Let’s face the facts: in today’s rapidly evolving media landscape, issuing a standard company press release on a new hire, customer, product or partnership does not guarantee coverage in top-tier media outlets. If you’re a B2B firm operating in a niche sector like financial technology, your company’s announcement may not capture the attention of reporters who are inundated with similar pitches every day – especially if you lack existing relationships.
More often than not, businesses in the capital markets or fintech sectors have a one-track mind when it comes to press releases. As a marketing and communications agency, we often hear complaints along the lines of: “No one is going to cover this, so why should we bother sending it out?” With so many self-publishing tools at their disposal (particularly on social media), many firms question the idea of ever issuing press releases.
We believe a shift in perspective is required. The value of a press release goes far beyond generating media coverage. Yes, journalists are an important audience, but they’re not the end-all-be-all. In fact, press releases feed the larger marketing machine that powers quantifiable business results.
Let’s break down the diverse benefits of issuing press releases and how, if leveraged correctly, they can positively impact your broader marketing, communcations and investor relations strategy.
Generating Media Interest
Although not every press release you issue will land you an exclusive story, they can still serve as highly valuable tools as part of a comprehensive media strategy. As structured and concise summaries of company news, press releases are valuable pieces of content to point journalists to, whether for a potential pickup or to pique their interest in an introductory call with your firm. Press releases are particularly important in highly complex fields like B2B fintech and capital markets, where simplifying difficult topics and technical details is often essential for crafting compelling stories.
However, your firm’s media strategy should not start and end with issuing press releases. To truly get results, building relationships with relevant journalists is key. Taking a long-term, mutually beneficial approach when interacting with key reporters in your space creates ongoing interest and trust – a far more effective outcome than relying on one-off press releases. This way, when the time does come for your firm to issue more significant news – such as a new product launch or a major client win – your established media “friendlies” will be more likely to cover it due to their familiarity and existing subject matter knowledge.
Client and Prospect Communications
When drafting press releases, it’s wise to consider a multitude of audiences, not just journalists. Because they are often seen as more official and authoritative than a blog or social post, press releases can be a highly effective tool for keeping clients, prospects, partners and investors up to speed on your firm’s accomplishments and progress.
Think of press releases as an official public record of what your company is doing and how it is performing. Have you rolled out a new product that will define the future of your business? Hired an industry veteran as a member of your C-suite? You should be documenting these events as milestones in your firm’s story – and press releases are an ideal way to do this. When writing these announcements, keep your non-media audiences in mind and make a plan for how to get your news in front of them. Corporate email blasts, company newsletters, direct emails from your sales team and social media posts are all logical methods, depending on the exact nature of the press release.
Internal Communications
Press releases can also be an effective tool for keeping employees across your organization informed, aligned and involved in promoting your news. As long as your announcement is not considered material, non-public information, it’s a good idea to share press releases with all employees before they are distributed to the media (while also being mindful of leak sensitivity). This doesn’t just prevent employees from being blindsided with questions from clients and prospects who may see the news before they do – it’s also an opportunity to foster greater trust and transparency throughout your organization. Additionally, internal communications are a great way to motivate employees to like and share corporate social posts highlighting the news. Harnessing employees’ own personal networks, particularly on LinkedIn, can go a long way toward raising your company’s visibility.
Events and Awards
Are you looking to pitch your company’s CEO to a trade show organizer for a speaking slot? Hoping to win an industry award? Press releases can be a useful tool in making your case.
For example, if an event is centered around ETFs and organizers are looking for thought leaders to participate in a fireside chat, your latest press release announcing your recent success in that space can serve as a point of validation. Similarly, if you are vying for an award for a given product category – “Best New Compliance Tool”, for example – pointing to an official corporate communication on recent product enhancements or client wins in your submission can be very helpful.
Press Releases: One Gear in the Marketing Machine
Bottom line: if you are limiting the purpose of your press releases to securing media coverage, you’re doing your company a disservice. That approach is only scratching the surface of their full potential. To tap into the full power of a press release, you must consider all the internal and external audiences that can benefit from or be persuaded by your news.
In addition to the use cases we described, press releases can be thought of as an additional piece of content, much like a thought leadership piece, that can fuel your social channels and newsletters, keep your website current and even improve SEO through targeted linking strategies.
By understanding the full value of a press release, you will realize far more benefits and extend the life of your company news far beyond the announcement day. Combine this broader perspective with close collaboration with other marketing disciplines, and you’ll be that much closer to effectively shaping perceptions and ultimately driving meaningful business results.
To learn more about Forefront’s media relations and corporate communications offerings, check out our Services page, or get in touch with us today.
