How your brand can make its mark on Budget day
The day of a Budget or Autumn Statement is a set-piece moment in the British political calendar. Shots of the Chancellor holding their red ministerial box on the steps of Downing Street fill the news cycle all morning, and reaction from journalists, politicians, policy wonks, and business leaders dominate the days following.
Every Budget presents winners and losers. Just as some businesses, public services and households could benefit from new funding or tax cuts, others will be facing increased costs and regulatory scrutiny.
The battle for column inches around the Budget leaves a similar cadre of brands and PR folk who are celebrating after managing to cut through the noise to secure valuable coverage and attention, as well as those whose comments didn’t make it and are left to reflect on what they can do differently next time.
Should your brand comment?
When planning your PR strategy around a Budget, the first and most important question is whether you should comment at all. Most PRs will be familiar with the conversation with a CEO or marketing director who is desperate to comment on the Budget, but don’t have any strong feelings about the issues they should comment on, or what they’d say.
An effective PR strategy will factor in the news cycle weeks ahead of the budget – assessing what the key talking points are likely to be and how their brand fits into that debate.
A key issue which is likely to be announced that will have a direct impact on your business and fits into your wider marketing and PR strategy are all green lights to proceed with your PR planning. Ultimately, is the comment likely to take you a step closer to achieving your overall business objectives?
However, in absence of these factors, the best advice a PR can give their clients around Budget day is that, unless there’s a last minute rabbit about to be pulled out of the hat, it’s best to sit this one out.
Be prepared to say something
Journalists’ inboxes will be full of hundreds of comments from various businesses, trade bodies, academics and experts, all pushing their reaction to the policy announcements.
In this environment, you have a matter of seconds to grab the attention of your target journalists, so sitting on the fence and commenting that “the devil will be in the detail” just won’t cut it.
Having an expert with a fresh outlook or evidence-based perspective on the policy will be gold dust to journalists sifting through reactions.
Being prepared to say something is key, but it’s important to note that this never means you should be controversial for controvery’s sake. Chasing coverage on Budget day should never stray far from your established brand and PR messages.
Building long-term brand awareness and establishing your experts as thought leaders are reliant on consistency – sacrificing credibility for the sake of a few short-lived headlines can undo a lot of hard work.
Own your niche
The vast majority of news publications will be running at least some commentary on the Budget announcement, from national front pages through to niche vertical trade outlets.
While everyone wants to see their brand featured prominently in the national press, this is where space is at a premium and competition is fierce and for every policy announcement, there will be dozens of experts primed and ready to comment.
On such a big news day, it can be tempting to try to find an angle on every policy announcement and decision. For example, in the recent Autumn Statement, every employer will be impacted by changes to employer National Insurance contributions, but unless you are the CBI or FSB, it’s going to be tricky to get cut through.
Instead, focusing on the issues where your specific expertise can add value to the conversation is key. This will also resonate with your target audience much more effectively and contribute to building credibility on that subject in the long-term.
Be quick off the mark
Once you’ve identified a clear opportunity to provide insight that fits within your brand’s niche, and builds on your existing strategy, it’s vital to be prepared and quick off the mark.
Sharing comments and insights with target journalists in the weeks ahead of the Budget can help to generate interest early on and, as well as driving coverage before the speech, in some cases these journalists will be looking out for follow up comments on the day.
Preparing comments ahead of time, based on expected outcomes, is a good way to speed up the process on the day. So too, is ensuring that all key stakeholders are ready for a swift approval when the policy details have been confirmed.
When journalists are receiving so many comments, being late means you will just be lost, so time is of the essence.
If your brand didn’t hit the mark with its reactions to this year’s Budget, speak to one of our PR experts to find out how we can help.