Often, business executives are concerned whether they can truly measure the ROI of PR, and if they have to spend a lot of money to achieve a strong ROI on PR. Good news – the ROI of PR is measurable, and it won’t drain your marketing budget.
Here at Walker Sands, we’re aware of the many ROI of PR myths floating around the industry, and from our experience we can tell you that they’re false. Effectively implementing a few PR strategies into your marketing toolbox can achieve a strong ROI for your business.
As a leader in the PR sector, Walker Sands knows that many of the stories regarding the ROI of PR aren’t true. Let’s clarify just some of the PR ROI myths we’ve heard:
The impact of PR can’t be measured.
The biggest myth surrounding the ROI of PR says that it can’t be measured. In fact, businesses have been successfully measuring PR ROI for years, leveraging both quantitative and qualitative methods.
One way to measure the ROI of PR is to track the number of media placements and media impressions your company receives in a given period. When your business receives a great deal of press coverage in the right media outlets, you raise awareness among your target audience and achieve a strong PR ROI.
PR has a lower ROI than marketing.
Another PR ROI myth is that marketing has a better ROI than PR. This myth is false, because the ROI of PR can be stronger than the ROI of marketing in several ways.
Although it doesn’t cost anything to receive an on-air interview or reporter-written article in a print publication, purchasing advertisements of comparable size can be costly, showing the value of PR over advertising. Additionally, editorial coverage engages the audience more effectively than a paid advertisement can, contributing to a strong ROI of PR.
Achieving a good ROI on PR takes a lot of money.
Many executives wrongly believe that the ROI of PR requires large monetary investments, but capitalizing on PR efforts is remarkably cost-effective.
The true objective of PR is to promote positive awareness of a company among its target audience, which can be achieved using basic strategies like key media placements in target publications. One great article can help strategically position a company as a leader, leading to a robust ROI of PR. Additionally, you can use positive press coverage as leverage in sales efforts, like business presentations or at trade shows.
There are several myths regarding the return on investments of PR efforts, but it’s important to scrutinize these myths closely to see the true benefits of public relations. Though the ROI of PR can be less straightforward than other marketing tactics, it is essential to a company’s marketing efforts and shouldn’t be ignored.