If you live in Tulsa – or Oklahoma for that matter – chances are you can’t have a conversation without talking about oil and gas prices. It seems most everyone is buzzing about the plummeting price of a barrel of oil and it’s impact on their business. Nonprofits are feeling the pinch in decreased donations and small businesses are seeing drops in sales.
It’s times like this when it’s tempting to cut back on superfluous expenses like public relations, right? Wrong! Public relations is the most cost-effective tool in your communications toolbox.
I know public relations can be among the first cuts made when money is tight. But during tough economic times your donors and customers are just as concerned about their finances are you are. They’re taking a hard look at where to spend their money and are being much more selective on what they purchase and who they support.
This is not the time for your communications to go dark. You want to stay in the spotlight, while spending your dollars wisely. And public relations is the answer. A good PR campaign is more than just a story on the evening news. Public relations includes brand messaging, grassroots outreach, social media engagement, creative contests and more. PR is all about building relationships and doing more with less – which sounds like the perfect formula for today’s economic climate.
Nobody knows when oil prices are going to return to “normal.” Experts are predicting that the average retail price for gas will hover around $2 a gallon and crude oil will average $38 a barrel for most of 2016. This may be the new normal – at least for some time.
It’s tempting to pull back on “frivolous” expenses like PR when the forecast is that uncertain. But when you consider that strategic public relations will help keep your brand strong and your name in front of existing and potential customers and supporters, can you afford to take that chance?