So, today I was quite pleased to learn that we were ranked as the 23rd largest PR firm in the U.S. in the just released 2009′ PRWeek Agency Rankings, a public relations industry magazine.  5WPR, for their 6th full year of operations ranked 23rd in the U.S., with $11,919,546 in revenues.

One of the 25 largest PR firms in the US, Inc. Magazine fastest growing companies, fastest growing PR firm in the US 3 years in a row – These are all accolades we have had in only our 1st 6 years of business.

Am very very proud we rank as one of the 25 largest PR agencies in the U.S.

Ronn Torossian

5WPR

Someone who worked for 5WPR for 4 years and left the agency to pursue another career sent me the following note today, which I very much appreciated and wanted to share:

Brain has been racing since 5am. Thinking about my time here and I want to let you know what has meant the most:

What I learned:

Working hard – set a pace and make people keep up with you not the other way around

Be responsive – answer emails quickly no matter how busy

Everything is a learning experience – good or bad decisions ideas etc, get *something* out of everything

Ronn Torossian

5WPR

Anyone who’s spent more than 30 seconds next to me knows of my intense blackberry addiction; I have slept with my blackberry next to my bed for years.  If that need for instant communications wasn’t enough, I recently joined Twitter (pre CNN, Oprah and Ashton’s high-profile media).

As 5WPR matures along with the industry, we have expanded our leadership and focus in emerging and social media campaigns for our clients. 

This continues to be an important space for PR and communications.  As the Public Relations industry evolves and our firm continues to grow, I invite you to follow me on Twitter to engage in a greater conversation about public relations.  And while you are at it, friend me on Facebook.

Ronn Torossian

5WPR

In the last few weeks, I’ve noticed that entrepreneurs and small- to mid-sized businesses are making a lot fewer decisions by committee.  Wreckage from layoffs has pushed lean, mean, smart business people to stand up and take more responsibility for the activities in their companies (no government bailouts there).

Even amongst our clients with up to 100 employees, CEOs are much more involved in smaller issues and are making each and every decision.  These CEOs are taking on a greater share of responsibility, making direct, quick decisions that they would never have made a year ago.  Yes, companies are smaller, but they also realize that decision by committee is too cumbersome in these uncertain, fast-moving times. CEOs are leading, for better or for worse.

One of the people I respect most in the world said to me today that new horses will begin to emerge from the economic rubble – people ready to lead, because the old guard is tired and beat up from the last few months, which have been very tough on all of us.  The new horses will emerge and lead.  I think we are starting to see the inkling of those horses.

Ronn Torossian

5WPR

An interesting discussion this morning with a start-up CEO prompted me to pinpoint  a few guidelines I learned for small businesses to follow, especially in a struggling economy. Gathered from years of personal experience, as well as lessons relayed by fellow entrepreneurs, these simple tenets can  be helpful.

I started my agency, 5W Public Relations, in 2003.  Since then, it has grown to become one of the 25 largest independent PR agencies in the U.S., ending 2008 with nearly $12 million in revenue.  We have no debt, pay vendors on time, and have always had a profitable business, as we work very hard and deliver results.  We don’t accept complacency: we demand and deliver.  We have never had a line of credit, don’t carry credit card balances and pay our bills on time.

One of the hardest parts of running a business and being an entrepreneur is extending credit to companies and managing cash flow. To this day, in our seventh year of business, when I look at my accounts receivable and see seven figures outstanding, it’s terrifying. It’s one of the biggest differences for me between owning a business and having a job.
 
Anyone who owns a business has been stiffed. The question isn’t “if,” but “how much and how often.”  Additionally, as AdAge says, asking agencies to wait “as long as 120 days to be reimbursed” is “putting a painful burden on some shops.” There’s not much one can do other than understand that cash is king and good clients pay their bills.  In this economy many agencies will merge or fold, as they simply can’t afford to keep their doors open.  The small businesses that are having trouble managing cash flow (or lack thereof) will have no choice.

My small business guidelines to live and breathe by:

1. There are basic cardinal rules that seem simple but shouldn’t be violated, especially during these unique times: Don’t spend what you don’t have (cash is king, not credit). Sweat the small things.

2. Keep overhead as low as possible. If you currently have office space, now is the time to act quickly and look at options to renegotiate your current lease. If you are a new business looking for office space, there are many companies that are currently renting extra space.

3. Hire strategically, because the growth of any new start-up will be affected by new government policies, from matching employees Medicare tax rates to the added burden of paying extra commercial real estate taxes.

Food for thought.

Ronn Torossian

5WPR

In the past few hours, videos of several Domino’s employees engaging in disgusting behavior (see: 1 and 2) have circulated through blogs and social media platforms, causing quite an uproar and brand damage to one of the nation’s leading pizza chains.

This is the changing face of PR in the era of social media. While the business of public relations is fast moving and days are unpredictable, social media comes equipped with videos (with brand images connected) and spreads faster than ever before.  Faster than daily newspapers can come out or TV programs can run updates.  Dangerous and scary.

Domino’s, to their credit, responded quickly and with well-delivered wording:  “The ‘challenge’ that comes with the freedom of the internet is that any idiot with a camera and an internet link can do stuff like this – and ruin the reputation of a brand that’s nearly 50 years old, and the reputations of 125,000 hard-working men and women across the nation and in 60 countries around the world.”

While there have always been rumors, and the advent of the Internet created sites to exchange information, today with video and social media, information can spread more quickly than ever before.  Luckily for them , Domino’s caught this very quickly, but they still could not stop brand damage from being done.  

In the age of instant communication, media and social monitoring is more vital than ever.   This story is still being told.

Ronn Torossian

5WPR

Although I was raised in the Bronx and spent innumerable days at Yankee Stadium, I will nevertheless admit to having attended the Mets home opening of the $800 million Shea Stadium last night.  It was quite a memorable experience.   I went with a top-tier journalist and a major client (who has season tickets), and we sat in the 2nd row behind home plate, celebrity center, listening to Governor Patterson make small talk as he was loudly booed by the stadium. 

Sitting up there was a social event, with everyone constantly moving around.  I spent an inning in the front row with a colleague with whom I sit on a non-profit board, met a lot of potential sources for new business and had face time with influencers.

In terms of the brand, the stadium itself is breathtaking: small town feel, part Disney, and certainly nothing like the old Shea.  The immaculate, luxurious Sterling Club felt more like a high-end hotel than a baseball game. 

One thing which jumped out at me was the lack of big-name advertisers.  A local, small construction company, small car dealerships, and even Caesar’s Palace in Atlantic City – all prominent advertisers at the stadium, but very odd brand fits for the Mets.  Sign of the times, even with Citigroup spending their millions and millions.

Ronn Torossian

5WPR

Good read in today’s Business Week titled, “Why PR is the Prescription?” Great story on why PR is on the rise in marketing programs around the globe, and why companies should rethink shrinking their public relations budgets, even in this tough time.  PR brings more bang for your buck, costing  much  less for better results.  

Good communication is all about telling a compelling brand story, and PR is designed to tell your brand’s story in the most effective way.   PR firms remain the smartest and cheapest option to build brands. 

Ronn Torossian

5WPR

This weekend I read a very interesting survey of journalists.

Prior to the recession, traditional media had tremendous challenges. Now, with the onset of this economy, things are changing even faster, with mass layoffs and newspaper after newspaper folding. The survey spoke volumes and led me to ask how long it may be before blogs publicly (or privately) sell content to the highest bidder. In a world that — to date — has no established rules, do bloggers have the same ethical responsibilities as traditional journalists?

Anyone with mass traffic and early-mover SEO may eventually be able to do a lot with content. I have very much enjoyed Tina Brown’s new site, and wasn’t surprised to see last week’s announcement re: advertising, nor comments re: “sponsored content.”

For me, there’s a very clear link in terms of the survey item I led with in this post and the concept of sponsored content. The world has changed, and one wonders how traditional journalism schools will adapt in the years to come, as well as how the public relations industry will evolve.

Companies like NAPS have been servicing the PR agency world for years. For a fee, NAPS writes articles and incorporates them into newspapers and magazines. They guarantee hundreds of placements, and the articles they write are rarely labeled as advertising. As their website states, “The CDC and the AMA, for example, contribute timely health stories on food, safety for children, or cutting edge medical technology and techniques; experts write about home maintenance and decor; home economists at General Foods send recipes; and financial gurus at such companies as Primerica (a member of Citigroup) offer advice on investing and money management.” Will someone incorporate this concept for the internet world? Without mass publishing or distribution costs and with simple, smart SEO, it can be done a lot quicker, and a ton cheaper.

Food for thought.

Ronn Torossian

5WPR

This week, I had to make a long day trip for a client meeting.  I left my house at 6 AM and didn’t return until 11 PM.  Between long waits and just traveling, I had a chance to listen to some great music.  Music always puts me in a different zone and allows me to think.  It’s a temporary escape from delays, terrible flights and the like.  The right music can adjust one’s mindset and allow them to win, and adjust focus.

Traveling outside of NY for the day and getting a little distance from the craziness of everyday business allowed for reflection, which is always necessary as a business owner.  Removal from the immediacy of owning one of the 25 largest PR firms in the US provided me with a clearer head.

I also spent an hour yesterday with a very high-profile individual who spoke of the work he completed.  About criticism, he said “Be focused on what needs to be done.  Focus and don’t distract. Ignore critics, believe in yourself and g-d.”  This individual has accomplished a tremendous amount, and his sheer faith and belief in himself was inspiring. 

It shows someone like me, who always dreamed of making the Inc. 500 list, which we did, to push for the Forbes 400 list, a life-long dream. Focus and desire go a very long way.

Ronn Torossian

5WPR