[Agency: Elite PR Group]
Challenge: The textile industry used to be a critical sector for Taiwan’s economic development. But with the rapid growth of the tech industry since the 1990s and a price war triggered by Chinese manufacturers, it went into decline. After textile company Taroko suffered several years of losses due to challenges for its core business, it decided to tap into commercial real estate. Since most investors still saw Taroko as a textile company, however, they doubted if such a transformation could succeed, which made it more difficult for Taroko to raise funds for its transformation program.
Actions: Through reputation endorsement, we leveraged the messages that Taroko had teamed up with leading brands in order to win major stories from top-tier business media, and we further used the media exposure as external forces to prove the company’s potential. We built a sense of trust with a timely media exposure tempo, observing the target audience’s investment behaviors to gain better insight into investor sentiment and profile. Then we well designed the tempo of media, perspectives and messages for Taroko’s transformation. In addition, we integrated a daily market watch and constant monitoring of media coverage to get real-time information about investors’ moves and attitudes, which often reflects market sentiment and can be used as the foundation for information management.
Results: Our agency changed investors’ perception of Taroko as a textile company and upgraded its image to a commercial real estate concept stock. We cut the fundraising cost by two-thirds and successfully helped the company raise enough funds for its transformation program. As investors had a higher opinion of Taroko’s value, its market capitalization increased from NT$1.2 billion in 2012 to NT$3.8 billion. Leading commercial real estate developers in Asia have asked for strategic partnerships because they are optimistic about Taroko’s prospects.