Alex Hunter is the cofounder and president of The Bulleit Group, a communications strategy firm that specializes in science and tech.
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Throughout 2022, business has endured news of layoffs, investment tightening and steep drops in valuations for many once high-flying tech startups. This is prompting many founders and their investors to cut costs and streamline operations in preparation for leaner times. So, spending on public relations and marketing may seem like a luxury to forgo until the good times return.
But this moment is actually a rare opportunity to forge new relationships and deeper connections with the audiences that matter. Investing in PR today signals to customers, investors and other stakeholders that your brand is resilient and dependable, setting the stage for accelerated growth when market conditions improve.
A more volatile environment, however, requires a different approach to communications. Here’s how to recalibrate your PR strategies for this new reality.
New Tactics For An Altered Landscape
Many companies get quieter during an economic downturn. They engage less with the press and may use fewer high-visibility marketing tactics. Yet journalists still want to write great stories and cover innovations. When your competitors are laying low, you should be that source who’s willing to talk.
Don’t simply wait for familiar contacts to reach out; reconnect with trusted allies who may have gone cold and proactively build new relationships. To gain traction, adjust your messaging to fit the current climate. Storylines based on data-powered breakthroughs and practical use cases are in demand because yesterday’s focus on wild speculation and overpromising visionaries is fading.
This economic downturn has deflated the narrative around some high-flying sectors, and companies in areas like fintech may still find it difficult to break through soured expectations. But waiting for the economic storm to pass will only make it harder to brush off bad perceptions. Instead, disrupt these narratives by developing and asserting your brand’s voice. By publishing content, you can broadcast expertise and build your reputation with the media and prospective customers.
Then, to compete with the vast volume of content already out there, commit to regularly publishing on topics relevant to your industry and promoting your content across marketing and social media channels. After all, even the most compelling CEO blog is unlikely to pique much interest on its own.
Building Credibility With Thought Leadership
Fewer voices in the media won’t automatically translate to greater engagement with your brand. Today, connecting with audiences means helping them solve problems. Inflation-weary consumers want dependable products, discerning investors are looking for more robust fundamentals and everyone is seeking guidance on making it through uncertain times. Thought leadership is an excellent way to carve out a unique voice in an unsteady market.
Before drafting a blog or submitting a byline, think about the unique lessons people can learn from your company’s history and your team’s experiences. For example, if you’ve succeeded during past recessions, what advice can you give to new founders? While thought leadership isn’t the place to pitch your product, establishing authority will burnish your brand’s reputation and amplify your company’s values.
Once you’ve developed a narrative, consider who on your team can own the company’s perspective. Then, deploy these spokespeople to get the message out while reinforcing the central narrative. For instance, consider reworking a conference speech into a long-form article or promoting a media interview by reposting quotes on social media. To ensure these efforts promote business goals, complement thought leadership content with assets like customer testimonials, awards and certifications as a part of a broader campaign to boost your standing.
Authentic Optimism For Anxious Times
Tough times build strong companies. By shifting your media strategy and using thought leadership to establish your reputation, you can position your brand to outlast a downturn with your reputation intact. But responding to current events, while necessary, is only a starting move. To come out of a crisis even stronger, it pays to focus on the future.
Now’s the time to broadcast how you’re building future success. The media narrative isn’t always in your control, but your platform is. Build up excitement about the future and how you’re bringing transformation with a pipeline of positive news, including new hires, credentialing partnerships and major customer acquisitions. Content marketing can help drum up excitement around new products or solutions, even if they’re still in development.
Provide audiences with a reason to buy into your vision by showing how your current moves will lead to long-term objectives. This isn’t the time for over-the-top exuberance—savvy audiences today won’t be fooled by obvious hyperbole. Instead, convey a tone of authentic optimism, confident in the knowledge that while setbacks are inevitable, we can overcome seemingly impossible challenges with ingenuity and resilience.
In an uncertain environment, many leaders’ first instinct is to direct their focus inward. Going dark, however, means that others get to tell your story—or worse, your voice gets lost. Now’s the time to fortify critical relationships, sharpen your messaging and make full use of the communications assets at your company’s disposal. When conditions improve, your brand will emerge battle-tested and primed for the recovery.
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