By Mark Macias
I recently read a story in the Financial Times, Financial PR spins a new global story, which takes a closer look at the evolution of financial PR in the UK and USA.
Their article described how the biggest PR firms are consolidating and in many cases, putting the PR boutique business models under pressure to sell to the global PR giants. As the owner of Macias PR, I am always trying to stay ahead of the trends on where my industry is going and how it is evolving.
The PR industry is quickly evolving into a content-marketing oriented business model that places a larger emphasis in reaching the online reader. If your product or service is not on the first few pages of Google, your business doesn’t exist. But getting your website on the first few pages of the search engines is more than an SEO strategy. It begins with content marketing.
At the same time, clients are also placing a larger emphasis and desire to get their stories told with the largest media publications. Bigger and smaller brands are realizing it is harder to get their company above the clutter, but a big story in the Wall Street Journal, New York Times, New York Post or their local newspaper, gets consumers talking instantly.
This approach also applies to industry PR. A reporter with Bloomberg News, CNBC and Fox Business News all appeal to a business audience, but they are vastly different with editorial. A successful media strategy takes this editorial into account when identifying a media strategy.
Finally, this FT article explored a disturbing trend that is hitting the PR industry: multi-nationals and global conglomerates, like PWC and McKinsey, are buying PR firms because they see their value. This is bad for all businesses that hire those global financial PR companies. These consultancies might be great at tax law and regulatory matters, but the media is neither.
As your business begins looking for a PR firm, take time to research the owners or specialists who will be leading your media campaign. Don’t be deceived by big-name PR firms that razzle and dazzle you with power point presentations. During my time consulting global PR firms, I saw how great sales people sold PR to clients, even though they know nothing about PR or the media.
I hope if you Google the top financial pr firms in NYC, you will see Macias PR on the first page – and read why we were named the PR Consultant Firm of the Year – USA by Finance Monthly. And for the record, we were the only PR firm named in that bracket by their financial journalists.