Then you’ll find this article useful. I’ll be answering the question; I’ve limited resources and need to focus on growing my business, should I invest in PR or business coaching? Believe it or not, people ask me this question all the time. Should I pay you Griselda or should I go and hire a PR agency?
PR is one of the 7 steps I recommend in my book How to become an expert in 7 simple steps: Build a business around what you already know and get highly paid for it. PR is good for business. Its all about promoting you or your business through editorial coverage by being featured in magazines, newspapers, tv etc. Its not advertising because you don’t pay to be featured but you’ll typically pay an agency to pitch your ideas and get you “FREE” coverage in the relevant media outlets.
As the saying goes, there is no good or bad PR. Anything that gets people talking about your business has been known to be good for business. PR is a powerful way of establishing overnight credibility especially in a highly competitive market. Every business could do with some PR.
When you ask people why they want to invest in PR, they say they want to get their name out there, hoping that their media appearance will immediately result in a floodgate of enquiries and sales.
I’ve worked with lots of businesses over the years, who have had different results from PR. Some people have experienced this floodgate of enquires but more often than not the businesses I speak to are baffled because the publicity did not result in an increase in sales or enquires as they expected.
Although we all agree that PR definitely has its role in growing businesses, not all businesses should be investing in PR if they have very limited resources.
This is my reason for this bold statement.
The best way I can describe what I’m trying to say is to use the analogy of the property programs that help owners sell homes they are finding hard to sell. Typically, these are people with homes that have been listed for sale for years – interested viewers come and go and still nobody puts in an offer. Infact there is no shortage of interested viewers. The house is in a desirable area, is well priced and should sell on paper but it doesn’t. This is normally because there are problems that the owners cannot see or refuses to fix to make the house appealing to buyers.
It’s the same with businesses that rush to pay for expensive PR thinking it will solve all their sales problems.
PR only works when you have your business positioned, packaged and structured properly to turn the interest generated from PR into leads and then sales. No amount of PR will help until you fix what needs fixing and as your PR agent is not in the business of fixing businesses, they can’t help with that. They’ll do what they know how to do which is to get you in the right places. Its down to you to make the most of it.
So if you have a limited budget – get some help to get your business ready for PR. Really understand why things are not working.
PR is an investment. It doesn’t come cheap neither does business coaching so make sure you are putting your money where you can get the best return. I wrote about the 7 costly mistakes to avoid when looking for a mentor, coach or consultant.
So the truth is that PR does help to grow business but there are no guarantees.
The myth is that PR has an immediate or even lasting impact on the bottom-line. It doesn’t always. Just look at all the reality tv stars who have not been able to turn their stardom into profits. Its not automatic.
So this is what you can do:
- Make PR part of a wider business growth strategy with direct links to your marketing and sales campaigns
- Seek FREE PR and actively learn to pitch your businesses in-house and generate PR on a shoe-string budget. I know business owners who have generated thousands of pounds worth of free PR – its possible when you have the time but not the funds.
- Bring someone in to fix the business FIRST or alongside investing in PR.
- Do generate PR for your business but first sit down and map out how you are going to turn that interest into potential leads and then sales.
- Remember, effective PR is a journey not a one time event and the way to get the most out it is to be strategic about it
I hope you found this article useful. If you did, please let me know what you’ve taken away from it by leaving a comment. Please feel free to share it with your social networks using the social media button on your left.
Thanks for reading.