Managing public relations is an important component of your overall marketing strategy. The goal of public relations is to build a positive reputation with potential customers, vendors, and investors. These are nine of the ways good PR can improve your business:
1. Make it easier to obtain financing
The reputation of your company plays a key role in how willing investors, banks and others are to provide your business with financing opportunities. Your financial reputation will include factors, such as your credit ranking, that can be influenced by your debt load, your payment history and your profits. If your business has a substandard credit history, you may need to build back credit by utilizing products such as a secured credit card. In addition to your financial history, your overall reputation may play a role because your business is more likely to be successful if you have built trust with consumers.
2. Improve your company image
Many consumers make purchasing decisions not just on the quality of products and services provided, but on how they feel about the company providing those products and services. Companies with a good reputation for being socially and environmentally responsible, treating employees fairly, making philanthropic contributions and other factors may be viewed more favorably by some customers. Part of public relations is making sure that consumers are aware of all of the positive things your business does.
3. Improve SEO
Companies that have good public relations tend to get mentioned more on social media and popular websites. The more people talk about your company, the easier it is for you to rank well in search engines.
4. Build awareness
Good PR helps consumers learn about your company and increases customer recognition of your brand. Building awareness is important for launching new products, maintaining interest in existing products and driving sales.
5. Increase credibility
An important component of PR is getting consumers and others to share their opinions, thoughts and reviews in public forums, such as review sites, social media and testimonials. Information about your company that does not come from you can increase your credibility because it comes from sources that lack a bias in favor of your company.
6. Reach your audience more effectively
Using your PR team to build relationships with influencers is an important tool for improving favorable opinions of your company and gaining endorsements. When consumers see influencers they trust endorsing products, they are more likely to try those products and share their own experiences about them.
7. Develop a brand identity
Consumers tend to trust established brands more than new brands or brands they do not recognize. PR can help you develop a brand identity that focuses on the important characteristics and best selling points of your company. Your PR efforts should focus on explaining what the product or service you are offering is, why customers should be interested and how your products can meet their needs.
8. Increase customer interest
Your public relations campaigns should generate brand buzz and help create a following for your products and services. Your team can contact consumers directly by using social media and digital marketing while also earning placements in traditional media. Keep your customers informed about what you are doing by writing a blog or making videos. The more news there is about your company, the more likely customers are to stay interested.
9. Increase your stock price
Investors are more likely to view your company favorably and invest in your stock if you have good public relations. Constant engagement is required to maintain interest and garner the positive press mentions and valuable product placements you will need.
A positive reputation is critical for the success of any business. Your public relations team plays a critical role in making sure that customers, investors and others stay interested in your business and get others interested by sharing their favorable opinions of your business with others.