Entrepreneurs understand the value of PR, and some are extremely good at engaging media, garnering “free” publicity with appearances in local news online, on television and on radio. These savvy entrepreneurs spend considerable amounts of time and energy creating and sharing content, conducting interviews and posting blogs in order to spread the word about their new venture or about the venture’s subject area, positioning themselves as thought leaders in their spaces. Many entrepreneurs successfully leverage this exposure to increase investor and customer interest and drive fundraising. What a great skill to have, and blessing to your startup!
However, all that blogging, attending trade fairs and being interviewed by trade and general interest journals can be time consuming for anyone, especially a resource-constrained entrepreneur without a team of support. Entrepreneurs must closely balance their attention to spending time on bottom-line activities. Potential investors brought in by the publicity need to see traction in revenue, customer count and a clear path to profitability.
Don’t forget that the basics still apply, even if you’ve become Internet famous! Entrepreneurs still need to clearly articulate well-defined uses of funds that make sense to investors in the context of the tenure of the company.
Time is precious, and it’s not free. If your business is basking in public relations but not turning that attention into sales or investment, it may be time to re-evaluate how you spend your time, or how you present your use of funds. Focus your energy on driving results that matter to investors or refining your model with tests to prove your theories.