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In many ways, the journey of PR agencies parallels the journey of ad agencies; Both have experienced seismic shifts in how they engage with audiences. Both have had to come to terms with new, more technologically driven and channel-centric approaches to communication.
In the case of technology, generally, Advertising agencies have led the charge. They've adapted faster to new paradigms. This change has resulted in their move; their media spends now primarily on online content and adverts. They've also embraced the social advertising, content, and experiential digital models. The PR sector has also changed, embracing social media more enthusiastically than Adverting Agencies.
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What PR agencies can learn from ad agencies
There's a way in which Adverting Agencies have created additional income streams that PR agencies have yet to embrace; that's charging clients for technology platforms. Whether proprietary or white labelled solutions, most agencies now charge their clients fees for ad management, reporting and digital asset management technology solutions. Ad agencies see these technologies as an additional income stream and an essential client retention rule. PR agencies should think about embracing a similar philosophy.
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The software vendor opportunities for PR agencies
The missing piece of the puzzle with Adverting Agencies is earned media. While they might tell clients it's one of their specialities, those of us in the PR space know that's not entirely true. Media is the province of Public Relations professionals. It's a space where Ad Agencies are the poor cousins; however, as they migrate into this space, they are looking for technological solutions to give them an edge, with advanced online newsrooms solutions at the top of their lists.
There is still a tiny window of time for PR agencies to embrace the Ad sector's software vendor model already in use, creating an additional income stream and delivering more security and predictability around client retention.
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PR's secret weapon
An online branded newsroom solution that follows the same model that's been in place for the past five years isn't the competitive advantage you're seeking. An online newsroom solution like Lookatmediaâ„¢ may be. It's a SaaS, cloud-based solution with an enterprise-level Digital Asset Management (DAM) solution at its core. That DAM feature is what makes Lookatmediaâ„¢ so powerful and so sticky.
Once you realise the benefits of the content creation and discovery features of Lookatmediaâ„¢ and see how much it improved media coverage, you then learn how stickier this makes your client relationships. In addition to helping your PR team create and amplify content 24/7 in a low-touch environment, the DAM can also be used by you throughout your client's organisation, from sales to training, to marketing and everything in between. As they build their digital asset collections in the Lookatmediaâ„¢ DAM, so do they build assets you can use in your PR activities. As these collections grow, so does the inertia to move to another system and PR agencies.
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Additional income stream
In addition to improving the efficiency and ROI of your client's investment in your service, Lookatmediaâ„¢ allows PR agencies to act as a vendor with their clients, maintaining control over the relations and earning commissions for years to come.
