How to invest in your brand
Kim Stoddart from Blue Rocket Group looks at the process of brand building through marketing and PR.
Commercial success or failure can rest on the way a brand is perceived. Investing in your brand will increase the bottom line and give your company greater longevity. Marketing and PR agencies will work on your behalf to raise your company’s profile, helping you to communicate with your target audience and improve your reputation. But it is important to understand the basic principles of branding if you are to get the most out of an investment in this area.
How can press coverage build your brand?
If your company is not a well-known brand it can be difficult to persuade people to use your company. After all, why would anyone want to use your services when there are established brands that they can use instead? If you are a small business trying to compete with bigger companies, you need to make people believe in what you do by building your brand. This is just one area that a PR company can help with. The public takes its lead from the media. They respect the journalists and publications that provide them with information. The fact that a journalist has chosen to write about your company, markets you in a way that is more effective than advertising.
How to choose the right company
Choose people you trust and think you can work with. Although they’re not based in your office it’s still vital you work well together. As more journalists become interested, you may eventually need to work with your PR contact on a daily basis. Go for a straight-talking company. PR and marketing companies that use excessive jargon tend to be stuck in the past and less effective. A company with a proactive approach will get more results. In the past PR focused on sending out press releases with company news. This doesn’t work any more. You need to be more creative. Companies need to come up with loads of different ideas to offer journalists. They also need to be selective in who they target. This generates more coverage because journalists appreciate useful information and ideas rather than being sent annoyingly irrelevant press releases. It can help if the company has experience of your sector, but it’s not essential as the skills involved are the same regardless of the industry. It’s more important to find a proactive, creative company than one with experience in your field. Try asking around to get a recommendation to find an agency that gets real results.
Allocate responsibility
To get the best out of brand-building professionals you need to define your objectives. How do you want your company to move forward? Get them to understand your objectives and explain all the other business development work you’re doing. Then they can devise a PR and marketing strategy that helps you achieve your goals. If you don’t have someone in-house who deals with marketing, someone within your company needs to take responsibility for working with the contractors. They will be the main point of contact and need to be available to answer questions and make sure the press and the public get the right message about your brand. It is helpful if this person has a level of understanding about marketing or how the press works.
How much does brand-building cost?
PR and marketing companies can have a reputation for being expensive. But you can keep costs down by shopping around. Some are much more competitive and others offer special rates for smaller companies. However, it is always important to watch out for hidden charges. While many companies operate transparent charges, there are some who charge for hidden extras like postage, meetings or even telephone calls. Offset the cost of marketing and PR against the amount of money they generate in new business. A good campaign will pay for itself many times over.
How does charging work?
In general PR companies work on a retainer basis. You buy a certain amount of time, such as six days a month for four months. Most companies will produce regular activity reports and updates so that you can see clearly how the time has been spent.
Marketing companies usually put together a quote for specific materials such as a website or brochure. They will also quote you a price for market research projects.
How much is PR worth?
Weighing up the value of press coverage is difficult. A feature in a national newspaper may get you 15 new clients, so it can be seen as being worth that amount in new business. But what about all the other people who read the article and are now more likely to become a customer in the future? Also how do you put a value on the way coverage makes your name more recognisable? One way to gauge the value of press coverage is to compare it to the cost of advertising. For example a full-page advert in The Sunday Times costs in the region of £56,000. But, this is not a fair comparison as press coverage is more effective. Anyone can advertise if they have the budget, but for press coverage about your company to appear, a journalist has had to decide that your business is worth writing about – it shows the journalist respects your company. Also press coverage tends to reach a larger audience than advertising. People read articles, but often flick through adverts, so more people will read an article in The Sunday Times than an advert.
Can PR increase direct sales?
It’s well known that effective advertising can have an immediate effect on sales. Last November, Sainsbury’s most successful Jamie Oliver television adverts caused some stores to sell out of the products featured within hours. Can PR have the same impact? News stories can influence people’s behaviour. A press recommendation is the next best thing to a word-of-mouth recommendation. The public respect the opinions of their favourite paper or magazine and a positive article about a product or service will inevitably create direct sales as readers are influenced by the review.
Stay committed
Brand management requires a long-term commitment. It involves regular evaluations including surveying customers and employees for feedback. The odd mention in the press is useful and can create direct sales, but to grow a brand successfully you need to build on this momentum with regular high profile coverage in publications your target audience read.
Kim Stoddart is managing director of media relations company, Blue Rocket Group. To find out more, visit www.bluerocketgroup.com alternatively contact info@bluerocketgroup.com or call 01273 779 196