There are several theories about what constitutes a recession, and many debates about whether the economy is currently in one. However, in a year where we saw inflation skyrocketing and technology shares tumbling, tech companies have adopted layoff strategies that have surpassed the Great Recession levels of 2008 to remain viable.
Growing market share in any industry can prove tricky in recessionary times, but there are ways to overcome the challenges.
One of the best methods to help grow market share is with promotional efforts, and public relations is one of the most effective. It provides exposure at a lower cost than other promotional efforts helping with the proper visibility with the correct news distribution, ensuring media coverage and the consequent growth in market share.
Therefore, PR leads to more than just brand awareness through visibility. In its most effective form, it adds value to several other areas that, in turn, lead to growth. These include valuable SEO campaigns, improved sales funnels, and impressionable social media content. However, mapping a winning media campaign requires a solid strategy and an all-encompassing approach.
PR and Growing Market Share in 2023
The advantages of increased market share are immense, giving enterprises a competitive advantage over others in their industry. In addition, larger sales volumes result in increased buying power, better suppliers’ prices, and production costs.
Furthermore, a growing market share benefits brand loyalty and widens the customer base, thanks to the spotlight placed on the company’s reputation.
PR plays a significant role in increasing the market share for businesses. Pinnacle Public Relations Agency is the newcomer on the block that delivers results with its fresh approach and tailored services beyond the traditional offerings of an ad or marketing agency.
Adam Horlock, the founder of Pinnacle Relations Agency, is a media expert, a contributing writer for Entrepreneur Magazine, and has been featured across several other publications. “Every brand needs to be heard,” he says. “We help companies create a brand strategy and present it effectively.”
Horlock shares five ways to grow market share in 2023:
1. Creating a Strategy
It all starts with as much research as possible before developing a PR strategy. Every business needs to understand its target audience, especially what it wants and how to reach it. Starting with a media blitz or issuing a press release will have no sustainable effect if you don’t create a strategy to deliver the desired message to a specific audience.
2. Build a Credible Brand
Simply putting a good product out there is not enough. Every business must establish its brand credibility, ensuring its customers know who they are and what they stand for. It’s all about building trust. At Pinnacle Public Relations Agency, a lot of thought goes into the right public relations strategy that highlights distinguishing a brand from its competitors and using the correct PR management to build and maintain brand credibility.
3. Offering High Value
Getting a company message out to the largest possible audience requires a combined PR strategy through several media channels. First, it’s vital to provide details about a company’s high-value and unique offerings and how these can better their customers’ lives. On their end, companies deliver on their promise, helping keep the connection with customers. However, PR can help with unimpeded growth by ensuring news and content placements, SEO, and using the proper social media channels.
4. Highlighting Expertise
The more a company can highlight the advantages of its products or services to its customers compared to its competitors, the more they emphasize its expertise. They must inform their target audience about what they sell and why it matters, enhancing brand awareness.
5. Meaningful and Focused Messages
Every message created requires that it’s focused, personal to customers, meaningful to prospective customers, and actionable. This approach can distinguish a good PR approach from a bad one, achieving results equally for the target audience and company. At Pinnacle Public Relations Agency, the process used is inclusive. The PR team works closely with the founders, executives, and shareholders as they develop a strategy that includes a media plan, press releases, and other media outreach. Pinnacle also provides training for in-house media teams and spokespeople of larger companies.
Copyright: Pinnacle Public Relations Agency
Final Thoughts
Maintaining and growing market share in 2023 may seem challenging, but it is manageable if every business, from a startup to a Fortune 500, uses the available opportunities. It boils down to sharing a brand’s story, and every brand has one to tell, no matter its size.
At Pinnacle Public Relations Agency, they aim to get brands noticed by getting their message out to the public. Since its launch last year, the agency has helped entrepreneurs, growing businesses, and startups get noticed. Their unique and fresh approach remains strategy before implementation, developing a comprehensive plan that attains relevance, provides the right message and delivers at the correct time.
