How much do large, billion-dollar corporations invest in PR?

By Lisa Goldsberry

46608512_s.jpgLearn how you, too, can use PR to grow your business

In business, growth is the name of the game. Many small- and medium-sized companies look to large corporations to see how it’s done. Knowing this, you may be curious about how much large, billion-dollar global corporations invest in public relations.

Big companies invest heavily in PR firms, typically $250,000 to $25 million annually – often less than one percent of revenue – to achieve big results. Even if you don’t have that kind of revenue (yet), you can still take maximum advantage of smart public relations, if you know how.

3 ways large companies use PR firms and how your company can benefit too

  1. After a crisis – When crises occur at big corporations, they tend to happen on a global scale. Just think about the fallout from trouble at Volkswagen, BP, Chipotle, Ashley Madison and VTech to name a few.

A major crisis can damage your company’s reputation, causing customers to lose faith and sending them straight to your competition. In many cases, how you handle a crisis is equally as important as what caused the trouble in the first place. Regaining your good name among customers and in your industry requires delivering the right messages in a timely way to the media, your target audiences and your prospects, using the appropriate medium for each. A PR agency can be invaluable during this time for its communication skills, spokesperson training and outreach capabilities.

It is almost guaranteed that your company will face a crisis (if it hasn’t already). While yours may not be the subject of weeks of international news coverage, it will likely be serious enough for customer concern. Anything can trigger a crisis, such as a misguided social media post, an accident or death caused by your product or an employee behaving badly. You must have a crisis communications plan in place so that when it happens, you can use PR to help minimize the damage and get your company back on track.

  1. Online reputation management – Large corporations typically dominate their industries, and they use public relations to stay on top. This includes search engine dominance, brand monitoring and cultivating their ideal public personalities.

You must realize that no matter what size your company is currently, people are searching for, rating and talking about you. It is vital that you take your reputation seriously by working to direct the conversation, taking control of your social media presence and managing timely feedback.

  1. Smart, trusted PR counsel – Unbiased advice on issues such as corporate social responsibility, corporate communications and stakeholder engagement can help to influence strategy and improve brand position. It is crucial for big companies to maintain steady, considerate, reasoned communication with all key constituents in order to make informed decisions about goals and organizational direction.

This is also important for your company. Don’t surround yourself with yes-men/women who will tell you everything is great – when it really isn’t. You must stay abreast of vulnerabilities, the viability of new opportunities and your true brand assets.

Axia Public Relations provides comprehensive PR services to help drive your customers through the buyer’s journey and create solutions to ultimately increase your profitability. Contact us today or download our free e-book, Maximizing Your Public Relations Investment, to learn more.

New Call-to-action

Lisa-G-Color-SM.jpgLisa Goldsberry is a writer for Axia Public Relations with more than 15 years of public relations experience. She specializes in business and technology PR. Lisa has worked for Axia since December 2013. Learn more about Lisa Goldsberry. Connect with Axia on Twitter @axiapr or tell us what you think in the comments below.

 

 

 

 

 

 

Featured image credit: 123rf.com

Topics: Public Relations, Featured, Social Media

Liked this blog post? Share it with others!