When I left management consulting and joined my first start up, one of the most memorable experiences was the launch of that company and the associated effort that went into preparing the "press release."
It was ridiculous – wordsmithing, a dozen iterations, everyone with an opinion but only a few with a clue, concern and finger pointing because no one picked it up when it was released, etc.
I thought it a function of the time and people involved but as I have progressed through the product ranks to lead Marketing departments, I see it play out all the time…and, quite frankly, I have become less and less tolerant of it.
Why it happens?
- Marketing messaging not tight or agreed to – if you haven't agreed to what words to use and not use, this is not the time for it.
- Everyone fancies themselves an editor but not a writer – lots of opinions and not everyone is entitled to one.
- Lack of understanding of the process and/or role of a press release in a broader marketing effort – it is important, but not that important.
- A bad PR firm – if they are not process driven, you are hosed.
- General arrogance – if you or your exec team believe you know better, be prepared to be disappointed.
The standard formula is to have something worthy of saying, put a pithy quote in from an executive, and a third party like an analyst or, more importantly, a customer. Here are a few types of press releases and my opinion on each:
- Company launch – no one cares externally but an important symbolic step in the lifecycle of a company. Better with a customer reference.
- Product announcement – no one cares unless a customer is quoted about using it but also an important symbolic step for those on the dev team that killed themselves to get it done.
- Partnership announcement – no one really cares unless it is significant meaning a reseller/OEM type relationship. Marketing relationships add logos but if you have a story about who you are doing this for together (a customer) it is huge.
- Customer announcement – these are, hands down, the best ones you can do
- Research/survey announcement – good for establishing thought leadership and reinforcing your expertise in the market. Also provide great content for your PR firm to pitch stories around.
- Executive/board appointment – no one cares unless it is a new CEO and then make sure it is a good reason there is a new one.
- Funding announcement – no one really cares but if it is a new company it is a stamp of credibility. If the company has been around a while it lets people figure out your valuation and hurdle for exit.
- Business results announcement – no one really cares unless you are shopping yourself as private companies don't report results. Will get your competitors' attention which can be both good and bad.
- Awards/certifications – important as they demonstrate 3rd party validation and credibility
- Analyst coverage – very important if it is magic quadrant or wave placement, unfortunately
Remember, your press release matters more to you than anyone else and it's what you do with it once it is out there that matters. Articles, interviews, mentions, re-posting, etc. are what you are looking for and the longer the tail the better.
Also, there still is a role for a press release in a world full of blogs. Issue the release and use the blog to drive the conversation about it.
Venture Vice 