The financial media is becoming ever more fragmented, with new platforms and titles offering opportunities for advisers to have their voices heard. Inevitably, public relations and media outreach come up as firms craft their marketing plans, leading to the question: “Do I need a PR firm?”
The answer is a resounding “maybe.”
Here are questions you need to answer that will help you figure out whether the services of a PR firm are a good investment for you or whether a DIY approach might help you achieve your goals.
Who am I trying to reach?
Once you've determined your key audience(s), building a focused PR plan becomes much simpler. Today's fragmented media may offer more total opportunity but it also comes with a dramatically amplified noise factor. Know “who” you want to reach and it becomes easier to figure out “how.”
What am I trying to accomplish?
The end goal of any PR campaign is business growth. Only a select few, with no shortage of ego, court publicity for publicity's sake. Understanding where that growth is likely to come from is key.
(More: Are PR firms worth the cost?)
Perhaps your initial focus could be on local media. Though many local newsrooms have been in decline, most still have at least one reporter covering the local business and finance community. Appearing in the coverage of local business journals can also be an effective way of reaching potential clients, and the strong preference of these outlets to speak with people “on the ground” in their respective market can give a local adviser a distinct advantage.
How much time do I have to devote to this?
A successful public relations effort needs to create consistent exposure. There is no “magic bullet” article that will instantly establish an adviser's credibility, bring potential clients banging down the door and maintain momentum for years to come.
Instead, PR needs to be treated like any other craft that involves relationship building, because after all, that's what you're looking to do, build relationships with the media so they make frequent use of your insights in a way that builds and burnishes your reputation.
There will be phone calls, there will be briefings, there may be meetings for drinks ... though that last part is not so bad. In short though, be prepared to spend several hours each month on these efforts to achieve the kinds of results that make PR worthwhile.
What am I going to say?
This is perhaps the most important question. All of these efforts will lead to nothing if you don't have something interesting to talk about.
For some, once they've thought through the questions above, a do-it-yourself approach makes the most sense. For others, the services of a PR firm can be appealing since an experienced, knowledgeable firm can take on these efforts and free up more of your time, which, as they say, is money. Weighing the costs of a PR firm versus the time you and your colleagues would otherwise spend doing all of the legwork involved in an ongoing campaign is certainly one final key consideration.
Should you reach the point where hiring a PR firm becomes a possibility, there are a few questions you should bring to the table, including:
Who will be talking to the media on my behalf?
Every firm is going to tell you that their senior leadership will be “involved” in your account, and the number of “vice presidents” you're likely to meet during the PR firm pitching process will be staggering (a veritable army of Agent Smiths coming at you from all directions, for you Matrix fans out there).
There are, however, wildly varying definitions of the word “involved.” The people you really want to understand are the ones who will be picking up the phone, sending emails, meeting with reporters on your behalf, etc. Find out how long they've been with the firm and how long they've been in PR.
When was the last time you lost a client, and why?
No PR firm bats 1.000, but there is a big difference between losing a client that was acquired or merged and losing a client due to their dissatisfaction with the firm's results and/or approach.
How often does your phone ring?
Truly effective PR firms are engaged in two-way dialogue with the media. That means they're reaching out to reporters, editors and producers about clients and ideas while also taking calls from those same media members when they are in search of subject matter experts, reaction to news and trends, and thoughts on potential story angles.
Finally, beware PR firms bearing jargon. An over-reliance on buzzwords is often indicative of an underwhelming amount of creative thinking, and if the words and terms being thrown around by your PR firm candidates sound like gibberish, chances are they probably are. I can make up words too. Like “advublic.” That's a word I just invented that means those members of the public who use the services of an adviser.
But buzzwords are often used to mask a lack of understanding. When a conversation consists of a string of clichés or jargon, it's time to ask more questions.
Chris Sullivan is the managing director of MacMillan Communications, a public relations firm. He is a close watcher of trends in the advublic.
