By Kathy Cupper Obert, Chairman and CEO, Edward Howard

Bank failures, frozen credit markets, massive layoffs, congressional gridlock, slashed corporate spending—the bad news just keeps on coming. No question, these are tough times for everyone and PR agencies are no exception. But while you are battening down the hatches, don't fail to recognize the opportunities that are always created by change. Those who can step up and reel in these opportunities—who are willing to go beyond business as usual—will survive, succeed, and emerge stronger.

Start at the top. We have a new administration in Washington whose mantra has been "change." They are pushing a massive stimulus bill and new set of priorities that stand to benefit some and be detrimental to others. Can you help clients better make their case and defend their interests? Are there executives you know who are about to make disastrous decisions because they still don't appreciate how radically things have changed? Are there distressed companies that need help communicating bad news? Is there a brand that is missing a great opportunity to increase awareness or build market share?

More than ever today, clients need what good PR counselors can provide. Most marketers have never faced conditions like today. Public outrage over Wall Street's disastrous mismanagement and excessive compensation has transformed the rules for what is acceptable. Was there a PR advisor who could have told Merrill Lynch and Bank of America that it was insanity to think of paying out billions in executive bonuses when the bank had asked for additional TARP funds and both institutions were going to report huge losses? Was there a firm that could have told the CEO of Ford, Chrysler or GM to leave the corporate jet behind?

For many companies it makes sense to spend more on public relations in tough times because of PR's superior leverage. We have to deliver that message. Financially stronger companies should be pressing their advantage against weaker rivals rather than falling back in line with everyone in the industry. For example, McDonald's has picked a great time to roll out their line of McCafé espresso coffee drinks in the U.S., with consumers watching their pennies and Starbucks pulling back. Cisco Systems recently raised $4 billion in new capital that it anticipates using to expand into new areas where it hasn't historically competed.

A good example on a smaller scale is the story of Cardinal Fastener, a $10 million, Bedford Heights, Ohio, manufacturer of large diameter fasteners and bolts whose largest market is the nascent North American wind turbine industry. On January 12, 2009, Cardinal received word that it was on the radar for a plant tour by then President-elect Obama on January 16th, less than one week prior to the Inauguration. Cardinal President John Grabner perceived that this would be a huge challenge—disruptive, costly and even risky. But he seized the opportunity.

So did Edward Howard. Within minutes of hearing the rumor on January 13th, we emailed Grabner, for whom we had done a small project last summer. "This is the single best opportunity to tell your story that you'll ever have," we said. "You need to do it right. We can help you." We were the first ones to reach him.

Grabner had been told to expect an onslaught of more than 130 reporters, including six live satellite feeds, the President-elect's traveling media pool numbering about 30, and a local media frenzy. Cardinal's employees had limited media relations experience, and literally none as the focal point of live breaking worldwide news. Around midnight Grabner's email reply was: "Can you get here in the morning? Come as soon as you can. I'll be waiting for your call!"

Our team worked almost around the clock for two days doing all the things you would expect (including creating an online press room) and a little more. The results have been amazing. To date, nearly 22,000 news stories have appeared around the world in print, on line and on TV. Samples include: The Wall Street Journal, The New York Times, MSNBC, ABC News, Associated Press, Bloomberg, Washington Post, The Los Angeles Times, CNNand the Plain Dealer (here and here). Conservatively estimated, advertising equivalency value of the news coverage to date is in excess of $20 million, and the quality of key message inclusion has been a home run. President Obama literally played back our key messages in his direct remarks. For Cardinal, the business impact has been tremendous. "It is proving to be priceless exposure for our business," said Grabner.

The impact has been significant in our firm, as well. It was a needed reminder in these tough times that there are opportunities out there if we are alert and we pursue them aggressively. They may not be as obvious as this one, and they may take more time to reel in, but they are there. Sometimes, companies or organizations don't even know they need us. So target those prospects. Leverage those contacts. Send that email. Make that call.