What a Recession Means to Public Relations
True, the public relations industry is one of the fastest growing services in the United States. It is also true that very quickly; the United States has turned into a service-oriented economy. So if everything looks so bright on our side of the fence, what do we have to worry about?
It is quite interesting to learn how economics has such an effect on everything; especially when it comes to the business-to-business (B2B) arena. We all have been learning that as countries are becoming more interdependent on each other, a slow down in one category can serve as an indicator for an entire market.
Advertising Age came out with an article that interviewed 10 executives about how the recession would affect the advertising and communications community. The consensus was that the industry had nothing to worry about for 2008; its 2009 we all must be weary about.
So as we prepare to enter the professional world, we will be diving into an interesting situation. We may have serious discussion with clients about budgets if you’re in agency, or may even see major budget cuts if you’re in corporate. The conversation about value will come to the forefront once more as wallets become harder to open.
Can this be avoided? Perhaps. The Pure Thinking blog believes that targeting other nations can be a key objective- for those that have the ways and means. As for the others, well, having a fantastic 2008 could prepare those for a slow 2009.
What are your thoughts?
