Learn When to Spend Your Money on Public Relations
The importance of public relations is obvious by now, it is the way of telling your company’s story and a way to design your company’s future. However, when public relations is focused upon more than the services provided then we have a big problem! Public relations’ aim is to highlight the already existing work, make sure you have the best image among your clients and community in general, and learn more about the public to improve, develop and maintain high standards. The aim is NEVER to satisfy the big boss’s ego without a service to support the claims! Investing in the product or the service itself is as equally important as investing in the company’s image. With that being said, here are the most common questions asked regarding this matter: When to pay for Public Relations?
1- When a business boost is needed Public relations professionals have a great network of journalists, therefore, reasonably investing in public relations for a headstart. They know how to play the right strings that would integrate when pitching, most journalists don’t even open “cold” pitches related to startups. Coverage in the best publications cannot be bought, contributing to a specific media to be featured is a must knowledge. At the beginning of the business, public relations can help boost:
• Product introductions
• Entry into new markets
• Rounds of venture capital funding
• Increasing recruiting speed
• Taking part in key industry events and contests
2- When needing to manage press A PR expert consultant may not only advise on how to manage press at certain times but can also make useful introductions, assist in the preparation and the coordination of publications and much more.
3- When preparing for an IPO If you’re preparing for an IPO, now is the time to ramp up your public relations efforts to introduce yourself to a wide range of potential investors. Most people believe that you can’t perform public relations in the run-up to an IPO because authorities may see greater PR near a listing as an attempt to affect value. But if you already have a steady stream of coverage, it won’t be an issue.
4- When needing to increase your social presence Have you recently launched a website and need to get some links and mentions? Targeting second-tier media is a simpler and less expensive choice. Are you entering a new market? Acquire help from public relations pros who work in the region to get publicity in the local press. The local press may be interested in market launch articles, particularly if you are employing locally or collaborating with local businesses.
5- When the product is developed and ready to be improved for most companies, the company is synonymous with their product,
– you must have a solid product before you can publicize it. Think twice before allocating a portion of your product development cash to public relations. You must balance the demands of your product with the needs of the other firm. How to determine the spending on public relations? That one is up to you, whether it’s 100$, 10,000$, 100,000$ or 1,000,000$. It depends on particular objectives which are found within the business itself. It depends on what you can perform in-house and what assistance is required from outside sources. Set up a meeting with your designated public relations professional whether it is an individual or an agency, once the budget is determined, explain your budget limits and how to spend your funds on the goals you’ve set, don’t hesitate to define your KPIs as well. Should I hire a public relations professional or a public relations agency? The never-ending discussion. It is determined by the three factors of: growth stage, KPIs, and corporate requirements. A pre-IOP startup, for example, needs someone who knows the business well, someone to be the sole point of contact for the press, can handle consumers, investors, and human resources kind of public relations, and is genuinely engaged in the company’s success. Public relations can give your business a start in the market, can improve your general image, and can do limited miracles when it is done at the correct moment and with the proper amount of effort. It most certainly cannot produce unicorns! You cannot logically do public relations for a service that does not exist and claim it’s the best in the world, or claim your product solves all the problems of life when it barely solves 10% of a certain issue, if you are using public relations this way, then you are setting yourself up for failure! Invest in your image and product equally for the best results.