What is the podcast?
Marketing School offers a daily podcast that gives you 10 minutes of actionable marketing advice every single day. In this episode, Neil Patel and Eric Siu discuss whether or not hiring a PR firm is worth it. They speak about retainers, their own experience and when should PR play a part in your business plan.
Where will you find it?
You can listen to the podcast here.
Why should you listen to this episode?
Eric Siu is the CEO of digital marketing agency Single Grain. Single Grain has worked with companies such as Amazon, Uber and Salesforce to help them acquire more customers. Neil Patel is world-renowned digital marketing specialist top who has been recognised by The Wall Street Journal as a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. He was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations. It is clear that Siu and Patel are experts when it comes to trying to get brand recognition through PR.
The pair talk about how most PR firms will require you to pay a monthly retainer which can range from $2,000 the whole way up to $10,000 for their services which, some of the time, mightn’t even be that beneficial to your business. Patel estimates that he has spent $300,000 – 400,000 on around ten PR firms over the last few years and in his experience, the rare pay as you go model is the best.
The pay as you go model, as described by Siu and Patel, is performance press based: if you get results, you pay and if you don’t get results, you don’t pay. However, Issue 16’s Must Listen Podcast, Spin Sucks: Reworking Earned Media, highlighted how important it was to take the risk of investing money in to PR: “You have to be willing to put in the time and money to test before you start reaping rewards”. This is a far more realistic, reliable and beneficial model.
The pair highlight the importance of acknowledging that PR isn’t always necessary to get your brand out there, but is essential in building brand trust, recognition and credibility once your business or story is out there.
Some of the things that Siu and Patel say:
“If I get results I want to pay, if I don’t get results I don’t want to pay.”
“PR builds credibility, brand trust, recognition if you follow the rule of seven”