The much-publicized fall of the "New Economy" may actually create some very useful fallout. Economists are quick to assure us that once the Nasdaq reaches equilibrium, we will finally have a realistic benchmark for future growth. Those who have survived the initial intoxication of Internet speculation will be the stronger and the wiser for it.

The current season of economic realism also provides a reality check about what actually constitutes good PR.

Despite PR's avowed mission to take the corporate message to the public, only a small percentage of that public comprehends what PR really is. It is not uncommon to hear people dismiss PR as "the art of spin" or label PR professionals as "spin doctors." Unfortunately, those misperceptions were heavily reinforced by a rash breed of dot-coms and other companies that helped to over-inflate the Nasdaq beyond all reason. In the end, all of that superficial "spin" was powerless to avert the inevitable downturn.
 
We can't help being better off now, given our heightened awareness of the destructive power of unmitigated hype. But rather than discount the power of intelligent PR, we must realize that now, more than ever, the right PR is critical to creating and sustaining public perception of a company's image. An effective PR campaign lets you move and capture
"mindshare" through the words and actions of your peers and target customers. Balanced, strategic PR sculpts your company's image in the minds of potential customers, investors, and business allies. Never underestimate the power of PR to influence the market, drive brand resonance, and increase sales volumes. 
 
What can we learn from the dramatic dot-com reversals? The lingering message is that the market is fed up with the smoke-and-mirrors approach of some PR in recent years.  But don't think for a minute that investor skepticism will curtail future newsworthy advancements in the tech sector. Many companies are cutting marketing initiatives to the bone, circling the wagons, and taking a wait-and-see stance. While this might
seem to make superficial sense, good business strategy dictates the exact opposite course.  
 
Now is not the time to eliminate marketing initiatives. Instead, you can take advantage of the quiet as other companies fall silent.
 
True, a solid, well-crafted approach is in order, but it would be foolish to let fear dictate our agendas. Just as wise investors know that a downturn in the market creates investment opportunities, companies must capitalize on the conservatism of their competitors to grab pole position when the race resumes. Experience teaches that times
like these define tomorrow's leaders. Companies that take risks now will reap the greatest rewards.
 
So do keep spinning the story—don't shy away from generating realistic expectations or from basic infrastructure marketing. 
 
Two warnings, though:

· Don't hype the story—take time to communicate real-world solutions effectively.
 
· Whatever you do, don't go silent. Silence erodes consumer and analyst confidence, leaving you in the dust when the bulls start running again.
 
So what can we do at a time when entire, complex concepts are dismissed as hype but silence can leave you among yesterday's echoes? Be factual and know whom you are addressing. Here is how to stay in front of analysts and the public without resorting to hype:

1)     Every story has a news angle; find the news and lead with it.

2)     Identify your audiences and make your story relevant to each target—one story doesn't apply to everyone when skepticism is in the air.

3)     Never talk technical specs—go a few extra steps and talk about the benefits to people or companies, or the problems your company solves.

4)     Avoid buzzwords and hyperbole; use plain language to evade journalist "bozo filters"; if journalists are to report your story, they must first see it.

5)     Don't ever say "a leading"—use "market leader" only if you really are, because a false claim will discredit the entire story; avoid the word "solution" even if that's what it is, because the word makes a journalist's eyes go dull.

6)     Plan in advance to make some news around your strategic objectives—and be sure it means something to the target reader and tracks to your ultimate goal.
 

Effective leadership of a company or an industry requires foresight and planning. Periods of economic skepticism give us time to refine the plan and build a solid foundation for future growth. Successful leaders will determine the best plan for refining and executing marketable business initiatives and then communicate the resulting milestones loudly and clearly to media, analysts, influencers, and market makers.
 
The skilled PR professional is a cross between visionary and savvy realist, someone who is able to deliver a genuine and constant set of market-reinforcing campaigns. The objective of effective PR remains the same in any market: to instill and maintain market confidence. Its rewards extend beyond just keeping today's customers; it includes growing the business, using the best tools available, even during trying times.
 
 
Brian Solis is a PR/marketing veteran, having focused on the tech and consumer electronics industries for 10 years. He is principal of prominent Silicon Valley PR agency FutureWorks, Inc. and has successfully led many communications efforts for companies including Fujitsu, Ricoh, Newbridge Networks, WebSideStory, and WebGain.