How much do billion-dollar corporations spend on PR?By Lisa Goldsberry
August 1, 2016
4 ways to make sure you are investing enough in this vital area
With billions of dollars in revenue, it is easy to become complacent and rest on your laurels. After all, to get to this point, you must be doing something right. Still, you may be wondering, “Is there more that I can do to further tip the scales and ensure relevance?” The answer is yes, and the solution lies in public relations.
Of course you are already using PR for media relations, crisis communication and reputation management, but you might be missing out on the multitude of other ways that PR efforts can help you solve real problems. Here are some of the benefits you might not be taking full advantage of and why you may want to increase your investment in public relations.
- Integrating new ideas, technology and media relations practices.
Today, it is more difficult than ever to capture a customer’s attention. To do so successfully, you must be bold, innovative and amazing.
You should give your PR firm the freedom and resources to go beyond cutting-edge initiatives to keep your company at the forefront of your industry and first in consumers’ minds. Some possible PR ideas to help your company stay relatable and maintain significance include:
- Creating apps to train staff on better ways to communicate with customers, which they can access in real time.
- Designing packaging that evokes an emotional response (e.g., Tiffany’s blue boxes).
- Discovering new tools to make it easier to pitch, communicate and build relationships with journalists.
- Conceiving programs that foster a connection between your corporation, employees and the community.
- Using data to lead corporate communications in the right direction.
In any endeavor, measurement is crucial. You can’t know that your actions are effective if you don’t know what success looks like. Counting profits should not be the only indicator of customer satisfaction and message delivery.
A PR agency can develop specific programs that serve to advance corporate objectives. By collecting the right data in areas like stakeholder attitudes and customer values, you will be able to better hone your company’s ability to influence consumer behavior and engage your target audience.
- Receiving trusted advice and counsel.
At any large corporation, it is difficult to know everything that is happening in all departments at every location. That’s why it’s imperative to have someone you can trust for honest opinions and real dialogue – not just yes-men and yes-women who may be too worried about their careers or advancement to offer candid feedback.
Given full access, a good PR firm can gain an excellent understanding of your corporate culture and values. More importantly, it can help you communicate your vision throughout your organization and assist in implementing key programs to bring your vision to life.
- Becoming a thought leader.
While your company probably has an excellent reputation based on its products and services, this is no longer enough. You must earn the right reputation: as the go-to source in your industry; as a leader in establishing trends; and as a company that cares about the same issues your customers care about.
You can do this by unleashing the power of PR to create programs under foundations such as corporate social responsibility, policy development and brand strategy. These are the kinds of initiatives that move your company from being a household name today to one that inspires loyalty for generations.
Are you on par with what other billion-dollar companies invest in PR?
Research has shown that most large companies invest heavily in PR firms, usually $250,000 to $25 million annually. But every company is different, with unique structures and requirements.
Axia Public Relations has numerous resources to help you determine what your PR investment needs to be to get the maximum advantage. Use our pricing calculator or download our report to get an inside look at what your competitors are doing and how to evaluate success.
Lisa Goldsberry is a blogger for Axia Public Relations with more than 15 years of public relations experience. She specializes in business and technology PR. Lisa has worked for Axia since December 2013. Learn more about Lisa Goldsberry. Connect with Axia on Twitter @axiapr or tell us what you think in the comments below.
Featured image credit: 123rf.com
Topics: media relations, public relations, reputation management, large companies
Comment on This Article