lessons in pr
DESCRIPTION
This presentation was given at the Morgan Lewis-sponsored Venture Ready Entrepreneur Workshop Series. It is designed to teach entrepreneurs and young startup companies the benefits of integrating PR into their business models.TRANSCRIPT
• National public relations agency
• Specialization in media relations
• Network of over 25,000 media contacts
• History of representing startup
companies
DeFazio Communications
What is PR?
“The single
greatest
marketing tool” -Forbes
What Can pr do?
target audiences to your company and services
EXPOSE
INFLUENCE customers, investors, competitors, and
market leaders
SHAPE market opinion
LEVERAGE your company for growth
STRENGTHEN your credibility in the industry
Benefits of Publicity
Third-Party Endorsement
Credibility
Objectivity
Targeted Exposure
Thought Leadership
Agility
Cost Effectiveness
3x the ROI of Advertising
Marketing Leverage
State of the Media
Fragmentation of media
Emergence of niche media
Smaller and leaner staffs
More reliance on contributors
State of the Media
Digital delivery of content
Media is 24/7, 365
Targeting remains the primary objective
Convergence of earned, owned & paid media
Owned media
Media Type Definition Examples The Role Benefits Challenges
Owned Media Channel a
brand controls
Website
Mobile Site
Blog
Build for longer-term
relationships with
customers and earn
additional media
Control
Cost efficiency
Longevity
Versatility
Niche audiences
No guarantees
Company
communication
not trusted
Takes time to
scale
54869 Source: Forrester Research, Inc.
Paid media
Media Type Definition Examples The Role Benefits Challenges
Paid Media Brand pays to
leverage a
channel
Display ads
Paid search
Sponsorships
Shift from foundation to
a catalyst that feeds
owned and creates
earned media
In demand
Immediacy
Scale
Control
Clutter
Declining
response rates
Poor credibility
54869 Source: Forrester Research, Inc.
Earned media
Media Type Definition Examples The Role Benefits Challenges
Earned Media When
customers
become the
channel
WOM
Buzz
“Viral”
Listen and respond—
earned media is often
the result of well-
executed and well-
coordinated owned and
paid media
Most credible
Key role in most
sales
Transparent and
lives on
No control
Can be negative
Scale
Hard to measure
54869 Source: Forrester Research, Inc.
How to Get Press
How to Get Press
Building Relationships
with Reporters
•Offer sources for their reporting
•Trust and credibility is essential
•Never say something you can’t defend
•Nothing is off the record
•Reporters aren’t your friends
“It prevents both our time being
wasted…different publications do different
types of stories. A local story about
a new development in a community should
go to a local business newspaper, not to a
national newspaper that writes about
trends.”
Jennifer Forsyth,
Reporter
The Wall Street Journal
Do Your Homework
•Know the reporter’s beat and format
•Review their previous reporting
•Indentify trends in their reporting
•How can you meet their needs?
“It helps to establish rapport. It helps you
tailor your pitches. If we’ve reported
something similar to a story that’s being
pitched, it saves the executives from
wasting everyone’s precious time. Further,
knowing what a publication has done on a
topic keeps you from having reporters
chase each other, which they won’t be
appreciate.”
Bernie Dagenais
Former Editor
Philadelphia Business Journal
CASE STUDIES
CDNow: The Objective
Founded in 1994, it was the first online source for music news,
reviews, interviews, and band history, and was the first website
that allowed the listener to listen to an album online
• Raise visibility of website
• Establish credibility
• Generate high-impact media placements
CDNow: The Tactics
• Target media:
• Music consumer and trade publications
• Business and E-commerce media
• Local and national general news media
• Offer executives as a source to be quoted on industry
trends and events
• Gain exposure in both trade and
consumer media to grow business
CDNow: The Results
• Became one of the most well known websites in the 1990’s
• Acquired its largest competitor and nearly doubled in size
• Acquired by Bertelsmann for $117 million in 2000
PictureVision, Inc.: The Objective
A digital imaging startup that pioneered a software allowing
people to view, use and share photos on the internet.
• Raise visibility of photo software
• Generate targeted, high-impact media exposure
• Grow the company and establish it as an industry leader
PictureVision, Inc.: The Tactics
• PR campaign was all about speed, agility, constant contact
with and extensive outreach to the media
• Target audiences:
• Photo retailers
• Technology trade and consumer publications
• Photography trade media
• Anticipate competitor’s (Kodak) activity and plan
announcements and outreach to compete
PictureVision, Inc.: The Results
• Became the industry standard for digital photography and
online photo sharing
• Established itself as a market leader within its first 6 months
• Quoted in prestigious national business media
• Bought by Kodak and AOL for $150 million
American Realty Capital: The Objective
A full-service real estate advisory firm that sponsors real estate
investment programs.
• Establish industry leadership & facilitate exits
• Create brand awareness for wholesale broker-dealer
• Leverage executive team to offer perspective, forecasts and
opinions on issues affecting the commercial real estate
industry
American Realty Capital: The Tactics
• Target audiences:
• Broker-dealers
• Retail investors
• Target media:
• Commercial real estate trade publications
• Financial/investment trade publications
• National business media
• Leverage executive team to offer perspective, forecasts and
opinions on issues and trends affecting commercial real
estate
American Realty Capital: The Results
• Top equity raiser in the industry
• Go-to source for commentary on commercial real estate
• Contributing columnist on Forbes.com
• Two products listed on NASDAQ in four months
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