There is a range of emerging industries in the global marketplace, from AI, psychedelics, drones and UAVs to cryptocurrency and cleantech. Many people discuss how a new concept, technology, or product can affect everyday life. Although there’s potential for some emerging industries to become successful, multiple barriers could affect profitability, that’s why emerging markets have special PR needs.
Informing the public of a new product or idea requires proper planning. Using the correct public relations (PR) strategy is also necessary. Most people don’t know about new products in the early development stages. That’s why PR can be a valuable tool in getting the word out to the masses.
Here at Avaans Media, we’re experienced at putting PR to work for our clients. We can help you get your product known by your target consumers and create strategies to help you grow your brand. Contact us today so we can discuss how we can help in your specific situation.
Emerging Industries Significantly Depend on Education
Cell phones, electric cars, social media, and other once-seemingly impossible inventions are now commonly used products. Accepting a new idea isn’t something that happens immediately. Companies in an emerging industry must educate consumers and get them excited about a product that can improve their lives.
A brand’s success depends on consumers’ understanding and adopting a new trend. Companies must inform customers about the positive impact of the product to influence purchasing decisions. Additionally, a new industry researches who its audience might be and using strategic and targeted communication to connect with them.
Benefits of Public Relations for Emerging Markets
Public relations is an effective stepping stone to earned media and third-party endorsements. PR can provide an unbiased opinion from media sources the public trusts if used correctly.
An experienced and knowledgeable PR professional knows how to perform tasks necessary to a company working with an emerging market, such as:
- Providing the media with accurate and unbiased information
- Developing key messaging for the brand
- Getting the message out to early adopters, resulting in a trickle-down effect to the consumer
- Leveraging opportunities for experts to speak about the industry
- Strategizing the appropriate communication channels for the product or idea
Emerging Markets PR Has No Limits
Many people think PR is only about writing press releases to inform consumers about products. However, public relations involves open discussions, strategic planning, channels for brands to discuss their expertise, and high engagement. It includes editorial opportunities, serving on panels and conferences, producing thought leadership and bylined articles, and building trusted media relationships.
These PR strategies are affordable. Unlike advertising, which can become a significant expense, the cost of PR is minimal. Additionally, there aren’t as many restrictions in public relations. When you have an interesting story to tell with a third-party endorsing your product or idea, it can influence consumer behavior.
Relevance of Public Relations for Emerging Industries
Companies with an emerging market need PR more than ever. Having a partner deliver your message so consumers know about the product is vital. Remaining competitive requires standing out in the crowd. If no one believes your product or idea is better than someone else’s, consumers might go to your competitor.
Investing in public relations is worth it to achieve your professional goals. You want the masses to know who you are and what you do. Without the right platform to inform consumers of your brand, you likely won’t make a profit or become successful within your industry.
Creating Your Public Relations Strategy in an Emerging Market
Influencing the behavior and attitude of others is a crucial part of public relations. If you’re in an emerging market, you must develop the correct PR strategy to accomplish your objectives and goals. Below are the steps you should follow while creating a public relations plan for your product.
Outline Your Goals
Your plan should begin with goals for your PR efforts. When entering a competitive market against companies with an already-established brand, you must determine what you want to accomplish.
Whether you want to become a major player or live harmoniously with your competitors within the same industry, what you set out to do should be reflected in these goals. Write down everything you want to accomplish with your new product, service, or idea. You can outline your overall goal and include smaller accomplishments you want to achieve along the way.
Research the Market
Becoming successful in an emerging market means performing extensive research. You must learn everything there is to learn about the market. Your research should include gaining knowledge about media narratives, relevant trends, and audience opinions.
While performing your research, you should also review communications regarding your brand on multiple platforms and channels. Look at your website and determine whether your audience can navigate it easily or might have trouble learning about your product. Analyze metrics for your social media platforms and how much engagement they get.
Learn About Your Target Audience
A PR strategy isn’t useful unless you get to know the audience you’re targeting. You should consider demographics, interests, lifestyle, and other vital factors. If you don’t put your product in front of the consumers most likely to purchase it, your brand won’t grow.
Getting to know your audience also requires understanding how they perceive your brand. Since you’re in an emerging market, you can’t rely on previous performance and sales. You should analyze data, monitor the media, and ask your target audience their opinions.
Set a Timeline
Emerging markets include various products, services, ideas, and brands vying for attention. You could fall behind your competitors if you don’t move through your timeline efficiently. Although you should handle your PR strategy correctly, you don’t want to enter the market after everyone else.
List every objective involved in your PR plan and choose a realistic deadline to meet each one. Ensure your objectives are attainable and specific. Broad goals can waste your time and might not even accomplish your aims.
Choose Tactics for Your PR Needs
You have an endless number of PR tactics to choose from as a new business in an emerging market, from social media posts and press releases to events and conferences. However, if a tactic you use doesn’t portray your brand correctly or achieve your goals, you should devote your resources to something else.
Below are the most common public relations tactics companies use in emerging markets:
- Press releases – It might seem old school, but press releases are highly effective. A press release is a reliable communication tool that gets the word out about any topic you choose. You can use a press release to inform the public of your product, an event you’re hosting, and various other information.
- Influencer marketing – Your PR plan might benefit from including a social media influencer. Influencers offer their opinions of products and direct the public on whether to buy them. If an influencer’s followers are part of your target audience, you can use their platform to promote your brand.
- Media outreach – The media has a significant influence on consumer behavior. You should understand how and who to pitch your idea to. Stay in touch with key media outlets and nurture already existing relationships. It’s also a good idea to consider their schedules, so you can discuss your product or service at the most opportune time.
- Conferences and Tradeshows – Conferences and tradeshows are excellent tent poles around which to build PR campaigns. Utilizing conferences to create publicity stunts, sampling, and product demonstrations is key for emerging industries like drones, AI, cannabis.
Avaans Media has extensive experience managing strategic PR campaigns for businesses in emerging markets. We know how to create effective public relations strategies to help our clients establish brand trust, build and maintain reputations, and grow their businesses.
If you’re interested in discussing how our PR professionals can meet your PR needs in an emerging market, do not hesitate to call us.