Here’s Why Startups Commencing Post Covid Should Invest In PR!
The Covid 19 pandemic gravely impacted the economy. The component of savings increased and investments became a sceptical thought for a majority of the population. After more than a year of businesses struggling financially and adapting to the new normal, investors are now more optimistic about investing in new ventures again.
With a valuation of more than 2000 crores, the delivery startup has replaced the word ‘delivery’ with dunzo in people’s vocabularies. When you leave your lunch at home, you immediately get it dunzo-ed. When children just cannot understand the Pythagorean triplets or remember the homework last moment, they resort to Byju’s. Not only because they’re at the top of the search results but also because their friends told them it’s helpful. Valued at more than 6000 crores, the ed-tech venture went on to become India’s most valued startup. What makes a startup a Byju’s or a Dunzo is their name. They are not just startups anymore, they are brands.
Creating an impacting image on the target audience and potential investors needs to be emphasized upon- even if it is children. After all, the image can make or break an organisation. PR acts as a bridge between the brand and the audience. As a start-up, you need to be known not only as what you do but also who you are. The media coverage helps communicate with the target audience and influence them in a strong way, thereby creating a powerful and positive brand image. One thing common in all great brands is that they are built by strengthening their relationships with the audience and other stakeholders. PR helps a brand tell stories that resonate with the audience. It is perceived as real and when the audience can relate it to be real and authentic, brands start getting the engagement they require. However, for a typically sceptical Indian audience to try something new from a new business venture requires a starting point and that starting point is positive publicity.
Since the message to be communicated flows directly from the start-up, the perception of it is deemed trustworthy. Once a start-up identifies its target audience, it can curate messages that hit home. The audience gets to know more about the business and the personal side of its members as founders and is able to relate directly with them. Public relations also play a significant role in strengthening an organization’s credibility. A number of trusted intermediaries, through their opinions in the media, act as advocates for the brand and help in boosting the brand image. When coming from a media professional, the audience perceives it to be genuine. Consumers are overwhelmed with messages and therefore, the message through PR helps give clarity regarding various subjects. PR, as a tool, may be utilised to share vital information and reinforce messages through the business’s stakeholders which eventually helps them know the start-up’s needs and align them with audience’s needs to ensure that the business and its messages blend in well to give optimum results.
Unless it’s a completely new idea that could disrupt the market, startups tend to face challenges when communicating a new offering within busy markets. PR gives a start-up its voice. A good story and a well-worked PR campaign provide a means for their voice to be heard. It provides a means to enter and indulge in industry debates and develop conversations around what the start up is up to, how it is impacting the benefit it is bringing to its audience.
It can be extremely challenging to introduce oneself as a new player, especially in an old game of a market with other long established ventures. Public Relations can prove to be a tremendously valuable and important marketing tool in providing a channel to effectively and efficiently enhance a start up’s profile within an industry. Only one out of ten start ups thrive in India. PR has the power to turn a start up into a brand. It has the power to make it ‘the one’.