Now 15 years into business, PR Return has observed many changes in the industry and the world at large. From popular culture to technology and business, the world looks vastly different.
The Chicago Cubs have gone from lovable losers to 2016 World Series Champs! Facebook went from a budding social network for college students to the largest social media platform in the world with more than two billion monthly active users. Netflix transformed how television is made and how we consume it, giving us the joy of binge-watching. Smart phones changed the way we absorb and interact with the world around us.
In the business world, the advancement of the Internet and proliferation of technology significantly heightened competition among businesses. Like other communication channels, the PR industry has increasingly evolved from the traditional techniques of mass marketing to a multi-pronged approach that taps into the pervasiveness of social and digital media. Ironically, as social and other online media have reduced barriers of entry for businesses that want to communicate more proactively, noise levels have increased and made it harder than ever for businesses to stand out and differentiate themselves.
Like any industry experiencing disruption, PR pros must keep a pulse of where the industry is headed, adapt to new technologies and be ready to roll with the changing landscape.
The newsroom has shrunk
The shift toward online media has been the primary driver of change in PR over the last 15 years. The most noticeable evolution spurred by the increasing prevalence of digital media has been the shrinkage of editorial newsrooms. According to recent Pew Research data, the newsroom employment at U.S. newspapers dropped by 51% between 2008 and 2019, from 71,000 to 35,000 jobs.
Although newsroom staffs have decreased in size, the pressure and amount of content being published has increased. In Muck Rack’s State of Journalism 2021 study of over 2,400 journalists, 23% of respondents say they have a larger workload due to layoffs and furloughs of others where they work. It’s no wonder that a majority of smaller newsrooms find themselves struggling to keep up. Media and journalists of all stripes must compete with the immediate information shared on social media platforms and other websites.
Contributed content has increased to fill some of the void
With reporters’ increased workload and so many organizations competing for attention, the bar to earn coverage has never been higher. Contributing high-quality content to reputable publications can help drive coverage, positioning industry insiders as thought leaders and creating a win-win situation for businesses and media alike.
Today’s industry trade publications are often staffed by only a handful of people, and many rely on contributed content more than ever. Informative and well-written bylined articles and guest columns can help fill the void for news outlets stretched too thin while not just driving brand recognition but also boosting credibility and thought leadership to move the needle for companies.
Customization has become crucial
With reporters being asked to do more than ever, the days of pray-and-spray media relations are long gone. Muck Rack’s State of Journalism survey also revealed that the average journalist covers three or more beats. Furthermore, 54% of journalists say easily localized stories or content made relevant to their target audience makes an angle worth sharing.
As newsrooms shrink and more PR firms vie for reporters’ attention, developing distinct, personalized pitches for each contact can go a long way towards appealing to the unique interests and beat of each reporter. It’s also more critical than ever to keep meticulously groomed and segmented media lists to ensure you are NOT pitching off topic.
Creating custom pitches relative to a reporter’s beat and staying on topic can help cut through the increasing clutter, build trust and keep their attention while journalists simultaneously try to do more than before. Just like many consumers, potential media contacts are likely to ignore generic messaging in favor of quality insights tailored to their interests. Once that trust is built and reporters offer a chance to help with their coverage, PR pros need to make the most of the opportunity, prioritize it, and provide relevant resources and insights.
Effectively customizing media outreach requires a good team with deep knowledge on market trends, industry developments, and the abilities to communicate and build relationships.
Analyst relations drives added influence
In a world where breaking through the noise to gain credibility and recognition can be challenging, analyst relations (AR) programs have grown as a means to help companies drive influence.
Industry analyst relationships can help businesses win endorsements, leads and game-changing competitive intelligence. For some brands that possess coveted insights, financial analyst relations can be an efficient way to complement and expand a media relations effort. For instance, analysts often serve as trusted sources for reporters on industry trends or have even become frequent contributors to publications under their own bylines, especially financial analysts who can offer insights on company earnings and other important business developments.
Top industry analyst groups and financial analysts can provide the credibility and third-party endorsements needed to win over clients and investors; so it’s increasingly important to understand how to best engage analysts to build impactful coverage and relationships.
As the media landscape continues to change, particularly amid this age of uncertainty, PR professionals face greater challenges to building sustainable relationships with reporters, analysts and other influencers. Adapting to shifts in the fast-paced PR industry requires creativity and analytical thinking to help keep client programs in-step, positioning them for thought leadership, credibility and growth. Likewise, it requires a unique approach to each client’s business that considers, first and foremost, what influencers need from PR representatives to be successful. We’re proud to say that many of our first clients have gone on to accomplish great things leveraging these types of innovative PR strategies.
No matter how much things change, PR Return builds creative and flexible PR programs that spotlight what makes our clients compelling. Contact us today to learn how a strategic PR program can position your company for success in competitive industries and markets.