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PR and Targeted Business Development: Complementary Efforts

PR and Targeted Business Development: Complementary Efforts. The Intersection of PR and BD. March 2010. Kathleen S. Reichert Kreichert @mayerbrown.com. Public relations (and media relations) include two related but separate tracks. Information and engagement = the intersection of PR and BD.

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PR and Targeted Business Development: Complementary Efforts

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  1. PR and Targeted Business Development:Complementary Efforts The Intersection of PR and BD March 2010 Kathleen S. Reichert Kreichert @mayerbrown.com

  2. Public relations (and media relations) include two related but separate tracks Information and engagement = the intersection of PR and BD

  3. Targeted PR and business development have very different approaches and tactics … • PR approach • Mass communication to broad markets or market segments • “Secondary” or indirect communication through a third party (media) • Typically focused on developing a general understanding in the marketplace at the early stage of the marketing/sales cycle • Can be used to reinforce purchase decisions or service experience • Addresses both internal and external audiences • Business development approach • Highly tailored message(s) that offer solutions to a specific client need or problem • Communication delivered directly by those who will also deliver service (in professional service firms) • Typically communications are in the later or final stage in the cycle: directed at the decision to purchase • Value determined by the buyer as the service is experienced or used

  4. … but (particularly in professional services ) they have shared objectives • Increase revenues • Build reputation • Enhance relationships with key market segments and clients • Highlight the firm’s strengths and leading-edge capabilities • Communicate the unique, differentiating value of the firm and/or its services • Demonstrate the capabilities and knowledge of the firm • Establish credibility and commitment

  5. What’s included in issues-based PR? A broad range of actions and initiatives Press releases and media relations Issues-based events PR Actions and Initiatives Presentations and speeches Publications/articles on important issues Community outreach and involvement (pro bono/civic) Targeted communications to key constituencies: clients, government, key influencers

  6. Targeted PR like targeted BD is strategically focused and planned • PR strategy must be aligned with the firm’s key values, attributes, benefits and culture • Message development should be specific and informative • Spokespeople, timing resources, and other elements should be identified • Aggressiveness and interaction with the media should align with management’s attitude and “appetite” for visibility and risk • Key topics should be determined for the firm – and for each key practice and industry area during the annual planning process • Leading-edge issues that will position the firm: on which topics are we the leader? • Topics of interest and importance to major clients/target segments • Spokespeople and thought leaders identified • PR strategy should be defined and linked with other marketing and communications initiatives

  7. Targeted PR like targeted BD planning (cont.) • Media targets must be identified and can be prioritized to match available resources • Key partners must build strong relationships with media – just as they do with their clients • Prioritizing outreach improves the probability of high impact results even with limited budget or resources • Landmark programs or initiatives – which repeat over several years – can effectively position (or reposition) the firm • Recurring thought-leadership events can be “branded” • Proprietary studies or research can generate interest in the media – and be tailored for briefings with key/targeted clients

  8. PR’s impact on business development: “credentialing” is a powerful means to winning work Key Business Development Activities* *The Attorney Hiring Zone: Top Activities to Win New Clients BTI Consulting, 2009

  9. Three things about PR and BD that your management should know

  10. Reporting is important to track progress, communicate value and plan for the future • Beyond just counting “clips” and media mentions • Important to track where the citations, articles and other media appears • Highlight what articles contain: the range of topics by practice and geography • The quality of coverage can be captured • Prestige and reach of the publications • Positioning and amount of coverage (depth of the firm/spokesperson comments) • Delivery of key firm messages • Monthly reporting: • Segment results by number of mentions overall + priority media outlets • Tracking by total coverage as well as year-to-year comparisons • Connecting PR to winning business is important – even if only qualitatively

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