Communicating in an economic downturn – a delicate matter

Communicating in an economic downturn – a delicate matter

Rebecca Graham

Rebecca Graham

The last couple of years have brought what has felt like near non-stop economic turbulence. Brexit, Covid-19, the outbreak of war in Ukraine and now the spiralling cost of living and energy prices have all created shockwaves to global economies. At a time where the pinch is being felt by businesses and consumers alike, communications – both internal and external – must be approached delicately.

Communicating how a product or service can genuinely help customers during this period – whether it’s through cutting back IT costs, speeding up internal processes, reskilling talent quickly, and so on – is important, yes. But it is also important to recognise that this may not be the time to apply huge amounts of pressure to existing and prospective customers. Consumers and businesses alike are being cautious with their spending. There are nerves, fear even, about what’s to come. An aggressive sales and communication strategy might seem the way to go, but it’s certainly not the most empathetic.

At times like this, the art of communication becomes more nuanced than ever. It’s vital to show your customers that you see them, that you understand the challenges they’re facing as well as their fears and reservations. It’s important you don’t adopt a blanket approach but instead understand how the economic downturn might be affecting each of your key target industries differently, and what the different needs are. Businesses can show this understanding and expertise through website content like blogs and whitepapers, email marketing, and social media that adds value – sharing relevant insights and advice. Thought leadership pieces from a company’s experts and executives is another great way of communicating value and advice. A renewed focus on customer advocacy could also earn you more loyalty as it allows existing or potential customers to see the value of your product or service through the eyes and experiences of others.

Of course, communicating with customers or external stakeholders is only one side of the coin. Internal communications during an economic downturn are also crucial. Staff must be made to feel safe and valued in their roles. And, if redundancies do need to happen, your internal communication plan needs to ensure that transparency, empathy and consistency are incorporated. The manner in which layoffs are carried out can truly make or break a company’s reputation, as demonstrated by SnapChat’s CEO saying layoffs were a way to weed out the company’s ‘haters’.

Having communications partners by your side to share their expertise and help guide you and your business through these coming months – or even years – is hugely valuable. Brands and reputations don’t stop in an economic downturn. In fact, these are the very moments in time when they are moulded.

Share this story:

Read more from the blog

Blog

Is AI compromising our curiosity?

As AI becomes increasingly prominent in our lives, it is time for comms professionals to consider the impact on creativity and curiosity. ...Read more

Selina Jardim
Selina Jardim
Technology

Cracking the communication code in technology

Often, when communicating about technology, conversations can become quite technical. How can brands cut through the noise and communicate effectively? ...Read more

Sameer Jama
Sameer Jama
Blog

How Barbie’s reputational overhaul painted the world pink

Barbie's reputation hasn't always been positive, but this year's Barbie film has changed the tides. What can this teach us about reputation shaping? ...Read more

Alexandra Kourakis
Alexandra Kourakis

Add a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Is it time to shape your reputation?

We operate in London, Paris and Munich, and have a network of like-minded partners across the globe.

Get in touch

Sign up to Spark, our newsletter

Receive thought pieces from our leadership team, views on the news, tool of the month and light relief for comms folk

You can unsubscribe at any time, please read our privacy policy for more information