How do you get more PR Coverage?

With the huge attention being focused on social media these days, some of the more traditional marketing tools can get forgotten. Which is a terrible shame, as many of them continue to be extremely relevant for Financial Brokers today. One of these is coverage in local or national newspapers.

PR coverage is still an excellent medium for brokers. Many of the national newspapers and indeed some of the local papers still have widely read personal finance sections, with some very credible business journalists covering a range or topics that regularly feature in the advice given by Financial Brokers. These journalists are constantly on the lookout for original news stories and thought provoking opinion pieces, and there is a relatively narrow cohort of financial brokers who help them fill their columns, gaining really valuable coverage for themselves.

So how do you break into this group and establish yourself as a valued source of content by journalists? Well here are a few thoughts…

Think of the Readers

Don’t see PR as a sales route. That’s not to say there can’t be subliminal sales messages in there. But a journalist won’t react to an advertisement for your business! It needs to be “newsy”. Your pitch for coverage needs to be about a development in the market that will affect consumers, the impact of changes in legislation on consumers, maybe a new angle for consumers to consider about their personal financial affairs. Or maybe you’re about to hire a big team of advisers – now that’s a good story too!!

Know the journalist’s preferences

So you have a story that you’re very sure is interesting to the population at large. The next critical step is to point it in the direction of the right publication and individual journalist. Many a mistake has been made by just picking up the phone to the first national journalist that comes to mind. Unfortunately this may result in your story being taken and then given only a tiny feature, if at all.

Instead, start reading the business columns carefully yourself. Get a feel for the type of content that individual journalists write about and also use from outside sources. This should help you decide who offers the best opportunity of you achieving the coverage that your story deserves.

Make your story unique and interesting

Your news story or opinion piece needs to have a novel twist to it. It needs to pique the readers’ interest. You also have to make sure that it’s timely; it can’t be old news! So spend time working on communicating the real difference in your story – as this is your hook in getting the story placed.

Then add some colour to your story. Include some quotes from the leader / public face of your organisation  – these should be written in a conversational style, as if they were actually spoken and recorded.

Finally, think about the placing of your story. Are you going to issue a blanket press release and hope that a few publications will pick it up and use it? If so, your story had better be extremely strong! The alternative is to give the story to a single journalist, and aim to get them to cover it extensively as they were given exclusivity with it.

Be concise

No matter what, keep your story brief. Have a clear headline that will encourage the journalist to at least scan your article. Then get to the point quickly. Journalists are not going to have the time to sift through padding to get to the nub of the story. Help them get there quickly!

Make it Easy for the story to be carried

Once a journalist is interested, you then want to make it as easy as possible for them to use the story. Have ready any other information that they might want. Start by providing them with a short bio of yourself and your company. Make a photo available too – if this is a little bit unusual or quirky, all the better! Be available also for interview at a time of the journalist’s choosing as they might have some follow-on questions. Make sure to include all your contact details.

Be resilient

How do you best pitch a story to journalists? There’s no doubt that building up relationships over time is extremely important. At the end of the day, this is where a PR agency will add value, as they will have already built up strong relationships with the relevant journalists and know how best to approach them. But that’s not to say you can’t do it yourself… you’re just going to have to be willing to put in some hard yards, building up relationships with individual journalists. And this might take time, so resilience is needed! But there are many Financial Brokers who have proved that this can be done!

A journalist may not bite now – but if your name keeps cropping up in front of them in relation to interesting stories or angles, you just may be someone they’ll contact when they’ve a slow news week.

So “traditional” PR can play a really important role in your overall marketing mix and can really help you to become recognised as an expert by your clients. It takes a lot of work, but if successful will deliver a really valuable dividend.

How are you going to exit your business?

This is a question that continuously exercises all business owners. How are they going to leverage their business to support their desired lifestyle when they want to stop working? This article explores some of the main areas you might consider to increase your chances of achieving your end goal in relation to your business.

What are your goals?

First of all, think about what is important to you in terms of exiting your business. Do you have a particular timeframe in mind? Are you looking to “get out early” and maybe have a long, but relatively modest retirement? Or are you looking to work hard well into your 60’s (or later) and then sell your business to fund a more prosperous retirement? If so, it’s important to be working towards a definite end date. Or are you looking to build a business that will continue after you’re gone, possibly headed up by one of your children, a business that may also support you in retirement?

These are really important decisions to think about now, as they will influence what’s important in achieving your goals. Will it be all about maximising the value of the business on a certain date in the future or are you trying to build extremely deep relationships between your clients and your business that will endure after you’ve exited?

Know what your business is

Now you’ve got to be really honest with yourself. What do you have to sell? Is it actually a business or simply a consultancy service? For some Financial Brokers, they’ve built up a thriving business in which they are the conductor of the orchestra, where the value is not based purely on their own presence in the business. These businesses are obviously very attractive to potential buyers. Then there are other businesses in which the value all revolves around the business owner. Take the owner out of the equation and what is there? While these businesses may offer a nice lifestyle to the owner, they are a far more challenging proposition when it comes to trying to sell.

If you own a business that is based on you as the key asset and you have ambitions to sell it one day, you need to start thinking about how you will develop some saleable value within your business.

Where is the value in your business?

So let’s assume that there is potential value in your business, outside of your own input and that your aim is to actually sell your business. Now it’s time to try and maximise the value of all of your assets. These might include;

  • Financial Assets: An obvious one to start. The main asset that a prospective purchaser will pay for is the future income stream of your business.
  • Persistency: The next thing a buyer will look for is the persistency of your business as this will be a key influencer of the potential future income stream. This will give them a sense of the quality of the “book” of clients that they are buying.
  • Brand: if your brand is well known and seen as a trustworthy brand, there is definite value in this for a buyer.
  • Staff: If you have a team of highly qualified, revenue generating people that will remain in the business, they are a very valuable asset to the business.
  • Market Positioning: If you have a recognised presence in some attractive market segments and niche areas, these may open up new opportunities to a potential buyer.
  • Operational Excellence: If your service proposition, compliance and data management (among other) areas are very strong, these offer great opportunities for a buyer to leverage off the capabilities of your business.

Who will facilitate your exit?

This is another factor that you need to start thinking about well in advance. Who is likely to enable your exit from the business? Once you’ve identified the profile of your potential buyer, you can then work on making your business proposition as attractive as possible to them.

If your aim is that your business will continue with a new leader / owner of the business, you need to start identifying who your potential successors will be. Do you have fellow directors who will buy you out? Or do you have younger, ambitious individuals within the business who might want to take over after you’ve gone? If so, you need to identify these people and start putting in place structures and interim incentives to retain them, and to make it attractive for both you and them for a buyout to happen in the future.

If an external buyer is your preferred route, you need to start identifying particular candidates. Would your business be attractive to current competitors, either in your market segments or geographical area? How would your clients react to this? Are there firms trying to build presence in a niche where you already enjoy a strong presence?

And then, how do you alert potential buyers? Is it a quiet word or a public tender (which will alert your existing clients)? Or can you use the broker networks to gather interest?

How will they pay

Of course one of your main areas of interest will be how much you will get for your business and how the consideration will be paid! Will it be a straight cash deal or will there be some tie-ins into the future in the form of earn outs etc. And how will your firm be valued – are buyers likely to look at recurring income, profits or future cash flows? And which of these works best for you?

Lots of questions to consider! Now is the time to start thinking about them. The more thinking and preparation you do well ahead of your exit date, the more fit for purpose your sale proposition will be. And all of that is likely to result in a higher price for you.

What are the critical areas that you believe need to be considered when selling a financial advisory firm?