Cost-cutting: Four ways to save on public relations
By Philip Jones and Roberto Pena
Cost-cutting is always a good business practice, especially in this economic climate. To navigate the sluggish economy, you must find a balance between searching for new opportunities and keeping your PR budget in check.
At a time where expanding into new areas of revenue could be essential, you don’t have to go without communications. Here are a few tips to save money while you get the word out to new potential clients:
- Harness the power of social media — Contacts can be the key to surviving patches of little work. If you can communicate quickly and effectively with your networks, you can streamline the process by which you find clients. The faster you are at identifying someone’s need, the more likely you are to have the chance to fill it.
- Leverage relationships with strategic partners — Over the course of business and your personal life, you have developed many relationships with potential partners. You can also branch out and look for people who would benefit from an agreement to publicize each other. For example, if you own an oil change business, find a tire shop that will recommend you to its customers if you do the same. Seek out non-competitors with whom you could team up.
- Capitalize on newsworthy events — Events with wide appeal or relevance can translate into newspaper articles. If you can pitch recent or upcoming events as potential stories, you’ll be well on your way to earning media placement.
- If there are no events, create cost-effective ones — This one explains itself. If nothing newsworthy jumps out of your calendar, come up with an event that you can put together for relatively little money, and then publicize it! Examples include ribbon-cutting ceremonies, the introduction of a unique new product or service, or fundraising efforts (for non-profits). This strategy demands a more in-depth look at the specifics of your business, since you’ll have to look at things like inventory, accounts payable, and cash on hand to assess whether the event you’re considering is feasible. If it is, organize it and take it to the media!
These strategies are a handy primer on cost-effective PR. If you’re looking for more in-depth guidance, we at Estilo will be happy to talk to you, so give us a call at (512) 477-1018.