Many financial professionals have a love-hate relationship with public relations: They hear that a good PR strategy is necessary for their firm to thrive, but deep down they believe their time is better spent fine-tuning investment strategies. Is PR just about stroking their egos, or is there more to it? Financial planner Derrick Kinney (www.moreaffluentclients.com), author of "Master the Media to Attract Your Ideal Clients," provides practical advice for effective PR, but more than that, he shows how good PR leads directly to a more robust firm. We found him articulate on how to partner with the media, what "branding" means, and why it pays to be nice to the security guard.
Q:
You write that if you help the media, they'll help you. How does this work?
A:
It's important as an advisor that you view working with the media as a partnership. Many advisors make the mistake of making it all about them. They just want to be recognized and be well-known. But truly successful advisors see what local media really want. For example, you have to recognize that for Boomers, money is a top news item. You have "pre-planned" news, like economic and earnings reports, that you can comment on. And there are spontaneous news items, like a new law being proposed. Either way, news organizations need someone to take news from Wall Street and make sense of it on Main Street.
Q:
How do you earn the media's trust, and get them to come to you for commentary on key issues?
A:
Realize that the media are not financial experts. But you are! Guide them to create and describe the best story possible. What is the angle for average investors? There's no shortage of financial news but you will be successful if you can make it accessible. And that means being available. When a news organization says "jump," you say "how high?" I've been on-air at 5:00 A.M. because that's when they wanted me. This shows you have a commitment to the organization's success. Present yourself as a team player. There are a lot of people in "Green Rooms" with a lot of egos. But if you show respect to everyone, from the security guard at the front door to the anchor, you will do really well. Remember—you are there to serve them.
Q:
What are the best ways to "wow" the media?
A:
You want to think like a producer. Find out who the audience is and tailor your responses to them. Then, be engaging, especially if you're on a live broadcast. Talk anecdotally about what a given issue means to the average person. Talk about "Joe and Mary—average retirees." What works for them? What have others done successfully? I think about how I can provide more value to a news outlet. In Dallas, where I'm located, Saturday morning is big time for financial news radio. So I went to a station and said "bring me on to attract more viewers." That worked well! Weekends are generally slower news days, but I was able to provide value. And I began receiving attention as a trusted expert.
Q:
You talk about building a "brand." How do you use your media appearances to brand yourself and create an identifiable image?
A:
This is a very exciting concept. You can do this even with passive media attention. "Passive" media is, for example, sending a photo to a newspaper because of an award you've won or some other achievement, such as becoming head of a local Rotary Club. I give a periodic award to a student at a local school. This brands me as caring about education. It's also about how you dress and act. Think about news anchors, and how they dress for their audience. People who have seen me on TV and then meet me in person tell me that I come across as trustworthy. They feel an emotional connection that was already established. They ask me if I can fit them into my schedule—they already know what I look and sound like. So many smart advisors are dying on the vine because they have not been found. A media outlet can be a great equalizer. People find out about you before they have to commit to you.
Q:
What good is all this attention? That is, how do you translate successful media appearances into more of the clients you want?
A:
First, let me offer a word of caution: If you're looking for a quick buck, this is not the way. But if you plan to be in business for the next 10 to 20 years, then it should be part of your strategy. Your goal is repeat appearances in the media. To that end, identify your unique communication style. Are you comfortable on the phone? Then you may be good on radio; it gives you a one-on-one connection with your audience without having to be in front of people. Are you a good writer? Maybe you could be a guest columnist in a paper. Do you like conducting seminars? Then TV may be right for you. Play with your strengths.
Wherever you are featured, you should be a regular. You can get a chance to develop a relationship with an audience. You can play this up in your advertising material—"As seen on Channel 5." At a seminar, you are introduced as a "media regular." Put the newspaper that quotes you regularly in your lobby. Link your site to the paper's site. If you can parlay one appearance into another, you will develop credibility and visibility. The key is how you talk: Use phrases like "I specialize…" and "we focus…" on retirement, for example. The audience will conclude that "this person understands my concerns."