This is a debatable question. While several market specialists are of the opinion that startups do not require any PR agency as it would be an added expenditure on their marketing budget, there is contradictory school of thought which believes that investing in PR services for a startup is a good idea as it would give them the right exposure and brand building platform. Though it’s not rocket science for startups to manage their own media relations, however its worth considering whether they want to spend their time in maintaining public relations or focus on core developmental areas.
Why should Startups Invest in PR Agencies?
In an era where new businesses and startups are growing like mushrooms, it is imperative for businesses to survive competition, create their brand, build tangible relationships and focus on generating business. When a startup hires PR services, the agency not only helps to manage relationships but also helps in rendering a persona to your brand and create an emotional connect with consumers. Public Relations is an excellent branding tool that determines what is newsworthy and brings it out with authority and credibility. PR is a specialized role and appointing a proficient PR firm that would complement your startup business could be beneficial because of the following reasons:
- Image Building: Startups have an underlying need to prove credibility. A superior product or service is not the only criteria to differentiate you from your competitors. Advertising alone is not enough. What you need is a dependable message communicating your company’s core purpose and values. PR agencies have the expertise to render a positive image and voice to a company’s profile.
- Fund Raising: Startups require funds for new ventures. Raising funds could be a herculean task for any startup as they do not have proper exposure and investors are hesitant to invest their money on them. A PR firm helps startups to get publicity across right media platforms and eventually convince investors for funding.
- Creative Window: PR firms with their creative thinking comes up with innovative marketing campaigns which is essential for startups to get into notice. The leading PR agencies are well versed with latest market trends and use their creative ideas to ensure that the startups reach to the right audience and gets constant media coverage.
- Damage Control: Handling crisis situations could be a challenging task for any organization and more so for a startup. PR agencies specialize in providing deftly planned crisis management resolutions. With their proper action plan and implementation, startups can optimize damage control.
When should Startups Invest in PR services?
Hiring a PR Agency could lead to a heavy dent on the marketing budget of startups. So it is essential that startups have enough funds to keep their partnership with PR firms alive as it takes time for public relation strategies to show results. PR gurus are of the opinion that the best time for startups to hire a PR agency is a couple of months before a ‘newsworthy’ story such as a product launch or service extension.
If you are a startup and confused whether to hire a PR firm for its services, hope the article was helpful!