Sarah Mawji is the owner of Venture Strategies, a public relations firm that caters to both private and public companies in North America. With around 20 million companies serving 579 million people in the region, the competition is stiff, leaving little room for error and requiring businesses to stand out in the market. Despite this, less than 1% of companies are listed on the stock exchange, indicating the need for continued efforts to succeed beyond Listing Day.
Consumer preferences and expectations are evolving rapidly, impacting consumer spending, which plays a significant role in GDP. As a result, effective marketing strategies are crucial for companies looking to make a lasting impression on consumers and potential investors. While marketing and advertising are commonly used to build brand perception, public relations can be a more effective approach, as consumers tend to trust earned media over paid advertisements.
To determine if a company has more to offer than just a profitable product, it’s important to test its ability to earn media coverage. Earned media, such as coverage in trade publications and national news outlets, cannot be bought, making it more trusted by consumers than paid advertising. By showcasing a company’s story through PR efforts, businesses can attract attention and create a positive brand image that resonates with consumers.
While marketing and paid media have their place in business, viral posts and overpromotion can have negative effects on a brand’s success. By engaging in storytelling and actively communicating their purpose, brands can attract consumers and differentiate themselves in a competitive market. Both marketing and public relations are essential for business success, with each playing a unique role in building brand awareness and driving growth.
For business leaders looking to venture into earned media, conducting internal audits and determining newsworthy announcements is a crucial first step. Understanding the media landscape, identifying key journalists, and crafting tailored pitches to share relevant stories can help businesses secure earned media coverage. By focusing on providing value to readers and showcasing the benefits of their story, companies can effectively differentiate between public relations and marketing strategies.
The integration of public relations into business plans is essential for companies seeking to succeed in a competitive and ever-changing market. By prioritizing earned media coverage, companies can build brand credibility, attract consumers, and create a positive reputation that sets them apart from competitors. With the right strategies in place, businesses can leverage public relations to achieve long-term success and drive growth in the North American market.
