A business owner who wanted to gain more buzz for his company asked what it would cost for me to create a news release about his company and services. The question is tougher than it sounds.
There are several factors to consider: How complex was the subject and how much research was required? Would I need to interview anyone? How long would the story be? Would it need to be in various lengths and formats for the media, his website, social media sites, sales collateral? Factor in actual time for writing, editing, approvals and distribution/pitching to the targeted media. His answers would help me estimate if the project might take a few hours, half a day, a full day or more.
His question reminded me of a story: Years ago, the General Motors CEO needed to make a big splash at the Annual Meeting to boost morale, GM’s image and the share price. He contacted the best speechwriter he knew. The CEO outlined key points to be made and explained how critical the message would be to GM’s future.
A week later the speechwriter gave the CEO exactly what he requested. The speech was a huge success. GM’s value increased a few dollars per share. When the CEO received the bill for the speech — $10,000 – he called the speechwriter to ask if there was an error. “No,” said the speechwriter, “I estimate the company is worth about $1 billion more today than before you gave the speech I wrote. Mission accomplished.” The CEO approved the bill.
As a marketing gimmick I’ve given out authentic-looking million-dollar bills with a label reading ‘A good idea is worth a million dollars’ plus my contact info. Is it worth paying $400 or more for a news release about a new product, service, business deal, award or staff member? What’s it worth to have the right content for an annual report, speech, ad, brochure or newsletter? The right message can result in attracting a new client, securing a multi-million deal, sale of a building, leasing of 100,000 square feet of office space, , etc.
While you may be a good writer, great PR is more than good writing. Owners/managers should spend their time running their business and complex decisions — and trust PR to a pro who can develop angles, knows how to use a variety of media and vehicles to reach target audiences, and tell the story in a believable and authentic way. A good PR person will have lots of good ideas – and each can be worth millions. What should your PR cost? That’s tough to put a price on – but it’s worth a chat.
Stanley Hurwitz is the owner of Creative Communications, based in Stoughton, Mass.