3 Measurable Ways PR Increases Revenue
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.
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.
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.
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.