Sending a consistent message.

• Author: Karfakis, Amanda
• Position: PUBLIC RELATIONS

THESE DAYS, WITH MANY BANK MARKETING BUDGETS SHRUNK IN SIZE, PR can represents a cost-effective supplement to--or even a substitute for--a traditional advertising campaign.

Public relations is more than pitching story ideas to the media. PR educates and influences how--and what--people think about a brand. An effective public relations program requires clear goals, a consistent message, and ongoing relationships with the media and your target audience.

We've all heard of Starbucks, which seemed to pop up overnight on every corner in America. It is the company that transformed coffee, a staple of daily life, into an experience. What is interesting is that Starbucks's growth didn't come from advertising. It came from public relations.

PR takes time. Executives and business owners often believe that the "right" media article, speaking engagement or press release will bring instant success. In truth, it takes years. Did you know Starbucks was founded in 1971? Not an overnight sensation by any means!

Top management, in any industry, often neglects the importance of how it can build awareness and encourage growth through public perception--and it can do so much less expensively than a traditional advertising campaign.

A PR campaign can be less expensive than advertising, but it does require a greater commitment of time over a longer period. A bank can seek an outside public relations firm to build and maintain a strategy from start to finish; or, with adequate time and the right, PR-educated personnel, a bank could develop and implement the strategy internally.

Here are 10 helpful steps for developing a public-relation strategy that is both effective and affordable.

1. Get everyone on board. The time to bring in key decision-makers is immediately. This may include department heads or division leaders, board members, and staff from your internal sales and marketing teams. Anyone with a stake in the success of the bank needs to be part of the conversation. As a PR strategy is built, communicate often with staff members about the positive impact PR can have on a business and the specific roles that they can play in building a positive public image.

2. Establish clear goals. PR is a specialized discipline, not to be confused with marketing or advertising. Ideally, these three specialties work together, based on the goals and core marketing message established by your bank's executive team in a strategic marketing plan. The PR plan will have its own set...