You likely know your business needs marketing and public relations, but how much should you budget for it?
Marketing & PR Firm vs. In-House Marketing & PR
First of all, are you going to hire an outside firm or bring on a full-time employee to manage your public relations and marketing? There are pros and cons to each solution. PR Daily describes the differences well:
Companies often call employees their most important asset—a misnomer, as it implies the company owns those individuals. However, companies make investments in their people in time, training, resources and money—just like an asset. Depending on the staff you hire, that investment can run $5,000 to $10,000 a month or more.
In return for that investment, you expect the people you hire to be committed to your organization – learning, understanding, and in the case of a PR professional, advocating for your company or your cause.
However, that commitment may come at a cost. Is your PR team abreast of the latest trends and technology? Can they handle peak periods of activity, or special situations? Can you justify their cost when times are slow, and you must reduce departmental spending? Probably not.
And that’s where a public relations firm may make sense. You gain global resources: professionals working with a variety of industries, technologies, scenarios and even writing styles to which your public relations practitioner may not have access, since he or she spends so much time looking inward—on your story, your strategies and your technology.
How much is reasonable to spend on a public relations and marketing firm?
Setting a Marketing & PR Budget
Still, how much is reasonable to spend on a public relations and marketing firm? Although research shows companies spent about 10 percent of their revenue on marketing last year, it’s important to realize that 10 percent of a $100 million company is still $10 million. Unfortunately, small and mid-sized companies just don’t have the revenue to keep up with businesses pulling in millions of dollars.
The good news is that, instead of charging costly monthly retainers (most agencies range from $4,000 to $10,000 per month), Three Girls offers high quality, custom content marketing and personalized public relations services at a much more cost-effective rate. Unlike most PR firms, we only charge for the services the client needs, based on their goals, industry and budget. From editorial media campaigns and social media management to quality custom content creation including website creation, blog posts, graphic design and newsletters, our clients receive top-quality public relations care for a much more reasonable rate.
Curious how much our clients pay? Of course, it depends on which services they invest in, but we can tell you that the majority of our campaigns range in price from just $500 to $3,500 per month.