Rummaging through a pile of old newspaper clippings the other day we came across the predictions by a number of major financial institutions about their forecast of where the Australian dollar would be at certain points in the future.

The article was published in the Courier Mail on 27 December 2008 (amidst the height of the global financial crisis) asking nine financial institutions, including three of our largest banks, where they thought the dollar would be on 30 June and 31 December 2009.

Now remember things weren’t too rosy in the world of finance at that stage (probably an understatement), so it’s not surprising that they all got the 30 June prediction wrong (in fact between as much as 34.4c and 13.4c wrong), but reviewing the article got us thinking about using predictions to generate publicity opportunities.

A number of financial, business and social commentators have made quiet a nice living out of ‘predicting’ the future of certain markets, and the property industry is one that immediately springs to mind.

Real estate commentators are all now saying the market has turned and are tipping price growth in the housing market. This may be true, but don’t forget we’re also coming off the back of a general property slump and heading into the traditional ’spring’ sales period. So unless we experience a cataclysmic event like a meteor hitting the earth or Michael Jackson rising from the dead, chances are they’ll be on the money and will take full advantage of bragging rights.

But what happens when they get it wrong, like the banks in the aforementioned example? We’ll not a lot really. No one comes back and asks for an explanation or holds them to account. The Courier Mail hasn’t done a follow up, and after all it was only a prediction.

So, is it safe to do this sort of thing as a legitimate PR opportunity? We think so, but only if your predictions are based on realistic information and you have a genuine reason for doing so. It also helps if it becomes a part of your ongoing PR strategy, which over time will position your business as thought leader in your particular space.

If the likes of Michael Matusik and Bill Morris can do it for the property market, why not for your industry?