One of the best things that small business owners can do to grow brand awareness is to include public relations (PR) as part of their overall marketing strategy. An effective public relations plan helps your company to build and maintain a strong brand image with potential customers, vendors, and investors.
Here are six ways good PR can boost 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.”
Source: Agility PR Solutions
2. Increases credibility
“Being seen as an honest and reliable company in customers’ eyes is a great advantage. Public relations is essential for building a credible brand that can be trusted by consumers because it is driven by real opinions and reviews from the outside world. Since these messages do not come directly from your company, the stories that appear in the media and online are typically unbiased. This allows a more genuine dialogue with consumers, which can help your brand increase its credibility.”
3. Helps manage reputation
“PR helps to manage reputation. How? Let’s have an idea about it. Trusted media connections are prerequisites for reputation management. For example, in your business journey, you will confront appalling situations like advertising gone wrong or unsatisfied customers hitting out on social media about how bad your product is.
In times like these, media connections can help you to repair the damage through a simple press release. PR agencies provide businesses the opportunity to build such connections.”
4. Attracting talent
“Employer branding has a significant impact on hiring; 72% of recruiters around the globe agree. The most talented recruits know their worth, and 75% of recruits review an employer’s brand before they even apply, according to LinkedIn.
Top talent wants to work for a firm that makes them proud, and they may want to share the spotlight or seek a brand with a deeper purpose. A consistent presence in the media tells a potential recruit that the company is reinvesting in success and can offer growth potential.
PR helps attract talent, and it may also improve talent retention. If your company is struggling to attract the right talent, make sure your PR includes talent-acquisition strategies.”
Source: Entrepreneur Media
5. Increase profits, sales and leads
“PR isn’t complete without marketing. A company that enhances its reputation through a range of unique PR practices makes it likely that new potential customers will find their way right to its door. Customers and clients will have more options to connect with the company through its business stories and press releases.
PR agencies make that possible by helping organizations to craft the right messages to resonate with their target customers in impactful ways. In the end, that means bigger profits.”
Source: 5W PR
6. Attract investors
“The right media placements at the right times can be used to attract the attention of VCs and other investors. With the right messaging and strategy, PR increases your credibility as a stable and potentially lucrative investment target. So why do PR? If you’re an early- or mid-stage company, your next round of funding may depend on it.”
Source: Walker Sands
Need a loan to finance your public relations efforts?
If you plan to launch a new marketing campaign, First Union Lending is here to offer funding options. We have 9 different commercial loan types to choose from. That means you’ll be able to find the best loan for your budget.
Our lending specialists want to learn about your business needs and help you pick the right loan. The online application form is easy to use and won’t affect your credit.