7 Trends CXOs Need to Know About Public Relations

21 Mar

With business, media, and social trends evolving rapidly—and reputation accounting for 63% of companies’ market value—organizations simply can’t leave public relations (PR) to chance.

Executives agree as, according to a recent survey by the Public Relations Society of America (PRSA), 60% say that PR is essential to their organizations’ success, yet only 17% have a formal public relations plan in place. To make matters worse, 84% of B2B CEOs find speaking to their CMOs ‘awkward’ and 48% of senior B2B marketers state they simply gave up trying to educate their boards about PR, according to a study from Champion Communications.

In this blog post, I am outlining key components and trends for senior executives to be aware of when deliberating a communications strategy and a PR action plan.

What Is a PR Strategy?

In a nutshell, PR is the strategic management of communication between an organization and its stakeholders. Typically, this references specific, pre-determined communications and business objectives and involves building and maintaining positive relationships with the public, the media, employees, investors, customers, and other key audiences.

“At its core, public relations is about influencing, engaging, and building a relationship with key stakeholders across platforms to shape and frame the public perception of an organization.”

— PR expert Gini Dietrich

PR is essential to all organizations because it helps to build trust and credibility with stakeholders. By communicating effectively and transparently, organizations can establish themselves as trustworthy and reliable, which can lead to increased customer loyalty, improved brand reputation, and greater success in the marketplace.

Additionally, effective PR can help to mitigate potential crises and manage the fallout from negative events, which can be critical for preserving reputational standing as well as the bottom line.

CXOs play a critical role when it comes to PR. As the face of their organization, they are responsible for setting the tone and direction of the communication strategy. They must be visible, engaged and, most importantly, able to effectively communicate the organization's vision, values, and goals to stakeholders, as well as manage any potential negative publicity and crises.

Why Is a PR Strategy Important for Your Brand?

In PR, the goal is to interact meaningfully with and bring value to target audiences. At the same time, PR promotes brands organically and enhances brand recognition attracting more potential clients. In this process, a PR strategy gives communications teams a clear direction on which steps to take to achieve just that.

Here are a few more reasons why having a PR strategy is crucial for your brand:

Define your target audiences - Creating your PR strategy gives you the opportunity to identify and define the right audiences for your brand. As a consequence, you will be able to determine which media and influencers will best connect, and select the right channels as well as the key messages that will most likely resonate.
Formulate your key messages - Within the PR strategy formulation process, you will be able to establish your brand’s key messages. Simply put, such brand messages refer to what you want your target audiences to hear, understand, and act on, through your PR activities.
Build relationships with the media - Once you have determined your target audiences and key messages you can start thinking about establishing valuable relationships with journalists, creators, and other multipliers. Share relevant news, other content, and context to increase the likelihood of your stories being featured.
Be prepared to manage crises - A comprehensive strategy must include a crisis prevention and crisis management plan. In the event of a crisis, a proactive approach can give you and your team the opportunity to mitigate risk and safeguard your reputation.

Measure PR effectiveness - A PR strategy will help you identify relevant metrics to understand how your PR activities perform.
Determine your communications goals & business impact - A strategy will help you set relevant goals, metrics, and KPIs. After all, how can you know that your PR efforts are producing results if you don’t benchmark your performance against clear objectives?

7 Trends to Consider When Developing Your PR Strategy

The current business climate is more complex than ever, presenting numerous communications challenges for the CXOs and communications teams. Misinformation and fake news spread rapidly and can cause significant harm to individuals and organizations. The combination of social media and the 24-hour news cycle has created a faster, more interconnected world in which it is more difficult to control messaging and manage reputations. Additionally, consumers are more demanding than ever before, expecting transparency and authenticity from brands.

That’s why communications teams must stay vigilant, agile, and adaptable, employing a range of strategies and tactics to effectively navigate the evolving communications landscape.

AI-driven tools will go mainstream in 2023 - The emergence of artificial intelligence (AI) is transforming the way public relations is conducted. AI tools are capable of analyzing vast amounts of data in real time, providing valuable insights and allowing PR professionals to make data-driven decisions. According to a recent report by PRovoke, 72% of PR professionals believe that AI tools will be critical to their work in the next five years. The report also found that 57% of PR professionals are already using AI tools, with this number expected to grow significantly in the coming years. AI tools can be used for a wide range of PR activities, including content creation and distribution, PR automation, media monitoring, and media analysis. While AI tools can certainly enhance the efficiency and effectiveness of PR activities, it is important for PR professionals to understand the limitations of these tools and the importance of human insight and judgement in crafting successful PR campaigns.
Personalization is the new key to productive media relations - The pandemic contributed to a spike in newsroom layoffs that also resulted in a shortage of reporters. Because of this, in order to still provide trustworthy content, journalists seem to be increasingly playing the role of gatekeepers for audiences. In fact, they screen and rectify news reported by multiple sources, such as blogs, podcasts, and others. This content avalanche that journalists are now forced to handle requires PRs to craft highly personalized stories in order to make the cut.
Creators will dominate the PR arena - Influencers, bloggers, and vloggers make up the “creator economy”, one of the fastest-growing economies, now worth an estimated $10 billion. Whether it’s a series of engaging Instagram stories, a well-thought-out Twitter post series, or a TikTok video, content partnerships between brands and influencers are on the rise and remain a powerful PR (and marketing) tool for brands.
Social media continues to grow and fragment - It is forecasted that there will be 5.85 billion social media users worldwide by 2027. However, having various such accounts just for the sake of it won’t help your brand. The goal of social media is to convey your key brand messages, actively connect with your network, engage in conversations, provide value, and offer service and support.
Look out for disinformation and cyber threats - Disinformation has shifted to the corporate sector and, with the support of technology, morphed into its more subtle and dangerous evil twin Disinformation-as-a-Service, costing organizations $78 billion a year in stock market losses, loss of revenues, and drops in reputation. Driven by ransomware attacks, the number of cyberattacks grew by a whopping 158% since 2019 alone. That’s why PR pros need to start working with new tools and data points to discover and fight such threats as well as to recover from cyber incidents.
ESG will become the new normal - When planning communications activities around ESG themes, PR specialists should not stop at intent. Instead, they should illustrate a roadmap of real actions the organization plans on taking. In fact, the global investment community is expecting organizations to disclose their ESG commitments and actions. As a result, if an organization fails to keep its promises, it will expose itself to reputational and investor risks. It comes as no surprise, therefore, that today a whopping 99% of business leaders worldwide take into account ESG topics and their organization’s reputation when it comes to decision-making. A survey published at the 2023 World Economic Forum in Davos highlighted the fact that “there isn’t a way of playing it safe anymore. Polarisation means you have to choose, intentionally, which reputation risks you take on and embrace. There isn’t a way of avoiding them”.
Authenticity remains key - Authenticity has become a crucial metric for brands seeking success and a dominant industry trend. PR specialists have a responsibility to ensure that brands possess a genuine voice and truly stand behind their beliefs. Any misstep can result in a loss of credibility that will not go unnoticed by the audience. While technology has provided valuable insights into target audiences, there remains a sense of detachment. Thus, PR experts are still essential in creating and maintaining human connections. Brands need to prioritize authenticity when personalizing their messaging and content.

5 Reasons Why CXOs Are Critical to PR Success

CXOs who recognize the value of PR can use it to their advantage and ensure their organization's success. Here are five fundamental reasons why PR is critical for CXOs:

Reputation Management - One of the most important reasons why PR is critical for CEOs is reputation management. A CEO's reputation is closely tied to the organization's reputation, and a negative perception of the CEO can harm the company's image. Effective PR helps CEOs build and maintain a positive public image, which can translate into increased trust and credibility with stakeholders. When stakeholders trust and have confidence in a CEO, they are more likely to support the organization.
Crisis Management - Crisis situations can arise at any time and can cause significant harm to an organization's reputation. CEOs must have a crisis management plan in place to respond effectively to negative situations. Effective PR can help CEOs manage crises by providing accurate and timely information to stakeholders, minimizing damage to the organization's reputation. The ability to manage crises effectively is essential for CEOs to maintain stakeholder confidence and protect their organization's reputation.
Media Relations - Media relations are a crucial aspect of PR. CEOs who are skilled in media relations can leverage the media to build their organization's brand, share their message, and communicate with stakeholders. Positive media coverage can help CEOs and their organizations gain credibility and increase visibility. Skilled PR professionals can help CEOs navigate the media landscape, build relationships with journalists, and create media opportunities that benefit their organizations.
Employee Relations - CEOs who prioritize employee relations can foster a positive and productive work environment. Effective PR can help CEOs communicate with their employees and build trust and loyalty. When employees feel valued and heard, they are more likely to be engaged and productive. Positive employee relations can also help attract and retain top talent, which is critical for an organization's success.
Investor Relations - Investor relations are an essential component of PR. CEOs must be able to communicate effectively with investors, providing accurate and timely information about the organization's performance. Strong investor relations can help CEOs secure funding, maintain investor confidence, and drive growth. Skilled PR professionals can help CEOs develop investor relations strategies that align with their organization's goals and values.

In conclusion, PR is a critical aspect of modern business and effective PR strategies can be a significant contributor to success in the marketplace.

CXOs play a critical role in managing these PR efforts. CXOs who prioritize PR are better equipped to build and maintain a positive public image, protect their organization's reputation, and drive growth and success.

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