The Communicator

There have been a record number of home foreclosures this year. In simple terms, the credit crunch combined with a reduced income has forced home owners to choose between paying the mortgage and putting food on the table. Not surprisingly, many families have opted to service their short-term needs, often to the detriment of their long-term stability.  

Many professional communicators are facing a similar problem at work. For years, they have been building equity with the public through steady investments in their corporate reputation. But as the economy tightened and budgets were decimated, many communicators diverted their funding away from their long-term commitments to shore up projects that would provide ‘quick-hits’ and generate instant revenue.

Faced with certain foreclosure, many home owners choose to renegotiate the terms of their mortgage, allowing them to manage their short-term needs while maintaining the equity they have built up over years of steady payments.

That’s a good idea. Here are a few areas where professional communicators can look to renegotiate, while still securing their corporate reputation investment:

• Maintain sponsorships, especially your support of community or charitable organizations. It’s easy to be magnanimous in the good times, but your continued support during a tough economy will do more to build and protect your equity. Try working with your partners to renegotiate the terms of your sponsorships rather than abandoning them all together.
• Focus on low-cost, high interaction vehicles such as websites or social media. Take a hard look at your current cost-per-contact (how many people you reach vs. the cost of using a specific communications tool), and put a premium on vehicles that engage and interact with your customers. Besides, not everyone needs a high-gloss brochure or expensive chatchkes.  
• Look to Public Relations. Not to fuel the PR vs. Advertising debate, but spending lavishly on full-page ads can send the wrong message in a down economy. Instead, try employing smart and targeted public and media relations to reach your audiences.
• Use freelancers and consultants to support your corporate reputation initiatives and to reduce the cost of maintaining an ongoing program. While corporate reputation may not require full-time oversight, it is important to maintain consistent objectives, principles and tone of voice. Try using freelancers and consultants to augment your in-house team without increasing your headcount or retaining expensive agencies.

At the end of the day, just remember: much like a mortgage, stopping investments in your corporate reputation could leave your company out in the cold.  

Looking for cost-effective ways to manage and enhance your corporate reputation? Contact Peter at Peter@CommunicationsUnlimited.ca.