There’s a running argument between advertising and PR – Which one is better for your business? (I bet you know which side I’m on.) Both have their place, but today I want to share a story about one of my clients that clearly illustrates the power of PR.
We recently placed Don Goewey, author of Mystic Cool, in the January issue of Outside. You might wonder what effect a placement like this has on book sales. Using Amazon.com’s ranking as a metric, Don’s book shot from an overall ranking of above 250,000 all the way up to 6000, and it hit #2 on its way to #1 in his category! When we got the news, there were hoots and high-fives all around the office. We love it when our clients succeed!
Most firms calculate the value of a placement by starting with the price of ad space in the publication, and then adding value for that all-important intangible – credibility. Industry standard is to multiply the ad price by ten, but at Wasabi we’re conservative and only multiply by three. Even with our conservative estimate, the value of this placement rolls in at $260,000! (But what does that mean if sales don’t increase?) The numbers don’t lie though; Mystic Cool’s sales on Amazon.com got a boost from PR that advertising just couldn’t duplicate.