Research and Markets reports that the global PR market volume in 2023 was $106.93 billion, with growth to $114.1 billion expected in 2024.
According to calculations, the global personal PR market is currently valued at $5.7 billion, reflecting the growing importance of personal brand management in our digital era.
Not least, the growth of the personal PR market is due to the increased use of social media, the growing importance of personal branding in professional spheres, and the rising demand for online reputation management services.
For company and startup founders, personal PR has its advantages, among which I would highlight:
Attracting investments
The founder’s reputation and recognition often play an important role in investors’ decisions. A strong personal brand can facilitate fundraising and negotiations with venture capitalists. It expands the network and creates more personal contacts with other founders, who in turn provide “warm” introductions to their investor acquaintances.
I personally know of cases where investment rounds of $2-5 million were raised solely through such contacts, without numerous pitches and “roadshows” with unfamiliar investors. The record time frame for raising investments that I’m aware of is 7 days.
As an example – Melanie Perkins and Canva. Melanie Perkins, co-founder and CEO of Canva, created a strong personal brand as an innovator in design and technology. Her story of overcoming challenges and her vision of democratising design attracted the attention of many investors.
In 2021, Canva raised $200 million at a $40 billion valuation. Investors, including T. Rowe Price and Franklin Templeton, noted that Perkins’ personality and her ability to articulate the company’s long-term vision were key factors in their decision to invest. Many venture capitalists have also publicly stated that they regret initially rejecting Canva, underestimating Perkins’ potential.
Attracting talent
A well-developed personal brand helps attract highly qualified specialists. It also contributes to creating an attractive image of the company as an employer, which is vital in competitive industries. As an example – Tobi Lütke and Shopify. Tobi Lütke, co-founder and CEO of Shopify, created a strong personal brand as a technical visionary and advocate for a developer-oriented culture.
His reputation and active presence on social media, where he often shares thoughts on technology and company culture, have made Shopify an attractive workplace for talented developers.
In 2021, when many technology companies faced hiring difficulties due to the “Great Resignation,” Shopify managed to increase its developer team by 39%. Lütke personally participated in promoting the company’s initiative to hire 2021 developers in 2021, which significantly increased Shopify’s visibility as an employer.
Enter your name in Google, and what will the world’s largest search engine say about you? This is what your client, journalist, future partner, or investor looks at.
This is what you professionally demonstrate to the world. And if you don’t have any social proof in the form of expert columns yet, and you’re a top manager, director, or founder – this is a serious disadvantage for the business.
Hard to imagine? Recall 2-3 people from your circle or whom you follow on social media and ask yourself – is it easier for you or them to establish new contacts and find new partners? Of course, it’s easier for them! And they take advantage of this; you’ve probably seen many times how they “throw” their collaboration requests into their own social networks – and quickly receive great options.
Developing a personal brand has become more important now, when there’s a lot of “noise” from various marketing, and you trust specific people more than companies. That’s why the personal PR market is expected to continue its growth.
For founders, developing a personal brand is not just self-promotion. It becomes a strategic asset that directly affects the success, growth, and sustainability of the business, opening new opportunities for company development.
Author: Alex Bozhin, CEO/Founder of GINIX – an innovative platform that provides powerful personal PR on autopilot through the creation and placement of expert content.
