Is anyone using a pay for performance model with your PR agency of record, and if so, would be interested in learning how you've structured your agreement?
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Marketing Manager in Software2 months ago
In my experience everything depends on structuring the KPIs of the contract very carefully - which obviously depend on the activity you want to carry out - But the most important thing - in my experience - is to have your objective very clear in mind and to know it" share", realizing what an agency can actually do and what we necessarily have to take care of. For example, if I run a lead campaign, having a complex product, I cannot expect the agency to lead me to the offer. But I can expect the lead to be qualified and interested in my offer. In this case I pay following an email that I send to the client qualified by the agency, asking him if he is actually interested and placing a small "barrier" to entry (for example a one-hour demo). If the customer doesn't accept I don't pay. If the customer accepts, then it depends on me and the product (this part is therefore a KPI of my company). Hope it helps2 months ago
i would love to hear if anyone is doing this. We are not but that might enable me to consider hiring one if anyone has done this successfully.
PR costs can add up - hourly charges can add up quickly ($200+ per hour.)
As an example, after your agency writes a press release for an announcement, gets it on the news wire (Business Wire, etc.), and then pitches the news, and, (if you're lucky,) is able to source interviews, you're looking at several hours of work (this doesn't include the interview prep, etc.)
If you'd like to discuss further, please reach out - I'm happy to give more specific feedback.