This is the second installment of our "Case for PR" series. We've put together a series of topics aimed to help those who might be on the fence about kicking off a public relations strategy.
We’ll cover the following topics in the months to come:
- PR and your brand
- Competition is doing it
- Creating Credibility
- Importance of specialized PR expertise
- Support marketing/sales initiatives
So, without further ado...
The Case for PR - The Competition is Doing it!
Imagine you are the head of marketing for a group of mutual funds.
You’re having your first cup of coffee and preparing for a chaotic day with an agenda that doesn’t quit.
Your agenda just got longer!
You just saw that your major competitor was profiled in the Wall Street Journal. Your jaw dropped! That coffee just went flying! Your first thought was how did they do it? Why them and not us? Your funds are performing as well as theirs and are highly regarded by Morningstar, your strategies are proven, and your portfolio managers are smart. So why is your competitor profiled and not you?
You hop online to check out the competitor’s website and notice it’s all new. The site is clean, fresh and uncluttered. It’s easy to navigate and chock full of new content. There are other news features as well as video clips.
You take a look at your own website and suddenly, now you understand the complaints that you and your salespeople hear from prospects and clients. You wonder how much business you’re losing because your website was too cumbersome and complicated?
You scroll through some of the media pieces on your competitor’s site and watch a video from the top portfolio manager. He was concise and stayed on message. He articulated their strategy and delivered their key points.
He wasn’t just smart. This was not just happenstance. What did they do? How did they make this happen?
They hired a public relations firm.
The firm helped them develop a program to distinguish them from thousands of other mutual funds.
How did the program work?
They kicked off the program by participating in a media training boot camp with their PR firm, and learned to:
- Identify and fine-tune their investing process messages
- Tell their story and share their messages succinctly and consistently
- Stay on message even when asked the “wrong” question
- Answer the “tough” questions
- Practice their skills in a simulated studio environment
With their PR firm, they launched a new website that:
- Featured their messages and showcased the firm’s differentiators
- Was user-friendly with intuitive navigation
- Provided easy access to information about the firm and its products
- Offered timely fund performance and market commentary
- Featured videos and positive media appearances
- Was responsive across all devices
- Was visually appealing and uncluttered
Lastly, the cornerstone of the PR program that resulted in the Wall Street Journal profile was a New York City Media Tour for the competitor’s top portfolio manager.
The PR firm scheduled 5 in-person interviews with top-tier financial reporters, relying on its long-term relationships with the media when planning the tour.
Prior to the tour, the PR firm scheduled a pre-tour call and discussed the potential topics the reporters wished to discuss. The team prepped the portfolio manager offering tips and suggestions for practicing and preparedness.
During the tour, the PR account executive accompanying the portfolio manager provided immediate feedback following each meeting.
Using the finely-honed messaging skills developed during media training, the competitor’s portfolio manager developed a rapport with the Wall Street Journal Reporter.
The reporter, impressed by the investment strategy conveyed by the PM, decided to write a fund profile.
You’ve heard enough. It’s time to keep up with the competition!
Even though it wasn’t on your original agenda for the day now you’re ready to hire a PR firm to promote your funds too.
Let’s talk – SunStar can help!
You can learn more about the SunStar Strategic approach to public relations here.