News & Views

The importance of effective PR

In any business, reputation is key to success and in the current climate, effective reputation management has never been more important.

As investors evaluate their financial position, it is likely to lead to questions about the value they are receiving from the advice they are taking. It is essential therefore for planners to consolidate their reputation with clients, to promote a positive image within the industry and to build a strong reputation with the people who matter most to their business - clients, prospects, referrers and staff.

How can Public Relations (PR) help develop a positive image and establish a good reputation for your business?

Effective reputation management is the core principle of PR, which is defined by the Chartered Institute of Public Relations (CIPR) as follows: ‘Public relations is about reputation – the result of what you do, what you say and what others say about you’.

Broadly, PR is a way of effectively communicating with your target audiences to make sure that they understand what you do. PR is not just about press releases and media relations. It can be wide reaching and includes things such as;

• Investor relations
• Staff conferences
• Newsletters (internal and external)
• Internal communication
• Event management
• Developing effective centres of influence

PR is the constant reinforcement of your brand and its values to your internal and external stakeholders. It is the communication of what you do, how you are different and it lets your stakeholders know what you are doing now and your plans for the future. Longer term, it helps you to build a reputation and establish your business values in the minds of the people who will be critical to your success. Effective PR is at the heart of every successful individual or business so it is important to get it right and to constantly review it.

Suggested exercise: Take 15 minutes to write down the key points that you would want your staff, clients and referrers to say about your business if you asked them. Then, ask them. If there is a clear match, your PR is working really well. If they don’t match, there is an opportunity to improve your PR programme.

Here are some of the things that you can think about when considering PR for your business.

• Firstly, what are the objectives of your communication? For example, are you trying to grow your client base or build a team culture within your office?
• Who is your target audience? Is it clients, prospects, referrers or staff?
• What are the key messages that you need to be communicating to each of your stakeholders? (Ideally, they should be few, succinct and clear).
• Consider the issues that are affecting the market right now and think about the questions that your clients or stakeholders may have.
• Refine your messages accordingly. You may want to consider messages about the strength of your business, your service ethic, integrity and trust.
• Who are your direct competitors and what are they doing?
• What is your timing?
• How much money do you have to invest on your PR programme?

Effective PR – tips for your business

‘Communicate, communicate and then communicate some more’ - Bob Nelson, Motivational Speaker. In today’s environment, communication is key. Here are a few things that you could think about doing over the next few months to ensure consistent messages to your stakeholders.

• Hold a networking event and presentation for your top clients. This will give you the opportunity to reinforce what you do and the value that you can add. Ask your top clients to bring along a friend – this is a great networking opportunity and we all know the power of referrals.
• Take the time to understand client concerns and listen to feedback so you can adapt your communication accordingly
• Send out regular communications to your staff and your clients. This could be a weekly email or a monthly newsletter. Even picking up the phone to key stakeholders helps you to constantly reinforce positive messages.
• Taking this one step further, think about the power of ‘word of mouth’ with your most influential stakeholders. Cultivate networks of contacts who are influential in the industry and who will positively reinforce your business. There has never been a more important time to reinforce the real benefits of quality financial planning advice.
• Become more active in the community through sponsorships, exhibitions or charitable events and initiatives.
• Review your marketing material – does it say what you want it to say?
• Build relationships with journalists and industry representatives. Are there any editorial opportunities that you can make the most of? Write articles for local newspapers - if they reach your target market.
• Think about your branding and corporate identity – is it strong and powerful and does it communicate your brand values?

The benefits of effective PR

• Traditional methods of marketing can be costly, whereas effective PR can generate similar results in a much more cost efficient way.
• While advertising may be more immediate than PR, PR often carries more credibility, especially as it is frequently a third party endorsement from a respected source.
• You can drive the messages that you want to communicate about your business through positive case studies and testimonials.
• Most importantly, it is difficult to place a value on your reputation but once you have lost it, it takes a lot of effort to rebuild it.

Summary

‘Public relations is the discipline which looks after reputation, with the aim of earning understanding and support and influencing opinion and behaviour. It is the planned and sustained effort to establish and maintain goodwill and mutual understanding between an organisation and its publics’. CIPR

PR is essential for all businesses. Done well, PR can deliver long-term benefits for your reputation with all of your stakeholders and help grow your business value in turn. By reinforcing your key messages in every piece of communication, you have the opportunity to establish what matters most to your business, thereby separating you from the competition. In the current market, it is ultimately the strength of your reputation that will ensure your longevity. PR opportunities are all around you. Finding the time to think them through, plan how to capitalise on them and then executing them well is the key.