PR strategies EVERY entrepreneur should embrace for business success

In today's competitive landscape, a strong public reputation is crucial for entrepreneurial success. This article explores key Public Relations (PR) strategies that every entrepreneur should consider to build brand awareness, establish credibility, and ultimately drive business growth.

In 2023 there was research conducted in partnership with Deloitte that stated (also taking into account IMF, OECD, and World Bank figures), “UK entrepreneurs were found to have contributed £14.3bn to GDP in 2022, growing exports by 8% in the past year and supporting over 78,000 jobs directly”. 

Entrepreneurs are the backbone of a thriving economy. However, launching and sustaining a successful business venture requires more than just a great product or service. Building a positive public image is equally important.  Effective PR strategies can help entrepreneurs achieve this by:

1. Enhancing brand awareness, making your target audience aware of your brand and its offerings
2. Building trust and credibility, by establishing yourself as a reliable and trustworthy player in the market
3. Generating positive media coverage, by securing media mentions that showcase your brand's value proposition
4. Influencing customer perception, through shaping how your target audience views your brand and its impact.

There are some core PR strategies, that all business owners who are seeking to expand above the £28K - £35K turnover mark need to implement and one of them is PR.

Public relations (PR) plays a crucial role in a business's growth trajectory.  For businesses seeking to surpass the £28,000 turnover threshold, implementing strategic PR initiatives becomes essential to establish brand awareness, build trust, and attract new customers. This article explores core PR strategies that can propel businesses beyond this crucial growth milestone.

The significance of the £28,000 turnover threshold holds significance for many reasons.  However, according to British Business Bank – “after starting a business, Black business owners have a median turnover of just £25,000, compared to £35,000 for White business owners. Median productivity is less than two-thirds. Only half of Black entrepreneurs meet their non-financial aims, compared to nearly 70% of White entrepreneurs.” 

One of the many ways to readdress this issue is through increased visibility consistently and within credible media outlets.  Another would be the importance of increased social capital through networks and communities that support advancement, access, and opportunities.

Here are three core PR considerations required for growth

1. A robust media database.  The journalists you connect with most effectively, are often based on relationships.  Through developing relationships with journalists and media outlets relevant to your industry. Pitch, newsworthy stories and insights to secure earned media coverage, which holds greater credibility with consumers than paid advertising [Source 1]

1. Consumers connect with businesses that have a compelling narrative. With targeted storytelling, you can craft a story that showcases your brand's values, mission, and unique selling proposition. Utilise data and statistics to demonstrate the impact your business has on its target audience [Source 2]

1. Thought leadership can position you or key figures within your business as experts within your industry. Contribute guest articles to industry publications, participate in conferences and webinars, and leverage social media platforms to share valuable insights and expertise. This establishes authority and attracts potential customers [Source 3]

Additionally, other considerations include: developing a compelling brand story, embracing content marketing, building strategic relationships, leveraging public speaking opportunities, and very importantly a crisis communication strategy.

By implementing these core PR strategies, entrepreneurs can establish a strong brand presence, build trust with their target audience, and ultimately achieve sustainable business success.  Remember, PR is an ongoing process.  Continuously monitor your results, adapt your strategies, and stay ahead of the curve to maximize the impact of your PR efforts.

Data and references

Source 1: Smith, P., Moriarty, S., & Andrews, C. (2011). Public Relations: Concepts, Practices, and Cases (7th Edition). Pearson Education Limited. [This source provides a comprehensive overview of media relations in PR]

Source 2: Kumar, V., Kerin, R. A., & Hartmann, G. (2016). Strategic Marketing (10th ed.). Pearson Education Limited. [This source explores the importance of storytelling in marketing]

Source 3: Foss, K. A., & Lauterborn, B. (1980). New perspectives on consumer behaviour. Journal of consumer research, 6(4), 384-391. [This source discusses the concept of thought leadership and its impact on consumer behaviour