By: Ben Morling, Account Manager
Many businesses are navigating difficult times, as industries affected by the current economic climate juggle rising costs and narrowing profit margins. This has resulted in ever-tightening budgets and more diligence over spending.
Many industries are constantly having to prove their value or be left behind, and one industry that this is particularly pertinent to is public relations (PR). Often the first element of the marketing mix to be scrutinised, PR is still absolutely vital in giving companies a competitive edge in a world that has never been more competitive. Here’s why:
Organic Awareness
Customers don’t like being sold to. With more choices than ever they are now smarter and have a better ability to make informed choices.
The rise of social media and platforms such as TikTok and Instagram have also meant the way they make these choices has also evolved. For example, 58.2% of people use TikTok for shopping inspiration, while 45% shop using influencer recommendations.
This has had a knock on effect for B2B businesses, who need to generate organic traffic and word-of-mouth recommendations - and a good PR campaign with earned media placements can help build that natural momentum, often proving more cost-effective than a traditional marketing campaign.
Storytelling
In order to build momentum organically, it is vitally important to weave a narrative that is in line with a business’ messaging, and contributes to creating a positive reputation. PR experts are skilled storytellers, and will work with their clients to extract angles that are both relatable and will showcase their company in the best light.
Advertising is often direct, to-the-point and trying to sell you something. While it is important for businesses, it is also crucial that it is interspersed with insight and stories that take customers on a journey that they feel a part of.
Build Customer Loyalty
If businesses are able to take their customers on a journey with them, they stand a much better chance of building loyalty. Good PR campaigns focus on a customer’s values, and building a story that resonates with these will help to ensure that they stay loyal to you.
A business that maintains a positive reputation, takes a customer with them on its journey and builds a loyal core of supporters has multiple benefits. It could make the company more appealing to investors, and should they face a negative situation, the trust and loyalty built will give it some resilience.
In a competitive world where marginal gains compounded make a real, tangible difference, PR can help give your business the competitive edge.