How to Use PR to Increase the Value of Your Business
Tips for Keeping Your Business Afloat and Growing During a Cost of Living Crisis
In order to maintain a successful business during these challenging times, it's important to be proactive and utilise all the tools at your disposal. Public relations is another key strategy that should not be overlooked. PR may also assist you with increasing your company's intangible assets, which adds value and valuation to your business.
What are Intangible assets? An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition, and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
Types of Intangible Assets
- Goodwill
- Franchise Agreements
- Patents
- Copyrights
- Trademarks
- Licenses
- Broadcast Rights
- Government Grants
- Non-competition Agreement
- Internet Domain Names
- Customer Lists and Relationships (Databases)
- Backlog of Orders
- Works of Artistic Importance
- Service Contracts and Lease Agreements
- Trade Secrets and Know-how
- Research and Development
- Social Capital
Another key area for increased value comes through your:
- Experience
- Tacit Knowledge
- Expertise
- Access
This will give you opportunities for new projects that might not be available otherwise as well-needed resources with a higher price point than what competitors are willing to pay because they don't have these traits too which makes them more valuable in today’s marketplace!
Ways to keep building awareness and building your business
Here are a few more ideas on how you may use PR to boost the worth of your company:
- Keep your finger on the pulse: In order to ensure that your PR strategy is effective, you need to be aware of what's happening in the world and how it might affect your business. This means keeping up with the news, reading industry publications, and monitoring social media
- Build your community: Create strategies to attract and cultivate a vibrant community. If you have a small community, assist them in being proactive and nimble. The scale of impact is more beneficial to larger communities
- Be reactive: Once you know what's going on, you need to be able to respond quickly and effectively. This might mean issuing a statement, holding a press conference, or even just responding to media inquiries
- Be proactive: In addition to being reactive, you also need to be proactive. This means actively seeking out opportunities to promote your business. For example, you could hold an event, sponsor a local team, or donate to a charity
- Keep your cool: When things go wrong, it's important to keep your head and not panic. This is where having a good PR strategy in place can really help. If you've prepared for crisis situations, then you'll know how to handle them when they arise
By following these tips, you can use PR to increase the value of your business and help keep it afloat during a cost of living crisis.
Do you have any other tips?
Let us know in the comments below!
And be sure to check out our other blog posts for more great business advice. You can also join Marketing With Love Digital for our upcoming 'Entrepreneurs Fighting the Cost of Living series', we'll look at how entrepreneurs manage to keep costs low while still providing decent compensation and growing during this period.
Post's Reference:
- Forbes article: Driving Innovation Through Intangible Assets - https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2021/06/01/driving-innovation-through-intangible-assets-and-intellectual-property-rights/?sh=40084b463af0
- Intangible Assets: A Hidden but Crucial Driver of Company Value - https://www.visualcapitalist.com/intangible-assets-driver-company-value/
