A benchmarking database, designed to help PR consultancies win new business during the credit crunch, is now available from New Venture Publishing.
The PR & Marketing Benchmark was developed by Policy Publications in association with the University of Luton. It enables PR consultancies to benchmark their own performance at business winning activities against the other PR firms in the database.
Currently, there are 82 companies’ results in the database, but the number grows each time a PR consultancy benchmarks itself.
A PR consultancy can benchmark its own performance against 128 factors involved in winning new business. These factors are grouped into 16 key areas such as the main sources of enquiries from potential clients, factors to bear in mind when considering whether to pitch for a new account, key activities when preparing a pitch, and issues to address when completing the final negotiations with a potential client.
The benchmarking database lets a PR firm compare its performance on all the issues against all the firms in the database as well as against those firms which are most successful at winning new accounts.
PR and marketing consultancies that benchmark themselves receive a 20-page report divided into five sections. The first section provides advice on interpreting the figures in the 10 pages of statistical tables. The second provides a comparison of the consultancy’s performance on the 128 factors against all other firms in the database. The third compares the consultancy’s performance against the firms that are most successful at winning new business. The fourth contains an “action checklist” which picks out the top 10 factors where the consultancy lags most behind the best performing consultancies. And the fifth contains some advice on making the best use of the benchmarking report.
Colin Coulson-Thomas FCIPR, FCIM, professor of direction and leadership at the University of Lincoln, who leads the benchmarking project, says: “By replacing speculation about its performance with hard facts, we’ve found a benchmarking report helps focus debate in a consultancy about its priorities for improving new business activity.”
The cost of a PR & Marketing Benchmark report is £295 plus VAT. The benchmark questionnaire can be downloaded from the benchmarking section of New Venture Publishing’s website.
The PR & Marketing Benchmark is the second service designed to help PR companies win more business that has been launched by New Venture Publishing. The first of its new half-day Perfect Proposals & Presentations Masterclass, designed to help PR and marketing consultancies improve pitches to win more business, was held in November and was sold out. The next Masterclass is scheduled for 26 February 2009 and online booking is now open.
Press enquiries: Peter Bartram on 01273 565505.
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