Can your business afford PR?

The real question is actually whether your business can afford to continue without PR.  The 2012 IBIS report on PR in Australia points out that marketing budgets are the first items to be sacrificed during an economic downturn.  However, PR is often viewed as a more specialized field and therefore delivering better value for money.  The report also elaborates on the importance of communication with all stakeholders during a downturn.  This is precisely the time you need to focus on public relations in order to calm fears and avoid crises.

So what is PR?

Public Relations (PR) is a vast field encompassing all communications of a business.  The aim of PR is to engage, collaborate and develop trust between the business and its public.  It is about sensing and responding to change as well as to provide clarity in times of confusion.

What can PR do for your business?

Increase the visibility of your business
This is achieved through appropriate exposure to the media.  However, old media alone is no longer sufficient on its own.  It needs to be complimented with online communication in the form of interactive websites, blogging and social media sites.

Manage the business's image
Modern customers expect more than a good product at a good price.  They also want to know that the business stand for, what does it represent, what does it value.  In addition to exposure through media PR aids with this by organizing meetings and collaborating with community leaders and stakeholders.  It is also vital that your business give back to the community.

 A good PR team really becomes invaluable during a crisis.  The team will have the expertise to guide you through while keeping the potential damage to a bare minimum.

Raise your profile
With ever increasing competition, it is crucial that you set your business apart from the rest.  It will take time and dedication to build your credibility.  Yet, once your PR team have established it and people trust your knowledge and experience, you will have established yourself as the go-to business.

Create a loyal customer base
Good PR will build strong relationships with customers which in turn will lead to returning customers.  A business should never forget that it is far easier and more cost effective to retain a customer than to attract a new one.