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PR in the New Economy

In today’s world it’s getting harder to make ends meet. The economy is on everyone’s mind during this time of banking crises, foreclosures, high gas prices and the ever-declining value of the dollar. In this new economy, people are forced to prioritize and focus on the essentials. Corporations have to cut back to stay competitive and some would think that public relations would be one of the first to get the knife. But public relations is not a luxury in a corporation; in fact, there are many reasons why public relations is a necessity in the new economy.

Research: Public relations is vital to a company’s research. PR professionals help the company keep up with the pace of world trends. For instance, if the world becomes more involved with the green movement, the public relations department should report this to the business so they can be more alert to global trends.

Image: The public relations department is also focused on conducting research based upon the company’s image. Seeing how others view the company plays a key role in the mission and direction in which the company goes. Ultimately, it is public opinion that allows a firm to sink or swim, so businesses need every bit of help they can get on developing and maintaining a positive image with their publics.

Strategy: Along with conducting research on global trends and views of the company, public relations develops strategies. A communication plan makes a company think in the long-run. Having one-year, five-year and 10-year plans allows the overall company to project its direction, define its goals and finally achieve them. In today’s economy, having a long-range plan helps business stay on track while making changes in the present.

Crisis Management: This issue has been in the news a lot lately. As businesses have been undergoing transitions and downfalls, management has not known what or how much to say. During the recent banking crisis, some of the banks that ended up closing reported that they were doing fine until after they declared bankruptcy. Crisis management requires public relations because there is one person disseminating information, who knows how much to say, and gives a consistent message of what is actually happening.

Public relations is needed just as much today as it was in the old economy. As we progress into a new economy, we must not forget how necessary public relations is in forming our futures.

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