Establish clear goals. Help the agency understand exactly what you're looking for; what counts, and what's merely 'nice-to-have.' It needs to be much more specific than 'market leadership.' Examples may include a positive, stand-alone case study in a top-tier vertical publication or a speaking slot at a key trade show.

Quantify your expectations. If you're counting on five, 15, or 50 pieces of coverage a month, say so, but don't be distracted by volume. Of course, for a young company, a flurry of coverage is a good way to drive early awareness; more mature companies will want to focus on big wins like a cover story in an important trade or business publication.

Accountability. Hold quarterly meetings to review accomplishments, identify areas that fell short and plan for the next six months. This is a good opportunity to review performance metrics, and jointly identify new trends and shifting priorities. We find that every year, at least a few of our initial goals are modified because emerging opportunities are too good to ignore.

Help the agency understand how it's driving business. Your agency should consider this a top priority. If you're tracking leads, let the team know how many can be attributed to PR. The agency should care enough to ask when the deals close.

Many of the core elements of the event-the news release, investor and analyst conference calls and all-hands meetings - occur almost immediately. Ensuring that all communication is coordinated from the outset is key, including getting the news posted on both company Web sites in concert with the release moving over the news wires.

Immediate communication with customers is extremely important. This should be done within hours of the public announcement, and can be as simple as a quick email note from both CEOs to reinforce stability, and pave the way for a call and an in-person visit to drive customer retention.

The media can be a strong influence, and getting them up-to-speed on the news sooner, rather than later, can make a big difference in reporting the announcement. Include top media and analysts in first- day calls, especially if you're interested in driving coverage. While they won't expect a lot of detail from the new CEO, it will give you an opportunity to highlight the strengths of the deal. This is especially important today, when so many companies are being forced to sell.

Everyone becomes a spokesperson when major news is announced. Creating an all-inclusive Q and A document that both companies can leverage will help all managers communicate consistent messages. It's also helpful to develop a modified version to post on your Web site for customers, prospects, employees and the general public.

Who Do You Engage?
Each industry has one or two top firms, and they're getting the lion's share of new business. Some of the second-tier firms will deliver more value, but still lack the name recognition among prospects and partners. Many of the mid-tier firms are experiencing significant transition as a result of mergers, staff transition and declining revenue; dig deep before signing.

Building the Relationship
You can, and should, be in contact with a key analyst monthly- by phone or email, and aim for no less than two in-person visits yearly. Getting a half-day from an analyst on-site is often a separate fee, but can occasionally be negotiated as part of your contract.

This is a significant investment of your time, of course, but helps keep you front-of-mind when new reports are being developed.

Consider mapping out the analyst landscape, and pair each executive with one or two top analysts. This helps distribute the workload. Coordinating feedback and outreach efforts is key for consistency and for leveraging what they're saying across the company.

Negotiating the Price
The list price for the leading analyst firms has dropped about 30 percent from a few years ago. Most offer several 'packages.' If the one-size-fits-all solution doesn't meet your needs, isolate the core elements that matter to you, and get component-level pricing. For smaller companies, a mid-level program is often sufficient. Some firms offer entry-level packages, with access to reports but with minimal analyst contact; that's generally valuable only if you're looking for deep competitive information, and not much feedback.