How “Reinvented” PR Succeeds

Photo by Paweł Czerwiński on Unsplash

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Its hype often transcends the reality, but digital marketing should be part of every advisor’s marketing strategy. My company offers a free Digital Presence Setup Guide, which explains how to put the basics in place.

You should exercise caution when retaining digital marketing experts, including those specializing in Google Analytics, paid social media advertisements and SEO. My informal survey of advisors has yielded very few who report a positive return on their investment.

Advisors who have had success are usually focused on a niche market.

While we continue to assist our clients with digital marketing, we recently explored another strategy, which has fallen out of favor and been eclipsed by social media initiatives: Traditional public relations.

I want to share our experience. It’s been encouraging.

Reinvented PR

When we decided to look at traditional public relations, I immediately saw barriers that made it inaccessible to smaller advisory firms.

Most public relations firms charge a monthly retainer, ranging from $2,500 to as high as $10,000. Many have minimum contracts that obligate you to six months or more.

Few public relations firms understand your business, which makes drafting effective press releases and pitches for stories difficult and time-consuming.

PR firms are unable to promise any coverage or that coverage will result in business, both of which are understandable. However, the client is placed in the uncomfortable position of making a significant financial commitment with no guarantee of success.

After studying these issues and the PR industry, I came with a new approach, which I call “reinvented PR.”

The first observation I made was that the databases used by PR firms are basically the same. The ones that came up most often in my research were Prowly, Cision, Meltwater and Muck Rack.