Press releases are a common way to announce newsworthy events to the public. They can be used to promote a new product, service, or campaign; to share company updates, or to generate media coverage.
But before you hire a PR firm or start writing your press release, it’s essential to understand the cost of a press release and what goes into it.
In this article, we will break down the cost of a press release and explain all the details involved in creating one.
How Much Does a Press Release Cost?
The cost of a press release can vary depending on the type of news you are sharing and your target audience. For example, if you are announcing a new product to consumers, your press release will be different (and cost more) than if you were announcing a company merger to shareholders.
Likewise, if you are targeting local media outlets, your press release will be different (and cost less) than if you are targeting national media outlets.
Press Release Payment Types
There are four main types of press release payments: flat fee, per-project, a la carte, and retainer.
- Flat fee: You pay a set price for the entire project. This payment type is common for small businesses or those new to issuing press releases.
- Per-project: You pay for each individual project, such as each press release. This payment type is common for larger businesses that issue multiple press releases annually.
- A la carte: You pay for each individual component of the press release, such as the writing, distribution, or design. This type of payment is common for businesses that need more control over their budget and want to see where their money is being spent.
- Retainer: You pay a monthly fee for a set number of press releases. This payment type is common for businesses that issue multiple press releases per year and need a PR firm to manage their media relations.
What goes into the cost of a press release?
Several factors go into the cost of a press release. The first is the type of news you are sharing. As we mentioned before, announcements like new products or company mergers will cost more than less important news.
The second factor is your target audience. If you are targeting local media outlets, your press release will be less expensive than if you are targeting national or international media outlets. This is because local news outlets have a smaller circulation and reach than national or international news outlets.
The third factor is the size of your company. Smaller companies will typically spend less on their press releases than larger companies. This is because smaller companies have less name recognition and need to generate more media coverage to get their name out there.
The fourth and final factor is the number of media outlets you are targeting. The more media outlets you target, the higher your press release costs will be. This is because each additional media outlet requires additional research, writing, and distribution.
Now that we’ve gone over the cost of a press release, let’s take a look at what goes into creating one.
Steps to Creating a Press Release
Creating a press release can be broken down into four steps: research, writing, distribution, and follow-up.
- Research is the first and most crucial step in creating a press release. This is because you need to make sure that your press release is newsworthy and targeted to the right audience. If you don’t do your research, your press release will likely be ignored by the media.
- Writing a press release is the second step. This is where you actually sit down and write out your announcement. A good press release is clear, concise, and free of errors.
- Distribution is the third step. This is where you send your press release to media outlets. There are several ways to distribute a press release, but the most common method is through an online newswire service.
- Follow-up is the fourth and final step. This is where you follow up with media outlets after they’ve received your press release. This step is crucial because it helps ensure that your press release was received and generated the desired results.
Who Should You Contact to Issue a Press Release?
There are a number of different types of media outlets, and each one has its own process for receiving and publishing press releases. The best way to find out who to contact at a particular outlet is to do some research. An excellent place to start is with Google News or another online news aggregator.
Once you’ve found a few media outlets that cover the type of news you’re sharing, you can start to contact them directly. The best way to do this is to find the contact information for the specific journalist or editor who covers your industry.
You can usually find this information on the outlet’s website or by doing a quick Google search. Once you have the journalist’s or editor’s contact information, you can reach out to them directly with your press release.
When Should You Send a Press Release?
The best time to send a press release is when you have news that is timely and relevant to your industry. For example, if you are launching a new product, you would want to send out a press release when the product is available for purchase.
You would also want to send a press release if you are having a major sale or event. If you are announcing a new partnership or merger, you would also want to send out a press release.
In general, you should try to avoid sending a press release on slow news days, such as weekends or holidays. This is because most journalists and editors are not working on these days and your press release is likely to be ignored.
How Can You Measure the Success of Your Press Releases?
There are many ways to measure the success of your press releases. The most common method is tracking the media coverage you receive. This can be done by keeping a list of all the outlets covering your press release and noting how many times each mentions your company or product.
You can also track the number of website visitors or social media followers you gain after issuing a press release. This can be done by looking at your website analytics or social media insights. Finally, you can also survey your customers to see if they are aware of your press release and what they think of it.
By tracking the success of your press releases, you can start to see what type of news is most likely to generate media coverage and social media buzz. This can help you fine-tune your future press releases to ensure that they are as successful as possible.
A press release is a great way to generate media coverage for your company or product. However, it is essential to do your research and understand the process before you start writing and distributing your press releases.
If you take the time to learn about the cost of a press release and how to measure its success, you can be sure that your next press release will be a success.
Featured Image- Megapixl @ Creativeimpression