Five Things Every Early-Stage Company Should Know About PR
It’s exciting to be part of an early-stage company, whether as a founder, advisor, investor or even as an employee. Things move fast, and one way to get more of what early-stage companies want – whether it’s clients, brand awareness, website traffic or market share – is to explore public relations. Traditional PR and earned media placements hold a lot of weight and can help move the needle, but it’s important to understand what PR can and cannot do for your company. Here are five things every business needs to understand about PR before taking the plunge to engage an agency.
PR is a momentum game… and it takes time. It used to be that one placement in The New York Times or on The TODAY Show (don’t get me started about Oprah’s Favorite Things…) could set a business up for exponential success. While The Times still carries a certain credibility and influence, the reality is that in today’s crowded media marketplace there is no magic bullet media hit. Instead, it’s about creating a surround-sound effect for your target audience through a variety of mediums – from podcast appearances to bylined articles to traditional digital news media mentions – and doing it again and again.
PR is one ingredient in the recipe for a healthy marketing plan. Put simply, clients who employ a well-rounded approach for marketing will get the most value out of their PR placements. When you have a high-level marketing strategy that encompasses sales, owned media channels (think website, newsletter or other content strategies), social media channels and more, a media placement can become fuel for each one of these channels. One hit can turn into ten different pieces of content – a new logo for your “as seen in” press page, multiple LinkedIn posts, a new signature line, “read our latest byline here,” blog posts, Instagram fodder, a Facebook ad… the list goes on. Leveraging this earned media for even greater visibility is a win/win for you, the media outlet and your clients, partners, investors and employees.
PR is not a sales funnel. If you (or your CFO) is asking, “How many sales will a PR placement yield?” it’s time to take a step back. Because media hits are earned – by nature of your company being newsworthy or by being featured as an expert with insights that add value to the conversation – PR can be an authentic way of sharing your thought leadership, products, services and brand with the public. This will increase your visibility and credibility with key constituencies and ultimately should shorten the sales cycle by working hand in hand with sales and marketing. Often, regular press mentions can be the missing touchpoint to initiate a buying decision or sales inquiry when integrated into a holistic marketing plan, but the reality is that PR is not a 1:1 sales conversation strategy.
Your __________ [launch, partnership, new product, website] is not newsworthy… It’s a hard truth but pitching your company “news” isn’t going to gain media traction, especially when you are a new business with little to no brand awareness. In fact, it might ruin your reputation with key journalists if you spam them with this kind of news. Announcements like this belong in those “owned” media channels we’ve discussed. They may also belong in a press release that appears on your website and social media – maybe even distributed via a newswire service if you are looking to drive SEO or to create more robust organic google search results – but unless you have a household industry or celebrity name attached to your “news” it is unlikely to receive media coverage. That said, be sure that substantial company developments are leveraged via owned channels to build out your company’s narrative and create credibility.
PR is about being of service. The good news is that you don’t need a hard news angle to get great coverage for your company – all you need to do is find ways to be “of service” to journalists and media outlets that are in need of reliable expertise and insights from your industry. Begin by identifying 5-10 journalists in your industry publications or who are covering related topics in major business outlets. Then do a little research – follow them on Twitter and LinkedIn, set Google Alerts to read their pieces and generally get to know what and how they are covering relevant news. When you reach out via email or message them on social, be sure to offer a distinct point of view on current events, share a new development in your vertical or simply begin building a relationship by complimenting their coverage. If you begin by offering information that is of service to them – and ultimately their end audience – you and your company have a greater chance of being known as thought leaders and featured in the press as such.
Harnessing the power of earned media can provide a major lift in credibility, visibility and ultimately profitability for early-stage businesses. It is also critical to understand how to leverage PR for maximum impact and to see where it fits into the overall marketing mix to ensure long-term success. If you have any questions about where PR and thought leadership might fit into your business, please contact Lauren Banyar Reich of LBR/PR.