Navigating the New Economy in 2009
The economic outlook is grim and that often means reduced budgets and program downsizing or complete cessation of “non-essential” activities.
But just like the savviest traders know the optimum time to buy stocks is during a bear market, the best marketers know the best time for them to be heard is when their competitors are quiet.
So your objective for 2009 should not be ceasing your program, but learning to market within the new parameters.
To that, here are some suggestions for keeping the buzz going:
The Message
Down times present a good opportunity to review company messaging. Does it accurately reflect your organization, company or product?
The Audience
Likewise, examine your target audience. Has it expanded or narrowed? Revaluate who you are trying to reach and why.
The Budget
It will be what it will be. While it’s not easy, reduced budgets will often drive new innovation.
The Marketing Plan
Prioritize tactics based on which will have the greatest likelihood of achieving your objectives. If a marketing or communications program cannot be connected back to supporting the overall strategic objectives of the organization, it should be cut.
Efficiencies
Look for tactical efficiencies. Can that research report be repurposed in your eNewsletter, on your Web site, as a bylined article and as a potential track for a speaking engagement?
Measurement
What’s the potential return on investment? If it can’t be measured, it may need to be cut.
Talent
Assess the skills you require to support your plan. Work with your agency on budget: they want to continue working with you as much as you do with them.
Alliances
Divide and conquer. Look for symbiotic relationships with partners and define how you can piggy back on each other’s efforts.
Finally…
The Competition
There isn’t enough to go around for everyone right now, so more than ever you must be keenly aware of your competition’s activities. Visit their Web sites, read their press releases, pay attention to their activities. Today’s competition can easily become tomorrow’s merger or acquisition.
Those of us who have experienced a downturn or two know that “this too shall pass,” and while it’s time to be efficient, it’s not time to panic.
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Where's the ROI?
Measuring the impact of communications programs has plagued PR professionals for decades and it’s more essential than ever in today’s beleaguered economy. Marketing and Communications Directors must fight for every dollar and demonstrate tangible results.
That can present some problem when “awareness” and “change of perception” are communications objectives as they are difficult to measure and virtually impossible to assign a dollar value to.
We’ll examine various forms of measurement, but first and foremost it’s best to remind our clients, staffs and management teams that public relations is a long-term proposition oftentimes requiring an investment of years as opposed to months.
That being said, following are some measurement tips and tools:
Awareness Surveys and Focus Groups
Whether it’s a trade media survey, a large scale consumer focus group, or a membership survey, it’s important to precede a communications program launch with an understanding of the target audience’s awareness/perceptions. How else will you be able to measure evolving perceptions years down the road? These surveys should be continued on an annual basis.
Media Relations
Oftentimes, media relations is the primary communications tactic we employ but how can we move away from being judged on the number of placements we achieve? Quantifying every engagement we have with the press is crucial, as so often education is a large part of what we do and it can take years for a story to evolve. So, keep track of the number of conversations, meetings and desk sides you hold with the media.
Media Stories and Impressions
Number of stories and corresponding impressions are the standard and will live in perpetuity, but how can we further quantify these important “hits?”
Some respond well to the “ad value” of a story. That is, providing clients with the media source’s comparable advertisement value if they had purchased an ad in the media outlet.
Others assign a value to the quality of the story. That is, how many message points did the journalist include in the story?
Dedicated Program URLs
Whenever possible, dedicate a specific URL to communications program tactics. For instance, if you are distributing a release about a new product or program, include a dedicated link crafted expressly for that tactic, not the overall company URL. That way you can actually track how many are being directed to the site specifically from your tactic.
Actions Taken
Suppose you drive a lot of folks to a dedicated URL, like above. Then what? Well, depending on the objective of your program, determining an action for them to take can be essential. Would you like them to download a file, fill out a form, enter a contest? There are myriad possibilities but the most important action you can take is to make sure that every communications tactic you employ has a corresponding metrics methodology associated with it.
That’s just the tip of the iceberg in terms of measurement. It’s essential to provide metrics; we just need to be innovative in our approach.
Best regards,
Peter Rush, Chairman & CEO
Visit Our Web site: www.kellencommunications.com
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