The independent marketing program reviews are designed to provide an overview of a financial marketing program that is available in the marketplace. Over the course of a year, I bet I receive 50+ inquiries from financial advisors asking me my thoughts about certain programs available. Your inbox is littered with these offers every single day. My goal is to help you evaluate them objectively, and share any real-life experiences that I may know of related to the particular program. If you have a program you’d like reviewed, shoot me a note at email@example.com.
Financial Advisor Marketing Program being reviewed: RecommendedExperts (www.recommendedexperts.biz).
A few weeks back, an advisor asked for my opinion on RecommendedExperts. Essentially, here’s what they offer to do:
- Draft a press release on a specific topic related to you and your business.
- Submit the press release to various media outlets
- Provide you with a graphics pack that includes “As Seen On” with logos and images to add to your homepage and profile.
- The cost is $397.
To be honest, this isn’t an awful deal. It’s reasonably priced. You’re getting some writing services and a press release submission for $400. But there were a few things that caused me to raise an eyebrow. Here are a few excerpts from the salesperson’s email to the advisor, along with my commentary after each:
“we have just signed a deal with some major authority media organisations, the release we’re compiling will be picked up on the major news networks…”
My reaction: just signed a deal? This is how press release distribution companies work. They distribute the release to dozens and dozens of media outlets and major news networks.
“As we discussed, typically a spot in an announcement like this would cost anywhere between $10,000 to $15,000 and would take at least three to four months to come to fruition but because we’re in beta, we’re subsidizing the whole process… so in return for the guaranteed placement in the major news sites… and the ability to use As Seen On… logos for ABC, NBC, CBS and FOX on your website etc… we are covering everything, other than our basic costs of $397.”
My reaction: $10k – $15k? 3-4 months? Cough, cough… lie. Getting a press release written and distributed is about the easiest thing in the world to do. (We do it regularly, and can have one drafted and distributed in hours. Cost will vary by the service we use and the audience we want to send it to, but it’s nowhere close to $10,000.). I’ll share some links below.
“Lastly we also guarantee exclusivity to anyone we work with… in other words when we announce you in one of our releases you will be the only specialist in your area that we supply the As Seen On… logos to.”
My reaction: Woohoo. So what? This means nothing. Anybody can send a release in your area on the same topic at any time.
Excerpts from the note I sent back to the advisor about the opportunity are included below. It may be helpful.
I wouldn’t do this with this company for three main reasons:
Reason # 1: They blatantly lied to you about the normal cost of this. The only thing they are doing is interviewing you and then charging you for the write up and the submission of a press release. This is NOT $10,000 – $15,000 (See # 2 below.). Personally, when somebody lies this blatantly to me, I wouldn’t do business with them out of principal (regardless of how cheap it might be).
Reason # 2: You can do this yourself. Simply draft a press release and send it. I’ve shared a few entities that send press releases and you can pay for them. It will be cheaper than what this place is charging. They are only sending it to Baltimore area media. For the price you are paying them, you could send it with a national distribution. Links to some of the places you can use to send press releases are below:
The big player in the distribution game is Cision, which owns PRWeb and PRNewswire (if you google around you’ll see this). If you don’t want to write it yourself, you can hire a writer (which is essentially what this company is pitching… they will write the story and then submit it, using one of the above mentioned providers, no doubt). Here’s an interesting blurb about that PR writer world. https://www.writeraccess.com/blog/how-to-set-your-press-release-rates-as-a-writer/
Reason number 3: Compliance is compliance. Sending a press release itself will NOT be a problem. Once it is written, you would need to have it reviewed like any other marketing. HOWEVER, the “As Seen On” thing will likely not fly because it’s not EARNED media. This is a fine line and we know that regulators are concerned about this matter. It would be equivalent to creating a 30 second TV commercial, paying to have it air one time on each of the big networks, and then saying “As Seen On…” Don’t take this as direct compliance advice, but that’s my assumption on how it would be viewed.
On a positive note: There is VALUE in doing press releases. Between improving your search engine optimization (SEO) on your website, to showing up in searches for topics that you want to show up for is all good. I just don’t like how this company pitched it. If you weren’t in a highly regulated industry, I’d probably say to go for the whole “As Seen On” thing. If you decided to hire them, you should only look at it for the benefits I mentioned from an SEO perspective, and NOT the “As Seen On” bit. My hesitance with this company is just in the fact that they blatantly misled you. That usually seals the door shut for me.