What would Bill Gates, the visionary founder of Microsoft, do in this economic downturn?
Here's what Bill said..."If I was down to my last dollar, I'd spend it on public relations."
Let's hope Bill Gates is not down to his last dollar, but I think he's onto something.
Why? Because public relations is far more cost-effective than advertising (there are no media expenditures) and far more credible (the information is endorsed by a third party). In addition, most people don't want to be given a hard sell - they want to be educated, and because of the amount of clutter in the media, they want things simplified - does someone they TRUST recommend it?
Public relations is much broader these days then just tradtional media relations. It can include building partnerships with third-party organizations to build awareness or drive sales, building a community among your target audience (through social networking or community relations, e.g.) who can become natural advocates for your brand, or building relationships with key influencers who can spread the word for you.
Overall, it's a good investment in your business - or at least according to Bill!