Six CEO mind shifts that will convert PR into a revenue centre

Authored by Siddhartha Mukherjee, Founder, Brand Balance

In the ever-evolving landscape of business, the role of PR and Corporate Communications is expanding beyond its traditional boundaries. CEOs now recognize the potential of leveraging this function not just for managing media relations but as a catalyst for revenue generation.

Let's explore 6 visionary mind shifts that CEOs can adopt in 2024 to seamlessly convert PR & Corporate Communications into a revenue centre:

1. Elevate PR to Brand Management

Move beyond the confines of News Management and position PR & Corporate Communications as the vanguard of Brand Management. While News Management remains an essential aspect, limiting PR function solely as a tool for handling news limits its potential. It's time for a paradigm shift, discarding outdated concepts and fostering a mindset that envisions this function as a strategic force in shaping and safeguarding the brand's health.

2. Re-define KRAs and KPIs

Building on the above, the transformation requires a re-evaluation of Key Result Areas (KRAs) and Key Performance Indicators (KPIs). Shedding the constraints of News Management metrics, CEOs must instate fresh, evolved KRAs and KPIs under the broader umbrella of Brand Management. This shift aligns the communication function with the overarching goal of enhancing the brand's resonance and, consequently, its revenue-generating potential.

3. Increase Time Spent with Corporate Communications function

Historically, CEOs have engaged with PR & Corporate Communications sporadically, often limited to critical announcements or crisis management. To fully unlock its potential, CEOs need to integrate this function into regular business planning and ongoing reviews. Increased frequency and duration of interaction can facilitate more nuanced information exchange and strategic course adjustments, making PR an integral part of the decision-making process and brand management process.

4. Embrace the INPUT-OUTPUT-OUTCOME Framework

To measure the effectiveness of PR efforts, adopt the INPUT-OUTPUT-OUTCOME language. This framework ensures a comprehensive assessment of communication strategies, going beyond mere outputs (such as media coverage) to gauge outcomes that directly impact the organization's bottom line. Communicating the tangible outcomes of PR initiatives reinforces its contribution to the business's overall success.

5. Re-define and Invest in Brand Reputation ERPs

Historically, the term ERPs drew a different connotation - enterprise resource planning. The acronym can well be a wonderful gift to the world of Corporate Brand Reputation, albeit with a different meaning! For the CEO, the chief brand reputation officer of an organization, this acronym will stand for Efforts, Resources and Processes. Corporate and Product Brand Reputation is a complex grid that needs disciplined blocks of ERPs – efforts, resources, and processes. ERPs laced with data analytics serve as the backbone for effective brand reputation management. By integrating PR and Corporate Communications into a comprehensive ERP framework, organizations can streamline communication strategies and ensure a cohesive approach to building and safeguarding their reputation.

6. Data-Driven Decisions: Implement Realistic PR Measurement & Data Analytics

Data Analytics fuel ERPs – efforts, resources and processes! It plays a pivotal role in interlinked domains of Brand Management, Stakeholder Management, Business Intelligence, News management, etc. during both business as usual (BAU) and business not as usual (BNAU). CEOs should invest in realistic PR Measurement and Data Analytics frameworks to scientifically evaluate the impact of communication efforts. By leveraging data analytics, organizations can gain valuable insights into audience sentiment, campaign effectiveness, and overall brand health. This data-driven approach enables informed decision-making, ensuring that PR strategies align with overarching business objectives of demand generation and sustenance across stakeholders.

As CEOs navigate the dynamic landscape of 2024, transforming PR and Corporate Communications from a traditional cost centre into a proactive revenue centre will be key for both the CEO and Organization's success. Mind shifts are key!