Q4 is here, and that means it’s time for many businesses and department leads to evaluate and finalize their budgets for the upcoming year. It’s no secret that companies across many industries have felt a slowdown in 2023 compared to the booming post-pandemic economy when business opportunities were plentiful. Business leaders are heading into 2024 with caution, and budgets across the board will be impacted.
So, should PR make the cut? Some leaders may view PR as a luxury or vanity service and be quick to dismiss it, when in reality, a strong PR strategy can take your business to new heights, especially during strained economic times.
Here are the top 3 reasons sophisticated and savvy business leaders are deciding to include PR in their 2024 budget:
1. Growth Opportunities.
Most often, a PR agency’s top priority is to secure press coverage for their clients. In today’s media landscape, it takes media relationships, news cycle expertise and creative pitching to secure positive and thought-provoking earned media stories. This type of coverage not only increases your brand’s visibility, but it also establishes credibility among your target audiences. People buy from and work with brands they know and trust. This can translate into gaining new customers and growing with existing ones, securing new investment opportunities and attracting top talent.
2. Organizational Changes.
A tough economy can lead to organizational changes. Is your organization preparing for layoffs, leadership changes, or a merger or acquisition in 2024? If so, you’ll want both internal and external communications plans in place to ensure employees, customers and key stakeholders feel informed and reassured during transitional – and often sensitive – times. The messaging and timing of these communications are crucial. A seasoned PR agency has likely developed these types of strategic communications plans dozens of times over, and will guide your team every step of the way.
To clearly articulate your brand position and market differentiation, you need a cohesive communications strategy and approach, combining earned media coverage, awards, speaking engagements, social media and marketing. PR done well supports your brand, creates and maintains your public image, and positions you as a leader in your industry. If you’re investing in PR strategically when competitors are scaling back, you can capture more market share.
Including PR in your budget should not be considered an added expense, but rather an investment in your organization’s long-term success.
Interested in including PR in your 2024 budget? Email me at La****@di******.com.