PR and a recession
It is pretty frightening stuff. How many links could I get to such stories about impending economic doom today?
I have even seen the odds for a Great Depression like outcome, the worst economic climate since the war and an early 90s type recession. Of course we might get through it with passing alarm as in the late 90s with the Asian collapse.
WPP has remained upbeat: 17% increase in margins for PR in 2007. Sir Martin Sorrell chief executive of the marketing monster that is WPP said in PR week: “I can’t recall a time when PR has been as strong.”
My humble outlook seems to echo that as far as I can see Martin.
Just posturing on his part? I think he means it.
So if we have a slide in our economic fortunes what will happen PR wise?
It might be a mixture of losing and gaining business. Some budgets withdrawn, other companies coming into play, using marketing and PR to maintain sales in hard times.
I feel as though things are in slow mo. What can I do? Keep outgoings low. Check. Have a mixture of accounts from many industries. Check. Do not rely on one big client. Check.
I point my ship into the storm and use an anchor for balance.