In a down economy, will PR and marketing experts turn to social media?

Backing off of PR and marketing during an economic downturn is a natural reaction to bad news, but shutting down too far may not be your wisest business move.

There are still customers out there who will buy quality products and services, but they have to know about them first.  Since money is tight, companies should be thinking about using methods that provide the best value, to ensure they continue to engage with customers and keep their brand visible.

The video below is a hallway interview from PRNewser with two guys who have built semi-empires out of “nothing” but their own drive, talent and Web-based tools and communities — wine enthusiast Gary Vaynerchuk and provocative online video maker and puppeteer Loren Feldman.

Gary Vaynerchuk says that, “In a down economy, the social media play has big ROI numbers.”  He doesn’t quantify other than to say it’s worked well for his wine retail business (and we’re the last ones who want to play drinking games with the social media Kool-Aid) but the fact is that this is where the action is, and if you aren’t at least poking around a little trying to figure it out, you’re late.

Vaynerchuk and Feldman’s methods are certainly not appropriate for every (or even many) companies, but ANY company should take note of how they’ve done what they’ve done online, at very little cost but with a ton of work.

I want to emphasize….social media may be cheap, but it ain’t easy.  Still, as Vaynerchuk says at the end of the video, that “standard” $50,000 ad buy in the dead-tree Esquire may not cut the mustard in this economy.

For our RSS and email subscribers who cannot see the embedded video box, here is the URL to click to see it.

This post was written by:

Sheila Scarborough - who has written 25 posts on Every Dot Connects.

I'm a freelance writer specializing in travel, NHRA drag racing and social media/Web 2.0.

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2 Comments For This Post

  1. Online Home Based Business Says:

    This recession is a time to build your business up and continue your marketing campaigns. You should still test all your marketing campaigns but i wouldn’t shut them down completely.


  2. Sheila Scarborough Says:

    Hi Jason,

    Sure, no problem with being very selective in how you spend your money in tough times, but a broad shut-down isn’t a good idea.