PaRanoid Economy

Recession may have struck European markets but India is still on the safer zone making the PR industry bolstering high. Experts forecast as advertising budget is drastically cut down the role of PR has been focused in picture than ever. There might a bad hair day but recession has increased corporate demand of PR and now the analysts think PR has become an “organizing principle” behind decision making. In today’s time PR is more personalized than ever. Being a progressive and ever evolving field, PR & Corporate Communications have done wonders in terms of crisis management.

As a PR person and Social Media maven I believe PR’s role has taken forefront and due to low cash flows and diversified budgets to pain areas, the focus of companies have shifted from spending on advertising to maintaining their public image in long run and win the investors’ confidence.  Now companies are making proactive strategies with the help of PR and corporate communications. Addressing the public immediately is a step forward to reduce damage to the image of the company as rumours can be more fatal then the truth. And this is where the PR people step in coordinating with the media and aligning a favourable coverage which can process a better and improved image of the company.

The primary concern for any PR agency is to maintain their standard. A good internal communications plan can diffuse the tension, reassure doubts, or at the very least, keep people in the loop about what’s happening.PR has also benefited from the changing media landscape. If a company launches an effective marketing campaign or a shrewd, targeted public relations campaign not only will that company thrive as others wither, but they will be ahead of the pack and powerfully positioned to grow and succeed once the economy begins its upswing.

The key during recession is to implement SMART marketing.

S-Strategize

M-Maintain market spend

A-Assess and allocate budget

R-Research your customer thoroughly

T-Target and reach out to them

Procter & Gamble pushed their Ivory soap during recession through immense media presence and unique PR campaigns

Intel during 1991 economic difficulty came up with new branding strategies and creating a wave with “Intel Inside” campaigns which is case study of recession in management colleges.

Wal-Mart launched their “Every Day Low Prices” campaign in 2000-2001 which is running till now with a great success rate giving huge profits to the retail giant.

With online media increasing its presence big time in India, companies are now seeking Social Media as their major tool to curb and resolve budget problems during recession. Facebook and twitter being a great interactive platform are attracting more brands and companies to create their presence on these social networking sites. The future of PR is still and will even grow with time and as the Social Media is adding to PR’s advantage it will run in mainstream marketing soon. 

First Step: Choosing Marketing as Career

When I was young I wanted to be a Doctor (cardio surgeon) then a Dancer (Salsa cum Belly Dancer) then a Social Reformer (still want to be) then *isn’t the list getting too long, wonders* anyway then a CA (that thought ran from my mind, but once I saw the syllabus and the size and weight of books provided by ICAI). Let’s assume then I wish to be near about everything that a young mind can think of with his somewhat little child’s wandering mind (Am I actually praising myself?) Oh!!! Let’s not go on the old memories I’m here to illustrate why I choose to be a marketer.

Business has always fascinated me. I wanted to learn the techniques of doing business. Though I was very good at finance and accounts and always wanted to join banking sector.  I also knew in the back of my mind that I’m good at business, but what I needed was to gain was experience. My father is into business so learning the layman thing was not an issue. But my mind always wondered how these big brands became such a brand that people all across world knows them at the mention of their names. So, I spend my time researching observing about these big giants like TATA, Reliance, Pepsi, Coca-Cola, etc. though it’s very astonishing fact that I’m a finance student. I’ve don’t my gradation in commerce; I’m a postgraduate in finance and marketing, both as major; so that makes me (appear) good and strengths my profile as a financial analyst. I learnt my lessons quite early. I use to observe the road side vendors, beggars, selling their products in a very aggressive way. Aggression is necessary to the extent that you don’t intrigue with your buyer. Because they knew that they have to maintain long term relations they would give small discounts to regular customers. It clicked me, that what we call networking.

That was the click. Yes, I thought. That’s why Linkedin has picked up so much business, cos it helps people to connect with each other, professionally. Bravo, I thought, I’m also going to do the same thing. Though I was a very quiet person but I had to shed my inhibitions to reach out people. Can’t believe street vendors can be so inspiring but trust me people they are not less than any hard core sales person. They have their own techniques and methods and if given chance they could be very good businessmen. Wish them all luck for their future. This thing is also added in my itinerary. I would love to help this people as they are doing so well with any formal management education and I know with given help they would reach new heights.  I was very much creative, use to write poems at the age of 16. Then other things came along and the passion dropped in deep routes of my heart (it’s still there though).

 I miss my own self sometimes, the reticent girl who was shy and somber now has turned into super confident yet vigilant marketing personnel. Now I’m not afraid of crowd and people, though I still hate being in crowed places. I was twinkle of my classmates, not all but most I would say. And while doing MBA I learnt all the things that you people have heard about, the Bible of marketing, Philip Kotler,  my favorite teacher, Mrs. Neeti Kasliwal who taught us Marketing and Advertising. I leant a lot from the subject Consumer Behavior. During my MBA, though as I said I was interested in banking sector and at one point of time wanted to join the world best banks like HSBC, Citi Group, Standard Charted, etc. but somehow my priorities changed, my mind changed, goals, motives everything changed in a small period of time while I was doing my MBA.

Marketing was a subject I was good in, and slowly I made myself believe that this is the field I should choose for long term career rather than finance. Now finance, in which I was very good at one point of time, seemed to boring to me in front of marketing. I liked to do case studies of different companies, empires, business group, to know how they became such giants of today’s time. It became an obsession for me at some point and I have developed a soft corner for this subject. Everyone in class came to know I was good at this subject. Always use to get 9 out of 10J. The big smile is a proof of my sense of achievement so needless to explain. But, truly it was worth it, the time I had spent is paying off now. I’m very happy that now I’m able to apply what I leant (both in MBA and by myself). So this blog is dedicated to the marketing people who love marketing as I do. Stay tuned to this blog for more interesting stories about how this field is growing and developing in my words. J