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Resources
Publicity vs. Advertising
As of January 2004, a full-page display advertisement in the Sunday New York Times Business Section would set you back more than $153,000. And that's just for a black and white ad. If you want your logo displayed in living color, be prepared to spend $168,800. For one ad, one day. And what's the result? A big bang certainly. Instant credibility with a certain readership. For as long as they remember seeing it. An ad like this encourages visual recognition of your company name and logo. And that's very important as part of a larger branding campaign. But recognition is of limited value if the audience doesn't already associate a body of knowledge about your company with the name and its logo.
On the other hand, a three-minute interview on CNN's "Moneyline," PBS's "Nightly Business Report," or NPR's "Marketplace" - or a 2 column-article in Business Week, The Industry Standard, Fast Company or Working Woman magazine about your company's unique technology is - for all intents and purposes - "free." And what's the result in this case? Another big bang. But in this case the brand image you project encompasses more than your company name and logo and a few lines of text. Now you have articulated your business model, your corporate philosophy, your unique service offer…and most important of all, you have provided a face and a voice for your company.
It is also vital to calculate the psychological advantages of publicity over advertising. Consumers are aware that anyone who can afford to might well run an advertisement. Therefore, all advertising is regarded with a certain amount of healthy suspicion.
Ironically, publicity (which is "free") is a much more valuable marketing tool. Consider that book or product reviews, interviews, personality profiles, and feature stories constitute veritable third party endorsements of the work. Such media exposure seems completely objective. But really, in the majority of cases, media attention is the direct result of a publicist pitching an idea to a reporter or a producer. Such media placements carry significantly more weight with consumers than advertising, which is useful in its ability to reinforce the brand name and image in the consumer's imagination.
Prime media attention such as a spot on 60 Minutes or The Today Show is not for sale outside of the commercials. Landing an interview is a matter of influence and credibility, not cash. This is where savvy media relations and a refined understanding of how to pitch become critical to your success.
Let's do the math. A 30 second ad during the SuperBowl will cost more than $1.6 million. A three minute interview would be worth SIX times that and yet would only cost you the few thousand dollars you pay to retain your publicist's service. This is even true in local markets where a prime time broadcast ad may "only" cost $15,000. Your publicist can generate a 5 minute segment during the Noon News show on one local channel and a 3 minute interview during the early morning show on another local station and several local radio appearances, as well as coverage in local daily and weekly newspapers for less than the cost of one 30 second advertisement on local TV.
If you are in business and have any kind of marketing budget, consider dedicating a portion of it to publicity. I guarantee, the effort you dedicate to "free" advertising will pay off significantly more than your ad campaign itself. Now don't abandon your advertising strategy…simply change the focus so you put more time and energy into publicity opportunities and spend your advertising dollars more wisely so that your ad campaign supports the messages and impact of your publicity campaign.
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