Just to see what’s out there these days in terms of useful marketing tools, I conducted quite a few online searches along the lines of PR budgets, sample PR budgets, PR budget line items, Public Relations sample budget, and the like.   It was a ridiculously time-consuming venture.   Worse yet, the searches netted exactly ZERO practical results I sought!

Can it be that is nothing along this line is accessible through the web?  Are the search engines simply useless for this purpose?  Do related website owners not include search terms like these?  Or is this information supposed to be mysterious and hard to find?

Whatever the answer is, we at MCTT don’t want you to spend this much time finding tools you need.  So here are our seven top practical line items for a PR budget:

1. PR Plan:  Cost in terms of all resources to produce a strategic direction
1. PR Plan should include the following
1. Overall PR goal and objectives
2. Key PR message and supportive messages
3. Target Audience Profile (TAP)*
4. Breakdown of specific PR activities and related costs
5. List of target media outlets (list should be viewed as elastic, changeable over time)
6. Identification and development of spokespeople
1. Develop guidelines for speakers, including media training if needed
2. Develop target speaker engagement calendar
7. Budget and breakdown of line item costs
2. Writer(s):  Costs/resources to produce press releases, articles, speeches, and white papers
3. Press Release Distribution:  Cost to utilize distribution services like PR Newswire, PR Web (particularly if you do not have access to agency or freelance related expertise)
4. Media Relations:  Cost/resources to develop and maintain relations with editors, columnists, bloggers, etc. (Hint:  This is no small undertaking and pivotal to your overall success with press coverage)
5. Press materials (if applicable):  Cost to produce an replenish press materials.  These can include company backgrounder, copy/copies of press release/releases, company logos and icons, photos, list of company spokespeople by specialty category, and other related materials as needed (press access to digital versions online is standard procedure these days)
6. Website/PR Page(s):  Costs to develop and maintain PR web pages and related content
7. Wire and clipping services:  Cost to track online and offline press coverage

Bear in mind that even if you plan to do all of your own PR work, it will cost you and your business in terms of time and effort, as it takes attention away from other business related activities. So while you may think you're saving money doing your own PR, there are still hidden costs associated with doing so.  Therefore you need to consider the real cost of your time versus that of a third party.

And speaking of these PR costs, how does one go about divining the budget?  The standard rule of thumb is one percent of sales.  That said, and particularly for start ups and small businesses, it may be more appropriate to simply create a budget based upon your company's specific requirements and overall budget constraints, and then determine which PR activities will produce the best return.

Considerations for determining an appropriate PR budget should be based upon your specific goal(s) for a PR campaign, including:

1. Build awareness (either local, regional, national, and/or international)
2. Build credibility (pursuit of press coverage of management credentials, licensing, industry awards, patents, notable account wins, significant customer testimonials, case studies, articles and white papers, etc.)
3. Product or service launch
4. Support of other marketing activities such as online/offline advertising, channel marketing, etc.
5. Partnership introduction; co-op partner campaigns
6. Management additions, changes
7. Crisis management, if applicable (company response to natural disaster, industrial accidents, product failures, etc.)

 Other budget line items can include:

1. Analyst tours
2. Press events
3. Article reprints/usage rights
4. Blogging and blog commenting
     

If you questions about any of this information, by all means contact MCTT.  You can reach us by email at solutions@mcthinktank.net or phone us at 208-284-7266. 

* Feel free to contact MCTT to learn more about TAP.