Press release is one of the prime needs for most businesses and when it calls for it, most business owners do not care about paying a little for more. However, budget is also one of the biggest concerns for small-scale businesses, enterprises, and start-up companies that have just emerged in the industry. While press release services are fairly reasonable, they can range from low to high based on the benefits provided and different agencies. The average cost for press release distribution is around $200 in the industry.
However, the press release price depends on a few key factors based on which the cost of the package is determined. Although, the distribution provides fruitful results, if not handled carefully with a strategy; a PR distribution can offer bad results which only makes the investment a waste. While it is important to risk your profitability for the growth of your business, it is also important to save money when there is a fair opportunity. There are a few ways to save money on PR distribution which can bring more profit to your business, ensuring greater ROI (return on investment). Let’s have a better look.
Understanding the Cost of Press Releases:
As mentioned before, the cost of a press release depends on a bunch of key factors and it can vary from one agency to another. Usually, press release writing costs are less than distribution and a lot of businesses like to write their own PRs. However, a well-written PR by a professional in the industry can offer better results which is the reason why businesses hire professionals. It is the first expense for most businesses. Usually, the professional's charge is based on,
- Expertise
- Complexity of the PR Topic
- Time Required
- Word Count
- The Number of PRs
- Number Edits
Some PR agencies can also offer you special bundle packages that include both press release writing and distribution which is cost-effective in most cases. When it comes to press release distribution, the agencies tend to provide a dynamic range of packages with different types of features and distribution benefits. It mainly depends on the factors like,
- Number of Guaranteed Placements
- Distribution radius (global or local exposure)
- Hosting benefits
- SEO optimization and audit
- Addition of images, videos, infographics, or other elements
- Link embeds
- Social Media and Mobile Distribution
Every distribution package provides standard benefits included in the package. However, supplementary services can cost you more based on the magnitude of the benefits you gain from the services.
Set the Budget for Press Release:
The budget you fix for the press release should be set considering your business goals. Start thinking by identifying the essential areas. Does your investment in press releases compromise with these primary areas? You should always secure a healthy amount of budget for your business and then set the amount for distribution that does not affect other business operations. You need to balance the expenses to churn the most out of it.
Make sure to check and compare the prices offered by different agencies and whether fall within your budget range. Do not just look at the price but also check what are getting for investing that amount. Check whether the agency offers the benefits of credible channels and news sites, professional writing, SEO, and multimedia support along with additional services. Instead of fixing a certain amount, set a maximum range for your PR budget. Sometimes higher prices can mean enhanced visibility or a wider reach in the niche market. A costly package can also benefit you with greater advantages that positively impact your business. A cheaper distribution package can save you money upfront but will not always provide the exposure and growth you are looking for. Therefore, it sums up with “You get what you pay for”.
Always be wary of the hidden charges in the packages while exploring the PR distribution packages. It is better to have an idea of whether you can afford it before purchasing it on a whim. Make sure to check the feedback and testimonials offered by the previous clients which can help to understand whether the agency is reliable for the investment. It helps to determine the value and effectiveness of the distribution packages while gaining more insights. Therefore, you can make an informed decision rather than being impulsive. Make sure to consider the services that offer the benefits of customization and scalability.
How to Maximize Cost Efficiency for Press Release Writing?
If you are not ready to hire a professional press release writer at the moment, you can maximize the effort by writing your own press release. You may not reach the quality of content that a professional can provide. However, following the right rules and format might help you reach the results. Make sure the story in your PR is newsworthy, direct, and capable of gaining attention from the readers. Using simple language without any jargon is most recommended as it is easy to read and makes sense to everyone regardless of the reader's ability to interpret industrial details. The standard structure of a press release follows,
- Headline
- Dateline
- Introduction (use the 5Ws namely who, what, when, where, why)
- Body paragraph (that explains the story)
- A Closing paragraph
- Boilerplate (brief description of the company)
- Contact details (including website and social media links)
Make sure to keep the content straight to the point and avoid all kinds of fluff. You can also hire a freelancer for the task which can get it done at a very nominal price. However, there is no guarantee of getting the quality of a professional.
How to Maximize Cost Efficiency for Press Release Distribution?
Press release distribution can take place in many ways and fortunately, there are cost-effective alternatives to save money which can help to distribute your PR at a lower cost and sometimes even for free.
1. Utilize Social Media Platforms
It is not unknown that most online users can be actively found on social media platforms like Facebook, Instagram, Twitter, etc many others. You can make press release distribution without any money with the help of these social media platforms. However, every platform has its own specialty and user base. For example, LinkedIn is best for professional news while Twitter can provide the attention of the users. Facebook is like a detailed marketplace while Instagram thrives with visual content. You can bring more engagement and traffic with the help of running polls, asking questions, or prompting discussions.
2. Partnership with Influencers
Identify the influencers and industry leaders from your niche and make sure their audiences align with your targeted ones. Contact them and collaborate to tap into their audience base. While some influencers might ask for a payment, many others would like to collaborate for free. They appreciate valuable content and if your press release is worthy enough, they will be more than happy to share it. They can also help to add more credibility and authenticity to your press release content and the story in it.
3. Engage with Online Communities
Look for online communities that cater to your niche industry as well as your target audiences. Seek discussion boards and online forums that could help establish communication with them. Online platforms like Reddit, Quora, and YouTube are great for finding such communities that offer support in the growth of your system. While sharing your press release to such platforms, make sure it aligns with the community guidelines and rules. Also. Do not post overly promotional content that appears like an advertisement. Instead, you should try to educate them.
4. Repurpose the Press release
You can repurpose the press release content into various formats in order to reach a larger number of target audiences. Whether you create a blog on the same topic or host a podcast episode based on the story; it can help garner more organic attention.
5. Pitch the Journalists
You can pitch your press release personally to the journalists who work in your niche industry. Journalists and reporters are always in search of the current updates and newsworthy events that are taking place in the industry and your PR can be a source for it. Be honest and polite in your pitch and make sure to explain why they should cover your story. While this approach requires a lot of time, consistency, and dedication; it is free of cost and anyone can pitch a journalist via mail without paying any fees.
Concluding Thoughts
The aforementioned tactics can help you save a lot on your press release campaigns. However, that is suited only in the initial phase when you have less budget and still learning about the market situation and industry. Once your business finds a stable ground; you can hire professional agencies without worrying about losing money. Avail of press release services and pave a successful way ahead for your business.
