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Press Releases Are a Good Investment for Any Promotion Program
Press releases are one of the best investments you can make when promoting products or services. The purpose of a press release is to generate an editorial mention. Unlike advertising, there is no charge for these mentions, therefore they are often referred to as “free publicity.”
Besides the free mention, press release production and distribution costs are a fraction of those common to advertising in most instances. There are different ways to approach these costs. There is the actual cost method. A 250-word release can often be written, produced and distributed for as little as $500.
Another approach is the cost per contact method. The actual cost is divided by the number of readers reached. The cost per contact is often tenths of a cent, and possibly less, depending on the combined circulation of the publications running the release. Very broad coverage with extremely low cost per contact can rival achievements of advertising extravaganzas often seen in conjunction with major sporting events. Of course, with press releases, the up-front expense for the extravaganza is eliminated. The number of release contacts may be less, but is nevertheless impressive.
Another method is to divide the cost by the number of responses. Magazines often send reader responses to the originator of the release. They do the same for advertising. Consequently, a company or organization that is advertising can compare the leads generated by both methods. When costs are compared, press releases are generally found to be much less expensive.
Despite the attractive economics of press releases, they should not be used to the exclusion of advertising. Press releases have limitations. For example, they are often rewritten by someone else before publication. There is no guarantee they will appear, and there is no control over when they will appear if they are selected.
Advertisers, on the other hand, have control over what their advertising says and when it appears. The best approach is a press release/advertising mix. In such a combination, advertising is run in key publications and press releases can be sent to these as well as secondary publications. In this manner, advertising is used efficiently and those publications not given advertising are at least addressed with the release.
The following listing compares the benefits and limitations of press releases and advertising:
| Press Release Pros
• can be quickly prepared
• relatively low cost
• meet a need in providing wanted information
• provide broad coverage economically
• can be developed into more “free ink” as feature articles |
Press Release Cons
• no publication assurance
• can be edited and rewritten without permission
• not sure when it will appear
• most releases are not printed
• most often run only once |
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| Advertising Pros
• appearance assured
• full control
• can be fully planned
• media selection
• can be run more than once |
Advertising Cons
• costly to prepare
• costly to run
• require extensive time to create in many instances
• more media than budget can handle
• does not usually result in free coverage |
Press releases are ideal when:
• There are more publications where advertising can be run than there are ad dollars.
• You are not sure if a publication is the right one to advertise in, and want some means to gauge readership response to your products and services.
• You have items of interest to your customers but do not feel it is worth expending advertising dollars.
• You have little or no advertising budget and are left with no alternative but press releases to gain or maintain visibility.
• You want to obtain as much visibility as possible, even if you do have a sizeable advertising budget. The press release, in this instance, acts like a booster for promotion performance, expanding coverage at a fraction of the cost of advertising.
Press release effectiveness depends in large measure on four key things:
1. proper release format containing the vital information.
2. sending the release to interested publications and media.
3. systematic production so that each release is not a major project.
4. a program that can be executed and easily managed.
This guide is prepared to assist you in developing press release effectiveness. By following its suggestions and gaining experience in this kind of promotional effort, you will increase your capability to enhance visibility and market awareness for your products and services. And, you will do it most cost-efficiently.
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Press Release Fundamentals in a Nutshell
INVERTED PYRAMID STYLE
Press releases must answer the primary journalistic questions: Who, What, When, Where, Why, How, and How Much?
• Who (or what) is (are) the main subject(s) of the release?
• What is the event reported in the release?
• When did the event happen, or will happen?
• Where did or will the event happen?
• Why did the event happen, or will happen?
• How did the event happen, or will happen?
• How much is involved? (Use numbers whenever possible.)
This information is provided in what is referred to as “inverted pyramid style.” That is, the most important information, which answers the primary journalistic questions, is given first. Following that is less important supportive information and clarifications, as well as background information (see Figure 1).
The inverted pyramid style approach is what editors expect. It allows them to cut copy, if necessary, and still present the key information without a lot of rewriting.
Traditionally, at the end of the release is a statement that ...
