3 Measurable Ways PR Increases Revenue

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3 Measurable Ways PR Increases Revenue For Fast-Growing Brands and Emerging Industries

If you’re considering investing in a PR agency for your emerging industry or fast-growing brand, you might wonder what ways does PR increase revenue outcomes and how can you track it?

Your revenue outcomes will vary depending on your strategy and your strategy will determine your timeline; but here are 3 ways PR will increase revenue.

  1. New Customers, Faster

    One way PR increases revenue is with new customers, faster. As a customer, when you come across a website with recent press coverage and you compare it to a competing brand with none, which do you trust more? This is a key differentiator between advertising and PR: PR is 3X more credible than advertising. Increased credibility and trust have real and measurable revenue implications. If you’re watching for increased revenue as a PR result, watch metrics like track time to close, number of visits before a purchase. You can expect to see consistent benefits in those areas if you’re getting regular, on-brand coverage.

  2. Increased Revenue from Brand Loyalty From Existing Customers

    Why does brand loyalty from PR contribute to increased revenue? Well, your customers like knowing they’re buying from a trusted company. A company others see positively. And your positive PR acts as positive reinforcement to their own values and self-image. This is even more important for younger target audiences (GenZ, Millennials). If this is your strategic PR outcome, then we recommend focusing on brand activations, partnerships, and experiences for existing customers. This can be as simple as a surprise gift in a recent order. Or something as extravagant as a collab with a value-aligned super brand.  As you increase your PR coverage,  Are your unsolicited recommendations on social increasing? Are positive reviews increasing? Does customer churn decrease? These are metrics which support increased brand loyalty.

  3. Increase Revenue by Stimulating Desire

    PR increases revenues with timeless and credible coverage. Because PR has is stickier than advertising, you can appeal to your target audience at just the right time. When customers are searching for products, publications frequently appear at the top of the search, and publications are also trusted guides for customers. So you’re right where you want to be in exactly the right buying moment. Priceless.

For more ideas on maximizing revenue by leveraging your PR, check out my interview with Kage Spatz, which originally appeared in Authority Magazine.

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Why Cannabis Brand Trust Matters More Than Ever

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Cannabis trust is today’s most valuable currency.

As a country, the U.S. is experiencing what can best be described as the “age of distrust.” While public distrust in institutions has been escalating for at least a decade, according to the annual Edelman Trust Barometer which has tracked trust in media, governments, businesses, and nonprofits since 2000. Social unrest and a global pandemic have escalated this distrust. Never has the public eyed institutions or businesses with such suspicion.

Meanwhile, in our cannabis industry, the vaping crisis of summer 2019 hit our industry below the belt, aided by some bad actors knowingly flooding the illicit market with products that couldn’t meet stringent state testing. That crisis created a crisis of confidence in the overall cannabis industry-leading it into a bleak period which was only partially buoyed by the declaration that dispensaries were considered “essential businesses” during the COVID-19 pandemic, pro-cannabis outcomes in both voting booths and Congress, many thanks to NCIA’s national and local efforts. By supporting NCIA, you’re signaling cannabis industry commitment and that you value growing trust within the industry.

Now, against the national backdrop of distrust and a COVID-19 vaccine that offers a glimmer of hope, it’s time to evaluate ourselves and our industry’s actions. Never has it been more crucial for all brands, but particularly our industry, to lean into actions and communications which consistently and powerfully earn the trust of investors and consumers. As an industry, we’re on an important precipice, what we do next will either ensure our credibility or tarnish it for years to come.

Cannabis consumers (and therefore cannabis investors) are looking at brands in a more holistic manner. Trust will be the single most valuable brand attribute.

Trust is defined on two spectrums: competence and ethics. 

For CEOs, CMO’s, and experts in our industry, the time is now to act and communicate from a place of authentically aligned communications. This alignment will require hyper levels of empathy and a constant pulse on the state of affairs affecting your customers. Consumer behavior is in flux now.

The COVID-19 pandemic has changed consumers and now is the time for brands to align. According to the Edelman Barometer special report, Brands Amidst Crisis:

  • The role of brands in reflecting the consumer’s desire to be viewed as a tastemaker or trendsetter has decreased 9%
  • Up 38% is spending time with family
  • 86% of consumers expect brands to solve both societal and personal problems, including proper treatment of employees and making product in a domestic market
  • The only values more important than trust to consumers are price and quality

Because consumer behavior is in flux, it’s never been more important to ensure internal and external values and communications align. Ironically, ensuring alignment supports the flexibility needed to respond quickly to changing behaviors or unexpected upheaval.

Aligned cannabis communications means we act internally and externally in a consistent and emotionally intelligent manner that earns trust. It’s not just good for our industry, cannabis brand trust has very real bottom-line implications including increased sales, increased investor opportunities, and reduced customer acquisition costs. In fact, according to Edelman Trust Barometer, high trust consumers have 75% more brand loyalty.

Outstanding packaging and even quality products are the minimum expectations for today’s brands. But even those choices come under scrutiny from consumers if they don’t mirror consumer expectations and lifestyle. Therefore, earning trust starts at the very beginning. The earliest choices are powerful signals to consumers about brand values.

It isn’t enough to simply sponsor a campaign or align with a social movement. While those choices can be powerful quivers in your trust arsenal, it feels and sounds hollow when the brand is suddenly thrusting itself into a conversation without looking at itself first. Consumers are increasingly aware of “trust washing.”

92% of employees expect their employer’s CEO to speak up for issues ranging from income inequality to diversity and training for future jobs. An aligned trust-based strategy starts on the inside. Take a solid look at the ethos and ethics within your own company.

What are your company’s values?
What do you stand for?
How do you signal trust internally and how do you reward it?
Does your internal communication stand for your values?

The reason this internal step is critical is no matter what, your brand ethos is distilled into consumer interactions and communication, whether those communications are with dispensary workers or directly to the consumer, the experience will always stay with the brand. Imagine a dispensary worker making recommendations to a new-to-cannabis buyer, naturally, the dispensary worker has an enormous amount of influence on the consumer’s impression of a new brand, and whether the cannabis brand is trusted. And new-to-cannabis buyers are most likely to be loyal to their first brand, assuming the product meets expectations.

Personal experience is the number one way to build trust with consumers. 59% of customers say personal experience matters the most.

What consumer interactions signal trust?
How do you manage poor reviews?
How do you handle customer inquiries?
How does your owned media reflect not only your brand values but those of your customers?

Personal experience is absolutely about product experience and brand interactions. Brand interactions at events will take on more importance in cannabis. Consumers will want to engage experientially with cannabis brands and it won’t be at cannabis events only, consumers will expect to see cannabis brands in all the same places they see alcohol brands, even if sales and sampling aren’t available, which means experiences will need to be multi-sensory and strongly personal. Choose your experiences carefully based on your brand audience and ethos.

Earned media is second only to personal experience incredible trust-building. During the COVID-19 pandemic, trust in publications increased by 7%. Brands should look for opportunities in earned media that reflect their values. Branded content is another area where brands can use the credibility of publications.

Experts are still considered credible sources (52%) and they far surpass celebrities (35%) and influencers (36%). As you consider cannabis brand trust strategies in 2021, take a careful look at who you’re leveraging and what role they play. Choose your cannabis experts carefully and ensure they are fully vetted. NCIA’s Marketing and Advertising Committee is developing an “cannabis experts directory” of carefully vetted industry professionals, this will be a key resource not only to event organizers, but CEOs and CMOs looking for credible, authentic experts.

Our industry has so much to offer consumers, we provide very real opportunities for cannabis consumers to enhance their lives. The cannabis industry has been active on many social justice fronts from the very beginning. We may come from a historical place of rebellion, but often, even that rebellion came from a place of empathy and not just income. Consumers today are responding to companies who double down on trust and an aligned brand value system. There’s every reason to think the cannabis industry can do this better than anyone. Together, let’s lean into our values and seed trust not just in our companies, but in our industry.

*All statistics come from Edelman Trust Barometer 2020, unless otherwise noted. 

 

This piece originally appeared on the National Cannabis Industry Association (NCIA) website.

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5 Pre-Announcement Reputation Management and Public Relations Tips

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5 Pre-Announcement PR Tips for Reputation Management

 

If you’re ready for a product launch, a funding round, or an executive announcement, now is a good time to look at how other people will see your company when they do more research.

 

Brush up your social profiles pre-announcement. 

No matter what your brand or your industry you always want to present the best first impression, your social media are part of that first impression. Ask yourself whether they’d be OK with you lifting a quote from your Facebook or LinkedIn and using it in an article about your business?

If the answer is no, check the privacy settings and do some cleanup. While we’re at it, check your photos and see if there’s anything there that’s off-putting or off-brand.

If you’re not sure whether your first impression is on-brand, ask others you trust in business. Ask yourself if you’re believable and trustworthy to a stranger and to your target audience? What would you think of your business if you just stumbled upon it on Linkedin or another social profile? Please consider these tips as a starting checklist.

 

Reputation Management: Google Your Executives & Your Company

While we’re at it, when was the last time you Google’d your executives and your business? Do your search while using Chrome’s “Incognito” feature and you’ll get a view of what others see about you first. Don’t forget to do an image search too. When you raise awareness of your company Google searches by the public and the press are fair game.

If you’re not happy with what you see, you can do some reputation management blocking and tackling, which will take some time. So be sure to do this well in advance of any major announcements.

 

Public Relations: Define Your Key Messages

What are you trying to say and to whom? What truly makes you special and why should anyone care. Remember, when you’re trying to attract press, you need a STORY, something newsworthy. Unfortunately, due to the sheer number, a product launch is rarely newsworthy, that’s not to say NEVER, but usually, there has to be a story to tell along with the launch.

Make sure you’re so prepared with your key messages that no one can distract you from your message, which is wrapped nicely in the context of your business story.

And while you’re at it, make sure that the press you’re sending your story is important to the readers of the publication or outlet your pitching.

Public Relations: Consider Media Training

If you’ve never done press before, it might be more nerve-wracking than you expect. Yes, journalists are people too, but it’s not their job to make you look good, that’s your job.

The journalist’s job is to write a story people will be interested in reading.

Sure, some publications will be very friendly, but all will appreciate your extra level of professionalism.

Spending at least a day preparing by recording yourself in front of a camera with some best practices for PR will pay for itself a million times over, because inevitably, there will be a question you didn’t expect, and having the tools at your disposal to help you keep your cool will give you confidence.

 

Content: A MUST: Good Photos 

Great headshots and product pictures are not a “nice to have,” they are a requirement. Don’t even think about sending a selfie. Make sure the images are high-resolution enough for print. If you have the budget, get a video too since you’ll use it over and over for all sorts of purposes.

You can have some photos done that showcase your  business personality, but definitely get basic headshots and product pictures on white and black backdrops.

You’ll be bummed out if you get the press of a lifetime but there aren’t any product shots or pictures of you and your team because they were low-quality or low-resolution.

 

Managing your online and media reputation is critical to your business, particularly if you’re a new brand, a relatively unknown brand, or your doubling down on an initiative like fundraising or an IPO. It’s shocking how few brands keep up with their own reputation. The thing about your reputation is that when it’s hurting you, you’ll never know because you can’t measure what’s not there. So be proactive about your reputation at all times and it will pay for itself.

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The Single Most Inexpensive Form of Marketing for Startups: Advocacy

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Ways for Startups  & Hypergrowth Companies to Inspire Radical Employee Loyalty

This presentation will take you less than 5 minutes to get through but will make you re-think your startup marketing efforts permanently.

In today’s world where disruption is everywhere, it’s never been more important for hyper-growth companies and their executives to think holistically about their marketing and PR – inside and outside.

Leaders at even the fastest growing companies can create empowered, full-filled employee advocates that supercharges every single business goal. 

How can CEOs of today’s fastest growing companies create thriving cultures where employees are your best advocates?

 

Download the presentation here:

Employee Advocacy for the Startup for Hypergrowth CEO

 

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5 PR Trends CMOs Need to Watch in 2022

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5 PR Trends CMOs Need to Watch for 2022

[6 minute reading time]
There’s no shortage of uncertainty in marketing and PR planning for 2021. But there are some trends happening that are sure to impact PR and Marketing in 2021. At Avaans PR, CMO’s love us because we know consumer trends impact where our target audience will be, the frame of mind they’ll be in and what journalists will write about.  On a tactical level, trends impact our content creation, journalist relationships, and campaign recommendations we’re making now and in the next year. We’re ready for 2021 to require agility, but we’ve found that even agility requires forward-looking and yes, some planning. These are 5 of the marketing and PR trends for 2021 we’re watching on behalf of our consumer-forward brands.

PR Trend #1: Techlash Continues

From a PR trend perspective, this has a tremendous impact. Now is the time to reimagine how you’ll use social and digital media in 2022, from both a marketing and PR perspective.

The sting of social media won’t soon to be forgotten by consumers, regardless of political affiliation. During 2020, in particular, during the pandemic, social media took on outsized importance, but also affected consumers in new ways, and not all of them positive.

Yes, consumers continue to spend time and even buy on social media, but they are spending more and more time in micro-groups of their own on platforms like Slack or Messenger, or in like-minded platforms. This means brands will have to be extremely smart about their placements and presence in 2021. The separation also requires brands to be exceptionally clear about who their customers really are.

Further, the coveted 25-55 college-educated, earning $100,000 or more per year are using social media for customer service. This coveted group will not support companies who don’t support customer care. If 2020 was the year of pandemic-related customer acquisition for your brand, 2021 will most definitely need to be about keeping them happy and engaged. Part of that will most definitely be a branding effort to existing customers, ensuring your values align with theirs (more on purpose-driven initiatives below).

But it’s not just customer service affecting social media in 2021.  e-Marketer reported:

We have increased our forecast on mobile messaging and now believe time spent by US adults will grow by 4 minutes in 2020, to 24 minutes per day, not only due to the pandemic but also data showing strong engagement on messaging services like Facebook Messenger, WhatsApp, and Apple iMessage.

 

PR Trend #2: Work With Media in New Ways

Whether it’s TV, programmatic, or print, all media outlets are bracing for reduced advertising revenue in 2021. This will have very real implications for public relations initiatives.

First, according to Edelman, trust in media actually increased in 2020. This means you should absolutely be leveraging the trust of other outlets, particularly in lieu of the distrust around social media. However, you should do so with earned media and branded content.

Expect to see more “branded content,” in 2021. Well done branded content can be very effective in both PR and branding, so consider these options carefully. Branded content is better received than traditional ads, in fact, Second Street Lab reported in June that branded content through premium publishers sees a 50% brand lift.

Further, outlets will need to keep eyeballs on their content, to help drive ad revenue, brands with media relations campaigns should be looking at ways to support outlets who support them. At Avaans PR we are actively doing this for our clients already and seeing great brand lift and also enhanced journalist relations.

 

PR Trend #3: Purpose-Driven Buyers

Trusted brands saw huge increases during the pandemic, up to 50% growth, according to McKinsey. This is due to an unprecedented shift in brand loyalty during the pandemic.

Even pre-pandemic, affinity for brands who take a stand and align with consumer’s values were seeing real ROI on purpose-driven initiatives. As Americans slog through the pandemic, they are consistently re-evaluating priorities, this is especially true for Millenials and GenZ.

PR trends for 2021, include self-love and body positivity will be a purpose for many buyers, especially those who emerge from isolation hibernation with a few extra pounds. GenZ is feeling stressed. While some are still below the age of 18, they remember the great recession. Right now, self-care and home comfort are top of their list. Pre-pandemic, GenZ was actually returning to malls, but the pandemic has left this generation feeling a bit powerless and reconsidering purchasing behavior, at least for now. But 51% of GenZ’ers say they will return to in-store shopping. But when GenZ returns to stores, according to Retail Dive, they’ll do so with the expectation of safety and a frictionless environment that mirrors the ease of online shopping.   GenZ is also moving towards “thoughtful consumption,” especially those brands with responsible sourcing, environmentally friendly policies or support social issues. Local businesses and minority-owned businesses are also on their radar in a whole new way.

As for Millenials, the eldest of whom are in their 40’s already, are leading the way, followed by the often forgotten GenX, to continue online shopping across almost all verticals from essentials to alcohol, according to McKinsey.

Plus, record low-interest rates have created a whole host of new home buyers. In September 2020, 60% of U.S. homebuyers were Millenials, they’re likely to spend an increasing amount of time at home, items that allow them to spend more quality time with friends and family will be attractive, so delivery and home-based products will take a new focus for that generation.

PR Trend #5: The New Corporation

The media loves cultural changes and the radical changes to corporate America as a result of the COVID pandemic are monumental. From new work structures resulting from work from home to updated DEI hiring practices, diverse executives, and the great resignation, the media is covering companies through a very different lens today.

Technology is a considerable sub-topic here. If your brand is using technology or inventing technology to address these radical changes, there are considerable thought leadership opportunities for you.

From a spokesperson perspective, the media is also being more proactive about gathering a multitude of diverse perspectives on almost any topic. If you’re hiring corporate spokespersons or brand representatives, be clear on your objectives, and your audience. Not all spokespersons are useful in PR, and that doesn’t mean they aren’t perfectly good spokespersons for things like ads or social media, but they might not get a lot of lift in PR.

Trust is no longer a trend – it’s an imperative. From a public relations standpoint, you’ll want to be thinking about how your brand will differentiate itself in the media and marketing activities. With trust and security taking new precedence, brands will need to think about how they will reinforce those messages in a brand-consistent way.  Now is the time to explore partnerships and the potential activations, which will create the memorable moments consumers are craving.

From tourism to retail to direct-to-consumer products, brands will need to be thinking about how they will be relevant at the right moment.

From content to media relations to events, now is the time to plan, but bake in flexibility. For example, secure your video producers now, and create three original scripts, secure the time and the talent now, so you can move faster than everyone else when the moment is right.

PR Trend #5: Cross Collaboration

This is the year where everything needs alignment. If you haven’t already, tear down the silos between PR, Marketing, and Branding. Get those people together now so they can be more effective together in 2022. Think about how each department can align on digital and in-person initiatives. Think about initiatives that are word-of-mouth worthy, there will be plenty of industry and even national coverage for brands that are thoughtful about how they align.

A unified, personal experience will be an expectation in 2021. So ensure your messaging, your purpose, and your plans are operating together, not just in tandem, but together.

Use your owned, earned, and paid media together in new ways and your brand can benefit from the realignment of brand loyalty happening right now.

 

If you’re ready to use these and other marketing & PR trends for 2021 in a more customized way, let’s talk. 

This article has been updated

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How PR for B-Corps Makes a Difference

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B-corps are uniquely positioned to be storytellers. But how does PR for B-Corps differ?

Is purpose all it takes to thrive?

 

You started your company to make a difference in the world. You know it, your team knows it, and your loyalty and customers know and believe in your product and your mission. So, how do you expand your reach? How can others find you in an increasingly crowded B-corp marketplace? Does PR play a role in successful B-corps?

This is an issue no matter what industry you’re in; the audience for your product or service may be larger than ever, and there may be more ways to reach them, but there are also more competitors out there looking to connect with that same audience. This is where a focused and strategic public relations campaign can help.

Expanding your awareness beyond traditional marketing campaigns is especially vital for companies who aren’t focused solely on profits and want to make a positive impact on the world. Becoming a certified B-Corporation isn’t easy, as it requires meeting exacting standards regarding accountability, transparency, and social and environmental impact. After going through the rigorous certification process to obtain B-Corporation status, it’s deeply discouraging if you can’t get your message out to those who want to hear it.

Should B-Corps Leverage PR Over Other Channels?

So, what are your options if you’re a B-Corporation looking to expand your reach? You could try the traditional tools: TV advertising, ads on social media, content marketing, direct mail, and so on. But these tools require significant resources that not all companies have, and worse still, there are signs that they are increasingly ineffective. One study showed that 86 percent of people skip or ignore TV advertisements, 44 percent of direct mail is never opened, and 91 percent of email users end up unsubscribing from company email lists they had previously opted into. These tools may work if you have the resources for a large, prolonged campaign, but they’re not feasible for many organizations.

A better approach for B-Corporations is to let other brands tell their story for them through a strategic public relations campaign. This may seem a bit counterintuitive; after all, you’re giving up control of your message when you use PR instead of more direct marketing or advertising tools. But for many people and businesses, getting a story from a brand they trust is more impactful than when companies try to engage them directly.

Is there any research that proves this theory? In fact, there’s quite a bit of it. A study from the Content Marketing Institute showed that 80 percent of business decision makers and 70 percent of customers prefer to get information on a company from articles rather than ads.

Is PR More Effective for B-Corps?

Why is it that so many people seem to prefer reading about a company in an article rather than seeing an ad from the company directly? For one thing, advertisements can be very pushy, and they have a way of inserting themselves when you’re trying to do something else. If a businessperson or customer comes across an engaging article about a company, however, they can choose to read it when and how they want, on their own terms.

The other reason people prefer to read about a company in articles is trust. Savvy decision makers and cynical consumers are often skeptical of the messages they receive through advertisements, social media posts, and other types of marketing with a more direct approach. They know that they’re being marketed to, and they’re suspicious that the message and information they’re receiving may be untrue or misleading.

On the other hand, if they get that same information from an outlet that they already know and trust, they’re more likely to be receptive to the message and believe it. This is particularly true for the Millennial generation; research shows that Millennials are 247 percent more likely to be influenced by blogs and social media sites than are older generations. Similarly, 96 percent of B2B buyers are looking to read more content from industry thought leaders, and 93 percent of B2B buyers begin their buying process with an online search. If you can get articles in well-known, respected publications, you’ll rank highly in online search results — and there’s an eager group of businesses who are waiting to hear from you.

This isn’t to say that PR can’t function in conjunction with other tools to help your business grow. In fact, that’s exactly how PR should work. By getting information about your company into relevant and respected publications, consumers and other businesses can learn more about what you do. From there, you can direct them from the articles to your business’ website, social media pages, and other venues where you can engage them more directly.

 

How To Use B-Corp PR with Other Channels

That’s exactly what we do at Avaans Media. We are experts at harnessing traditional PR tools as well as newer marketing strategies, to help purpose-driven brands find success in the marketplace. No matter what you do or what your goals are, we will help you grow and thrive by crafting a strategy uniquely tailored to your strengths.

Here’s one example of how we can use PR to help your business. Our client was looking to break into the consumer packaged goods industry with a range of hemp-based products. Despite the differences between hemp and marijuana, many consumers were unfamiliar with these kinds of products or had negative views of them. We knew we needed purpose-driven campaigns.

To help our client reach their goals, we took a multi-pronged approach that increased their brand awareness and shaped their public image in a positive direction. We celebrated purpose throughout our campaigns, from health and wellness to global sustainability.  We leveraged our media contacts to generate more than 200 articles about the company over three years, averaging five articles per month. These articles generated more than 10 billion earned media impressions over those three years, with an estimated value of over $5 million dollars. By the time the client was ready for their initial public offering, the company’s share price had risen by more than 300 percent, and much of that increase can be attributed to our campaign.

 

Contact Us To Get Started

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