What is the value of a press release?

Clients often ask “should we do a press release?” My answer is “it depends on your news.”

Much has been written about why the press release is dead as a communication vehicle. While some of those arguments have merit, the press release remains an easy way for companies to catalog milestones and share progress.

For smaller, privately held companies, press releases about minor milestones don’t usually lead to media coverage without a PR person pitching the story (and even then…it must be a compelling story that’s actually newsworthy)!?

So…what IS the value of the press release?

Telling your story (duh!)

If a tree falls in the forest and no one hears it, did it make a sound? If you have a good story to tell, a press release is one (of many) ways to share it with the world. Just like a good news story, a good press release is timely, talks about a milestone that is significant, has quotes from people with prominence, expertise, or credibility about that topic, and (hopefully) showcases the broader value of the news helping the reader appreciate its importance.?

Context setting

Let’s say your company issues a press release about your recent deal with another company. Whether or not it’s big news, it’s issued and posted on your website. A few months later, your company makes another announcement – a big story – you raised a lot of money, got acquired, did a much larger deal with a more established industry player, etc. As the reporters covering that story look to flesh out their story with context, guess what they look at? Old press releases (and news coverage) provide an archive of content that they can turn to for additional background information.?

Facilitating conversations

A few weeks ago, a client announced a collaboration with another industry player. It was a significant first for my client. I pitched the story and secured one placement. I was disappointed that the story didn’t generate more interest and expected the client to be disappointed too, but in my next conversation, I heard about all the business opportunities that the announcement and the subsequent coverage had unlocked. Suddenly, competitors of the company my client was collaborating with were interested in talking!??

I hear variations of this story all the time. But a press release isn’t the only entrypoint to these types of conversations. A highly targeted pitch anchored by a solid piece of news can do the same thing.

Not everything needs a press release! Here are some to skip.

We made our widget blue

I am all for announcing changes to your product portfolio, but there is no reason to issue a press release about a small product update. Email your customers, post a picture of your new blue widget on social media, and move on.?

We won an award

Unless it’s the Nobel Prize, don’t formally announce you were named to the Top 10 Widget Makers annual list. The award has merit and value, particularly if it’s given by a reputable industry publication, trade group, or professional society. You should absolutely publicize the award to your customers, collaborators, employees, and prospects, but not via press release. Use your awards in other promotional activities.

We’re speaking at a conference

Public companies announce participation at investor conferences because they have to. Privately held companies don’t have to, and unless the presentation will be live-streamed or there’s actual news being shared in the release, I see little value in announcing most conference participation via press release. The exception here is if the conference is a venue for a newsworthy activity like a major product launch, collaboration, or the release of meaningful scientific or clinical data and the press release is focused on the news (vs. on the fact that your CEO is presenting on Wednesday at 2 p.m. in grand ballroom Q).?

A press release should never be a substitute for targeted marketing communications tactics.