The global PR industry reached an unprecedented market value of $97 billion
this year. Within the next five, it's expected to reach $129 billion
—and a large amount of that growth will come from startups and established companies.
Why are companies willing to spend so much on PR? There are a few big motivators:
PR helps attract investors.
Positive press coverage and a good reputation can be incredibly valuable for startups that are looking to secure funding.
Investors are human beings—they're consciously and subconsciously influenced by things they see, read, and hear just like everyone else. So, if you have a positive story about your company, that can go a long way in convincing them to invest.PR builds credibility and trust.
As a startup, it can be hard to gain the trust of potential customers or partners when there's no track record of success to back you up. That's why PR is so important—it gives you the chance to showcase your successes and get other people saying good things about you.PR helps establish a brand.
Your company's branding should set it apart from the competition, and PR can help you do that. It can be used to create a strong and positive message that will resonate with customers and potential partners.PR can help you manage your reputation.
No matter how well you plan, there are always going to be situations that require PR. If a scandal breaks out or negative press takes hold of the conversation, you need to make sure you're prepared to respond quickly and effectively.PR is cost-effective by default.
Public relations is often seen as a luxury, but it can be incredibly cost-effective when done correctly. Compared to other forms of advertising, PR can be much more affordable, and it often has a longer-lasting impact. Plus, with the right approach, you can get your story out to the right people with minimal effort.