Public relations is a field of business and marketing revolving around the goodwill of a company. It involves maintaining a company’s public image and, as the name says, the relationship with the public at large. Contrary to popular belief, public relations is not the same as advertising. However, your public relations strategy should influence all of your advertising decisions.
What is Goodwill?
Goodwill is an intangible asset that measures how much a company is worth above and beyond its physical assets. This is generally attributable to branding and how a community feels about a company. In accounting, goodwill has a very specific calculation, but we’ll leave that to the accountants.
What is Included in Public Relations?
Although no one thing is “public relations,” the following falls within its scope.
Drafting Press Releases. This is the quintessential element of public relations because it involves you communicating directly with the public. However, this is only the classic example because it is the simplest version. You can easily see the connection between your actions and the public’s viewpoint.
Advertising and Marketing. Again, you’re communicating directly with the public. However, this time you’re trying to make a sale, not a conversation. All types of marketing fall within this category.
Corporate Policies. Many of your corporate policies can affect the public’s view of your company. For example, Hobby Lobby is a terrible wannabe religious organization who hates women and doesn’t mind stealing priceless artifacts. On the other hand, companies like Bull City Burger and Brewery take into account their community in every action they take. If you have a chance, check them out. This isn’t even a sponsored post. They’re just a great company and make great food.
Some corporate policies are easy to enact, and the go directly to increasing your public value. Giving your employees paid volunteer time and matching charitable contributions are direct contributors to a positive public image.
In conclusion, public relations is everything you do in your business that impacts the public’s perception of your company. Therefore, it should be considered in everything you do. The best thing you can do for this is create a PR plan and stick with it.
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