Startups face a wide range of challenges and competing priorities. Between sourcing new business, maintaining relationships with your existing clients and refining your product or service, there is a lot going on. Marketing can sometimes take a back seat.
However, we believe firmly that the one thing startups shouldn’t forget about is public relations. Good PR does much more than just build some buzz and grow basic awareness. Here are three key reasons why telling your story effectively to the outside world is a must for young companies.
1. Seeking Financing
Finding financing and investors is critical to taking many startups to the next level. Over time, having a visible profile in the media can play a massive part in the success of your fundraising efforts. The reason is simple: many investors of all sizes and across all sectors look to the media as a key source of information. The more high-quality blog and media coverage your company receives, the more these investors will be looking at you.
As well, one of the best ways to show off the credibility of your business to potential investors is sharing links to positive media coverage highlighting your brand and product or service. This is especially crucial when making cold pitches, as the success rate can skyrocket when you have third-party coverage backing up your pitch.
2. Thought Leadership
Taking steps to establish yourself as a thought leader is a sound strategy for founders, and should be part of any startup PR plan. You launched your company because you’ve got deep expertise in a particular field, or a unique perspective about your industry. You should share it! This can work especially well if your company is in an industry that does not already have a ton of established experts writing white papers and regularly providing commentary. By sharing your knowledge, you and your company can gain exposure to new potential partners, new talent, and even new relationships with reporters.
In addition to speaking with media directly, a great way of doing this is by creating relevant and engaging online content, such as blogging or video. You can maximize exposure by sharing your storytelling through both your personal channels and your company’s, sharing your posts with the reporters who cover your sector, or spending a little money on promotion. This lets your leaders increase their own profile, while putting the company brand in front of a targeted audience.
3. Strategic Partnerships
Partnering with other companies in your industry makes sense for a variety of reasons. You may be looking to co-develop a product with someone who has capabilities you don't. Or, you may be thinking longer term, about one day selling your company. It might feel strange to be thinking about your company’s eventual sale right at the beginning, but many of your potential investors will be thinking this way as they consider whether to fund your business. That means you have to think about it too. Your PR plan can be critical to attracting the attention of major players in your industry, either for partnership or potential exit.
We see this every day in the telecom and finance sectors, with the next great company being purchased by a larger incumbents. Quality exposure matters, especially in sectors where there are many similarly oriented startups in a race to be first in a particular niche. To get on the radar of the large player who might one day partner with you or buy your startup, you have to successfully target both mass market press and trade publications in your PR strategy.
PR is a critical tool for a startup to employ in establishing its brand and credibility with investors, partners and a variety of other stakeholders. It takes hard work and expertise. In recognition of this, we have developed a specialized offering specifically for startups. Check out Provident Ignite, or drop us a line at firstname.lastname@example.org