Guest blog: 8 reasons to get media coverage for your business

0

Last year, author and communications expert Felicity Cowie explained the importance for scale-ups to be able to articulate their vision. This time she offers 8 reasons to get media coverage for your business, read on to find out exactly why you should!

I recently had the good fortune to work with a leading venture capitalist in technology companies, Eileen Burbidge MBE. She wrote the preface to my new book Exposure. She sheds light on the relationship between investment and media relations.

Eileen wrote, “Founders are always inundated when starting or growing their business and seeking media coverage can feel like a vain project while giving up time invested in the initial team or product.

“However, these efforts are not mutually exclusive and often what is needed to help develop a stronger talent pool or customer acquisition funnel is, in fact, media coverage and establishing the company’s position as a thought leader, expert and innovator in its field.”

I wanted to unpack this a bit and share eight reasons why it makes sense to prepare for media coverage, even in the early days of your business, when you may feel “too small” to be newsworthy.

1. Gain visibility with zero to low financial investment

Unpaid media coverage has none of the upfront costs of advertising, marketing campaigns or events. Even social media channels, which are free to set up, often require a budget to acquire a steady stream of meaningful content if they are to gain traction.

However, a single strong media coverage will gain you exposure to thousands or even millions of readers or viewers and is “permanent”; you can feature it on your website for years. What you need to invest is time to prepare and give journalists something they are ready to talk about. And where you control your advertising, campaigns and events, you have no control over how journalists independently report the information you give them. For this reason, it is wise to make a financial investment in the skills to help you best manage these risks and get the coverage you want. What you gain if you are successful is the exposure of journalists who know how to write to engage, and in almost any medium more than one person will be working on your story, so you gain an elite team which relates to you.

Investors rely on recommendations from people in their trusted networks, so by sharing your media coverage (especially on channels such as LinkedIn) you maximize the opportunities for that coverage to be reported to them in their online communities and their newsletters.

5. Find product-market fit

Einstein said, “If you can’t explain it simply, you don’t understand it well enough.” And I would suggest as a variation on that, “If you can’t explain it to a journalist, you haven’t understood your product-market fit well enough. It can be painful to feel a reporter’s “I don’t understand” when you’re trying to pitch your case. However, you can consider this a free consultation!

Journalists love case studies, so if you can’t provide one compelling enough for a journalist, that’s additional feedback that you haven’t yet defined the problem your product is having for the market and that you don’t show how you solve it.

6. Become a thought leader and “category king”

If you’re completely focused on marketing a product and that fails, your only option is to seek out more markets and hope to find your customers before your budget runs out. But if alongside your race for product market fit, you also get exposure and recognition as someone with valuable insights or thought leadership in your space, then you become bigger than your product, which means you can test multiple products until you find something. which takes off. It helps save you time if you need it, but if you’ve got your product right for the market, it’s a powerful way to communicate that you care about your customers and their world – you’re not just selling to them. .

You may be trying to create not just a new product, but a new product category, to become a “category king”, a company that creates entirely new niches to dominate. If you are the only person who can speak about this category and why it is necessary, you can create a role for yourself as a reference authority for the media. To gain that traction as a “category king” or “queen,” you need to use words that journalists will understand and amplify. This whole book shows you how to do that.

7. Get funding and more funding

All of the above benefits will put you in a strong position to win investments.

“Companies that generated the most media coverage typically saw their funding increase by 35,635% between Series A and Series B. Conversely, companies that generated a low level of media interest did not seen only modest increases in their funding – 143.6%.’ (Source: Hard numbers and CARMA, 2020)

Media coverage is proof that you have valuable vision skills in addition to your business. As venture capitalist Bill Gurley said, “Great storytellers have an unfair competitive advantage. They will recruit better, they will be the darlings of the press, they will raise funds more easily and at higher prices, they will form incredible business developer partnerships and they will have a strong and coherent company culture. Perhaps, more specifically, they are more likely to generate a positive ROI. (Source: Gurley, 2015)

And all of this is also true for crowdfunding, where media coverage serves to build buzz and community before fundraising.

8. Get external validation

In my experience, this is definitely the benefit most companies expect from media coverage. They may logically understand the other seven benefits, but this is the one that speaks to their hearts. In my first conversations with new clients, I’ve noticed that many really struggle to put into words or results exactly what they want to get out of the media coverage. They just know they want it. And I think what they want is the external validation that media coverage provides.

It is a powerful human need to feel that what you are doing matters to the world. We want to get our businesses off the ground, but paradoxically we need reassurance that we are not unnecessarily drifting above and away from the world we want to interact with and impact. We also know that to attract and retain the best talent, the best customers, investors and members, we need a way to prove that what we are all doing together is worthwhile.

You can learn more about it all and get tools to do it all in my new book Expo: Insider Secrets to Make Your Company a Go-To Authority for Journalists published on June 14, 2022. Get exposure.

Share.

Comments are closed.