A new idea for venture capitalists - pr
Obviously, it hurts when a capable big business cast you backed financially goes down the tube.
But while you point to many feasible causes, seldom do you attribute the ruins to a lack of efficient data lines that might have adapted the activities of sales prospects in a positive way, thus forestalling a money-losing shutdown.
Is it not possible, Mr. or Ms. Venture Capitalist, that aggressive publicity and promotion might pick up the occasional, marginal investment?
I have faith in it could, so here is a suggestion.
Make it average working procedure, initial with your next venture, (a minor cost compared to your investment) that any project you back MUST consist of an adequately funded, top-notch plan to assertively announce the venture.
Here's why. In community relations, we know associates will act on their perception of the facts ahead of them about your new venture. Further, we know that those perceptions will lead to predictable behaviors, good or bad, about which amazing can be done.
So when we create, alteration or buttress that belief by reaching, persuading and moving-to-desired-action those folks whose behaviors distress your new venture, your broadcast relations crack is a success.
I know you have startup reservations afar broadcast relations concerns, but believe for a instant some very acute PR exposures faced by that new venture of yours, and exceptionally by the new management you a moment ago installed.
If sales prospects are not made aware of your creation or service, you will not get them as customers. And, as customers, if they don't linger converted of the value of your effect or service, you lose them.
If employees deem your new management doesn't care about them, productivity suffers, and if a underground anyone believes your new venture discriminates when it doesn't, a host of unnecessary tribulations may ensue.
For that matter, if area residents perceive your new business as a lousy place to work, you have worker hiring and withholding problems. And if indemnity carriers perceive your new management as a bad risk, they don't endow with the needed affair coverage.
There's more. If journalists are suspicious of your new management's motives and they are not converted otherwise, the venture gets "bad press. " And if big business ancestors deem what some competitors say about the new business, that strategic alliance your managers want so badly may not come about. Plus, as you grow bigger, if command regulators believe the venture's crop are not finally safe, sales will more or less definitely be in the negative affected.
By the way, this clause calls addressing these kinds of risks a new idea for venture capitalists since I've yet to see it discussed or even mentioned in the community press.
Fortunately, you can put the kind of PR we're discussing to work closely on behalf of your newest venture by introducing the new code to its managers with a brief, no-nonsense charter. Probably along the lines of "yes, yes, I know you're very busy but it's our money on the line here and we're going to do all feasible to make it work!"
From that might flow these "marching orders" to your managers.
You will take the time to meet with members of your most important audiences and evaluate their feelings and beliefs about you and the business.
You commit to take accomplishment when you ascertain upsetting perceptions that could lead to destructive behaviors.
You admit that what colonize Deem to be true, versus the truth, defines your broadcast relations problem.
You will raise your profile, and that of the business, by commonly speaking ahead of affair and fraternal clubs, by assembly with the media and by promoting your big business as appropriate, thus building the kind of good will you will need be supposed to belongings go awry.
You will arrange cautiously brain wave out, credible communication that directly concentrate on the misconceptions you detect for the duration of your periodic fact discovery sessions.
You will choose efficient connections tactics that will carry those e-mail to your key audiences in a judicious manner. And you will desire from a wide array of tactics such as meetings, speeches, luncheons, capability tours, promotional events, emails, media interviews and many more.
And finally, you will track the advancement of your civic relations effort by dialogue commonly with members of those key audiences, and monitoring both the media and the corollary of area residents and other businesses, adjusting your approach and tactics accordingly.
Yes, Mr. or Ms. Venture Capitalist, it does hurt when a promising project you backed goes down the tube.
Of course, you are, and must be apprehensive with a host of financial, human resource, legal and competitive issues for each new venture.
At the same time, in my view, you must continue alert as to how a definite issue - potentially dangerous, unattended perceptions among a key consultation -- can nudge a baby bird affair nearer to failure than success.
Fortunately, the "marching orders" outlined above will lead your venture management team to resolve such issues not including a major investment in both time or money.
Please feel free to advertise this condition and store box in your ezine, newsletter, offline magazine or website. A copy would be loved at bobkelly@TNI. net.
Robert A. Kelly © 2005.
Bob Kelly counsels, writes and speaks to business, non-profit and association managers about using the deep premise of civic relations to accomplish their in service objectives. He has been DPR, Pepsi-Cola Co. ; AGM-PR, Texaco Inc. ; VP-PR, Olin Corp. ; VP-PR, Newport News Shipbuilding & Drydock Co. ; chief of communications, U. S. Area of the Interior, and deputy associate press secretary, The White House. He holds a single of art amount from Columbia University, major in community relations.
Visit: http://www. prcommentary. com; bobkelly@TNI. net
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