According to the economic survey 2015-2016, released by the Government, which was tabled by Finance Minister, Arun Jaitley, India has been a house to more than 19,000 tech startups. Globally, we stand at the 3rd rank in terms of emergence of startups, however, today, the success rate of these aspiring ventures has hit rock bottom. With an average success rate of only 10%, we can see where this culture is heading towards.
2016 has been a very uncertain year for the startup culture as it saw the demise of some of the most promising ventures. Many of these startups, be it Peppertap or Dazo, failed drastically even though they were backed by high profile investors.
Out of these who failed, a few described that they couldn’t hit the right chord with right target audience and ended up rolling back the venture from the market. In a different scenario, a founder had quoted, that he made incorrect decisions with advertising. Another startup owner mentioned that the main cause was insufficient funding. We don’t say that proper funding could have saved the sinking ship but considering the odds, it could have been a savior.
Now imagine if the above mentioned scenarios were backed by the expertise of a PR consultancy? Maybe these startups would have seen themselves in a different light.
No PR consultancies were involved in the early stages of their journey, but if there had been any, it would have helped to spread a good word about the brand in the market by use of their creative brand positioning strategies, further alleviating the brand in the eyes of the investors too and eventually leading to generating funds to get the venture back on wheels.
There are many PR consultancies in India dedicated to providing PR for startups only. They understand the pains and struggles of an entrepreneur and therefore, implement ground-breaking techniques to help them streamline their entrepreneurial journey. They help in strategically bringing credibility to your brand story by communicating the idea through right media platforms.
As startups aim to acquire a good clientele, PR consultancies can contribute towards brand positioning helping them to thrive in the market for longer durations of time. It can further hand hold an organisation during crisis by controlling the flow of communication and coming up with effective strategies that save the brand’s reputation and help them retain their customers.
Since the markets are starting to get competitive and businesses are looking out for more creative and innovative ways to reach the audience, PR consultancies can serve as a knight in shining armor, helping businesses to fulfill their vision. PR consultancies in India got hold of market in the early 1990s and since then they don’t seem to be losing momentum anytime soon. It indeed is a long term investment, proven to generate the best ROI on your investment.
The author is the Co-founder and CEO at Media Mantra.