True, public relations practitioners need to be aware of these trying times but might we find diamonds in the rough? Brand perception means everything to companies right now because consumers are reluctant to buy. People are purchasing trustworthy brands and seeking out product information to make the best economic decisions. Public relations is the key to garnering this consumer trust.
Brand perception is the most important element to a company’s success rather than slashing prices. “I see a lot of people in my industry who are over-reacting. Stores that are over-discounting, designers who are creating collections for the price and what sells rather than to reflect who they are,” says Anna Wintour in New York Magazine’s The Cut.
The Fashion Rag reports that luxury department store, Neiman Marcus, plans to open a new store in Bellevue, Washington, at The Bravern in March 2009 and a three-story store in the Macerich-owned Broadway Plaze in Walnut Creek, California.
I recently had a discussion on Twitter about Neiman Marcus’ behavior. Jordana Bruner, fashion blogger for Clutch22, explained that “their primary customers still spend $$ in spite of the recession. It’s similar with some other luxury brands.” Pierce Mattie Public Relations replied with, “It’s just interesting that when other brands are being cautious, they are going full throttle. Do they know something we don’t?” This is an interesting question to ask and I hope it will be answered in the near future.
I urge companies to keep pushing forward because their business is what drives our economy. Also, know that investing in public relations will build trust in a company’s brand perception to drive business. Stay strong and remember that public relations will save the day!!!
How do you think brand perception affects business in a recession?