A few months ago, I was on the phone with a client at a $10 million company when he casually mentioned that they would be celebrating their 30th anniversary the following week.
“Congratulations!” I said. “Who’s handling your public relations for that?”
“Surely you’re not going to miss out on this opportunity for media attention,” I said. “What are you doing to celebrate?”
“We’re having a cake,” he said.
(Downpatrick, April 2010 by Ardfern. Licensed under CC BY-SA 3.0 via Wikimedia Commons)
Laugh if you like—I did—but the truth is that many organizations are in the same position when it comes to missing out on newsworthy opportunities for valuable coverage.
Despite the rise of the Internet and the decline of print journalism, a well-conceived and well-executed press release is one of an organization’s most powerful marketing tools. In addition to garnering valuable media attention, a press release can support business development, sales teams, and Inbound marketing. It can attract new partnership and joint venture opportunities, as well as contribute to SEO.
For many companies, the biggest barrier to capitalizing on press releases is logistical—knowing when to write one, allocating the resources to do it, and distributing the press release effectively. All of these challenges can be overcome by outsourcing the task to a marketing or public relations agency, or by hiring a skilled individual internally or on a freelance basis.
When done correctly, outsourcing the press release function can yield significant ROI. But it helps to know just how much you should actually pay for a press release.
Anyone who has looked casually into this question has probably discovered that the answer varies wildly depending on who you ask.
The answer, according to the Internet.
To understand how much your organization should actually pay for a press release, it’s helpful to understand the factors involved.
In the old days, a press release consisted of a single page of text formatted in a simple, direct manner with the iconic FOR IMMEDIATE RELEASE in Times New Roman at top, along with the date and location. Journalism students learned the art of writing press release content in a “reverse pyramid” with critical information at the beginning and less-critical information further down. At bottom, the press release contained a name and phone number for media contacts, and three centered hash marks to indicate the end of the document.