Press releases are either highly regarded or despised tools, depending on who you ask.
Most likely, you fall into one of two categories. You either don’t prioritize PR because you do not understand it, or you are over-torque because you think a company should press-release every single thing.
Press releases are a powerful tool for building a brand (especially in the early stages of entrepreneurship), but they must be used strategically. They’re often misused and abused, which is why they have a bad reputation.
It is not possible to create a magic formula for PR, but the key is making sure your announcement is newsworthy.
What makes a press release fail?
The majority of press releases are not successful because they…
- No meaning to you (or anyone else)
- Self-congratulatory
- Written poorly
- Unfairly distributed
- It’s not new
You may think that if you or the leaders of your company over-torque press releases, it will be a problem.
- Press release: Every idea is good.
- You’ll get coverage for your press release if you post it on the wire.
- All newswires have the same quality
- Your story will be covered by the industry media (how could they not?)
- A press release can open up the floodgates of sales leads
What Makes A Press Release Successful?
It cannot be easy to compare the coverage you receive with that of larger competitors or their peers. It is a fact that a LOT of effort goes into making a successful announcement. I’m talking WEEKS.
Newswires don’t make successful announcements. The success of these announcements is due to the strategic angles they use that appeal to various audiences, constant PR outreach, and active pitching, which is underrated.
Press releases are an important tool and part of a larger business strategy. Press releases can create earned media, brand awareness, credibility, authority, and market demand. These are also powerful validation tools.
A friend of mine worked at Amazon Web Services a few years ago. He said that in order to approve AWS product development, the product owner must write a press statement promoting and describing their product and its launch.
It was shocking for two reasons.
- He is an engineer, and engineers don’t typically write press releases.
- It wasn’t easy to imagine a release that had been approved for the press when the product still hadn’t gone through testing and production.
The PR writing process forces stakeholders to consider important details that they may have overlooked during the rush-to-market. The product must be able to demonstrate its purpose, as well as the investment and resources needed by the company in order to develop and maintain it.
My friend was quickly converted to this brilliant idea.
The purpose of a press release is to create meaningful news.
What Makes a Press Release Newsworthy?
How can you tell if your announcement is newsworthy and meaningful?
Create a table of four different types of announcements, including corporate, product-related, thought leadership, and partner/community. Some examples:
- Corporate: Fundraising, global expansion (new offices), high-profile leader hire, notable achievement
- Product New Product Release (caution: Not all new product capabilities will be newsworthy).
- Thought Leadership: Self-generated research, studies, and trending statistics
- Partners/community: Program launch, high-profile partners (but not all new partners are newsworthy), new products, community initiatives
Chart these pillars over the next three quarters. Add tentative dates and horizon announcements. And voila! You’ve created the news calendar for your company!
A well-planned news calendar can be a powerful weapon. When used by leaders, it can be a powerful tool for corporate strategy.
The benefits of maintaining and executing a calendar can be traced to real data, such as ROI. It will also validate your PR efforts and allow you to build a scorecard for your brand that shows brand reach.
You can also receive benefits from…
- Company Momentum
- Brand awareness among the target audience
- Search engine optimization and other marketing efforts
- Investor Interest
- Acquisition of interest or activity or merger
- Market demand
- New partnerships
- Referrals and word-of-mouth credibility
- Competitive differentiation
- Think leadership
- Other media opportunities, such as podcast interviews, contributed bylines, and other contributions.
Ask yourself these questions to determine the relevance of a press release before you create it.
- Is your announcement relevant and newsworthy?
- What specific audiences are interested in your announcement? Who is your audience, anyway? Investors, customers or potential buyers, niche groups within the industry, partners, associations, etc. …? Tip: Your announcement does not have to be aligned with all of your audiences. But it should align clearly with at least one.
- Why should your audience care about your announcement? What will it mean to them? Will your Series A raise, for example, create a buzz within the investment community? Will your AI chatbot revolutionize journalism or communications? Is your new technology radically disrupting or disputing current practices?
- What proof do you have? How much money did you raise, for example? Is this impressive? Why?) Does your AI chatbot eliminate human skills or reduce the need for human input dramatically (and by what amount)? What statistics or data can you provide to show how disruptive or impactful your tech is? What problem is it solving?
- When will the announcements be made? Most announcements should have a lead time of 2-5 weeks. They can be done faster, but it’s not ideal. It can take up to two weeks for a draft and a review. Another week can be needed to build media lists, communications plans, and pitching. One week before the announcement, pre-pitching for more newsworthy announcements is recommended. Announcing less than two weeks in advance can have a negative impact on the outcome. Plan!
- Who is your spokesperson? What key messages should this person convey in interviews?
- What is your plan for distributing the news? Are you working with a PR agency that can assist you in pitching the news to the public? Will you post the news to a wire service? How would you frame your announcement in an email to a client? (For example, we are so grateful for all your support. We will automatically upgrade you to our AI chatbot at no cost!)
Consider your audience and how you might share your news in a way that is relevant to the media outlets they follow. Send editors your press release along with a note that highlights the key points for their readers.