Responsible business professionals should conduct regular audits of publicity and branding initiatives to ensure they are effectively reaching prospects, customers and stakeholders. There are three main areas of focus when it comes to examining how you are spreading the word about your business or organization: marketing, advertising and public relations. These three pillars of publicity and branding all work together, with much cross-pollination when it comes to explaining your value proposition to prospects and customers. All three are important, with each one bringing unique aspects to the table.
Marketing
Marketing collateral pieces such as direct mailers, business cards, event exhibiting/sponsorship, brochures, information packets, print and electronic newsletters, and perhaps most important social media marketing tools (website, Twitter/Facebook/LinkedIn profiles) need to be reviewed annually to ensure they are on message and reflect any overarching corporate changes. Something as simple as a tweak in a logo, website URL, or company slogan can wreak havoc with branding and reputation management.
If changes or updates are needed in marketing materials, it’s a good idea to reference previous invoices for design and printing in the context of soliciting at least three quotes from vendors for any new work. With constantly shifting marketing technology, even a reliable vendor may have new options and/or pricing available. Additionally, letting a reliable vendor know that you are seeking competitive quotes helps to keep them on their toes.
Average Investment: $1,000 – $7,500/month
Advertising
Handled on an ad-hoc basis, buying ad space and producing print or electronic ads themselves can quickly beocme a financial black hole sucking the life out of a communications budget. Most industry print media outlets offer non-publicized discounts and sometimes provide huge savings if you book far enough in advance.
The biggest key to effective print and electronic advertising is consistency. If you do just one ad you are wasting the several thousands of dollars you will pour into it. Firstly, you cannot guarantee that all the readers of that magazine will read that one particular issue, and secondly you are not establishing a connection with readers who would otherwise regularly see your ad and associate your business with the particular magazine they rely on and come to trust you as being a legitimate partner and expert in the field.
When placing magazine ads, make sure that you are getting into issues with additional distribution at trade shows, and coordinate your event planning and public relations efforts to maximize your advertising dollar.
As for events themselves, never, ever advertise via sponsorship or exhibiting without seeking some sort of presenting or speaking opportunity. This can take the form of a keynote lecture or something less formal like being introduced by the host of an event as a prelude to networking with attendees. Depending upon the specific event, you could find yourself with exhibit space, sponsorship, and a spot on a high-profile discussion panel for the same price competitors spent on exhibiting alone.
Average Investment: $1,500 – $40,000/month
Public Relations
Out of marketing, advertising, and public relations, PR is by far the most commplex to successfully implement when it comes to planning, yet provides the highest possible return on investment. For what a company can pay for one full-page magazine ad, it could support several months of ongoing public relations outreach via the creation of strategic messaging; dissemination of that messaging via press releases, opinion pieces, podcasts/videos, and white papers; and securing high-profile articles in targeted media outlets your customers go to for decision-making help.
Working in concert with marketing and advertising efforts, a PR manager should determine which media outlets their target audiences are relying on for news and information, researching editorial calendars to find out which issues will feature articles on subject matter for which your business could contribute insight.
A press release topic list should be developed quarterly, and each press release sent out should be followed-up with targeted media relations outreach to a particular set of reporters and editors. This way, your business or organization is not simply spinning its wheels, throwing a bunch of press releases at a wall to see what sticks. Instead, it is building relationships with reporters and editors who feel comfortable over time to call upon the business or organization as a thought leader on particular subject matter, featuring executive leadership in articles and interviews.
Average Investment: $500 – $5,000/month
– David Menzies is a PR coach and consultant and is president of Innovative Public Relations. He can be reached at innovativeprnc@gmail.com or (919) 274-6862.
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