No matter how large or small your company is, you can learn a lot from the world’s most successful PR companies.
The most successful businesses view PR as part of their overall business strategy, from the top to the executive level. Fast-growing companies often view PR as a way to increase awareness and brand recognition. Public relations has many other benefits.
No matter how large or small your company is, you can still learn from some of the world’s most successful brands that view PR holistically.
Top 5 often-missed outcomes of PR
1. Revenue: An overlooked metric in PR
To see the greater revenue impact of PR, modern and rapidly-growing businesses track key metrics along with PR KPIs. PR can improve the bottom line by decreasing lead times, increasing online conversions, and improving brand loyalty.
Skilled business-development professionals will make use of media coverage to increase deal friction. PR builds trust and creates an impression.
This reduces churn as well as increases metrics such as lifetime value. Trusted outlets are more likely for consumers to purchase a product.
It is a mistake for metrics to only show direct attribution. Here’s an example: A customer sees your brand on social media but has never heard of the brand or company. What should the customer do? Google is your friend.
You need reviews, SEO, positive press mentions, and SEO to come together to make a positive impression about your company. With increasing privacy concerns, it may be very difficult for the consumer to link to your website.
2. Attracting talent: The PR’s best-kept secret
72% of recruiters worldwide agree that employer branding is important in attracting talent. According to LinkedIn, 72% of recruiters believe that the most skilled recruits are aware of their worth. 75% of them review an employer’s brand before applying.
Talented people want to work in a company that makes them proud. Potential recruits will know if the company is investing in growth and are present in the media consistently.
PR can help attract talent and may even improve retention. Your PR should include talent acquisition strategies if your company struggles to attract the right talent.
3. Investors: Bullish on PR
This is an important metric for emerging businesses and brands that are rapidly growing. PR shows potential investors there is a long-term investment outlook at the highest levels. Investors must understand scale and potential.
Investors also notice that your company or brand has legs, and are more likely to realize a significant ROI. Many investors are excited by the positive impact PR has on business results.
For CEOs looking to invest, it is important to include PR in their pitch decks. Many of the biggest tech VCs believe in PR and include it in their growth strategies through agencies or by their PR-minded executives.
Related to 4 Tips to Hiring the Right PR Agency
4. PR is the ultimate metric for pre-IPO and merger/acquisition
Pre-IPO and M/A communications and PR plans are a great investment. PR is an essential ingredient in preparing for an IPO or M/A. It takes years of planning and strategy. PR can save time and money. Plus, as a company grows, so does its brand equity.
Pre-IPO, the median value of a U.S. corporation was $577 million. Without integrated PR and marketing, it is nearly impossible to reach that level. This is particularly true for companies that have intangible assets (IP and services ).
In 2015, 84% of the S&P 500 was made up of intangible assets. How can you leverage an intangible asset? You can secure your IP by branding and messaging.
PR and Investor Relations (IR) are crucial partners for success if the company has an IPO in the future. PR works with IR to create integrated campaigns and coherent messaging.
5. Reputation insurance: Buy now, or pay later
We live in a cancel culture. Emerging industries, fast-growing companies, and purpose-driven brands are particularly vulnerable to changes in public perceptions or missteps that land them in hot water.
Bank trust should be built before there is a crisis. A consistent, trust-driven PR strategy can reduce disruption and help you get your message across. Positive PR can also be a benefit to the company and industry if they are in a new or regulated industry like drones and cannabis.
Public perception is often an important factor in deciding regulations. Positive PR is a positive example of corporate citizenship that advances the cause of the industry.
In an age where people receive over 12,000 media messages per day, PR is essential for any business. It is long past the time when only a few people could influence a company’s growth and success. The world is becoming more media-savvy.
Emerging industries, fast-growing businesses, and purpose-driven brands all require PR more than ever. However, they need to be clearer than ever about the strategies that will best benefit them.
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