Storytelling is an underappreciated skill in business. According to NYU professor Aswath Damodaran, stories can sometimes be just as crucial as the numbers that drive the value of a business.
Every business has a narrative. Polishing and framing this narrative in the right way is the key to connecting with your customers and generating a loyal audience. Being able to tell an inspiring story is a great way to get employees, suppliers and investors on-board when your resources are limited and you’re trying to get a new venture off the ground.
Hiring a professional public relations agency can help you get this narrative right. Here are five reasons you should consider hiring a PR firm for your fledgling startup:
Their Network Is Invaluable
In the initial stages of launching a business, you need to focus on a small niche in your target market. PR agencies with experience in the right field can help you communicate your idea to the potential customers who are most likely to be passionate about your solution. For example, if you’re launching a new cryptocurrency or blockchain protocol, a blockchain marketing agency can get you featured in the most popular crypto publications.
They Help You Build A Story
PR agencies bring an outsider’s perspective to your origin story. With their skills in marketing and public relations, they can redesign your story to have an emotional core and an inspiring mission statement. This core story tells your potential customers why your solution is needed, why it is unique, and why they should bother to give you their attention. This story serves as the cornerstone of your eventual branding strategy.
They Help You Gain Traction
Digital tools and social platforms have transformed brands over the past decade. Today, a good PR firm needs to be a combination of a content creator, data analyzer, and social media manager to help you gain traction. The best agencies in this industry invest heavily in some sophisticated big data and AI tools to sharpen the focus on their target market.
Perhaps the most important reason startups should hire a PR firm is crisis management and recovery. With their ability to reach out to the right outlets and frame public statements, PR firms can help you sustain your brand reputation and bounce back from grevious strategic blunders.
When you hire an employee, you get an experienced individual. When you hire an agency, you get the combined creativity and knowledge of a pool of talented people. Agencies offer more value for your marketing budget. When you compare the costs of hiring, payroll taxes, benefits and training an employee to the efficiency of a specialized external team, there’s no doubt PR agencies offer a higher return on investment.
Starting a new business usually means you lack time and money to focus on anything other than your key product. Hiring a PR firm at this early stage can help you get the messaging right, manage crises, gain digital traction, and create a strong brand. Consider it a long-term investment.