How much time and money should I spend on PR?
Remember PR is all about getting people to know about who you are and what you do. It will help groom perceptions and create a positive image of your company ‘personality’. How much time and money you spend on PR depends upon how satisfied you are with your current image and how important it might be to improve it. Naturally, the more you put in, the more you’ll get out.
For most companies PR is not the top marketing priority, but sensibly used it has a valuable role to play. Many firms do it themselves so most of the cost is in time, rather than money. Monitor your results, take press cuttings and form a judgement on whether the results justify the effort and expenditure. If you do opt for DIY bear in mind that you are unlikely to do the job as well as a professional.
Budget realistically for the time and costs involved.
- The largest cost of PR is usually management time, rather than cash.
- Using a PR agency can increase the effectiveness and reach of your PR and reduce the demands on your time (but will increase the cash costs).
Work out the return on investment of your marketing
Don’t part with a penny on any marketing activity until you’ve done your sums. When you are offered an opportunity to market your business, whether through advertising, e-marketing, direct mail or networking, perform a very simple exercise. Write down how much the activity is going to cost you, and how much business you will need to bring in to make it pay for itself. If the figures staring back at you are pie-in-the-sky, then passing on the opportunity is the sensible answer.
In my experience, the biggest marketing mistake a small business owner can make is to commit to marketing activities that on the face of it look fantastic, but which offer little real potential to achieve a cost-effective return. Do those sums before you say yes!