As we continue to embrace technology in every aspect of a business, marketing and digital advertising have changed significantly. In the past, it was all about getting the promotional copies out and hoping that it gets to the right audience; it was basically guesswork. These days, the business of marketing has shifted to data operation in the cloud.
Public relations normally referred to as PR is another critical business operation that is embracing technology in ways many didn't consider possible in the past.
Now, it is not just about getting the content out; PR agencies are expected to target the message and ensure that the campaigns are result-driven and measurable. A clear understanding of the PR Tech Ecosystem can help you execute a business strategy for your PRTech startup.
What is The PR Tech Ecosystem?
The PR Tech ecosystem encompasses the core elements that define tech-dependent public relations. It is the micro-universe that supports everything in Tech PR from agencies to re-targeting solutions to newswire services to data startup. Every aspect that facilitates this new automated marketing frontier is considered part of the ecosystem.
Despite the impacts PR Tech startups and their processes have had on many businesses, the PR Tech ecosystem is still considered to be in its infancy. While the results are already convincing, there is still a lot to be tapped from the ecosystem. Meaningful investments are still required, and the processes will evolve further to make PRTech more predictable and efficient.
General Tips for Running Your PRTech Startup
When it comes to running a business, there are core processes that must be perfected to ensure long term success. The key elements involved in running a PRTech startup are not so different from what it will take to run other startups. The general tips that can help you run yours successfully are:
1. Get It Right with the Beginning Phase
Firstly, you need to understand that getting it right in the beginning phases will help to make things easier for your startup. But you don’t want everything to be rosy before starting out. In fact, a neutral or slow economy is considered the best time to launch a startup. Take the bold step and strategize brilliantly.
2. Use the Right Technology
Technology drives businesses in many ways. This is 2020; you can't achieve much without the right technology. Understand what you need at every stage of your business and ensure you have the right infrastructure to get things done. You don't have to start using robots or building your infrastructure with AI; just get the right technology that will help you save time and money while running your startup.
3. Build Customer Loyalty
This is where things start getting tough. It is always challenging to build loyalty when you are just starting up. However, the key lies in understanding the unique needs of each customer and going the extra mile to ensure they are met. When you do this the right way, your customers will feel connected to your products/services. PR Tech is a fast-growing marketing niche among European companies, and you must build customer loyalty fast to survive and grow.
4. Understand That Your Employees Are Your Biggest Assets
PRTech demands skilled employees. The story is the same in several other industries. You must understand that your employees are your biggest assets. If you understand this, you will know that treating them right shouldn’t be negotiable. You must create an enabling environment for their career growth. In the long run, investing in your employees will always bring the needed result.
5. Market Your PRTech Startup
PR and marketing are aligning more than ever. You can’t offer to help other businesses to grow when you are not experiencing growth yourself. You must be willing to market your PRTech startup ethically. You should understand that you need a tailored marketing strategy to stand out and attract the customers you need. While aggressive marketing is great, choose what brings you return on investment (ROI).
How to Execute a Business Strategy for Your PRTech Startup
As stated earlier, the PR Tech Ecosystem is still in infancy. This means entrepreneurial individuals have the chance to get in, chart the course, and enjoy the rewards. However, to succeed, such entrepreneurs must have what it takes to execute their business strategy. Here are a few steps to do that for your PRTech startup:
- Know Your Value Proposition
This is the smart place to start. Your value proposition defines how your PRTech startup is uniquely qualified to meet your customers’ expectations. When you get it right with your value proposition, you will not only attract the right clients but the right partners and investors.
- Identify Your Target Market
A clear understanding of your audience is paramount when you want to execute a business strategy. When you get this right, you will be able to offer the right product enhancements and put out the right marketing messages. These, in turn, will save you time and money.
- Establish Key Performance Indicators
It will be pretty difficult to understand how your PRTech startup is faring if there are no key performance indicators to focus on. When you understand the things that matter most to your company, you can commit resources to them and grow. Make sure you always assess growth metrics like customer acquisition cost, customer lifetime value, bun rate, gross profit margin, and conversion rate.
- Hire Smartly
We've mentioned somewhere in this post that your employees are your biggest assets. The right employees are assets, while the wrong persons can easily become liabilities. You must avoid bad employees by hiring smartly. Investing in the wrong employees also amounts to a loss. Be careful and ensure that you get only the right persons on board.
- Analyze Your Competition
Though the PR Tech ecosystem is in infancy, there are established businesses and startups that are gunning for the top. Monitoring your competition will help you avoid many mistakes and probably find a shorter route to success. One of the top-performing startups in the PRTech industry is PRnews.io: you can learn a lot from what they have done.
- Scale Responsibly
Business growth is important, but you must avoid premature scaling. It is understandable that you want to become as big as possible in record time, but you must be realistic and responsible with your approach to scaling. Monitor your spending habit, limit your overhead, and avoid excessive debt.
The PR Tech ecosystem is in a very important stage. Startups in the industry have a good chance of making meaningful progress now. If you have a feasible business strategy for your PRTech startup, this is a good time to execute it. The tips provided here can help a lot. This is a critical industry, so ensure that all business decisions you make are backed up with proper research.
Elena Martyniuk is a Public Relations, her main fields of professional interest include linguistics, philology, Slavic languages, journalism, and PR.