How to budget for PR
How to budget for PR
High-quality and well thought out public relations activity can really make your brand stand out from the crowd.
There are many ways to build and increase your business exposure, for example press releases, webinars, white papers, features, media interviews, radio appearances, company brochures, newsletters – the list goes on.
If you don’t know much about PR, it’s a good idea to hire someone internally or source an external firm to help you. Therefore, think carefully about your budget because this can determine the results, and what you want to achieve.
So, here are my top tips to help you invest wisely in a communications strategy.
1. Prioritise PR
Public relations can often be overlooked or left out of an organisation’s marketing budget altogether. So, rather than having to pass up the opportunity to gain some positive comms surrounding your brand, factor in how to maximise media exposure from the get go.
It’s also a good idea to make a list of activities such as press releases, features, blogs, whitepapers and social media management, so that if your budget doesn’t cover everything, you can prioritise the ones that will prove to be commercially beneficial.
2. Get the buy-in
If you’re struggling to gain leadership support for a PR budget, try to change the perception by demonstrating key results like ROI, social engagement and press coverage, that an effective comms strategy can achieve.
Like most marketing activities, public relations is an investment that many organisations truly see a positive return on. So, make sure you take the time to understand how the longevity of effective PR can have on your business.
3. Start small and scale up
If factoring in PR is new to your firm, begin by allocating a certain level of funds in year one and look towards increasing this every 12 months, by a set percentage. This will ensure you continue to build upon what activity your PR function can achieve and what to prioritise.
4. Borrow from other departments
No organisation’s budgets are set in stone, and often don’t consume all the resources allocated during a quarter or year. However, instead of pausing your PR – and potentially missing out on opportunities – see if any funds can be redirected towards important brand-boosting comms.
The size of your public relations allocation matters. Whether you’re starting from scratch, or you need to invest more, reviewing your capital can be a good place to start.
It’s important to know that if you only have a small pot of money, this shouldn’t entirely affect the PR results achieved. Yes, you can expect less activities but the outcome should still be quality, business-focussed and key towards your future organisational growth.