Crisis has a major impact on PR budgets

According to the latest IPA Bellwether Report, companies reported budget cuts in marketing categories up to -25% in 2020. At the other end of the spectrum, PR services face the most optimistic forecasts even before public health restrictions are relaxed. A significant increase in the demand for crisis communications is reported by multiple sources at once – IPA Bellwether Report, Business Insider and others.

Regardless of a thematic focus — politics, medicine, finance — and the strategic scenario of individual players, PR specialists were called to help in putting corporate culture on a new track and building long term external communications. According to the interviewed top managers, PR is an effective means of strengthening a business adoption to the changed conditions.

Choice of an agency

How to choose a PR support? Main factors influencing the choice of a PR agency identified by interviewed companies are — meeting KPI expectations, cost, quality of personal contact and client feedback. Also, the provision of marketing services along with PR is becoming a competitive advantage.

So, what do those who are just starting to build their PR in the fintech field or have been working with for some time need to know about PR key points? How to take your company to a leading position through balanced strategic principles?

First, if you are a startup, be prepared for long-term PR work. Media space is always about stories that have credibility. There is also a horizontal competition among companies, as each top media receives 150-200 applications per day. The winner is the one who knows how, when and where to invest.

Then, increase your expertise. The communication via press releases does not work along. Journalists expect your company to make forecasts, researches and to provide market analytics. Among the trends in the field of financial PR, the participants focused on integrated brand communications, growing popularity of reputation management and anti-crisis communications, as well as attention to the topics of corporate responsibility and business ethics.

PR is a long-term and regular story, regardless of what business strategy you are pushing at the moment. As a rule, PR specialists are asked for help in launching new products, entering new markets, attracting sponsorship and etc. However, once the task is completed, it will be a fatal mistake to cut the PR budget. In a way, it serves as a sign to both your target audience and business partners and competitors that something is wrong, which is critical in the world of finance. To maintain PR after the completion it is enough to make 2 publications per month, structure your social media and keep blogging on your website.