Thinking of taking a break from media relations?
There is one important constituency that will not buy from you, will not buy your stock, and will not take money for recommending your products/services – the editors and reporters in the financial services industry. But even though they do not do any of these things, they are extremely important because they represent the people who are in a position to buy, recommend or approve the decision to use your company (their readers).
The media inform, educate, influence and occasionally entertain us. If you have an on-going, proactive public relations program, you are doing better than most companies selling to banks, credit unions and lenders.
Understandably, you have to look hard at where you spend your money and time to get the best return on your marketing dollars. Sometimes you have to make tough decisions when cash flow is tight, profits are down or you don’t have all the right staff in place. So what are the consequences for taking a break from media relations?
1. Your absence speaks volumes to the market and your competitors.
2. The media change, and the goodwill you had with reporters goes with them when they leave. New people come on board, and you have to start building relationships again from scratch.
3. Editorial opportunities addressing your area of expertise come and go.
4. Other companies, including your competition, build awareness for themselves while you are on break.
5. Your prospects are making decisions while you take a break -- which companies to consider, recommend or to buy from.
There are other, less obvious consequences that can result from taking a break from the public relations program, such as recruiting can suffer. Your efforts to influence potential partner companies for strategic alliances or reseller agreements can fail as they seek to do business with other high-profile companies.
Companies looking to do an initial public offering are often mistaken when they come to The U.S. Securities and Exchange Commission’s “quiet period.” Many are under the impression they must cease all public communications, which is not the case. According to the commission’s website (http://www.sec.gov/answers/quiet.htm):
“All reporting issuers are, at any time, permitted to continue to publish regularly released factual business information and forward-looking information.”
“Non-reporting issuers are, at any time, permitted to continue to publish factual business information that is regularly released and intended for use by persons other than in their capacity as investors or potential investors.”
Before you turn the lights out on your public relations program, consider taking a break from other areas of your marketing program. It is much more cost effective to keep media momentum going than to restart it.
The media inform, educate, influence and occasionally entertain us. If you have an on-going, proactive public relations program, you are doing better than most companies selling to banks, credit unions and lenders.
Understandably, you have to look hard at where you spend your money and time to get the best return on your marketing dollars. Sometimes you have to make tough decisions when cash flow is tight, profits are down or you don’t have all the right staff in place. So what are the consequences for taking a break from media relations?
1. Your absence speaks volumes to the market and your competitors.
2. The media change, and the goodwill you had with reporters goes with them when they leave. New people come on board, and you have to start building relationships again from scratch.
3. Editorial opportunities addressing your area of expertise come and go.
4. Other companies, including your competition, build awareness for themselves while you are on break.
5. Your prospects are making decisions while you take a break -- which companies to consider, recommend or to buy from.
There are other, less obvious consequences that can result from taking a break from the public relations program, such as recruiting can suffer. Your efforts to influence potential partner companies for strategic alliances or reseller agreements can fail as they seek to do business with other high-profile companies.
Companies looking to do an initial public offering are often mistaken when they come to The U.S. Securities and Exchange Commission’s “quiet period.” Many are under the impression they must cease all public communications, which is not the case. According to the commission’s website (http://www.sec.gov/answers/quiet.htm):
“All reporting issuers are, at any time, permitted to continue to publish regularly released factual business information and forward-looking information.”
“Non-reporting issuers are, at any time, permitted to continue to publish factual business information that is regularly released and intended for use by persons other than in their capacity as investors or potential investors.”
Before you turn the lights out on your public relations program, consider taking a break from other areas of your marketing program. It is much more cost effective to keep media momentum going than to restart it.
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