“Can I really increase my revenue with PR?”—ways to monetize PR
This is probably one of the unanswered questions that are preventing a number of businesses from doing public relations to promote their brands. So these 5 Ways to Monetize PR will help you significantly.
The reality is this: Unless you commission in-depth consumer research to ask buyers why they purchased your product, it’s tricky to establish direct causation between revenue/sales and public relations. However, the objectives of PR is tied with several purchase motivations such as:
- Positive brand reputation. As explained by Inc.com: “Some of the main goals of public relations are to create, maintain, and protect the organization’s reputation, enhance its prestige, and present a favorable image. Studies have shown that consumers often base their purchase decisions on a company’s reputation, so public relations can have a definite impact on sales and revenue.”
- Likeability. One of Robert Cialdini’s 6 Principles of Persuasion is liking or likeability. Basically, Cialdini proposes that people gravitate toward brands or people that they like. Since one of the goals of PR is to build goodwill, it increases a brand’s likeability and therefore could increase sales.
- Consensus. This is another persuasion principle that Cialdini proposed. When uncertain about what action to take, people will copy what others are doing, especially those who they deem as authorities. This is why influencer marketing is such an effective marketing strategy.
All of the above are positive results that you can gain from PR. However, there is a slight difference between achieving ROI and monetizing PR. With ROI, you execute your PR campaigns, secure media exposure, and hope that it will drive an uptick on your sales and revenue. These ways of monetizing PR is taking concrete steps after you get media placements. In short, PR monetization is making a conscious effort to integrate PR into your other marketing strategies to boost sales and revenue.
Here are 5 ways on how you can monetize PR:
1. Logo It Up!
Let’s say you got featured on Forbes, CNN, or Shark Tank. These are the types of coverage that you would want to trumpet about. One of the best and easiest ways to get more monetization mileage from PR is by adding “as seen on” logos on your website. If you have the ability to do an A/B test, create two versions of your sales page: one without the logos and one with the logos. This will help you measure just how many more sales and how much more revenue you were able to generate by adding these logos on your website.
Pro tip! Don’t be limited to putting these logos on your website! Use it on your other marketing collaterals such as your trade show booth, banners, flyers, etc.
2. Add an “In the Press” Section on Your Website
Why not stop with logos? Why not have a dedicated section on your website that will serve as a gallery of all significant media coverage that your brand received. This is a great way for your potential customers to see your actual media guestings/interviews. This does not only build credibility for your brand. It also makes your brand more relatable because you will be shown talking about your products from your perspective. It gives your brand a unique persona that will make you stand out from your competitors.
3. Use Past Coverage as Leverage for Future Pitches
The media is always on the lookout for the next interesting personality or product that they can feature on their show. Using your previous media features in your future pitches increases your chances to get booked since producers would want someone who has demonstrated an “engaging TV personality.” The more media opportunities you secure, the wider the reach you get and the more media materials you can post on your website and other marketing collaterals.
4. Post Press Clips on Social Media
If you’re using social media as your main sales and marketing channel online, posting your press clips on your social assets is a great way to amplify the reach of your media coverage. It also makes your media features more evergreen. For instance, if you’re an F&B company and you got interviewed on TV for Nutrition Month the previous year, you can repost that interview this year to rekindle interest. Since you can add certain tracking codes to your social media posts, you’re able to measure the impact of these press clips on your traffic, leads, and sales.
5. Use Media Features for Paid Social Media Ads
You may not be aware of this, but Facebook favors video ads over carousel ads or single image ads. Facebook gives video ads a bigger impression share and usually a lower cost per click. Social media marketer Damon Gochneaur shares this specific example: “Video is on average 10% of the cost of carousel or single image ads. We pay on average anywhere from $0.15 to $0.50 per click on video campaigns, with single image ads in the $2.00 and higher CPC, for the same audience.”
If you get booked to guest for a TV show, make sure to secure a clip of your interview and use it when you run your next Facebook ad. Not only will you save on your ad costs, but using a video clip of your TV interview instantly gives your ad a boost of credibility and authority.
PR as a Profit Center for Your Brand
PR in itself may not immediately lead to an increase in your sales and revenue, but if you know how to monetize the media coverage that you get, it’s not impossible for PR to become a major profit driver for your business. As a business owner, it’s your job to squeeze every ounce of monetization opportunities out of your press coverage. Following these 5 Ways to Monetize PR will provide you with a good jump off point to make sure that your media exposure equates to money in your bank account.
