Remember the pre-dot-com days, when new business was actually something even the hottest PR firms actively sought out? As many client-side PR pros are learning, the shoe is now on the other foot in Silicon Valley and other places where startups and VC cash is flush but prized marketing talent is scarce. Now it takes much more than waving a fistful of dollars to gain the attention of agencies. PRWeek spoke to several heavily-courted PR firms about what prospective clients can do to get that foot in the door and land the agency they want.
Remember the pre-dot-com days, when new business was actually
something even the hottest PR firms actively sought out? As many
client-side PR pros are learning, the shoe is now on the other foot in
Silicon Valley and other places where startups and VC cash is flush but
prized marketing talent is scarce. Now it takes much more than waving a
fistful of dollars to gain the attention of agencies. PRWeek spoke to
several heavily-courted PR firms about what prospective clients can do
to get that foot in the door and land the agency they want.
1. Get an early start
You’ll need some time to do the research and touch base with the correct
agencies once you have identified them. Also, ’it is important that you
get the positioning right out of the gate,’ says Connie Connors of New
York tech boutique Connors Communications.
2. Figure out what you need first
Before you can make a short- list of agencies, you’ll need to decide
exactly what your PR needs are; know your desired outcome and target
audience.
’Do some research,’ says Harry Pforzheimer, Edelman/ Mountain View EVP
and GM, who claims to get about 10 new business calls a day. ’Do you
need a global PR firm? Do you just want product publicity? Regional
media coverage?’
3. Maximize those connections
Nothing opens a door faster than a connection. In fact, ’a substantial
reference from a current or past client, VC, reporter, law firm or bank’
is one of only two things guaranteed to lead to a meeting with
FitzGerald Communications’ John Berard, says the head of the firm’s busy
San Francisco operation. Susan Butenhoff of San Francisco’s Access
Communications, who receives dozens of new business calls a week,
recommends that companies look up agencies’ existing client lists to
sleuth out any possible connections there.
4. Seek out an agency that is - or wants to be - in your space
Once again, this is where doing your homework (checking out the agency
Web site, calling previous clients) pays off, because no matter how busy
an agency is, it’s likely to make time for a meeting with you if your
company represents a coveted industry sector that it is interested in
specializing in. For example, Berard says his firm seeks out enterprise
technology firms, especially those where the technology itself is the
point of difference.
5. Meet over the phone at first
Volunteer to do a first meeting over the phone with just the key
players.
The conference call option may not be ideal, but it does show respect
for everyone’s time crunch and helps get the ball rolling without having
to wait to get everyone’s schedules in line.
6. Make a case for your company’s prospects of success
You should be ready out of the gate to answer a series of questions
regarding your company’s business model, leadership, funding and
competition. Butenhoff recommends that you draft a one-page outline of
your points of difference in the market. ’Lots of startups are trying to
create or define a whole new category, which is immensely expensive and
difficult to do,’ adds Text 100/San Francisco GM Ryan Donovan.
Describe the strengths and past successes of your management team. You
should also be ready to answer the question: ’How many real employees
and real customers do you have?’ Sabrina Horn of The Horn Group in San
Francisco, who gets 20 to 30 calls a week, advises companies to come to
the first meeting with a list of references, especially if you can
provide any early connections with Wall Street or IT analysts.
7. Show them the money - and/or stock options
While a ’money’s no object’ attitude is no longer sufficient to land an
agency, clients do need to be able to pony up the minimum going retainer
rate. This varies according to region and industry; in Silicon Valley/
San Francisco most companies need at least dollars 20,000 to dollars
30,000 a month to play ball, or at least a generous allotment of
equity.
8. Identify your time frame
Before making any calls, it’s probably useful to map out ahead of time
your ’key milestones’ for announcements such as an IPO or
partnerships.
’Make sure the agency has enough time to achieve these,’ says Access’
Butenhoff. ’Nobody wants to jump through hoops anymore.’
9. Demonstrate your PR commitment
Bringing a CEO to the first meeting helps in this area, says Horn,
because it shows that upper-level management is committed to and
realistic about PR. A clear understanding of PR’s limitations is also
key, says Bonnie Quintanilla, SVP of Manning Selvage & Lee Global
Technology in Westlake Village, CA. ’Lots of people who have come up
through other disciplines like advertising or marketing look at
companies like Netscape and Yahoo! and think it’s easy to achieve the
same thing. We can’t work with people like that,’ she says, ’We want
somebody seeking strategic counsel, not just tactical execution.’
Finally, for many agencies, it’s important to show that this will be a
long-term relationship.
10. Even if you are turned down, pick the agency’s brain
Despite being busy, most agencies are extremely reluctant to jeopardize
what could be future client relationships. And nobody necessarily
believes that the boom will last forever. For that reason, you can often
get advice from the agency. ’I do lots of free consulting these days
with companies whose business we cannot take on,’ Berard explains. ’Just
the other day, I spent at least a half an hour on the phone with a woman
- after telling her why we couldn’t take her business - helping her make
a short list of other firms to call.’ Even if you are turned down, stay
in touch with the agency. Things change.
WHAT MAKES A PROSPECT ATTRACTIVE?
1. Good fit with the agency’s goals, focus and core competency
2. Solid business model and management team in place
3. Secure funding
4. Prior experience with PR at management level
5. CEO committed to PR and accessible to the PR team
6. Desire to partner with the agency, not just hire a vendor
7. Reasonable expectations and realistic time frame
8. Realistic budget
9. Clear points of difference from competitors
10. A good story to tell journalists - with a real product and real
customers.
