When it comes to your growth and success, invest wisely
You have decided that your company needs the services of a public relations firm. Perhaps you already have in-house staff that could use an extra hand to get more done. Maybe you are looking to invest more resources and time in your company’s PR efforts for increased visibility and results, and you have determined that a PR agency is your best option. Whatever the reason, you first need to know how much hiring a PR firm will cost.
This is a question we get asked all the time at Axia Public Relations, but we don’t mind. We understand that you need to be strategic about your budget dollars and want to invest them in ways that get results. The answer can be different for each company, depending on size, industry and the goals you want to achieve. Here are three factors you can use to establish what a PR firm will cost for you.
- Think of it as a big-ticket purchase for your business. When you buy a home, you consider many issues to calculate the cost. The number of rooms, square footage and location are just some of the determining factors. You also must decide what’s important to you. For example, do you like lots of entertaining space inside, or are you more concerned with acreage and privacy?
When hiring a PR firm, you also have to determine what you want. Do you just need assistance in one particular area, like special events? Are you looking for comprehensive PR services, such as media relations, crisis communication and social media help or do you find honest, smart PR counsel more valuable? It is vital to know this upfront for better communications with and pricing information from your PR firm.
- Remember that you get what you pay for. You could purchase a decent car to get you around for about $12,000. However, it’s unlikely that this car would have leather seats, an amazing audio system, responsive handling and advanced technology. Some companies make the mistake of using price alone to select a PR firm. Going with the cheapest firm may save you money in the short term, but you will lose time and energy, and you still may not meet your goals the way you’d hoped. A majority of medium-sized companies invest approximately $75,000-$250,000 a year on PR agencies; larger companies devote more.
- Will you be paying that in nickels and dimes? How you pay for a product or service can be just as important as what you pay. Other PR agencies may charge by the hour – often up to $200-$500 per hour – and require a retainer. These firms also typically ask you to sign a yearlong contract. The problems with this are:
- You will never really know how the firm is spending its time on your behalf.
- You may not use the firm enough to get value from the retainer.
- If you are unhappy with the firm’s services, you can’t shop around for another firm without losing even more money.
At Axia, we don’t charge hourly or demand a retainer. We begin by implementing a trial period with an agreed-upon investment to let you see what we can do. You can go with single-audience PR solutions, national, multifaceted campaigns or anything in between.
Contact us today for a no-pressure consultation and investment recommendation or download our e-book, Maximizing Your Public Relations Investment, to start our journey together.
Lisa Goldsberry is a writer 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