You’d think that the continuing decline of traditional trade and consumer media would result in a corresponding decline in the need for Press Releases.
Not so…one can conclude from a recent study by the Pew Research Center’s Project for Excellence in Journalism. Deep cost containment in most media channels is resulting in less original ‘news’ reporting – instead much of the information presented is simply repeated or repackaged from previously published information.
This means more and more media outlets are getting their information from press releases, social media, and a variety of other sources.
At the same time, there is a dramatic increase in the number of online publications and opportunities, especially in the social media realm. In many B2B market segments, what used to be a handful of trade magazines has now multiplied to dozens of online media opportunities. But regardless of whether it is print publications moving more of their content online, or bloggers searching for news, there is a tremendous need for original content.
What a great opportunity this is for PR/MarCom professionals! We need to have a strategic PR plan in place that provides these new media outlets with a steady stream of valuable information – news releases, case studies, white papers, feature articles, survey results, etc. Ironically, social media now allows us to conduct surveys and search for news items online that we can then develop into our own news releases. What used to be a program consisting of a monthly news release has now expanded into weekly news releases to meet the needs of the 24/7 online media.
More then ever, content is still King and PR professionals generate the content.
Thankfully, a very difficult 2009 is finally behind us and we can now look forward to the new year with cautious optimism. I agree with the economists who predict that business conditions will continue to improve throughout the year, depending on the markets you serve.
But regardless of the markets you serve, here are two new year resolutions/strategies that can help you turn things around in 2010.
1. Finally Implement a Social Media Program – Don’t carry the old excuses of 2009 into the new year – “We don’t have the budget or staff” or “We’re going to wait and see if it is a fad that will go away.” Social media is here to stay and your customers are online now talking about your company and your competitors. You need to be part of that conversation. You may have to switch money from other budgets to do it (either internally or with an outside agency), but it will be worth the investment.
If you are not sure how to get started, give me a call and I’ll walk you through it – 312.332.4650 ext. 22
2. Initiate A Strategic Public Relations Campaign – Now is the time to start generating valuable editorial coverage for your products, services and company. While it is true that there may be fewer magazines with less printed pages of editorial, there are now more online opportunities to tell your story to your target audiences. You need to be in front of the decisions makers with these “third-person endorsements” from the media on a regular basis. The two most credible sources of information your customers rely on are recommendations from trusted industry sources (the media) and recommendations from their industry peers.
Editorial coverage in trade publications (print and online) provides the media recommendations and a strategic social media program provides the recommendations from your peers. The two go hand-in-hand and they both provide one of the best ROIs you will get from any of your MarCom dollars. If these two strategies are not currently in your MarCom budgets, it may be worth switching money from your advertising and/or direct mail budgets.
Here in Chicago, trade shows have been a hot topic of conversation as of late. In an effort to save money, more and more trade show managers are moving their shows from high-cost cities like Chicago to lower-cost cities like Orlando or Las Vegas.
Michael Hart, editor of Tradeshow Week, discussed this recently on his blog “Behind the Story.” He notes, “this is not the first or the last time exhibitors have had complaints about invoices from their service contractors…nor is it the first or last time a show manager has tried or will try to patiently explain the concept of drayage to a first-time exhibitor. But it is the first time in a while that a city with all that Chicago has to offer the tradeshow industry has not been able to deal with the objections and has lost shows that would have translated into $100 million-plus of economic activity.” He goes on to explain the importance of these relocations for the entire industry, explaining “certainly it is bad news for Chicago… but it is also bad for other buildings and destinations that have similarly high costs (or at least costs that are difficult for exhibitors to understand).”
Adding to the story is Mayor Daley’s recent claim that it is not only the responsibility of the venues to try to cut costs to keep shows in Chicago – he says show management needs to make an effort to reduce expenses as well.
Having several clients in the trade show business, we’ve seen first-hand how the economy has taken a toll on the entire industry. Show managers are making efforts across the board to reduce costs while still putting on the highest quality Show possible. Shifting printed items to digital-only and putting certain programs on hold until more funds are available are just some of the examples of ways show organizers are working to curb their spending so they don’t have to exponentially mark up the cost of exhibiting or attending. It is difficult to imagine how else show managers will be able to cut costs and still provide the same level of quality to their various audiences.
However, it is difficult to argue that Chicago is not one of the greatest venues for a successful trade show (especially being Chicago residents ourselves). Great public transportation, two large airports, countless hotels, and first-class trade show sites make for an ideal venue. And certainly Chicago is not the only city that comes with a heftier price tag but also better amenities. So is the higher cost worth it?
What do you think? Is it the job of the show organizer to reduce costs in other areas in order to keep their show in a more expensive location? If you are a trade show regular, do you think it is worth it to spend more money on a Show that is in a top-tier venue?
Most marketing pros are painfully aware of the beating that trade shows have taken as a result of the recessionary economy over the last several months. Even the strongest events have experienced declines in the number of exhibitors and attendees as many companies cut back on travel and trade show-related budgets.
And as a result of this decline, some naysayers are once again asserting the demise of trade shows and pointing to the Internet as the savior of all our meeting-related needs. Despite the fact that many of these naysayers are purveyors of online meeting technologies, I agree that webinars, Webex, and other online tools can be very valuable meeting solutions. However, they will never replace the need to feel and touch a product or experience firsthand how it can meet your specific needs.
Equally important, a trade show is the only place where you can visit with several suppliers in a few hours time and compare their products side-by-side. It would cost buyers thousands of dollars and many hours to visit these various suppliers at their locations to see the equipment in operation.
We do several trade shows a year for both our corporate and trade show management clients and many companies constantly tell us trade shows are their best marketing tool for generating new business. While it is true that most companies nowadays have a major web presence and conduct meetings via the web, the smart ones don’t eliminate the best trade shows from their marketing mix when times get tough.
The Wall Street Journal and several other respected media have recently run articles about the importance of participating in trade shows during a recession. In fact, an article with the same title as this blog recently appeared in the November IAEE Executive Briefing.
Perhaps the best reason I have ever heard for participating in trades shows came from an attendee with a Fortune 500 company who told me “When I’m making a large purchase that has major implications for my company, I want to look my business partner in the eye when I shake their hand to close the deal.” As we all know, you can’t shake hands in cyberspace.
January 15, 2010 | Posted by Beate Halligan 
You’d think that the continuing decline of traditional trade and consumer media would result in a corresponding decline in the need for Press Releases.
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