Tweet

Media survival tactics in an economic downturn

Written by: Bronwen Evans

Article Overview: When trouble strikes and your business is hurting, it is tempting to retreat from the public eye and refuse all media interviews. But sometimes there are good reasons to speak out.

Media survival tactics in an economic downturn

In the business world we must listen to our survival instincts. A finely tuned sense of danger helps us avoid pitfalls, while a nose for opportunity enables us to prosper. In this climate the natural instinct is to take flight when confronted by an inquisitive journalist.

But even though you might instinctively prefer to stay out of the limelight there are valid reasons for speaking out.

• By speaking out you can influence events – especially if you do so as a group. In Thailand prominent hoteliers said they had had a disastrous fall in bookings due to political problems and the politicians attempted to remedy the situation.
• You don’t want to spoil your relationships with the media. They helped you when you wanted coverage of your good news, they may expect your support when they need comment on an issue.
• You want to raise your profile and it is an easy way to do it.

There are dangers however.

• People love a winner and are attracted by success. By drawing attention to your troubles you may be seen as a loser.
• Your small problem may be blown up by the journalist. The media is part of the entertainment industry and bad news makes a better story.
• Your competitors may use the information you give against you.


If on balance you decide you don’t want to talk to the media, you should give the journalist a reason why you are declining, don’t just brush them off.

If you do go ahead with the interview you should follow some simple guidelines.

• Don’t speak off the cuff. Even if the journalist says it is urgent, ask them to call you back. This will give you time to prepare.
• Think from the media’s point of view. They want a comment that is easy to understand and to the point, ideally with supporting numbers and a people angle. Prepare an answer that meets some, or all of these requirements.
• Consider carefully how your comments will be received by different parties such as your staff, investors, regulators, suppliers, customers or competitors.
• Practice beforehand.

In every industry, there are individuals who have used their media savvy to help their business to prosper. Equally there are others whose career has been ruined by a careless comment to a journalist.

In today’s difficult business climate there are many opportunities to have your voice heard and build good relationships with the media. With skill and experience you may turn this to your advantage.

Related Articles
  Recession-proof PR
  Career Change in an Economic Downturn
  Keeping Your Employees Focused in an Uncertain Economy
  Making Money in an Economic Downturn
  Franchise Blog

Article Tags: bad news, bookings, business world, climate, entertainment industry, hoteliers, investors, journalist, limelight, loser, natural instinct, pitfalls, point of view, politicians, regulators, relationships, sense of danger, survival instincts, thailand



Related Forum Posts
Re: Hi from OpenAFranchise - Welcome to the forum... are you seeing big changes in franchise start-ups during this economic downturn?
Re: How long can you stay away from your Computer? - Hi GT, Thanks for the comments, but I wouldn't call it "planning ability" so much as "last minute, ad hoc survival tactics"!!
Startup problems - The first stage of starting a company is survival - do what you have to do to keep the company going until you're at a point where you can pay yourself a full salary and start bringing on extra help. If you can't get to survival and have enough cash coming in the business won't make it past the first year.
surviving an economic crisis - I'm moving to Idaho then I'm building a bunker and stockpiling 2 years worth of supplies. I'm buying a fishing rod, a hunting rifle and bunch of chickens to produce eggs... I like chickens because they don't care about recessions or depressions. OK... that may be Plan C - let's hope it doesn't get to that. So far, our business is doing well, we often target affluent markets and from our experience in the early 90's recession this worked well. BUT - what we're seeing this time around is not a simple recession. I think it could get bumpy. What type of businesses thrive in an economic downturn?
Re: Alternative Divorce Franchise? - There are many ways of making money at this time of economic depression. There are many ebooks out now on how to manage the economic disasters that are happening now. If you think very well you can come out with an idea that will be a best seller


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Maximum Impact Restaurant Greening

Common Sense Stress Management

Entrepreneurs and the “Oh! No!” Trap

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.