You are the chief decision-maker of a company that had been doing swimmingly well until recently but now finds itself battling a sales slump all of a sudden. What would be the first step that you take to address the situation and improve the company’s financial position and business performance? For most C-suites, the response to this question would involve making knee-jerk decisions to a) lay off a section of its workforce and/or b) scale back public relations (PR) and advertising spend.
But does cutting PR and marketing communications costs really guarantee a rebound in sales or ensure long-term business success? Or does it only serve to make a bad situation worse, hopeless even?