More brands are investing in public relations to stand out and connect with the right audience.
In fact, the annual Public Relations Institute of Australia (PRIA) announced in 2014 of a 14.6% increase in the monthly average retainer, from $10 873 to $12 461.
One of the most commonly asked questions is ‘what is the average cost of PR for my business’? Although no two businesses are the same, with different goals and outcomes here is an average breakdown of the average cost of PR:
When it comes to investing in PR, the first point is figuring out what you want to achieve for your business. However, it all depends on your budget and how you want to market your brand.
Most PR agencies charge retainers, which is a fixed monthly fee for a contractual commitment of agreed services. Typical retainers start from as little as $2000 per month and can reach up to $20 000.
Fee calculations depend on a number of factors including the resources required for the expected reach and outcome. At Yellowpanda, we subscribe to a number of software packages, tools and databases to professionally manage our client’s reputations. We don’t send our work offshore to virtual assistants (VAs) in India or the Philipines to keep our costs down. Our clients work directly with professionals, here in Australia.
If you have a product or event that you want to launch or a personal brand that needs extensive reputation management to build awareness and stand out, you will need to ensure you have assigned a decent budget and agreed to a term no less than six months. At a minimum, brands and individuals looking at this level of service and extensive reach should budget for no less than $5000 per month.
According to the CEO of Edelman United States, some of their clients have retainer fees of up to $100 000 per month.
At Yellowpanda, we run a tight operation. As a boutique public relations and reputation management agency we have a small team, modest overheads and only work with a handfull of clients. We wouldn’t say we’re a budget agency but we do our best to work with our clients budget and we’re realistic about expectations.
Another common pricing structure in PR is charging a project fee. This means that the PR agency has committed to a set list of activities for a set price.
Ultimately, the costs can vary quite a bit to allow the right budget for the right outcome and scope and if the deliverables change, the fee is generally re-negotiated.
At Yellowpanda, we prioritise the work of our contract clients over project work but if there is availability to pull the team together on short notice for a one-off project, we add a ‘last-minute’ fee to our invoices make it happen. This allows us to bring in some extra muscle and compensates us for the additional workload and pressure involved in securing results in a quick turnaround.
There are many ways to approach public relations in finding the right method to increase your efficiency. If you want to know more about our fees or have any questions about building your reputation and standing out, get in touch!