Posted: Wed 12th May 2021
One of the former Dragons on Dragons' Den left me with one of the best, and simplest, pieces of advice I have heard in my four plus decades of business…
"The secret of any successful proposition is to do it better and cheaper than the competition."
It doesn't matter whether it's a product or a service - meeting a client's needs economically and effectively is always a winning formula in creating additional income streams. The key is doing it efficiently too, so that you don't become a busy fool for minimal income.
Advisers are in a unique position in their ability to carve out new revenue opportunities. They start with the title 'adviser', which commands the right to be listened to, and which also removes, or at least softens, the need for a 'hard sell'. They start 'trusted' and 'believed'. It's just a matter of hitting on the opportunity.
So, the constant search for any adviser is for:
The low-cost tool that enables you to deliver to clients
For a service that would be expensive elsewhere
But is difficult for them to do themselves
That adds real value to their business
Is intelligent and easy even for an amateur
Makes you look indispensable
Adds to the retention of your client, preserving other income streams
Once the opportunity is identified, the 'soft sell' dialogue is as simple as:
"To grow your business you absolutely need to be doing… It's a bit of a black art, and you shouldn't be allocating too much budget to it, but I can help…"
PR is a sector that ticks all the boxes. The perception is that it's expensive and has a mystique attached to it that normal mortals can't handle.
Agencies convince clients that they need to commit to retainers - the monthly 'get out of bed' fee for many agencies frequently exceeds a small business's quarterly marketing budget - and yet winning independent third-party endorsements from journalists is so important in today's world, where nine out of 10 of us rely on recommendations and reviews before making our buying decisions.
So how do agencies get away with it? Because they can. To manage the PR of a client you need access to the media and an ability to be just a little bit smart in recognising what consumers read.
But, more to the point, how can - and why should - advisers seize the space and the revenue stream that comes with it? Simple. Because they can.
There are plenty of commentators that play on the headline 'PR is dead, long live PR'. That's not strictly true, but the space is changing at pace with the onslaught of intelligent online platforms niggling away at the traditional agency rate cards, and opening the market wide both for consultants smart enough to see the opportunities, and for the businesses they consult for.
Agencies will claim that PR is all about 'relationships'. Maybe historically, but now the focus on the relationship is on the client and adviser much more than on the agency and journalist.
Advisers are in a perfect position to extend their relationships, and indeed cement them, by broadening their minds a little.
Three key questions that an adviser needs answers to:
How much can I earn?
Freelancers would expect to charge at least £750 per month for modest support. Agencies would look for four or five times more.
How much are the online platforms?
There are several to choose from. JournoLink is a good all round one which costs around £35 per month per client.
Do I need PR experience?
None. If you are already an adviser, you have more than enough intelligence to navigate an intuitive online platform which has all the tools that you need to deliver professionally to your client.
Hear Peter talk in detail about how to add PR services as an additional income stream _from his guest appearance on our Lunch and Learn series. [Watch the interview for more advice](http://talking in detail about how to add PR services as an additional income stream).
Peter is also offering a 10% discount on JournoLink advertised prices. Find out more._