Will the 2023 Economy Be Better? The Law of Familiarity Transcends Economic Uncertainty

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Positioning your team as an authority through disruptive PR techniques builds respect, credibility, and trust – so people believe before they buy.

As the skilled labor shortage continues, demands for remote work and higher wages have changed the way employers operate. (1) This major change affects businesses when the economy threatens to collapse. However, advertising drives the economy and supports about 18% of all US jobs.(3) Historically, companies that sell quickly during recessions recover quickly, sometimes gaining an advantage over their competitors. JOTO PR Disruptors, an ‘Anti-PR’ agency that puts new startups on the map, promotes marketing strategies to reduce customer acquisition costs and increase visibility.

“In tough economic times, marketing seems like the easy way out,” says Helms. “However, just looking is not enough. Businesses that focus on marketing in times of crisis are ahead of their competitors.”

The Great Recession forced many employers to adapt to remote workers, flexible schedules, higher wages, and competition for skilled workers.(1) Some of these changes are almost gone, but the rate of layoffs and unemployment has fallen relative to the unemployment rate. 2021. (5) This may indicate a restabilization of the labor market.

Another more subtle option is to “resign” or be fired. Although not uncommon, layoffs increase during recessions. Loss of productivity costs $483 billion to $605 billion annually in the US (6)

Laid-off employees are unable to step up and become responsible for additional work. And they are more likely to leave if they are offered another opportunity, which costs the company time and money in hiring and training. Conversely, high employee engagement is associated with a 21% increase in productivity.(6)

The debate about the recession is starting. Although not all economic indicators point to a recession, inflation is high, while the stock market and consumer confidence are low.

Advertising promotes trade and supports American jobs in all industries.(3) Advertising is not a luxury but an economic necessity. Last year in the US alone, advertising generated $7.1 trillion in sales, supporting 28.5 million jobs. (4)

Whether an organization is B2B or B2C, loyal customers create sustainable revenue and drive organic growth. Businesses that spend too much on the dollar during a downturn lose market traction because of the Law of Common Sense.(7)

In sales, there is an inverse relationship between familiarity and expectations. The more familiar the business is, the more confident the customer will be.(8)

Previous recession studies show that brands that “go dark” can lose about 24% of their users and can lose more market share than their competitors.(7)

Instead of cutting back on advertising spending, Helms encourages companies to invest more wisely in order to improve their visibility in the market.

B2B consumers can be very apathetic, which makes marketing more important. Third-party validation, whether through awards, testimonials, or PR, increases recognition that creates loyal customers.(8)

Helms helps its clients achieve this by establishing them as Thought Leaders in their industry. “Let people see and understand your passion and talent,” says Helms. “Positioning your team as an authority through disruptive PR builds respect, loyalty, and trust – so people trust before they buy.”

To help B2B startups maintain success and gain market share during the economic crisis, JoTo PR is offering “Familiarity in a Box.” It’s an anti-PR program to confuse those who challenge the status quo.

“Knowledge is the cornerstone of successful business growth,” he advises, “and we’re not shy about helping bold, forward-thinking people lean into the present and reap the rewards for years to come.”

For more information, visit https://info.jotopr.com/the-law-of-familiarity

About JOTO PR Disruptors(TM):

After conducting business research on more than 5,000 CEOs of fast-growing companies and finding out how they use PR, how they measure it, and how they want PR companies to be different, PR veteran and founder Karla Jo. Helms created JoTo PR(TM) and based his entire business model on the results of that research. Astutely aware of the changing industry since its inception in 2009, the JoTo PR team utilizes newly established strategies to create timely Anti-PR(TM) campaigns with both traditional and cutting-edge techniques. This unique capability enables JoTo PR to continue to grow market share and improve return on investment (ROI) for clients, year after year – exceeding industry standards. Based in Tampa Bay, Florida, JoTo PR is a global public relations agency. Today, all of JoTo’s strategies are modified Anti-PR services that have become a trademark of the JoTo PR name. For more information, visit JoTo PR online at http://www.jotopr.com

References:

1. Ferguson, Stephanie. “Understanding America’s Unemployment: The Most Affected Industries.” December 28, 2022, US Chamber of Commerce, uschamber.com/workforce/understanding-americas-labor-shortage-the-most-impacted-industries.

2. Tepper, Taylor. “Recession Tracker: Are We in Trouble?” Updated: Nov 30, 2022, Forbes, forbes.com/advisor/investing/are-we-in-a-recession/.

3. The Advertising Coalition. “Study from The Advertising Coalition Finds Advertising Drives $7.1 Trillion in US Sales.” May 26, 2022, MarTechSeries, martechseries.com/sales-marketing/study-from-the-advertising-coalition-finds-advertising-drives-7-1-trillion-in-us-sales/.

4. Kumar, Nirmalya; Pauwels, Koen. “Don’t Cut Your Marketing Budget During a Recession.” Aug 14, 2020, Harvard Business Review, hbr.org/2020/08/dont-cut-your-marketing-budget-in-a-recession.

5. Reed, David. “The Future of the Great Retirement: Examining Labor Market Trends as 2023 Approaches.” October 24, 2022, Sedgwick, sedgwick.com/blog/2022/10/24/the-future-of-the-great-resignation-weighing-labor-market-trends-as-2023-approaches.

6. Leadbelay. “The true cost of “quiet quitting” (to quit working).” December 6, 2022, Leadbelay, leadbelay.com/blog/the-true-cost-of-quiet-quitting.

7. Nova. “Marketing History in the Depression.” August 31, 2022, Create With Nova, createwithnova.com/blog/the-history-of-advertising-in-a-recession.

8. George, Eric. “How Your Business Can Succeed in a Recession.” Nov 29, 2022, Forbes Business Council, forbes.com/sites/forbesbusinesscouncil/2022/11/29/how-your-business-can-thrive-during-a-recession/.

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