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GroundFloor Media’s Gil Rudawsky examines the issue and finds that many PR agencies (and budgets) grow during bad economic times.
I’ve been in the PR business for 40 years and have seen the ups and downs of the economy many times. Corporations tend to cut some advertising costs first because they generally have large budgets. PR comes next because they don’t usually associate it with sales in most industries, but to achieve any substantial savings, they must cut it to the bone or drop it altogether. PR definitely is not insulated, but in recent years has fared better as it becomes better understood by executives. There are exceptions, some dramatic as cited by Gil but PR shouldn’t count on being an exception. Work like hell.
When I came to Denver 5 years ago my colleague Andy Edson said to look you up. I tried but it didn’t happen. In any case, I still speak with Andy and I’m sure he’d like to know how you are.
I agree, Bill. Smart, hard-working agencies seem to thrive regardless of the state of the economy.
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