 |
May 4, 2004 — In many ways, the first quarter was not kind to nanotechnology companies when it comes to public relations.
In April, a Manhattan investment banking firm, Asensio & Co. Inc. asked New York Attorney General Eliot Spitzer to look into what it called misuse of the “nano” prefix by stock manipulators. Meanwhile, the media continue to cover increased skepticism over the safety of nanoparticles and nano-investments.
Communications experts say that as nanotech draws more media attention, success will depend on a firm’s ability to raise its head above the crowd. Toward that end, public relations firms vary greatly in range of services, but most can help a client company develop a cogent communications plan, plus get media coverage and speaking engagements for top executives.
 |
Vivian Kelly, founder of Interprose Public Relations in Reston, Va., recommends that a young company beginning mapping out a communications strategy as it approaches the initial funding phase.
Kelly, whose firm has worked with NanoOpto Corp. (Profile, News, Web) and Five Star Technologies Inc. (News, Web), said that startups make the mistake of drawing a lot of attention around a launch, but then failing to follow through with continuing communication.
“Momentum is very important; don’t launch and then go quiet.”
Carol Walker, regional manager for Loomis Group, emphasized the importance of planning. “You need a strategy for the entire year,” she said. Walker, whose firm has advised the New Jersey Nanotechnology Consortium and the newly launched NanoVance Inc., said a nanotech concern must “nail down your message and figure out exactly how your technology and company are different from competitors.”
Even savvy businesspeople, investors and media professionals appreciate it when advanced technology is explained in terms they can fathom. Try to avoid abstruse technical language or engineering jargon.
“Many mainstream business journalists are extremely cynical about nanotech; they doubt whether it is real business yet,” Walker said.
Steven Wright-Mark, executive vice president of Schwartz Public Relations, the agency for the NanoBusiness Alliance, said that as more mainstream publications cover nanotech, journalists might need to have technology explained. Be frank about technical challenges and take care not to overpromise or underdeliver. Both behaviors can lead to a negative reputation that is difficult to shake.
Getting the message right is a start. But then it must be delivered through a steady flow of well-timed releases, announcements, events and articles written about the company or contributed by senior managers.
After all, the process is called a PR “campaign” because it is supposed to be both well planned and ongoing. Wright-Mark added that it is called public relations, because you need to build bridges with the media and other audiences gradually over time. “Be patient, and don’t have unrealistic expectations, like seeing your CEO on the cover of Fortune in a month.”
Industry pros say to budget between $96,000 and $180,000 for an annual PR plan. Also, they highly recommend having a dedicated point person within the company to work with the PR agency. (Making the product manager serve as a part-time media contact manager doesn’t usually work.)
Many people tend to underestimate the value of public relations, perhaps, in part, because it is difficult to quantify the return on a large PR investment. Media mentions, Walker said, are more cost-effective than advertising.
“Take it seriously,” Kelly urged. “Don’t invest the money if you’re not able to invest the time. You need to work with the people developing the strategy and executing on the plan.”