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Why PR budgets are holding fast in the face of economic uncertainty
Posted by Acumen Republic on Friday, 09 September 2011 0 Comments
This comes back to the essential principle of why companies engage PR agencies in the first place.
Too often, we hear that when times are tough, marketing budgets are the first to go. Fortunately for PR, when results are measurable and value is affordable, companies continue to invest in meaningful communications.
The question is - what creates this value and how can we, as industry practitioners, secure continued investment? In short, we need to earn it - so which offerings should we sharpen and invest in?
Our people - PR people need to be strategic, dynamic and always looking for the next big thing. The role of an experienced practitioner extends well beyond simply engaging with media on a company's behalf. A PR agency is often employed for its ability to reach multiple target audiences through creative endeavour. By engaging with a PR agency, a company automatically taps into specialised skills, which may not be available within its own team, allowing it to extend its skill set as needed and focus on its core business.
Our credibility - an agency needs to provide credible external counsel, making it a valuable and insightful resource. It is human nature to occasionally get too close to the business, seeing it from an internal perspective. A PR partner should provide a business with a fresh, external perspective - one that also understands the company, its culture and goals. But critically, PR professionals need to challenge the norms and allow their clients' brands to think outside the conventional parameters.
Our relationships - good relationships are hard to find, take time to maintain and it can be difficult to ensure reciprocal value. PR professionals need to live and breathe the skills required to build and sustain mutually beneficial, valuable relationships - from media to stakeholders, in industry, business and Government.
Our experience - extensive experience across a range of markets grants PR professionals the ability to unearth opportunities that clients may not see or have access to. PR consultants need to know their clients' industries inside out and spot opportunities, or potential issues, which may have otherwise been missed. Agency consultants need to be an additional pair of eyes, which are intent on delivering value to a client's business. These eyes should then be amplified by the full knowledge and experience of the agency.
Our metrics - measurable results are a necessity for any functional business. When engaging with an agency, the desired results are often agreed to by the client and the PR agency in tandem. Measurement can be based on aspects such as targeted coverage, like the location of generated features (target audience reach), the tone and the message alignment. Measurement can also apply to the containment of an issue that might arise, and reputational management in the way the brand is protected and nurtured in the public domain.
Without going into the debate about equivalent advertising value or EAV (also referenced as advertising value equivalency or AVE), which many in the PR industry including ourselves do not subscribe to, PR professionals need to provide a range of critical metrics that can be tailored to suit any industry or organisation.
Ultimately, the reasons companies continue to engage with PR agencies, despite the current economic uncertainty, are as varied as the services those agencies provide. They offer instant access to a depth of experience and industry knowledge, are able to provide informed external counsel, leverage good relationships, deliver essential skills and extend an organisation's core competencies. If PR professionals continue to deliver on these services, showing value and return on investment, companies will continue to invest in PR budgets.
The hardest thing about PR is finding an agency that ' just clicks' with an organisation and where the chemistry hums from day one. When a company finds its match, the possibilities are endless.
Sarah Buchanan
Account Manager, Acumen Republic
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