Get More Bang from Your PR Buck Part 2

As a continuation of our look at low-cost, low-time investment ways to maximize your PR dollar, here are three more tips for maximizing marketing.

1. Get creative. The only good news during an economic downturn is the fact that your competitors are suffering too. For firms that can muster the resolve, there's no better time to think outside the box, generate grass roots buzz and deliver content in a way your competitors can't. Embrace social media technology and employ the tools offered on the many networking websites like podcasting, tweeting and LinkedIn to connect with your target audience like never before. Click here for a previous post on how to do this.
   
2. Explore value billing arrangements. Value billing refers to determining the fee for a particular activity based on the outcome the initiative produces and the signifigance of that result- not on the effort involved. Thus, the savviest CMOs pay very little for effort and a lot for results. A decreased budget presents an opportunity for firms to review their billing structures with the consultants they work with and discuss more effective ways to generate the same results. A good example of this is the Media Masters Network, instead of paying a monthly retainer to a PR firm that will send out a press release a few times a month that may or may not result of favorable coverage of the Firm, we only charge our participating attorneys for our work if a media outlet picks up the story. Everyone wins.
3. Leverage content. To be efficient and manage resources properly- it is important to spin firm-generated content into as many marketing opportunities as possible. For instance consider the legal alert your energy practice published and mailed: If the partners who published it are important to the firm's business-development strategy, make sure to recycle those alert-style briefs into interview media pitches, article and speaking topics, self-syndicated articles online, blog postings, whitepapers and special reports to be posted on the firm's website.

Thanks again to the Legal Marketing Association's John Hellerman for the contributing to the content of this post!