Ensuring both your client and your firm find mutual value in a working relationship requires trust, respect, diligence and, of course, money. This presentation from 2007 provides an overview of best practices public relations consulting firms (and other consulting firms, for that matter) can use to help safeguard the fiduciary interests of both company and client. Sample budgeting templates as well as aggregate industry data on billing practices are included.
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Transcript
Bulldog Reporter Agency Management ’07 Summit | New York | 9.28.07
“Armageddon is upon us: The PR industry has been commoditized in the years following the turn of the millennium economic downturn. Many organizations’ senior-most people . . . have been replaced by junior employees . . . who can’t provide the high-level counseling required to keep the industry afloat. Thus, the counseling services that could and should be provided by PR agencies have been cannibalized by the likes of McKinsey, where executives can command higher prices without question.” (PR News, Aug. 13, 2007)
Bulldog Reporter Agency Management ’07 Summit | New York | 9.28.07
Redefine our focus – emphasize our margins (read: profitability) no matter the billing model
Fight fire with fire – become one with procurement– Increase efficiency – Enforce quality (it’s not just about control)– Learn the language – Employ financial planning tools
Bulldog Reporter Agency Management ’07 Summit | New York | 9.28.07
Redefine “PR services”– Make room for new friends (and billing codes)– Hiring, training, acquisition, mergers, alliances, etc.– Explore interplay between PR and other disciplines
Supply chain optimization Logistics Interactive Business development
Bulldog Reporter Agency Management ’07 Summit | New York | 9.28.07