A great PR firm can take a company from being an unknown to a household word. Likewise, the wrong PR firm can be a disaster. Here's how to choose wisely.
There are a wide variety of PR firms in the world to choose from, and the choice is not an easy one to make! With a few guidelines firmly in mind, this choice should become simpler for you and your company.
Your Budget
Start by determining your budget. Do you have an extra $20K to pay for a monthly retainer? The answer is probably yes if you are a large or medium sized company, but will probably be no if you are a small company or a startup. Decide upon a range that you and your financial team feels comfortable with before moving forward.
Next, identify the firms that fit your budget based on a review of current clientele and presence. If you need a national or international presence, you will need a larger firm that will require more capital. If you just need a local presence, then take a look in your local market only for more budget minded firms.
Sometimes it makes sense to cherry-pick the market areas where you will gain the most from the extra exposure. Then, the wise thing to do is to find a national firm that has its strongest presence in those market regions.
Write a Full Marcom Plan
Before a PR firm can supply you with a credible bid for your PR efforts, the team needs to understand fully what your expectations are. Create a full plan that includes the following:
- Publications that you are targeting for exposure, including articles and ads
- Trade shows you plan to attend
- Analysts who have major impact on your market
- Advertising media that you plan to use - billboards, mobile media, radio, TV, magazine, or newspaper
- Your target audience - this is THE most important item to identify!
- Measurable goals in terms of ad exposure, leads, etc
- Primary and secondary messaging CLEARLY stated
Narrowing Down Your List
When choosing which PR firms you will spend your valuable time meeting, take a look first at their portfolio companies. If you see competitive companies, this is a red flag and means that the firm will have a conflict. It is usually wise to pass these up, unless you want to fight for mindshare with editors and analysts. Next, take a look at the synergy with their portfolio companies. Do they know your market? Have they been successful in getting articles published in your target periodicals and publications? If you have a strategy of placing ads in major periodicals, an integrated PR firm/Ad agency may also be an avenue you want to explore as such firms will make sure that your ad strategy aligns with your PR strategy. Do you have lots of competition that you need to stay on top of? A firm that offers a clipping service may be invaluable to you, as they will send you clippings of current press on all your competitors in a timely manner.
Meeting with Your Prospects
Never forget that you are the customer! Come armed with the Marcom plan that you created earlier, review it with each prospect, and listen for them to come forth with creative ideas. Ask for samples of press releases they have written, and ask to see lists of speaking engagements they have secured for other clients at major trade shows. Make sure also that you feel comfortable speaking with them, and they with you. You will be spending a lot of time together, so it is important that the chemistry be solid.
Also, ask for references from other portfolio companies and be sure to check them - and ask the tough questions.
Reviewing Bids
After the meeting process is over, you will be receiving bids from each firm. Make sure that there are measureable objectives in each bid, and that you are not just paying a retainer for whatever they decide to do that month. Review the bid against your Marcom and PR plan - does it align? Since you will often need to confer with them before most major ad campaigns and trade shows, what is their proximity to you? Are they easy to get to? Or do you need to take a 4 hour (or more) flight?
Set up a spreadsheet that gives each firm a ranking from 1 to 10 on all your major criteria. Be sure to include price in your spreadsheet, but don't make it your major criteria. Remember, you often get what you pay for!
After you have carefully reviewed all your options, you can make an informed choice based on an analytical approach to what is too often viewed subjectively.
