Business owners and managers hear a lot about PR. After all, the word PR is thrown around in nearly every marketing and advertising meeting.
But what’s PR? What companies need it?
Below we share with you tips as to why PR is important and the top industries that need it the most.
What’s PR, Why is it Important?
PR stands for Public relations. It represents any efforts by a company or a government to promote or maintain a favorable relationship with customers and stakeholders. PR is different from marketing and advertising in that it’s a continuous effort.
Benefits of PR
- Spreads awareness about your company, products, and services
- Creates a positive image of your business
- Build connections with media organizations
- Brand building
- Helps manage a crisis in your organization
- Helps create mutual trust and loyalty from customers
- Great way to market your business with little or no costs
The consumer products industry is one of the largest industries in the world. Enveloping most products people use in their homes, this industry spends billions of dollars on public relationships. Companies that sell furniture, organic products, toiletry, baby products and personal care goods all fall into this category.
Each company wants to create awareness about their products. They want to create brands, outdo one another and still spend the least amount of money on marketing. The best way to create products’ awareness without investing heavily in advertising is to use PR to the optimum.
While some companies perform well without using PR too much, many companies in the consumer goods industry will forever need PR.
General Technology Companies
Tech startups will need PR more than any industry in the next decade. A recent study shows that good PR will impact more than 60% of growth in tech companies. The study cut across all subcategories in the large tech industry. From software companies to innovative computer manufacturers, companies that invest in PR to promote themselves will have higher chances of success.
Perhaps one of the biggest areas in the tech industry that requires PR the most is emerging technology startups. Companies that specialize in virtual reality, Artificial Intelligence, machine learning, and the Internet of Things will increasingly find themselves requiring PR more than any other marketing tactic.
With so much interest in emerging technologies, tech startups simply need good PR strategies to promote their products. Most tech companies actually spend less on advertising and more in PR. Tesla, for example, allegedly does not spend anything in advertising but their electric cars are known all over the world.
The cryptocurrency industry is nowadays categorized as an industry on its own. The industry introduced Bitcoin, ICOs, and the blockchain technology to the world. While not many cryptocurrency startups are universally popular, most of them are growing fast thanks to public relations.
Think of Bitcoin, for example. No one does marketing for the cryptocurrency. The media does the promotion. New crypto startups also don’t need to invest more in advertising as they should with PR.
Most people in the cryptocurrency industry want to develop mutual relationships with crypto developers more than anything else. They want to be communicated with at every stage of a startup’s journey. To achieve this, blockchain and ICO startups must learn how to deal with their stakeholders. Learn how to use PR to your ICO startup’s advantage on abitgreedy.com.
Nowadays, people are taking control of how they spend their money when seeking healthcare. They want to get value for their money. From customer reception to the actual health services, people pay great attention to hospital treatment.
Hospital and healthcare facilities that invest in PR campaigns are expected to have greater success in the next one decade. PR in this industry is particularly important given that research shows that healthcare will continue being the biggest contributor to growth in Africa, Asia, Latin America and all developing countries.
How Companies Invest in PR
Although PR is supposed to be an affordable advertising strategy, it’s not free. There are costs involved in implementing PR campaigns. From hiring PR agencies, sponsoring events and media attention, here are five ways companies spend on PR.
Insights and Planning
Companies spend millions of dollars on PR firms that can help them identify insights that will better their brand campaigns and crisis management. Creativity and the ability to plan for PR campaigns are greatly required among executives.
The key to successful PR campaigns is, after all, to plan ahead and continuously looks for insights that could help improve relationships with stakeholders.
Multimedia Content Creation
With Internet marketing being such an impactful aspect of modern business promotions, companies are spending millions on good content generation. And contrary to traditional content creation campaigns, Internet campaigns work best when the content is suited for dynamic audiences.
The expenses on content creation cover expensive video and photography marketing, written content, podcasts, and infographics. This way, companies can promote their products on a wide variety of online platforms with great success.
Social Media Promotions
While traditional businesses rely more on paid media and sponsorships for PR, tech startups are paying more attention to social media campaigns. Nearly every modern business has a Facebook, Twitter and Instagram account. With proper content creations, businesses use social media to manage communications and promote their services as well.
Emerging technologies such as ICOs, virtual reality companies, and software manufacturers particularly pay more attention to social networks because that’s where most of their target groups are easily found.
PR is slowly emerging as one of the best marketing tools among modern businesses. With the free Internet, social media and numerous platforms to reach all target groups, every business has a way to interact with their customers.
Many businesses use more than one PR strategy. Conventional businesses prefer media promotions, but they are fast catching up to social media PR campaigns. In general, however, the most successful PR strategies will need great research, pro-activeness and use of all available PR strategies.