For some, one of the most gratifying parts of starting a business is the first product launch. You finally get to share the idea that you’ve been developing for months, maybe even years. But knowing when your company is ready to start its initial media outreach is critical. If you jump the gun you’ll likely end up not getting any media coverage, or even worse, getting unfavorable coverage from which it could be hard to recover.
So how do you know when it’s time to invest in a PR firm that can help you unveil your product to the world? Following are five signs that you’re ready to take the plunge:
- You have a working product that is available or coming soon. Even if you’ve been working on your product for months it still might not be ready to be released. Make sure your product is reliable, functional, and useful before considering a launch. Beta test it multiple times and, once it’s nearing completion, start looking for a PR firm. Although products can be announced while still in the idea phase, it’s a risky move and most likely won’t result in much coverage. Typically, it’s better to wait until your product is ready for market so you can make a bigger splash.
- You’ve developed a narrative. Do you have a concise elevator pitch explaining what your company does and why it matters? Being able to explain what makes your company excellent is the first step toward developing a comprehensive narrative, and it’s a key component of a company’s PR strategy. A PR firm can help you fine-tune your messaging and develop it into a comprehensive story arc, but ultimately it’s up to you to decide how you want to position your company.
- You have the money. You should have enough money to hire a PR firm for at least a few months. PR doesn’t happen overnight so you’ll need to make a consistent long-term investment in order to see results. If you’re tight on cash, consider waiting until you can comfortably set a monthly PR budget that will accomplish your media goals.
- You have realistic expectations. As mentioned above, PR doesn’t happen overnight. It might take a few months to see results, which can be frustrating for some. Before investing in PR, make sure you understand that it usually doesn’t have an immediate return on investment. However, most firms will track metrics to ensure they’re on the right path toward hitting your goals.
- You’re willing to make the time. Your PR firm won’t get very far if you and your team don’t have time to get involved. You know your business better than anyone, and your PR team needs your help developing key messages and angles that accurately reflect your business. Designate someone to manage outsourced PR, and be sure they are prepared to participate in weekly phone calls and daily email conversations in order to keep things moving. An executive should also be appointed as the company spokesperson – journalists want to talk to someone from your company, not the middleman.
These are just a few of the signs that your company is ready to hire a PR firm. In your experience, what other key factors should be evaluated when making the decision to invest in PR?