PR and Marketing Joined at the Hip
It is quite possible that the best person to lead your company’s marketing efforts is someone with public relations experience. And I’m not just saying that because I have such experience (wink wink).
The line between public relations and marketing has blurred. Traditionally, marketing tended to the promotional side of business such as the four ‘Ps’ of marketing (product, price, promotion, place) direct marketing and advertising efforts that are tied directly to sales. Public relations efforts, on the other hand, were directed toward the reputation of a company through raising the company’s profile in the local and international media, thought leadership and social media (where appropriate).
While the two are different in definition, their collective purposes have evolved to being one in the same as generating positive public sentiments related to the reputation of a company has a direct effect on its bottom line . The truth is, they are best when used together. Not only can companies use marketing the products they need, but content creation via PR efforts will leave them with a wealth of knowledge on which they can draw to add value to other aspects of their lives. Companies can try and tell their target audience anything, but it will be all for naught if they don't trust that company.
I say this to say, strong and good reputations auger well for a company in almost all areas. Companies with strong reputations attract better people, they are perceived as providing better value, and hence can charge a higher premium for service. Because the market trusts that such companies will deliver sustained earnings which augers well for future growth, they have higher price-earnings multiples and market values and lower costs of capital
Market value is created from intangible assets which are difficult (but not impossible) to assess such as brand equity, intellectual capital, and goodwill, organisations are especially vulnerable to anything that damages their reputations.
Image credit: NeoPR