May 24, 2021
July 7, 2023
by
Claudia Pritchitt
PB Comms

Why invest in public relations?

A common question we get asked is, what is the point of public relations?Sometimes people must regret asking as I can talk at length on this with great enthusiasm.It is overlooked that all organisations have public relations. It’s a fact of life. They must relate to various publics and stakeholders whether they like it or not. The question is, do they manage their public relations? What specialists like us do is help organisations manage it to their best advantage, and implement programs professionally and effectively.Let’s look at just some of the benefits of public relations to an organisation such as a fund manager.A well-managed public relations program should communicate the benefits of doing business with the organisation and make it easier for investors, advisers, consultants and all the other stakeholders and influencers, to understand them and what they do. It can communicate the expertise of their asset managers, their funds’ performance and the benefits of investing with them to the audiences they wish to reach, often with third party endorsement like media coverage. It can also equip its spokespeople to take best advantage of communications opportunities that arise and are created in a way that enhances the reputation and benefits of the funds offered.Imagine an organisation’s BDM calling on a prospect and being greeted with “Smith Asset Management? Don’t know much about them”.It means the first part of any initial meeting is taken up on backgrounding the prospect about the organisation and products, possibly to a sceptical audience.Compare this with “Smith Asset Management? Hear they are going well”. The meeting starts with a positive vibe.Public relations professionals help make the market aware of success, thus helping the company tell its story its way against a background of goodwill.Awareness also helps create leads and sales enquiries.A well-structured communication program with a sensible strategy, defined target audiences, key messages and priorities, will always add support to any organisation’s business plan. As long as it is implemented expertly, it will result in consistency of message which is essential in building reputation and image.Public relations should also show that an organisation is good to do business with and to work for. It can therefore support a wide range of business activities including staff retention and recruitment. It helps organisations take advantage of opportunities as well as managing issues and preventing them becoming unnecessary crises. The list goes on.In short, public relations should be an integral part of any organisation’s marketing and communications mix.I would also argue that a well-executed public relations program is very cost-effective in extending other marketing activities and attracting that very persuasive brand building element – third party endorsement.Need I go on? I could. So, if you would like more information or would like to discuss, give me a call.

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