Even though we are in the Internet age, it doesn’t mean that press releases are no longer necessary in a marketing plan. In fact, in 2019, 37,748 press releases were sent out, and 60% of them were via a wire service.
If you are looking to share something that requires public disclosure in a time-tested manner, especially from the financial or investment industry, then press releases are still a sure bet for that.
Many people seem to think that social media distribution is enough for major news releases. But a press release is imperative if you want to make a big splash with your news-worthy announcement.
What does a press release cost? And how can you ensure you are getting the best bang for your buck? Let’s read on to see what you should be paying for a press release campaign.
The interesting thing about press releases is that their costs can vary depending on where you look and what kind of services you include.
For example, you could get a $5 or $10 press release written up on Fiverr.com. But the quality and efficacy of such a press release are going to be far below one written up by an experienced press release writer who’s been in the business for years.
The cost of a press release written by a skilled press release writer will be anywhere from $500 to $2500 per press release.
This will depend upon their experience, their portfolio, their expertise in your field, and more. Any kind of distribution and news monitoring services would be extra.
If you end up paying a press release agency, then your costs will start at $3000. But this will include the add-ons of distribution, news monitoring, and consultation.
An agency will create a press release with messaging that’s clear and garners the attention that your news deserves.
You should also be aware that in addition to providing the best press release distribution service for small businesses, eReleases also offers press release writing services. And with rates starting as low as $300 for new customers (when added to our press release distribution services,) it’s a steal of a deal. Check out our press release writing services here.
There are many ways to hire a press release writer. The press release pricing can be charged at a one-off rate per the press release, or it can be a flat rate per year or season.
You can also hire a writer on a retainer basis. That’s a great idea if you can afford it. This way, your press release writer will be able to understand your company better and be able to know the factors affecting your industry more deeply.
This will ensure that they end up writing press releases that truly represent you. They will be able to capture your industry’s motivations and inclinations.
Journalists will be thankful to you for giving them press kits. It will include all the information on your company, so they don’t have to go searching around for all relevant data. They are already overworked and harried as it is.
If you wish to do the heavy-lifting yourself (or you have an intern who can do this for you), research the various media outlets yourself. Figure out the ones you wish to focus on, and then direct your wire service in that direction.
The distribution methods nowadays are quite varied. It used to be that there were only a few newspapers that the press release would be distributed to.
Nowadays, you can distribute it to industry bloggers, news sites, trade magazines, local news contacts, radio stations, and social media sites.
Don’t forget to make several different versions of your press releases depending on which avenue it will be directed to. You don’t want to send the same version to an industry blogger, a journalist, and a radio station.
As mentioned earlier, press release writing should also include distribution of that press release to media, influencers, and online news services. Which raises the question – how much should press release distribution cost?
There are basically 3 tiers of press release pricing, 2 of them are inappropriate for small businesses.
The first is the free/low cost services. These services offer pricing ranging from free to around $100. Unfortunately, they really only send press releases to a few online news sites which gives you almost no real exposure to your press release.
The second is the newswire services designed for public Fortune-500 level companies. These services charge around $1500 per release, with additional add-ons potentially taking your costs up to almost $10,000! Again, this option shouldn’t be considered by most small businesses because it’s too expensive.
The third is the option offered by eReleases.com – which distributes its press releases via PR Newswire to reporters nationwide, plus our internal list of targeted media, influencers and bloggers, for $399 to $699 per release, depending on the package you choose. You can see full details of our press release distribution pricing here.
Most companies who are in an aggressive growth mode might be too busy or too distracted to think of press releases as a future growth investment. But it truly is that.
If you have many people in your stakeholder group, such as partners, prospects, stockholders, and more, who want to be and need to be updated regularly, a press release is a great way of doing so.
This way, your sales team doesn’t have to sit down and call each one of them personally to inform them of your advances.
Most organizations will end up spending between $500 to $2500 on a press release service, depending on the distribution methods used and the level of writer chosen.
But if you are in a phase of your growth that requires you to share information about your changes frequently to the public and stakeholders, get a hold of a press release service on the higher end. It will be well worth the investment.
If you play it well, using a press release service that knows what they are doing and targets the right media outlets, you could well generate thousands of dollars of media that could result in future sales of thousands.
This is well beyond the amount you would spend on a press release, especially since you get to appear in various local and trade publications that will get in front of the eyeballs that matter.
Of course, you could do it on your own and write a press release yourself. But getting a professional service like eReleases to distribute your press release is a better idea.
If you have never sent out a press release before, you are probably worried about the press release cost and the amount of work involved in it.
But there are many press release wire services out there that can help you get that press release in front of the journalists in your industry.
eReleases is one such newswire service, a nationwide partner of PR Newswire, the oldest authentic press release newswire. Check out our website for more details on how we can help you with your press release campaign today.