Better Marketing Value for Less Money
Bill Gates' money is powerful and has propelled his businesses to success.
The economy is tight and corporations tighten their belts down to that last notch, unfortunately PR is usually one of the first few items on the budget that's frozen or cut completely. If your marketing is tracked correctly, you will see the impact to your company. Tracking and analyzing your marketing efforts will allow you to see the impact to profit. Be smart with your marketing and PR to document the strategies and profitable impact to the company.
The usual result of a cut in PR is a drop in sales and sales leads which can make a company practically invisible to consumers and business-to-business customers. These PR efforts give your company a bigger name and the opportunity for everyone to know your name. Search engines reach potential new clients worldwide. The accounting and number guys need to realize that freezing PR budgets hurt the company.
PR also means networking and reaching out to everyone who is reading, listening and on the internet to let them know who you are and what you do. To increase that value, there are a number of 'performance-based' PR agencies that mitigate the risk of their clients and only get paid when they deliver solid placements. Their best efforts may not be what you were looking for when you hired the agency to handle your advertising exposure. These types of firms sign you no as a client with no guarantees. With performance-based agencies, you actually pay only for press, not for intangibles like time and effort. Performance-based firms care about you and want you to succeed in your publicity efforts.
Part of the issue facing corporations is the lack of understanding of the difference between PR and advertising. The heart of PR is that clients will likely pay one-tenth or less of the cost of an advertising campaign.
The PR delivers a larger punch because it focuses on the placement of articles and broadcast spots in free media. Are you a financial guru? Appear on a national TV interview. An outlet like Barnes and Noble carries credibility. The book you wrote and the speaking of your ideas are special and can be heard by millions.
Gates was one of the few software geniuses of his era who also understood the differences between advertising and public relations, and was able to maximize both to his company's favor. Bill Gates acquired success by paying attention to his PR. There is no need to pay a retainer for someone's hourly efforts that do not received the same results.
Marsha Friedman is a nationally recognized publicity expert, writer, national radio personality, public speaker and CEO of EMS Incorporated, a national PR firm with a 20 year record of excellence. Every day she consults individuals and businesses about how to harness the power of publicity. Visit her online and claim your free PR video (a $100 value) for no charge today.
Published January 20th, 2009
Filed in Marketing