Hiring the Right Public Relations/Investor Relations Firm

Take time to hire the right Public Relations/Investor Relations firm. Do thorough research before hiring the firm you’re interested in. This is essential. Poor selections lead to disappointment and lost opportunity, both in time and money.

Put thought into what you want and can expect from your PR campaign. For example:
Are you seeking greater exposure for your company or products?
Are you currently a news-driven company, or is significant news way off into the future?
Would your company benefit from trade media placements?
Is your corporate spokesperson ready for national and local print and broadcast interviews, or will you need an agency that provides media coaching and rehearsal time?

If you take the time to identify your goals, you will find it easier to match your needs with the appropriate firm.

Be prepared to probe key officers at the public relations and/or investor relations firms you consider hiring. Find out about their client-to-account executive ratio, track their success record, find out which companies like yours the agency has represented, the average length of their client/agency relationship, and how the agency intends to put a dollar value on work delivered for you.

The typical ratio in the agency business is 1 to 7 employees to clients.   At IRG, we believe that to be most effective, no Account Executive should work with more than three clients. Ask the firm in question to provide you with details about their clients, including the date they began working with them, and the trading volume as compared to where it is currently. Look for companies that have long relationships with clients, ideally spanning several years. See if the firm can dollarize what they offer you in five different areas:

1. Increased trading volume
2. Increased institutional ownership
3. New research coverage
4. Nnvitations to be a trade/sector conference presenter
5. The equivalent dollar value of our public relations bookings. Also, ask how often they update you on their work results. The industry standard is typically semi-annual progress reports. By way of contrast, IRG provides clients with daily updates. Yes, daily!

Do your homework. Hire the best agency you can afford, and expect excellence.