Updated September 2026 · Written and maintained by the Progression Agency strategy team
Public relations is bought on a capability list and judged on coverage, which is why so many engagements disappoint. Every firm lists media relations, thought leadership, crisis management and executive positioning; most are genuinely strong at two or three of them. This page sets out what each service actually involves, how retainers are structured, why advertising value equivalence should never appear in a report, and the questions that reveal whether a firm has the relationships it implies.
The short answerAsk one question before anything else: which reporters in our sector do you actually have working relationships with? A firm with real relationships names them and can describe what those journalists cover and what they ignore. A firm without them describes a process — media lists, distribution, outreach cadence — which is what you get when the relationships are not there. The answer to that single question predicts the engagement better than any capability deck.
Progression Agency is based in New York City and works with clients across the United States. Cost figures are category-typical ranges rather than quotes, and nothing here reports the results of a specific client. Paid placements, sponsored content and influencer arrangements carry disclosure obligations that vary by jurisdiction — verify what applies to you before agreeing to anything presented as coverage.
PR firm services are sold as a list and delivered as a specialism, and the sections below separate what each one actually involves from what appears on the capability deck.
What services do PR firms actually provide?
Media relations, message and narrative development, crisis and issues management, thought leadership, executive positioning, event and launch publicity, and increasingly search and social visibility work that overlaps with marketing.
The list is broad and the reality is narrower: most firms are genuinely strong at two or three of these and adequate at the rest. Working out which two or three matters more than comparing capability lists that all look identical.
Media relations
Building relationships with journalists and securing coverage. This is the core of what most people mean by PR and the hardest part to buy well, because it depends on individual relationships rather than on process.
Narrative and message development
Deciding what the organization actually says about itself and why anybody should care. It sounds soft and it determines whether any of the other work lands, because a firm with nothing distinctive to say cannot be made interesting by distribution.
Thought leadership
Positioning named individuals as worth quoting on a subject. Effective when the person genuinely knows something and is willing to say it plainly; ineffective when it becomes ghostwritten consensus opinions nobody disagrees with.
Crisis and issues management
Preparation before, and handling during, something going wrong. The preparation is the part with real value and the part almost nobody buys until they have needed it once.
Executive positioning
Building the public profile of founders and senior leaders. It works and it creates a dependency — the profile belongs to the person rather than the company, and it leaves when they do.
Launch and event publicity
Concentrated activity around a moment. Straightforward to brief, easy to measure in coverage terms, and frequently the least strategically valuable thing a firm does.
Analyst and industry relations
In B2B and technology, relationships with the analysts and publications buyers actually read. Narrow, slow, and disproportionately valuable in categories where those voices shape shortlists.
Content and editorial
Producing the material that makes coverage possible: data, research, commentary, case material. The firms that generate their own newsworthy material outperform those that only pitch.
Search and digital visibility
Coverage that ranks, mentions that build authority, and the overlap between earned media and search performance. This has become a genuine part of PR value and is measured by almost nobody.
Internal and employee communications
Frequently sold as an add-on and frequently the thing that actually needed fixing, because external messaging built on internal confusion tends to fail publicly.
What is PR actually for?
Being credible to people who do not yet know you, through channels you do not control. That is its distinctive value and also its limitation.
Advertising buys placement and controls the message; PR earns placement and does not. That trade-off is the whole thing: third-party coverage is more credible precisely because you could not simply purchase it, and consequently you cannot guarantee it either.
| Public relations | Advertising | Content marketing | Influencer marketing | |
|---|---|---|---|---|
| Who controls the message | The publication | You | You | The creator, partly |
| Credibility with a stranger | High | Low | Moderate | Moderate |
| Predictability | Low | High | High | Moderate |
| Speed | Slow to build | Immediate | Slow | Fast |
| Cost model | Retainer for effort | Per impression or click | Production cost | Per post or performance |
| Measurability | Difficult | Precise | Good | Good |
| Durability | Coverage persists and ranks | Stops when you stop | Compounds | Ephemeral |
| Disclosure obligations | Editorial standards apply | Clearly labeled | Your own channel | Must be disclosed as paid |
The final row matters legally. Paid placements and influencer arrangements carry disclosure obligations in most jurisdictions, and presenting paid coverage as earned is both an editorial and a regulatory problem.
How is PR priced?
Almost always a monthly retainer, commonly $5,000 to $20,000 for mid-market work, with project and crisis engagements priced separately and higher.
The retainer buys a quantity of senior time rather than a quantity of coverage, which is the source of most dissatisfaction in this category. Firms that will not guarantee outcomes are being honest; the question is what you get if the outcomes do not appear.
| Model | Typical | What it buys | Watch for |
|---|---|---|---|
| Monthly retainer | $5,000-$20,000 | Ongoing senior and account time | What happens in a quiet month |
| Project or launch | $10,000-$60,000 | Concentrated activity around a moment | Scope creep after the launch |
| Crisis engagement | Premium day or hourly rates | Immediate availability | Whether they know you already |
| Performance element | Per placement or outcome | Aligned incentives | How a ‘placement’ is defined |
| Hourly consulting | $200-$500/hr | Senior judgment | Hard to budget |
| In-house hire | $80,000-$180,000/yr | Control and institutional knowledge | One person, limited relationships |
The fourth row deserves care. Paying per placement sounds aligned and creates an incentive toward volume in low-quality outlets, so any performance element needs a definition of what counts before it is agreed.
What a retainer should specify
Senior hours per month, who is on the account, what activity is included, how many pitches or campaigns, what reporting contains, and what happens in a month with no news. That last point is the one nobody writes down and the one that causes the arguments.
Below about five thousand a month
You are buying junior time and a distribution list. For many organizations the honest alternative is a freelance publicist for specific moments, or an internal person with a consultant giving direction.
How should PR be measured?
By whether the right people saw the right thing and something changed — not by clip counts or advertising value equivalence, which measures nothing.
Advertising value equivalence, the practice of valuing coverage at what the space would have cost to buy, has been widely criticized within the profession for decades and still appears in reports. It compares two things that are not comparable and it always flatters.
| Measure | What it tells you | Why it is used |
|---|---|---|
| Coverage in target publications | Whether the right audience saw it | Requires defining ‘target’ first |
| Message pull-through | Whether your point survived the edit | The most useful and least used |
| Share of voice against competitors | Relative visibility | Meaningful when tracked consistently |
| Branded search volume | Whether awareness moved | Slow, confounded, and real |
| Referral traffic and inquiries | Direct commercial effect | Only captures a fraction |
| Backlinks earned | Search authority gained | Genuinely valuable and rarely reported |
| Total clip count | How busy the firm was | Easy to produce, easy to inflate |
| Advertising value equivalence | Nothing useful | Looks like a return figure |
The second row is the most informative measure available and is almost never reported. Coverage that mentions you without carrying your actual point is activity rather than progress, and separating the two changes how an engagement is judged.
How long does PR take to work?
Three to six months before meaningful coverage in most cases, and longer where the organization has nothing newsworthy yet.
The first month is briefing and relationship-mapping, the second is pitching into cycles that have their own lead times, and publications commission weeks ahead. Judging a PR firm at eight weeks judges the setup.
What makes it faster
Genuine news, proprietary data, a named person willing to be quoted and available at short notice, and existing relationships. The last of these is what you are largely paying for.
What makes it slower
Nothing distinctive to say, slow internal approvals, executives unavailable for interviews, and legal review that rewrites quotes into corporate neutrality. Internal friction kills more PR engagements than external difficulty does.
What does a PR firm need from you?
Access to people, speed of approval, something genuinely worth saying, and a willingness to be specific in public.
The single strongest predictor of whether an engagement works is how quickly a spokesperson can be made available. Journalists work to deadlines measured in hours, and an organization that takes two days to approve a comment will simply stop being asked.
What should you ask a PR firm before hiring?
Who does the work, which journalists they actually know in your space, what they would refuse to promise, and what happens in a month with no news.
The most revealing question is which specific publications and reporters they have working relationships with in your category. A firm with real relationships names them; one without describes a process.
- Which reporters in our sector do you actually have relationships with?
- Who will work on this account day to day, and what else do they handle?
- What will you not promise, and why?
- What happens in a month when we have no news?
- How will we measure this, and does it include message pull-through?
- What would you tell us not to do?
- What has failed for a client like us, and what did you learn?
- What do you need from us, and how fast?
Question four is the one that predicts the relationship. Every organization has quiet months, and a firm with a clear answer — commentary, data, relationship-building, preparation — is describing a real practice rather than waiting for you to supply news.
What are the warning signs?
Guaranteed placements, pay-for-coverage arrangements, reporting built on clip counts and advertising value equivalence, and vagueness about who does the work.
Guaranteed coverage almost always means paid placement, which is a different product with disclosure obligations attached. It is not illegitimate when labeled correctly, and it is not what most buyers think they are purchasing.
Understand what sponsored content is
Paid articles, sponsored posts and advertorials are legitimate and must be disclosed. A firm presenting them as earned coverage in a report is misrepresenting the result, and the disclosure obligation sits with the advertiser as well as the publisher.
When do you need a specialist rather than a generalist?
When your audience reads a small number of specific publications, when the category is regulated, or when the relationships that matter are narrow and hard to build.
Sector specialists are worth a premium in technology and analyst relations, healthcare and life sciences, financial services, and consumer categories where a handful of outlets drive everything. Elsewhere a good generalist with genuine relationships beats a badge.
Should PR sit with marketing or separately?
Together, in practice. Earned coverage that nobody can find, and marketing that contradicts what the press was told, are the two failure modes of keeping them apart.
The practical integration points are simple: coverage should be reachable from your site, messaging should be consistent across earned and paid, and the search value of earned links should be captured rather than left to chance.
Coverage has search value that is usually wasted
Links and mentions from credible publications are among the strongest authority signals available, and PR firms frequently do not track them while SEO firms pay considerable money for far weaker ones. Reporting earned links is free and almost nobody does it.
Which related practices sit alongside PR?
Public affairs, investor relations, internal communications, influencer and creator relations, content and search. Each is a distinct discipline frequently sold under the same roof.
Firms bundle these because clients want one supplier, and the bundling hides real differences in capability. A firm strong in consumer media relations may have no genuine public affairs practice at all, and it will still appear on the list.
| Practice | What it actually is | Why it is a different skill |
|---|---|---|
| Public affairs | Engaging policymakers and regulators | Different relationships, different rules, frequently registrable |
| Investor relations | Communicating with markets and shareholders | Regulated disclosure obligations |
| Internal communications | Reaching your own staff | Different audience, different failure modes |
| Influencer and creator relations | Paid or gifted partnerships | Disclosure obligations apply |
| Content marketing | Owned material you publish | You control it; that is the whole difference |
| Search visibility | Being findable when people look | Technical as much as editorial |
| Analyst relations | Briefing the analysts buyers read | Narrow, slow, high-leverage in B2B |
| Crisis communications | Handling something going wrong | Preparation is the valuable part |
Public affairs and investor relations carry legal and registration obligations in many jurisdictions that ordinary media relations does not. If either is genuinely part of what you need, verify that the firm is properly constituted to do it rather than assuming the bundle covers it.
Bundling is convenient and worth interrogating
One supplier across several practices reduces coordination and increases the chance that some of them are staffed thinly. Ask which practices are delivered by dedicated people and which are covered by whoever is free.
What can PR not do?
Manufacture news that does not exist, guarantee coverage, fix a product problem, or produce predictable monthly volume.
A firm that appears to do the last of those is usually buying placements or working outlets nobody reads. Genuine earned coverage is lumpy by nature, and expecting a steady monthly quota is the expectation most likely to end a relationship badly.
Want to know whether PR is your next move or a distraction?
We will tell you plainly whether you have something newsworthy yet, whether the audience you want is actually reached by earned media, and when search or content would do more for the same money.
Financial services, finance, fintech — three adjacent press markets
Financial services PR covers banks, insurers and advisers; finance PR is broader; fintech PR pitches product news into technology press. The editor lists barely overlap, which is why one firm rarely serves all three well.
Firms use whichever adjective the inquiry used, so the label on the website is a poor guide. The question that separates them is which publications they placed in last quarter.
| What people search | Press served | Cycle |
|---|---|---|
| financial services pr agency / financial services pr agencies / pr agency financial services | Trade and business press for regulated firms | Slow; compliance review built in |
| fintech pr companies / top fintech pr agencies | Technology and business press | Fast; funding and product news |
The practical consequence is the review burden. Regulated financial communications route claims past counsel before pitching, which adds days; fintech news moves on a launch cycle where days matter. An agency built for one pace struggles at the other, and that mismatch shows up as missed embargoes rather than as bad work.
PR for financial services, and why the constraints are different
Financial PR firms operate under conditions that do not apply elsewhere, and an agency without that experience will generate work that compliance rejects. PR for financial services is constrained by regulation on what may be said about performance, by disclosure requirements, and by rules on communications that could be read as investment advice.
The practical effect is that the usual promotional instincts are unusable. Claims about returns, selective performance figures, and testimonials about outcomes are variously restricted or prohibited depending on the regulator and the firm’s registrations. An agency that treats a compliance review as an obstacle to route around, rather than as a stage in the process, will produce material that never runs.
What works instead is expertise-led: commentary on conditions, explanatory material, research, and executive positioning that establishes judgment without predicting outcomes. This is slower and less dramatic than consumer PR, and it is the reason financial PR firms tend to specialize rather than treat the sector as one vertical among many.
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Frequently asked questions
What does a financial pr firm do that a general agency cannot?
How do financial pr agencies handle regulated claims?
Is a finance pr agency the right fit for a fintech startup?
What do financial services pr firms typically cover?
How do fintech pr firms differ from traditional financial PR?
What does a financial pr agency cost on retainer?
What does a financial public relations firm do?
What services do PR firms provide?
Are firms good at all of those?
What is PR actually for?
How does PR differ from advertising?
How is PR priced?
What does a retainer actually buy?
What should a retainer specify?
Is paying per placement a good idea?
What if my budget is under $5,000 a month?
How should PR be measured?
What is advertising value equivalence and should I accept it?
What is message pull-through?
Should PR report earned links?
How long does PR take to work?
What makes PR work faster?
What slows it down?
What does a PR firm need from us?
What is the best question to ask before hiring?
Why ask what happens in a month with no news?
What are the warning signs?
Are guaranteed placements legitimate?
What is sponsored content?
When do I need a sector specialist?
Should PR sit with marketing or separately?
What can PR not do?
What related practices sit alongside PR?
Is bundling several practices a problem?
Do public affairs and investor relations differ legally?
Is executive positioning worth it?
What makes PR for financial services different?
Do I need a specialist financial PR firm?
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