Public relations is vital to business, but it can be expensive. About $16 billion is spent on PR agencies every year. It's hard to determine exactly what value you're getting for that money, and the top agencies love it Edelman AND 5 WPR are not exactly available for prices.

I am not bashing any of these agencies. They are not deliberately hiding their price – PR it is a specialized service and the cost depends entirely on the customized plan your brand requires.

In fact, brands often have too many misconceptions about PR and what agencies are capable of. We often hear the same PR myths during client onboarding calls, and it can take some time to get used to how the process works, whether it's an in-house team or an external agency.

Here are six things every brand needs to understand about PR.

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1. Your release isn't always newsworthy

Perhaps the biggest PR myth brands have when they approach us is that they have a truly newsworthy campaign. They think they'll hire a PR rep and immediately get the front page of the New York Times and a guest spot on the Today Show. Unfortunately, that's not realistic unless you're someone like Elon Musk or Mark Zuckerberg, who is already a well-known public figure.

The reality is that everyone wants these slots and no PR agency can guarantee placement as they are brutally competitive. The first questions we ask any potential client are about their funding, revenue, number of users and/or any worthwhile partnerships. If you are not in even one of these factors, you will not get media coverage, especially when it comes to mainstream media.

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2. Media is not a quick fix

It's also very common for people to bet their entire business on a big media push. They believe that media coverage will lead to more CLIENTS and profits, but this is not a sustainable business model. You cannot depend on media as a marketing vertical to grow your business. However, it takes great products, services and media buzz to help spread the word about your brand and win business. However, it's a temporary boost that gets harder to repeat each successive time you try after breaking the first story. Media is meant to showcase what you're already doing and should complement your brand initiatives rather than drive them.

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3. PR involves more than news

Although we often think of PR to get news, it is much more than that. Media is only one piece of the PR puzzle, and events, influencers and social media are often part of the job, along with content marketing, SEO and more. In fact, many of our biggest PR wins came from securing speaking gigs high profile conferences like SXSW and GDC.

For public relations to work effectively, it must be integrated into all your external communications to ensure that messaging is both in sync and compliant with the law. This is particularly important in highly regulated industries such as finance, crypto, professional services and health care. The more access PR has to your content channels, the better off you'll be in the long run.

4. Great PR takes time

Speaking of the long term, I often have to remind clients that PR is a marathon, not a sprint. Brands usually consider hiring a PR agency right around the time they have their first press release and aren't sure how to get any traction. A good press push should have at least a 30-day lead time, and some links and placements can take months or even years to achieve.

Because of highly visible public statements, PR helps build a legacy that will outlive you as an entrepreneur. Historic entrepreneurs, from Andrew Carnegie to Steve Jobs, are remembered today through media headlines more than anything else, and the stories you share will set the tone for your business for generations to come.

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5. Everyone has journalist friends

It's always interesting to me when clients ask about journalist friends, because it's a double-edged sword. PR agents love to brag that they're friends with journalists, but those friendships don't really help you book a client as much as you think. Consider scandal on CNN on host Chris Cuomo giving preferential treatment to his brother Andrew while he served as governor of New York.

After all, a great story is better than one personal relationship with journalists. Everyone has a friend in the media, and they are usually very accessible to the public. If you have really valuable information to present to them, you don't need to have any media connections.

6. Both paid and earned media are needed

Many clients want to stick to purely organic PR, and if you choose that route, be prepared to lower your expectations. It takes a lot of work to get the gears moving, and chances are you won't get them unless you pay for them. It's always worth it making a concessionbut they don't always get it, especially when your brand is still small.

This is especially true for industry prices. From an Oscar or Grammy to CES and AdAge innovation, almost every major trophy you've heard of has a fee attached. This doesn't mean you can pay to win, but it does mean that every candidate you see listed has paid an entry fee, even if it was just a favor. If you want to be listed with them, you will have to pay for your chance to win.

CONCLUSION

Public relations is an important part of business that should not be overlooked. It requires a solid plan and staff with specialized skills to be effective. It also takes time, so prepare for it as soon as possible to give your team the runway to launch effectively.

Instant wins are great, but they should act as stepping stones to a holistic, long-term plan. When executed with purpose, PR can build a legacy for your life and beyond.