Comment
Jim
Posted January 20, 2009 at 12:49 pm | Permalink
Recession is generally bad for business, but a massive opportunity for PR. However if it is to replace ‘the golden goose’ in many marketing budgets, it has to present a cohesive and effective alternative to other more costly mediums and deliver cut through as everyone else diverts money to PR.
The news for agencies is, if PR is to take the lead in the marketing mix, it will be put under much more scrutiny by clients - the best PR programs will be winners, the mediocre ones will be rejected.
The media is either declining or diversifying depending on your point of view, so the message for all is its not just ‘do some PR, its cheaper’ and crowd the market with nothing stories, but do good PR.