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• W217567407 abstract "Public relations practitioners have a tendency to promote what they do best, rather than what is best for the bank's specific marketing needs. That's one reason why bankers responsible for public relations need to choose their agencies and their types of media carefully. A good start is a comparison of the bank's current situation with its desired market position. The kinds of questions you might want to ask yourself are: What obstacles are preventing the bank from reaching its desired status? Are they internally or externally driven? What is the bank's market share? Image? Visibility? What services does the bank want to promote? To what audience? If this sounds more like a marketing than a publicity analysis, it should. Public relations should be judged with the same pragmatism applied to any other sales or marketing expenditure. Interviewing agencies. Most PR agencies posture themselves as generalists, offering a full menu of publicity services. Chances are, however, they are best at one or two things. It's a good idea to learn what these strong points are before you discuss your specific needs with the agency. Once you find an agency experienced in the activities you require, you may want to ask for references. I believe reference-checking is a waste of time since agencies will only give you names of clients who will recommend them. Unless you know someone at a referred bank or company, you're better off investigating the relevance of the agency's experience than their references. If you have reason to mistrust an agency or its claims, the Better Business Bureau is probably a better resource than a client reference list. In your discussions, you may be exposed to some myths about press coverage. * Myth #1: If you need press coverage, hire the agency with the best media contacts. Reality: Some PR people like to imply they have an inside track with influential media, but contacts mean little without solid story ideas. Better to assess the creative instincts and work habits of the agency. If the ideas they have for story lines are hackneyed, editors won't respond any more favorably than you do. * Myth #2: Your bank will need an elaborate press kit to grab editors' attention. Reality: Press kits are probably the most oversold - and overpriced - PR service. Agencies love to sell press kits. They can be done by grunts and marked up steeply. Your bank does not need an expensive press kit to land media coverage. Editors are inundated with press materials every day, and have little time to review that twelve-page, four-color monument to your bank's accomplishments. * Myth #3: Press coverage is strictly a long-term strategy. You can't expect an agency to get you into print in just a few months. It takes time to convince editors to do stories about your bank. This is one reason the agency requires a retainer fee and a minimum one-year contract. Reality: With the benefit of an agreed-upon marketing plan, if an agency can't make something happen in 90 days, you have the wrong agency or the wrong approach. In either case, why should you fund a misdirected effort? If the agency is as good as it intimated in its proposal, it should be willing to forego a retainer fee in favor of a performance-based contract. * Myth #4: Buy advertising in publications you hope to crack an article in. You will have leverage with the editors. Reality: Quality publications evaluate article submissions on their merit, not on advertising considerations. Any publication that implies you can have an article if you first advertise carries little credibility with readers. * Myth #5: Advertorials are a shortcut to simulated credibility. Reality: Knowledgeable prospects aren't influenced by pseudo media coverage. Advertorials are transparent and suffer from overkill. * Myth #6: The best way to gain media coverage is to inundate the media with a fusillade of press releases. …" @default.
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• W217567407 date "1991-10-01" @default.
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• W217567407 title "How to Obtain Quality Public Relations" @default.
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