Decoding the Distinction: PR vs. Marketing
News Flash: Marketing ≠ PR
Effective public relations and marketing are the key to unlocking true commercial impact. As a team of marketing and PR professionals, we can attest that while both marketing and PR have similar processes, each discipline’s end goal is unique. Public relations strives to masterfully shape the narrative and influence of an organization, while marketing goals focus on sharpening the brand message to generate qualitative leads that drive bottom-line growth. Together, marketing and PR set the stage for unparalleled success for a financial services company.
Marketers work closely with sales teams to generate leads. A great marketing campaign can send sales opportunities to the bottom of the funnel and drive conversions. Why? If your company’s message resonates with prospective clients more than your competitors, you’ll likely convert more leads into clients. When looking at marketing goals, they are almost always based on generating qualified leads and providing the sales team with what they need to close deals.
PR’s end goal is different. Brand reputation is the name of the game, and that doesn’t happen overnight. It’s a long-term process that drives the credibility and visibility of a company and its leadership team. A single media hit won’t move the needle much, but a multi-year PR campaign can build brand equity which is every company’s dream.
Brand equity affects the entire funnel as well as other areas of a business, from executive visibility to recruitment to funding to customer retention. The more people that know your brand, the more credibility your company earns, leading to more sales, high-caliber employees, and greater revenue.
In the following paragraphs, we further explore five distinct differences between marketing and PR and why both are integral to a financial services company’s long-term success.
1 | Objectives
Marketing: The primary objective of marketing is to promote and sell products or services. It focuses on driving sales, generating revenue, and achieving specific business goals, such as increasing market share or expanding the client base.
Public Relations: PR aims to build and maintain a positive reputation for an organization. It focuses on managing relationships with various stakeholders, including the media, clients, and employees. PR seeks to enhance credibility, trust, and goodwill through strategic communication.
2 | Target Audience
Marketing: Marketers typically target specific client segments or demographics based on market research and analysis. They aim to understand customer needs, preferences, and decision-making behavior to develop effective marketing campaigns and deliver targeted messages.
Public Relations: PR professionals target a broader audience that includes not only current clients but also prospective clients, media outlets, influencers, and other stakeholders. The objective is not only to cultivate a strong connection with the existing target audience but to expand reach and resonate with other possible relevant audiences.
3 | Focus
Marketing: Marketing primarily revolves around the 4Ps: product, price, place, and promotion. It involves initiatives such as product development, pricing strategies, distribution channels, and promotional campaigns. The goal is to create awareness, generate leads, and drive sales.
Public Relations: PR is centered on managing and influencing public opinion through media relations, reputation building, and corporate social responsibility. PR aims to create a positive image, establish thought leadership, and maintain a favorable perception of the brand.
4 | Communication Channels
Marketing: Marketing often employs direct communication channels, such as advertising, email marketing, social media campaigns, content marketing, and paid promotions. These channels allow marketers to control the message and target specific audiences.
Public Relations: PR utilizes direct and indirect communication to effectively present a narrative. This can be achieved through various means such as securing media coverage, showcasing the expertise of a firm’s thought leaders, or implementing effective strategies for social media engagement. By earning media coverage and leveraging third-party endorsements, PR has the potential to achieve success in promoting a brand’s desired message.
5 | Measurement of Success
Marketing: Success in marketing is often measured by tangible metrics such as sales revenue, return on investment (ROI), conversion rates, customer acquisition, and market share.
Public Relations: PR success is assessed through qualitative measures like media coverage, brand sentiment, social media engagement, and stakeholder perception. The primary emphasis of PR lies in cultivating enduring relationships that contribute to nurturing a favorable public sentiment over the long term.
While marketing and PR are distinct disciplines, they form a powerful alliance that unites their unique strengths. Through the intersection of both of their efforts, financial services companies can create cohesive and consistent messaging that aligns with overall business objectives and enhances brand reputation. This cohesive approach ensures every touchpoint reflects the organization’s overarching goals and reinforces its position as a trusted industry leader. More importantly, when the integration of PR and marketing is well executed, companies pave the way for a future where their brand stands out in a sea of look-a-likes, creating brand equity.