Dear Doctor Spin,
A client has asked us to put a monetary value on the relationship we have with a journalist. I'm a bit stumped as I don't know where to start. Do you have any pointers?
An interesting question. Any PR company will tell you they have great relationships with the press. When was the last time you heard an agency say: "We know a few people, but if you rang up most journalists, they wouldn't have a clue who we were. Or if they do, they hate us."
How does one go about assessing the value of a relationship with a journalist? And exactly what does "relationship" mean in this context?
Here are some initial thoughts:
- how well does the journalist know members of the PR team at the agency? ie if asked, would they know who you were? How well do they value the interaction and/or information provided by the agency?
- Is there a measurable correlation between the apparent good relationship the agency has with said journalist and positive stories appearing by that journalist about the agencies' clients? If the good relationship never translates into a result, why place a value on good relationships?
Imagine a website where all media facing PR people are logged and journalists can rank their view/value of them? That would certainly provide an objective way for clients to assess whether the relationship the agency claims to have with a journalist really exists.
Anyone for www.rank-a-flack.com?
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