Where’s the Story?

Issuing press releases doesn’t guarantee media coverage. A newspaper will always ask, “Where’s the story”?

FinanceWriter was recently approached by a well-financed and highly successful private equity fund. Would we write a press release and have it published in the Wall Street Journal, Financial Times and on Bloomberg?

The private equity company wanted to demonstrate its credibility to current investors and appeal to new ones. They believed a published “press release” would burnish their reputation through association with the world’s most-respected financial news media.

The investable funds and its impressive portfolio demonstrated the firm’s ability to attract funds and to select a range of diverse and profitable investments.

Parachuting in a Press Release

Yet its request to parachute a press release into leading financial newspapers (that guard their independence jealously), demonstrated a naïve misunderstanding how the media deals with news and its relationship with companies.

FinanceWriter promotes companies by developing their profile, raising their visibility, building their brand and establishing their reputations among the firm’s stakeholders. We do this through copywriting their annual reports and reviews, thought leadership articles, case studies, websites, blogs as well as writing press releases.

“Blunderbuss” press releases, that spray glowing company details a across a wide arc of desired media channels, are, by definition, unfocused and doomed.

“The Media” comprises a complex of interlocking channels of newspapers, magazines, radio, television and social media that target very specific audiences. Some of these channels may be wholly redundant to a particular company’s needs.

The medium truly is the message in this media world. The skill is in identifying the most efficacious channel or combination of channels. And, as importantly, delivering well written copy and consistent verbal branding and messaging across the channels identified as most beneficial.

Story time

There are two fundamental requirements to get a press release read, and used in a busy newsroom: the absolutely non-negotiable prerequisite is that it must be newsworthy!

The daily newspaper in North Korea sings the praises of the country’s illustrious leader and his haircut because it is obliged to. Here there is no compulsion on a news editor to use a press release unless its content is newer, more newsy, interesting, distinctive or unique than the flood of competing information they receive on a second-by-second basis.

Editors select stories their readers want to see, that will move markets or have some impact. They don’t want dreary regurgitation of what the company is or does that anyone can read on the company’s website.

Getting to Know You

Secondly, while editors will choose stories primarily because they are newsworthy (“Man Bites Dog”!), they are far more likely to place, or, even better, follow up a story, if they are familiar with those in the story (“Mr. Smith of Arcadia Place bites dog of Mr. Jones of Long Street”!)

The “Holy Grail” of press releases are those followed up by journalists: and the media will follow up when a company has worked hard to raise its visibility so as to ensure the media are familiar its brand, its profile and its people.

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