Updated: Feb 18
Now that 2023 is upon us, many companies are setting up their budgets and preparing for the year from a financial standpoint. While it is crucial to ensure that your company allocates adequate resources to business operations such as accounting, HR, sales, etc., one area that should be considered is PR.
The Growing Need for Outstanding PR
The simple fact is that changes in consumer/customer buying behavior have made it more critical than ever to have great PR. Here are three statistics you should be aware of regarding the modern consumer that illustrates PR’s vital importance.
- 67% of consumers say that their online purchasing has increased since the start of the pandemic.
- 51% of smartphone users had purchased from a company other than the one they originally intended to because of the information provided when they needed it.
- 88% of consumers say that authenticity is important when deciding which brands they like and support.
Modern consumers spend much time online searching for information about a company and its products before they make purchasing decisions. They are looking for answers to guide their purchasing activity, and they are also looking for authentic, trustworthy, and reputable brands with an online presence.
Staying Ahead of the Competition
Your company needs to have excellent PR to stay ahead of the competition. Having great PR means that when consumers turn to the internet to look up your company, your products, or your niche, they will find compelling information about your brand that helps them to feel more comfortable and enthusiastic about buying from you.
Everything from press releases to social media posts to blogs can help to improve your company’s online reputation and brand authority. Having higher levels of brand authority means that customers will be more likely to trust and support your brand long-term and remain loyal to you as opposed to your competitors. 70% of consumers will buy more from brands they trust and abandon those they don’t.
The Bottom Line
Some companies need to pay more attention to PR in their start-of-the-year budgeting activities. But paying attention to PR in your budgeting is a significant mistake. The world has changed, and customers are more digitally-focused than ever before.
Because customers are increasingly digitally-oriented, your brand must have an outstanding online presence at all times and across various channels. The only way to ensure this happens is by providing you devote enough resources to PR.