If you want to run a PR agency in Melbourne and make money doing it, then there are several things you will need to be aware of. Going in head first without any experience or training means that you will be likely to fail against the many established competitors you will be forced to contest with in this niche geographic space.
This kind of business decision is naturally very exciting (any new venture is), but there is a lot that could go wrong if you don’t know the right ways to attract, maintain, and achieve public relations success. Read on for the best tips on how to run a profitable PR agency in Melbourne that will take you above and beyond the boundaries of financial prosperity.
1. Study and take notes on what other firms are doing
The best place to start with your own PR agency in Melbourne is to study and examine what your chief competitors are doing so you can get a sense for what the status quo is. If they are all doing similar things, then it would make sense to at least start from there, so you are on a safe playing field to being. It would be terrible if you went into this new industry and didn’t have any clue about what is standard, especially for the area you are planning to open your business up.
It’s a good idea to visit their websites and compare what their offers are and see if you can beat their prices. Undercutting competitors and offering an equivalent service is the most effective way to get new customers quickly as businesses that want to engage a PR agency in Melbourne are going to look for the cheapest possible offer.
You will also be forced to charge lower prices since your firm won’t have the reputation and experience of well-established companies that may have existed for decades before you cam along. People are naturally more cautious when considering spending money with a new firm that does not have an extensive track record behind it – so you need to make up for your lack of experience by incentivising them in other ways.
2. Hire excellent staff
A PR agency in Melbourne is only as good as the experts working under its roof, so you need to ensure that you pay close attention to the recruitment and job interview process. A good idea is to try and headhunt experts who work with your competitors and offer them a better salary in exchange for their expertise.
Having these people on your team can lend credibility to your firm and allow you to charge a higher price for your services. While your brand might be young and untested, the veteran public relations experts you have hired will be able to offset the concerns of many of your initial clients as they will be well known in the industry.
3. Remember to nail your own public relations
To win as a new PR agency in Melbourne you will also need to practise your own public relations in combination with your marketing efforts to establish your brand and earn credibility in the industry. This will also demonstrate to prospective clients that you know what you are doing since they’ve heard good things about you and can see that you clearly know what you are doing when it comes to this line of work.
As you can see, there’s a lot of work you need to do in order for you and you team to be successful in establishing a new PR agency in Melbourne.