A couple months ago, we discussed several signs that it’s too early to hire a PR firm. Reasons included undefined goals and objectives, an unclear brand identity, or no well-defined target audience, among others. But for some fintechs, now is the right time. The question is – how do you know?
Here are ten signs that indicate it might be the right time to consider hiring a PR firm:
1. Limited Media Exposure:
If your fintech struggles to secure media coverage or your current outreach efforts aren’t yielding the desired results, it may be time to bring in PR professionals. A specialized PR firm can leverage its media connections and expertise to enhance your brand visibility and secure valuable coverage in relevant outlets.
2. Crisis Management Challenges:
Handling a crisis requires finesse, experience, and a well-thought-out strategy. If your fintech finds itself grappling with a crisis and lacks the in-house expertise to navigate these sensitive situations, a PR firm can provide the necessary guidance to mitigate damage and rebuild trust.
3. Lack of Strategic Planning:
A successful PR strategy is not just about reacting to events but also about proactive planning. If your fintech lacks a comprehensive PR strategy aligned with your overall goals, a PR firm can help develop and execute a strategic plan that aligns with your brand’s objectives.
4. Brand Perception Misalignment:
If there’s a gap between how you want your brand to be perceived and how it is actually perceived by financial institutions, a PR firm can conduct a thorough assessment and implement strategies to align your brand image with your desired positioning.
5. Market Expansion Goals:
As your fintech expands into new markets or introduces innovative products/services, a PR firm can assist in crafting and communicating your messaging effectively to resonate with the new audience. As an example, a PR team should be able to differentiate your messaging for banks versus credit unions.
6. Ineffective Social Media Presence:
Social media is a powerful tool for shaping perception. If your social media efforts are falling flat or not reaching your target audience, a PR firm can optimize your social media strategy, enhance engagement, and ensure your brand voice is consistent across platforms.
7. Struggling with Thought Leadership:
Establishing your company as a thought leader requires more than just expertise; it requires a strategic approach to positioning and visibility. A PR firm can help position key executives as industry experts, securing speaking engagements, and contributing to relevant publications.
8. Competitive Landscape Changes:
If your industry is undergoing significant changes or facing increased competition, a PR firm can help your fintech stay ahead by adapting your messaging and strategies to meet the evolving landscape.
9. Overwhelmed In-House Team:
If your internal team is stretched thin and struggling to keep up with PR demands, bringing in a dedicated PR firm can provide additional resources and expertise, allowing your team to focus on core business functions.
10. Quantifiable ROI Challenges:
If measuring the return on investment (ROI) of your PR efforts is a challenge, a PR firm can implement metrics and analytics tools to track and analyze the impact of your PR campaigns, ensuring that your efforts align with your business goals.
Recognizing the signs that it’s time to hire a PR firm is a crucial step in safeguarding and enhancing your fintech’s reputation. A strategic partnership with a PR firm can bring fresh perspectives coupled with industry knowledge, specialized skills, and a results-driven approach to your public relations efforts, ultimately contributing to the long-term success of your fintech.