What Do Financial Advisors and PR Pros Have in Common? They Keep Their Eye on the Prize
Everyone reading this understands the benefits of someone starting to invest for their retirement when they are in their 20’s vs. their 50’s. Although young investors might see some monetary gains from their investments when they’re in their 30’s, it most likely is not enough money to finally retire from work. Some of the advisors that we work with at AdvisorPR discuss how many people give in to instant gratification and spend their money on everything from lattes to a fancy car rather than save money for the future.
Public relations is very much like investing when you’re in your 20’s. It’s easy to slip into the instant gratification mindset and to want the phone to ring after being published. A media placement’s value is MUCH MORE than that. And thankfully, it doesn’t take 30 years to take advantage of your media results.
I learned the benefits of media placements years ago. I’ll give you one example now, and maybe I’ll share more in the future because they’re all great stories.
While I was living in LA, I phoned a dermatologist’s office to make an appointment, and the receptionist stated that the doctor could see me the next day. Surprising, huh? It typically takes weeks, if not months, to get an appointment with a good doctor. When I arrived for my appointment, the receptionist started typing my insurance information out on a typewriter – no joke. Looking around the waiting room – I was the only one there.
As I was sitting in the exam room waiting to see the doctor, I was starting to feel like I was in the twilight zone. I was just about to tell the receptionist that I wasn’t feeling well and had to leave when then I looked up and saw framed photos of the doctor on so many prestigious national news outlets! After meeting with him, I realized he had extensive knowledge and experience. It turned out that he was a very reputable physician who was getting ready to retire. There was no need to overbook his schedule or have a fancy computer.
Did someone see him on TV or read about him in TIME and then pick up the phone to make an appointment? Maybe, maybe not. During this time, many of my friends needed good skincare because they were on TV, so whom do you think I referred? You guessed it!
Rather than an advertisement that is one and done, the beauty of a PR campaign is that it provides credibility to you and your brand that’s hard to achieve anywhere else. You can use the media placement and the distinction that emanates from it for years afterward. If a potential client is choosing to invest with you or another advisor, does it give you an edge that they saw you on TV? Won’t clients have more confidence in referring you to friends if you have media exposure? What about individuals who want to learn about you and go your website, I’m sure they hone in on that you were sourced in various publications like CNBC, Nerd Wallet, USA Today, or Bankrate and think – Impressive! Media placements say the one thing that you can’t tell a client, “I’m an amazing financial advisor!”
Just like investing, don’t seek instant gratification, but keep your eye on the bigger prize.