Twenty years ago I was on a new business pitch with the founder of the firm I was with at the time. After discussing our background and capabilities and how well they matched the prospect’s goals, we were asked, “How much?”

The response from my boss, which stuck with me all these years, was, “Well, how much is lunch?”

It would have been easy to throw out a number, but not prudent. An initial conversation between a PR agency and a prospective client is an opportunity to discuss needs and whether the relationship is a good fit. If all goes well, the agency is invited to submit a proposal with rough ideas for a monthly retainer or project fee. This rough budget mostly explains what’s on the menu, and not the actual “cost of lunch”. The final budget is calculated and put in the contract once there is a firm understanding of goals, expectations, program elements, and timing. It also involves knowing what resources we’ll have to work with, such as subject matter experts, existing content, and access to the CEO. So, are we grabbing a pizza, sharing a meal at a neighborhood hotspot, or indulging in a 5-course meal with a view of the skyline?

There are many elements to a PR program. The only thing we know for certain is there is not a lot we know for certain. I’m thinking about press releases that require last minute rewrites because something major changed; website content that ended up being double the work expected; requests for product or company naming not part of the retainer, or media pitching that required more persistence than we had hoped. So, how much is lunch in these situations?

Seasoned PR firms factor this in, but also know there is balance that comes with experience. Clients don’t pay for established relationships; they pay for strategic counsel and effective storytelling. They don’t pay for a cookie-cutter approach to media relations; they pay for research to know who is writing about what and what might interest their readers. Some clients tell PR firms what to do rather than take full advantage of their counsel and expertise – this diminishes the value of the relationship. Start-ups can be wary of paying for something they do not fully understand, but know they need. In this case, experienced PR counselors make good partners to lead and educate.

Let’s say a monthly retainer includes a press release with a third-party quote, revisions and approvals, media relations/proactive pitching, analyst relations and pre-briefings, an article drafted plus placement with an outlet, ongoing award research and nominations, and social media. What the client gets from its firm is all that, plus knowing how to make that press release have some legs, drafting that third-party quote for their approval, ensuring the media targets are spot-on so they’ll cover the news, arranging analyst interest without having to engage the firm, writing in the client’s voice and hitting all the key messaging, and some effective social media posts that give the client street cred.

The best advice I can offer prospects when considering a proposed PR budget is to regard your firm as a partner, understand that much more work and experience is involved than may be obvious, and take full advantage of what PR firms have to offer – don’t leave anything on the table.

Check, please! And I’ll take a doggie bag.