The Cost of a PR Crisis
One could rightfully argue that there’s no way to predict every potential PR crisis. And that’s true. But it’s also the reason crisis communication planning is so critical. From the moment you start assessing an issue to critical minutes, stakeholders must make decisions. A system and process keep you and the right stakeholders focused on the most important steps. A solid frame and plan work in any PR crisis scenario and assure you that everyone is prepared.
But for ambitious companies from B2B Tech to CPG, spending big bucks to build their brand, there’s no brand insurance protection, but there is planning. You haven’t prepared for a crisis because it’s easier to ignore some ephemeral crisis in the future. Yet, the costs of ignoring the unthinkable are incredible – the average cyber security impact on a business with less than 500 employees is $3.3 million – that’s just for recovery, adding to that expensive crisis PR cost of the crisis, and that drives up that number even further. That’s why it is so critical that for cyber insurance policies, risk preparedness is required.
79% of companies will experience a crisis with service disruptions and media implications.
Don’t feel too bad if you haven’t done your crisis planning – we have some examples of companies that responded to a crisis so poorly it cost them millions more than it had to. The best time to prevent your company from being in a similar situation is now.
We break down some of the most visible PR crisis communications examples and the cost of the PR crisis with clear takeaways for businesses of all sizes, and we sum it up with five simple crisis communication plan steps you can take TODAY.
You’ll be surprised at our unorthodox takeaways and recommendations for crisis communication plans you can take immediately – even if you don’t think you’re at risk for a crisis management issue.