The $30,000 Risk

I haven’t had the best experiences with PR firms or individuals. I’ve tried it three different times with three different individuals and each time at the end of the contract, I am utterly unable to quantify the results. Now to be clear, I’m not talking about marketing help - I actually put that in a different category than PR - and find it very easy to quantify. I’m talking about general press-coverage-gathering, introduction-making, tell-everyone-how-great-our-show-is-going-to-be, type PR work. Hiring someone who knows the people I need to know and paying them to make it happen for me.

This kind of thing for a tradeshow seems to be a very vague business that is extremely difficult to quantify. I’ve looked high and low for a PR firm that will be compensated, in part, on results - # of stories written, # of sponsors signed, sort of thing. But it always seems to be, “give us $5,000 per month and we’ll do our darndest to tell the right people about your event and get exhibitors excited.” But every single time at the end I was left wondering if that $5,000 per month put us in any better position than we would have been if I had made the calls myself.

Once again I am at a crossroads with PR for my launch event. I know the podcasting community cold - everyone who is someone in this brand new business knows me and I know them. (That is starting to change now, however, as the space is growing faster than I can keep up with.) The podcasting space is so new that there are no huge companies out there willing to take a $30,000 or $50,000 Platinum Sponsorship. For that kind of green, I need the “portable media” side of the show to step up to the plate.

Trouble is, that is the side of the show I am weak on. I’ve made great progress on my own getting to know the right people, and I actually think I’ve convinced them of the value of my show, but I know it’s going to take some time.

I have found a PR professional that is willing to try to make that happen a lot faster than I could on my own. She seems to know the right people and has been on the portable media side of things for a while now - and she is willing to introduce me to them - for at least $5,000 per month. But no guarantees.

If it works, it will be worth every penny. If it doesn’t, the wasted $30,000 will be a huge black eye on my budget - even making the difference between actually making a few dollars and only breaking even - that’s how tight my budget is.

My gut says I can’t afford to hire her. My brain says I can’t afford not to. I need to make the decision soon - and it HAS to be the right one.

One Response to “The $30,000 Risk”

  1. Rich Westerfield says:

    What were you saying about bartering for equity in a later post? It works both ways.

    I just gambled on a backloaded agreement and lost. But that doesn’t mean I wouldn’t do it again in the right circumstance. The payoff for her could be great, if you could sell it.

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