Public relations has the power to change perception, boost reputation and establish thought leadership on topics of public interest. Based on both art and science, it’s essentially a free means of publicity, other than the time you or an employee dedicate to its success.

The art of public relations lies in the creativity that is needed to craft a convincing pitch, a pitch that will get your investment advisory firm mentioned by someone other than yourself. And the science of public relations is rooted in understanding what people want and how they will react to your request.

According to the Public Relations Society of America, PR is a strategic process that builds mutually beneficial relationships between organizations and their publics. More or less it is an opportunity for you to use mainstream media to your advantage, but it takes more than sending an email about your company’s advances.

It’s about crafting a story that will influence your biggest critic—the news media.

Drafting an email pitch about your firm reaching its goal of 500 million under management will not get you placement in your local paper. But crafting a pitch that leads with your firm hiring 20 new advisors in your perspective city due to recent growth, may garner some attention. That’s because new jobs are appealing to the general public and reporters are concerned about what matters to the general public and NOT what matters to one independent investment firm.

Adverting is intended to celebrate how great you are, but PR builds credibility.

The Difference Between Advertising & PR

While marketing and paid advertising are vital to a firm’s success, so is public relations. We all know that companies pay big money to have their brands represented. Therefore, we consciously tune out some of the messaging. With public relations someone reads a third-party article written about your firm or views coverage featuring your company on TV, they see something you didn’t pay for with ad dollars and view it differently than they do paid advertising.

Instead of influencing purchasing decisions as advertising does, public relations builds the credibility and trust of your brand. So, the next time your ad runs, the person not only becomes aware of your company, they trust your brand.

Like advertising, to stay relevant, repetition is key. But unlike advertising, no amount of money will guarantee continued placement. It takes actively pitching and pursuing opportunities to stay in the local and national media. And while getting the attention of the news media has become increasingly more difficult because of dwindling staff and shorter deadlines, technology is making it easier for you to meet the needs of reporters.

Tips for Getting Coverage

Social media has created a 24-hour news cycle with fewer reporters but more to report. That’s an opportunity for you to become a thought leader on financial topics.

Twitter is a great platform to find reporters in need of comment on various stories. Setting up a Twitter account and following all the finance reporters is an easy way to stay connected to the news media and come to the rescue when they need help.

HARO or Help a Reporter Out is also a great resource for establishing credibility by way of thought leadership. HARO provides you with daily emails of reporters looking for comment on stories. Respond to a reporter’s inquiry with relevant and useful information, and you’re likely to see your comments in their next story. It’s an easy way to get your name and your company in the media.

While public relations is an important part of any marketing plan, it’s not the end all be all. You need a well-rounded plan that includes everything from traditional and digital advertising to a content marketing strategy. Garnering media coverage through public relations will have more of an impact when paired with other avenues of promotion.

If you think creatively and strategically about your pitches, you will be able to influence your clients, build credibility and establish relationships with the news media.