While it seems instinctual to cut back on the marketing budget during tough times, recent events seem to prove that the opposite may in fact be true. For example, several companies that have dialed back their marketing spend are now headed for bankruptcy - never a strong business indicator.
Companies that try to control their messages, restrict access to executives, and refuse to open up to journalists may find themselves on the wrong end of a news story. This arcane method of dealing with the press is no longer effective and is giving way to a more open and transparent approach, according to an article in The Conference Board Review.
According to the Pew Research Center, nearly two thirds of papers surveyed have cut back on foreign news, over half have trimmed national news, and more than a third have reduced business coverage. With fewer journalists dedicated to business news and features, it is more important than ever for companies to build relationships and trust with those who remain.
Social media and blogs have no doubt changed the PR landscape forever. In a study, Weblogs and Employee Communication: Ethical Questions for Corporate Public Relations, by Dr. Donald K. Wright and Michelle Hinson, the question of employee blogging and its effect on corporate PR was addressed. There is no doubt that the digital world of media has effectively placed much of the control of Public Relations in the hands of the public itself.