By Joni Youngwirth
Public relations (PR) includes a host of approaches: publishing articles, public speaking, getting quoted as an expert by the print or broadcast media. One of its great appeals-aside from often being free-is that it can level the playing field. Whether you are from Wall Street or Main Street, the audience is frequently generous in designating an author or a cited professional as an expert. Many clients are impressed simply that you have been published.
But, there is often a tradeoff for gaining this credibility. When compared with traditional marketing approaches-such as events or direct mail, and certainly compared with asking for referrals-PR is a slower route to getting new clients. Moreover, when working with the media, it is impossible to select precisely who will be exposed to your articles, quotes or broadcast appearances. In fact, you may end up fielding a lot of calls or setting up meetings with individuals who are far from your ideal client.
Here are a few tried-and-true approaches to get the most out of your PR efforts:
Printed Articles and Quotes
If you want to get published or quoted in your local newspaper, invest the time to become familiar with the paper, its section and the names of reporters who cover the sections. Introduce yourself to them in person or via telephone and e-mail. Learn their needs and share your expertise in terms of why they might want to quote you or have you write for the paper.
It is naive to think that one interaction will lead to invitations to be published or that your phone will ring off the hook with people trying to quote you. Treat media resources as you would any important strategic alliance. Contacts need recurrent attention and courting with calls, e-mails and letters that propose different story ideas focusing on their needs.
As part of your effort to become more widely known by the press, you may want to consider contacting the director of public relations at your local Financial Planning Association chapter to get involved in the chapter's PR activities.
If a reporter calls you for a quote, he or she is often on deadline-so timing is of the essence. Even though you may feel too busy, talk with the reporter at the time of the call, or at least ask if he or she is on deadline and if there's flexibility for a callback. Be aware that "sound bites" can be extracted from what you say. If a reporter is willing (sometimes, not often) and time allows, get a copy of your quotation before it's printed.
Newsworthy Press Releases
If you have legitimate news to impart, another option is to write a press release. Announcing an office move is of minimal importance, unless you are in a very small community. But being named to a credible, industry-wide list of selected advisers is worth telling the world about in a press release.
Keep a press release simple. State the news you have, and of course, include your contact information.
Write a Book
For some, a book is an option for gaining credibility. Unless it is a very short book, however, writing it will require a serious time commitment. If you choose to write one and end up with a published book, be sure to give an autographed copy to clients and prospects. Other opportunities would be to display copies of the book in your waiting room and promote the book on your Web site.
Speaking on Radio and TV
Are you a good speaker? If so, speaking on a radio or television show may be a great option. As previously mentioned, establishing yourself as an expert whom broadcasters can call upon for commentary takes time and consistent effort.
If you decide to buy air time, know that this can be very expensive. Given that this approach usually requires regular investments to gain long-term results, purchasing broadcast media time is most feasible for those with deep pockets.
Sponsor Events and Community Leadership
There are endless opportunities to garner goodwill if you are in a position to sponsor a nonprofit group or a community event. Whether it is a little league team, an arts group or a charitable event, providing financial support is newsworthy. Support in the form of "sweat equity" can also be something to publicize. There are numerous viable options, including building a house for Habitat for Humanity, chairing a United Way campaign or organizing a food drive for the homeless.
Examples of Successful PR
- The principals of Crossbridge Financial Group in Rochester, N.Y., say they feel it is important to give back to their community, which has given so much to them. A popular event that the firm has sponsored for several years is a chocolate tasting and silent auction to benefit three local charities. One year, the activity was so well publicized that three radio and TV stations showed up to cover it!
- Debra Brede of D.K. Brede Investment Management Co. in Needham, Mass., was named to Barron's list of the "Top 100 Women Financial Advisers" in the United States. Brede distributed a press release, was interviewed by a regional newspaper, and ended up with a full-page story, complete with a color photo.
- Dave Root, Jr. and Carrie Coghill Kuntz of D.B. Root and Co. in Pittsburgh have done PR independently and with the help of an outside agency. From coverage in Fortune magazine to interviews on CNBC, the two have had success garnering attention in the media, and that has led to getting more prospects aligned with the company's definition of its ideal client.
Find the Best Fit
If PR is right for you, select an approach that taps your talents. Remember to right-size your PR efforts for your business. If you target a local outlet diligently, cultivate the contacts yourself. If national publications and broadcasts are more fitting, consider paying a professional PR firm that will focus your efforts efficiently and often successfully.
Joni Youngwirth is the managing principal of practice management at Commonwealth Financial Network® in Waltham, Mass., and serves on the editorial advisory board of Practice Management Solutions. She can be reached at jyoungwirth@commonwealth.com.
