A recent article in The Delaney Report highlighted the fact that PR is becoming more important than ever, given the current economic and regulatory climate. Online conversations regarding a company or brand can be started by virtually any interested party through social media, blogs and consumer-generated content. A strong PR strategy can reduce negative exposure and maintain brand identity.
According to a McKinsey survey, a large percentage of executives believe that public trust in business and commitment to free markets has deteriorated. What began as a severe reaction to the banking crisis has evolved into a perception that businesses in general are "bad" and are not to be trusted. This type of mindset is difficult to overcome, and keeping your company's brand intact is more important than ever.
With more companies turning to PR as a way to communicate with stakeholders, it pays to review the basics. According to Veronis Suhler Stevenson, spending on PR in the U.S. rose over 7% in 2008. One reason is that consumers are less interested in advertising and more interested in learning about a company through credible third parties. To stay in front of the public, a business must earn its media exposure.