Many of the new postgraduates and entrepreneurs who have started small business ventures not quite have the true idea of operating a business. Although management universities and institutes teach and train individuals on every aspect of business, but what they fail to supply is the knowledge regarding the importance of public relations.
I will start with defining the term “Public Relations”. The true meaning of public relations (PR) reflects the art of managing reputations within the business circle. It involves gaining an insight into the business communication network, which will lead to establishing connections with different clients and influencing their behavior and opinions. It is also sometimes mistaken that public relations only refers to establishing rapport with fellow businesspersons but it is not true. Public relations include other stakeholders like employees, customers, vendors, investors and journalists that can have a powerful impact on the business’s performance.
With today’s educated society, just supplying information is not enough. A two way communication channel needs to be established which also allows public opinions to be heard.
There are five reasons that explain why Public relations (PR) is important to businesses.
- It Is Free
If we compare the costs of advertising and that of coverage from a news channel, you can easily say that the latter is free. If you need something to share positive about the company like going pro-environment or launching a new range of products that will help with a major disease, then a well-written press release and the contact info of a renowned journalist might be enough.
PR is effective where you have a story to tell people that will develop their interest into your business. It is a great source for familiarizing your brand positively in the society.
- It Is of More Value Than Advertising
Advertising tends to portray a fake picture of company’s offerings, a common perception of most audiences. On the other hand, people are more interested in PR campaigns that are a physical display of reputation. It gets people excited in your product, encouraging them to make a purchase.
- Opportunity To Work With Journalists In Difficult Times
It is said that it takes more time to build a reputation and seconds to destroy it. In good times, it is important to develop a strong relationship with journalists, sending them press releases and updating them about the company’s whereabouts. Once the good times end, those relationships help you through. Journalists are another asset to a business where you need to maintain a level of trust, be comprehensive and swift in response.
PR is becoming an increasingly versatile field that supports ideas. Your creativity can lead to the growth of business. Nowadays, CSR (Corporate Social Responsibility) is on a rise and a great way to develop reputation. PR can also be created through occasional informational and promotional stalls, which also coincides with marketing activities.
- People Get Engaged
You should always be on the lookout for opportunities. Days like April fool’s Day, Father’s day, Valentine’s Day and others are a great way strike while the iron is hot. This means that, act whenever you feel you can get extra exposure and a greater response.
SK Financial can help you get a better understanding of how public relations can become an important asset to your business.