When it comes to public relations, you can’t put a price on success. But that doesn’t mean you can’t budget for it!
In this blog post, we will discuss how to allocate your PR budget in a way that will lead to the most successful campaign possible.
How do you start planning your PR strategy?
One of the most important things to remember when budgeting for a PR campaign is that you need to be realistic about what you can achieve. Don’t set your goals too high and then be disappointed when you don’t reach them.
Instead, start by setting attainable goals and then work from there. For example, if you’re a small business, you might want to focus on getting coverage in your local media.
If you’re a larger company, you might set your sights on national media coverage. Once you know what type of coverage you’re aiming for, you can start to allocate your budget accordingly.
Another important thing to keep in mind is that a PR campaign isn’t a one-time event. It’s something that needs to be continually worked on and updated so make sure you factor in the cost of maintaining your PR campaign into your budget.
Hiring a PR firm can be expensive, but it may be worth it if you don’t have the time or resources to do it yourself.
No matter how you choose to allocate your PR budget, the most important thing is to create measurable goals. This way, you can track your progress and adjust your budget as needed.
Should you hire a PR agency or keep everything in-house?
When considering whether or not to hire an agency, ask yourself these questions:
Can we commit the time necessary to manage a successful PR campaign internally?
Do we have the knowledge and experience to execute a PR campaign?
Do we have the budget to hire an agency, or do we need to outsource specific services?
If you decide that outsourcing is the best option, be sure to research agencies thoroughly and find one that is a good fit for your business.
Creating measurable goals
Creating measurable goals is essential for any PR campaign. Without them, you won’t know if your campaign is successful or not.
Some examples of measurable goals include:
- Increasing brand awareness
- Generating leads
- Driving traffic to your website
- Getting media coverage
Once you’ve set your goals, you can start to allocate your budget accordingly. For example, if one of your goals is to get media coverage, you might want to allocate a larger portion of your budget to hire a PR firm.
On the other hand, generating leads and sending traffic to your website can be achieved by other methods such as ads or SEO which can be started with a smaller budget.
PR budget for a startup
When you’re starting a business, every penny counts. So how do you allocate your PR budget when you don’t have much money to work with?
One way to save money is to do most of the work yourself. This includes writing press releases, contacting reporters, and creating social media posts. You can also reach out to local publications and bloggers for coverage.
Another way to save money is to outsource only certain services, such as media monitoring or social media management. This will allow you to get the most bang for your buck.
When creating your budget, be sure to include expenses like website hosting, advertising, and PR software.
It’s also important to set realistic goals. Don’t try to achieve national media coverage your first time out. Start small and work your way up.
The most important thing is to be consistent with your PR efforts. If you can’t afford to do a full-blown campaign, then send out a press release or two every month.
Your startup budget can range from almost nothing (if you are willing to do all the work yourself) to around £1500/month.
PR budget for established companies
Established companies have a bit more leeway when it comes to their PR budget. They can afford to hire an agency or outsource services, and they also have a larger pool of resources to draw from.
An existing company should also have a baseline to start with. Consider the following questions:
- How much did the brand spend on PR in the previous years? Was it enough to reach their desired goals?
- Has the company grown enough compared to previous years to a level where it would need to reach new audiences, such as a national or international market instead of a local one?
- Was there any change in the team, such as a new hire who might have previous PR experience?
- Has the profitability of the company increased to accommodate a bigger PR budget than last year?
Remember, the most important thing is to create measurable goals and track your progress. With a little planning, you can create a successful PR campaign that fits your budget.
A typical PR budget for an established company can range from £2000 to £10000 per month.
How can Press Loft help to be effective with a lower budget?
Press Loft is a self-service PR tool that can help you to achieve your goals without breaking the bank.
With Press Loft, you can write and distribute press releases, track media coverage, and manage your social media accounts.
Plus, our team of experts is always here to help with advice and support so if you’re looking to save money on your PR budget, Press Loft is the perfect solution.
Start today by signing up for our FREE TRIAL and see our platform in action!