In today's fast-paced business world every minute counts, and every dollar spent must be justified. As companies strive to enhance their visibility and reputation, many are faced with a critical decision: Should they manage public relations (PR) internally or hire a professional firm?
While handling PR in-house might initially seem to be the most affordable choice, the hidden expenses often tell a different story. In this Fostering Ideas, we'll explore why employing a PR firm is not just a smart decision – it’s a strategic investment that can save your company both time and money in the long run.
Case Study: The Hidden Costs of In-House PR
Let’s take a look at a hypothetical company, “Tech Innovators Inc.,” which decided to handle its PR efforts internally. Over time, the company realized that what seemed like a cost-saving strategy was severely draining resources. Here’s how:
1. Depleting Employees’ Productive Time
When Tech Innovators assigned PR tasks to their marketing team, they underestimated the time required to manage these responsibilities effectively. Hours spent crafting press releases, pitching to journalists and managing media inquiries started to pile up. Employees who were previously focused on core business activities now had to divert their attention, leading to a decline in productivity and a slower turnaround on critical projects for the wider business.
Cost Impact: The company experienced a drop in efficiency, as key employees were pulled away from their primary roles. This resulted in delayed project deadlines and missed opportunities to drive revenue.
2. The Need to Invest in Distribution and Monitoring Software
Maybe the biggest advantage of outsourcing is that you won’t have to acquire the specialized tools for media distribution and tracking for your campaigns. Tech Innovators found themselves needing to invest in costly PR software to send out press releases and monitor overall PR effectiveness. This software is not just a financial investment but also requires a time commitment to train staff to use it effectively.
Cost Impact: The upfront and ongoing costs of distribution software, combined with the time spent on training, added a significant burden to the company's budget. In contrast, a PR firm would have absorbed these costs, as they already possess the necessary tools and expertise.
3. Lack of Access to Follow-Up Resources
The PR follow-up process is crucial to ensure coverage. Tech Innovators’ team found it challenging to organize, manage and deploy these follow-ups in the most effective way, leading to missed opportunities for media coverage. Without dedicated resources for follow-up, the company’s PR efforts often fell short.
Cost Impact: Missed media opportunities translated into lost chances for brand exposure. A PR firm, with its dedicated resources, would have ensured consistent and effective follow-ups, maximizing the impact of each campaign.
4. The Need to Find Coordination Time
Coordinating PR activities – scheduling interviews, managing events and handling crises – requires meticulous attention to detail and significant time investment. For Tech Innovators, the coordination tasks quickly became overwhelming, leading to inefficiencies and errors.
Cost Impact: The time spent on coordination detracted from the company’s ability to focus on its core competencies. An agency would have taken over these tasks, ensuring smooth and professional execution without burdening the company’s internal resources.
5. Climbing a Steep Writing Skills Learning Curve
PR writing is an art that requires a specific skill set. Tech Innovators' employees, although talented, lacked the nuanced writing skills necessary for effective PR communication. The learning curve was steep, and it took time for the team to produce content that resonated with the media.
Cost Impact: The time invested in developing these skills, along with the potential for subpar content during the learning phase, hindered the company’s PR efforts. An experienced PR firm would have provided polished, professional content from the outset.
6. Investing Time to Develop Media Relationships
Building trusted relationships with media contacts does not happen overnight. It is a long-term process that Tech Innovators had to start from scratch. The company found it challenging to gain the trust and attention of journalists and influencers, which is crucial for successful PR.
Cost Impact: The time and effort required to build a media network delayed the company’s ability to secure timely coverage. A PR firm, with established relationships and a vast network, would have expedited this process, delivering results faster and more effectively.
Conclusion: The True Value of a PR firm
The experience of Tech Innovators Inc. highlights the often-overlooked costs of managing PR internally. While the initial decision to forgo a PR firm may seem like a money-saving move, the hidden expenses – in terms of both time and money – can outweigh the perceived savings.
Investing in a PR firm like Foster Marketing is not just about offloading tasks – it’s about making a strategic choice that positions your company for long-term success. By employing Foster Marketing, companies can leverage our expertise, tools and networks that would otherwise take years to develop in-house. This not only ensures more efficient and effective PR strategies but also allows internal teams to focus on what they do best: driving the business forward.
Call us at 281-448-3435 or contact us today to tackle public relations pertaining to your business.