LLYC Report Reveals Simplicity Will Be Key in 2023 Corporate Communications
LLYC’s recent “Corporate Communications Trends in 2023” report revealed simplicity to be one of the largest corporate communication trends for 2023, driven by the need to reduce costs in a turbulent global economy. Companies will need to achieve greater impacts with fewer resources, especially with the International Monetary Fund (IMF) predicting a 25% likelihood of a global recession. To do this, the study found businesses should focus efforts on communication projects with real-world impacts for their target audiences, and preferably projects that can become sustainable long-term activations.
“Difficult years are an opportunity for businesses to reexamine and hone their communication efforts, because they can mitigate the effects of a recession,” explained Juan Felipe Munoz, CEO of LLYC U.S. “First, companies should invest time and resources into understanding their internal and external realities to identify any gaps. Then they can strengthen those areas to create projects with real effects, allowing them to keep moving forward despite the current market situation.”
In addition to “simplicity,” LLYC’s recent report uncovered three other significant trends:
Today’s consumers are no longer seeking just a product or service, but to buy from a company that reflects the same kind of social, environmental, and political values they have. As such, organizations must align their opinions and advocacy with their core purpose and values to be consistent in the increasingly critical eyes of the public.
The extreme political polarization seen in recent years has hindered companies operating in highly regulated sectors or with high visibility among the most-politicized consumers. Unlike corporate activism, which simply must align with a business’ purpose, political activism fueled by polarization requires companies to take positions that are not always aligned with their actions. This runs the risk of becoming “populist” – appealing to one side or the other regardless of the facts.
Digitalization in public relations.
The pandemic’s effects still linger, as seen in the drastic reduction in face-to-face public relations activities. Journalists are increasingly reluctant to attend press conferences or in-person meetings, preferring to connect digitally even when the subject is interesting and relevant.