Thursday, August 27, 2009
For PR firms, what is more important than your brand? It must be treated and protected as if it were a unique, complex piece of intellectual property.
Brand equity is an important factor in PR firm valuations; a valuable asset that can be monetized. The strength and experience of your management and staff, along with the quality of your clients, are a few things that improve brand equity.
To build your brand, you do not need to commit to big budgets, especially in recessionary times. What builds the brand is the quality of your work, the perceived value- added to your client base and the approach to service producing measurable results. This requires an attitude and mindset consisting of more than dollars. It requires integrity in your approach and trust in your client relationships. And more than ever it requires a positive reputation.
Richard Edelman, in his midyear Global Trust Barometer, noted that trust in business and government is rebounding. It was way down a year ago.
Trust is what creates loyalty and improved brand recognition. When a firm creates a brand as a “trusted adviser”, that brand may stick for years. A brand of trust, integrity and confidence is a key strategic asset.
What is evolving in business is a major shift away from traditional advertising in trade magazines/ directories and toward areas relating to the web. In a recession, firms typically make the mistake of cutting back on brand building activities. Don’t fall into that trap.
Brand building should be an ongoing effort. Forward-thinking executives avoid cutting their branding budgets. All available channels to build your brand, including constantly improving your website and search engine optimization efforts, should be pursued.
Develop an over-arching theme for your firm and promote it in your writings, capabilities kits and speeches. Do what Richard Edelman has done so well over the years, as he ascended to be the largest independent PR firm in the world. He built his brand upon trust and exemplary value- added performance.
Find something unique to build your brand upon. Make it important, relevant and lasting. Do so and your brand equity can be more greatly monetized through an M&A transaction at a time of your choosing.
Friday, August 7, 2009
In recent months I have been performing an extraordinary number of Valuations of PR agencies, reasons being intended sale of the firm, buy-ins of partners, buy-outs of partners or simply to get a reading on the worth of the firm.
One of the areas I closely analyze are employee perks. I have compiled a list of perks from firms I have reviewed.
Feel free to use it as a checklist in comparing your firm’s compensation package, beyond the salary.
You may even consider, as an option to your staff, offering some of these perks as an alternative to a raise. If the perk costs you the same amount and you get a write-off and it is tax-free to the employee it is a home run.
The P- List:
- Health Insurance
- Dental Insurance
- Vision Insurance
- Therapy for work related disorders
- Life Insurance
- Long-term Disability Insurance
- Short-term Disability Insurance
- Health Club Membership
- 401K Plan
- Direct Deposit
- Flexible Spending Account
- Credit Union Membership
- Travel Allowance
- Theme Park Discounts
- Store Memberships
- Legal Assistance
- Tax Assistance
- Financial Planning Assistance
- Personal Leave (Sick, Bereavement, ill relatives care etc.)
- Maternity Leave
- Paternity Leave
- Additional Vacation days
- Extended Holiday weekends
- Reduced work week
- Education and Courses
Please email me if you have any perks that are not on the P-list firstname.lastname@example.org I will than re-blog the list at a future date.
Please do not include corporate cars, motorcycles, limos, car services, corporate apartments, corporate yachts, corporate jets, baby sitters, nannies, daycare and dog walkers. The P-list should be perks offered to your professional staff. “Executive” perks and abuses will be covered in a future blog.
My advice - If you do provide perks to your staff include a list of the perks and the value to the staffer at year-end either with their W-2, bonus check or annual review. It can only help the mindset of the staff in assessing their worth and perceived value to the agency by its management.