As economic problems become increasingly complicated and the business landscape becomes more difficult to navigate, leaders of organizations of virtually all types are looking for ways to address the unprecedented (and, in many cases, ambiguous) set of challenges they face. If ever there were a time to convey a distinctive, confidence-building point of view, built on a strong, strategic and effective message platform, it's now. The bottom line: Communication is more important today than ever.

Effective communication can make the difference between sustained damage to a company or a temporary blip, profit or loss, or recovery or failure. That's because public confidence is often about perception: If individuals believe things are moving in the right direction, they'll feel more confident; but if they think things will get a lot worse, they will. Confidence relies on credibility. And credibility is what good communication can help deliver, especially when times are tough.

This is a significant moment for the communication industry. For a long time, public relations professionals had to contend with their own image problem. They've had to explain their value and push for "a seat at the table." Today, their expertise doesn't need a defense; strategic communication is assumed to be absolutely integral to a company's success, especially in difficult moments. Here are a few reasons why:

• Social media savvy. Consumers have much greater power to select the kinds of information they receive and share. They bypass television ads with digital video recorders. They block Internet ads from popping up on their computer screens. They even shape the news by talking back on blogs, forums and social networks. Public relations is the discipline most capable of addressing today's communication challenges, given the stunning advances in information technology and the swift acceleration of global Internet penetration rates.

Further, consumers and other stakeholders are more skeptical than ever of the companies they believe created this economic downturn. They see marketing and advertising campaigns as "spin" and believe CEOs have something to hide. For more credible information, consumers join social networks and look to the people they trust more every day—their peers. In short, they evaluate the credibility of the information they receive based on the strength of the relationship they have with the person who shared it with them.

Public relations is, by its very definition, a relationship-based practice. Communication professionals take the time and effort to build relationships with the right beat reporters, columnists, editors and producers to provide customized information for clients. They also have the skills and tools necessary to build strong and sustainable relationships and dialogue with the new generation of stakeholders, consumers and influentials, who want companies to listen more to what they have to say.

• Ability to navigate a global marketplace. It's no secret that the global marketplace is more connected than ever before. The result is a more fluid exchange of ideas, trends and commerce. Incidents and issues that until recently would not have caused a ripple beyond local shores are now making big waves around the world. It is no longer possible to conduct business without evaluating how one's actions in Market A may trigger unanticipated consequences in Market B.

But all too often, business decision-makers are out of touch with what is percolating below the surface outside their home turf. They are unprepared for shifting landscapes resulting from elections, coups, civil wars or other socio/political events. They are insensitive to social and cultural differences in the international marketplace and fail to express their goodwill—not because it's lacking, but rather because it's not communicated. And all too often when it is communicated, it is done so clumsily.

While understanding the global marketplace is certainly an essential ingredient for international success, even more important is the understanding of the "glocal" marketplace—a global perspective, combined with strong local knowledge. The future of public relations is no longer confined by national borders. The organizations that will succeed, from NGOs to counseling firms to multinational corporate behemoths, will be those that are equipped to deal with the challenges of communicating efficiently, effectively and successfully in the global marketplace while embracing two-way learning on a culture-by-culture basis.

• Appreciation for transparency. Organizations today face new and daunting obstacles. Public trust in institutions has been rocked by scandal and disappointment. The demands of a globalized society and 24-hour news cycle challenge even the smartest among us. In this skeptical and high-impact culture, intelligent transparency and meaningful organizational social responsibility are some of the smartest investments one can make. As an organization builds its reputation and earns its stakeholders' trust, its brand is tangibly strengthened and success comes more easily.

Transparency goes hand in hand with accountability. When working through crises, those organizations that disclose information quickly, accurately and empathetically are far better positioned to retain stakeholders' confidence and support. In such situations, savvy communication counselors know how to walk that reputational high-wire, on which transparency, accountability, prudence and pragmatism are all kept in balance.

What this means for PR firms: Today's highly skilled, strategically-oriented public relations professionals have expertise that goes far beyond traditional media relations. Equipped with new-media savvy, a global perspective, a finger on the pulse of the public mood and a field of vision that sees the situation through the eyes of multiple stakeholders, they have precisely the tools needed to respond to, or take advantage of, the extraordinary reputational challenges of the day.

Margery Kraus is president and chief executive officer of APCO Worldwide, an award-winning, independently owned global communication consultancy with offices in major cities throughout the Americas, Europe, the Middle East, Africa and Asia.

Jerry Swerling is professor and director of Public Relations Studies and director of the Strategic Public Relations Center at the USC Annenberg School for Communication. He has nearly 40 years of experience as a communication counselor, educator and management consultant.