Like many trends, going retro is something many businesses have embraced as the shine of social media begins to wear off. One of the communications tactics often questioned in this post-digital world is public relations (PR). In my view, PR remains one of the most undervalued marketing tools for rapidly expanding the reach of your message – even social media giant Facebook has a PR team pumping out media releases.
I’m predisposed to PR, as I have worked in the industry since 1996. My PR clients include real estate firm Raine & Horne, and global aerial work platform manufacturer, Genie, and ipac securities. However, if you won’t take my word for it that PR has a valuable role to play in your marketing mix, consider a recent Nielsen study that showed digital content marketing is 88 per cent less effective than PR at influencing buying decisions.
This is a big tick for PR, but does it represent good value for money as a marketing communications activity?
The case for PR
Sir Richard Branson once famously remarked: “Publicity is absolutely critical. A good PR story is infinitely more effective than a front-page ad.”
And he’s right. Having your message published has impact as it reaches a wide audience and is considered more “independent” than other marketing communications tools. But you need to start with a strong story, as a message must bear the scrutiny of a number of journalists, chiefs of staffs, editors or news directors before it sees the light of day.
PR is a much broader discipline these days, with the proliferation of online content offering additional messaging opportunities, along with the traditional mediums of TV, radio and print. Every industry now has a wide variety of specialist online channels or publications that are thirsty for content.
To my way of thinking, PR continues to be the best vehicle for telling a story about your business, its services and how it’s making a difference to it client’s financial health. In marketing circles, “storytelling” is in vogue again as consumers are now more interested in the ‘why’ of your financial planning firm, in addition to your value proposition.
The value of PR
The measurement of PR success is a grey area. In terms of linking it directly to sales it can be a challenge, as PR is effectively a mass broadcast of your message rather than a targeted campaign. In terms of measuring the content side, sites such as Isentia (formerly Media Monitors) and Meltwater can help track the reach of your PR.
You can also take a corporate management approach and set some Key Performance Indicators (KPIs) to help monitor the performance of your PR. Linking your PR to your sales success is one way of measuring success. For example, if you’ve enjoyed particular success in one age demographic with your advice services, look to write case study content trumpeting these triumphs. This way you can track leads by finding out where they heard about you. If they mention your success story, you know that your PR is hitting the mark. Likewise, if you are pushing your expertise around estate management or retirement planning, you could pitch stories to the financial media such as Professional Planner, the Australian Financial Review or Money magazine, depending on the type of business and leads you’re targeting.
Good content will win
I’m a big believer that good content will win over many reporters – and this is why working with a journalist is often a great way to generate winning PR. However, a strong PR professional has the ability to build you a strategy, connect you with the right publications and platforms to maximise your message – and they can also help you brush up your media skills.
Ultimately, like all marketing communications activities, PR in itself will not be effective if conducted in isolation. It will produce the most valuable results when it’s part of a broader integrated marketing activity or campaign. That said, I try to urge my clients to consider whether there’s any PR value associated with a new advertising campaign or social media strategy. The best way to utilise PR is as a vehicle to further communicate messages you’re already driving through your other marketing channels – and as always, start with a strategy before pumping out those media releases!
