The Special PR Needs of Hypergrowth Companies
Hyper-growth occurs when a company experiences rapid expansion and a compound annual growth rate (CAGR) of 40 percent or higher. It’s the steep part of the S-curve that sets a business apart from others. Market demand essentially drives a period of hyper-growth. As long as a company can adapt and move quickly, it can continue on this path, but hyper-growth companies have special PR needs to capitalize on the their opportunities. Not surprisingly, hyper-growth CEOs have a lot on their minds.
A hyper-growth phase is exciting for any business. However, having a plan to ride the wave and continue the success is necessary. PR for hyper-growth companies can be a valuable tool. If you don’t prepare for growth adequately, you could face a significant downturn in profitability. Additionally, pulling back or ceasing your PR efforts during hyper-growth can negatively affect your company. When you become relevant to the public, you need to stay relevant. That means you should continuously promote your product or service, so consumers don’t forget about you.
Public relations is one of the most powerful marketing strategies a company can use. It’s more than just sending out press releases and nurturing relationships with journalists. It involves using strategic planning and trusted sources to keep the masses informed about a brand.
It’s easy to type a few sentences about a product on social media and claim it’s the best in the market. However, claims aren’t facts. If information comes from a trusted source, consumers are more likely to buy your product.
Here at Avaans Media, we’re experts at helping our hyper-growth clients leverage PR efforts to build their brand and keep the upward trajectory trending. Call us today and let us show you how we can help you keep the momentum going.
Challenges Faced by Hypergrowth Companies
Not surprisingly, hypergrowth businesses often focus on sales to the exclusion of all else sometimes. You want the trend to continue when you’re experiencing an uptick in visibility and sales. When growth comes to a screeching halt, it does nothing for your company’s continued success.
Hypergrowth can lead to a range of problems if a company doesn’t manage the process correctly. The most common issues include:
- Lack of attention—Your primary focus during a period of hyper-growth is probably on growing your revenue. Unfortunately, when your energy and attention is on profitability, you spend less time on other areas of your business. This includes PR strategies. You might use the same tactics as when you first started but changing your PR strategy to match the needs of your growing business is necessary.
- Burnout—Growing a business requires long hours. When you experience hyper-growth, you might feel pressure to work even more. It’s critical to remember to work smarter, not harder. You should focus your efforts on using public relations for continued success. If you simply work yourself to exhaustion, you will probably make mistakes and forget about the importance of an effective PR strategy while you become obsessed with the items immediately in front of you.
- Expensive marketing—When any business grows, marketing costs can rise. It’s common for a company to spend more on marketing efforts to promote the brand and target a wider customer base. Public relations is just as essential as marketing. If you don’t implement a better PR strategy and focus too much on marketing, you risk increasing expenses that cut into your revenue.
Managing PR for Hypergrowth Companies
Managing your business for continued success means implementing various strategies. You need a solid public relations plan to keep consumers interested in your brand, product, or service. Effective PR also informs potential customers of your business and promotes engagement and trust.
Below are common strategies hyper-growth companies use to manage public relations.
Create a Strategy for Growth
Your business is growing. Hopefully, it continues to grow. However, keeping your company on a steady upward trajectory means preparing for the future. You should plan not only for future growth but also for potential obstacles.
It’s a good idea to have a deep understanding of your product’s life cycle, a clear strategy for increasing your revenue stream, and the best value propositions you offer to consumers.
You should also dedicate some time to public relations. Determine which tactics worked in the past and whether you need to make any changes to them. If you used a PR strategy that failed, consider trying something else. Despite your company’s hypergrowth, this isn’t the time to lose momentum.
Listen to Customer Feedback
Your public relations strategy can involve your customers. They’re the ones who buy your product or service, so their opinion should matter the most. Speak to consumers directly or review social media comments. Obtaining an understanding of public opinion can help you improve your company.
If you see negative reviews or talk to someone who isn’t happy with what your product does, ask them how they think you could improve. The consumer can make or break a business. Word of mouth is often an effective part of marketing. If customers are unhappy with your company, they could bad mouth it to non-existence.
Nurture Relationships with the Media
Journalists are at the forefront of information. Hyper-growth companies depend on media attention, so the public doesn’t forget about their products and services. If you haven’t formed relationships with the media, it’s vital to start. If you already work with journalists to promote your business, maintain the relationship you built.
Your marketing goals are much more attainable when you have a team in your corner. Journalists can influence the masses and direct them toward or away from brands and companies. Nurturing your professional relationships involves not only direct communication. You could gain their support and trust by following them on social media, sharing their posts, and promoting what they’re doing. Using this approach might entice them to do the same thing for your company.
Use Social Media to Get Your Message Out
Public relations and social media can go hand in hand. You can promote your brand on various platforms using basic PR tactics. Communicate with consumers about a new product launch or upcoming sale. You can also inform the public of an event you’re planning and what they can expect if they attend.
When you post information about your company online, it’s there forever. You can implement a strategic PR plan to remain relevant and remind people who you are and what you do. Social media is also an excellent way of engaging with customers. Answer their inquiries, listen to their concerns, and resolve problems they might have with your product.
At Avaans Media, our team of experienced PR professionals provide practical and creative strategies for companies experiencing hyper-growth. We know how to be proactive by planning for potential problems and coming up with solutions before they stall your growth. You can depend on us to provide the comprehensive public relations services you need for your continued success.
Call Avaans Media today to speak with us about PR for hyper-growth companies and what we can do for you.