When your business needs to issue a press release, you’re likely more focused on getting the news out to the public than you are about saving money. However, the cost of a press release can add up fairly quickly. The average cost for PR industry experts to write your press release is almost $200 alone.
If not handled carefully, a press release might end up doing the opposite of what you want, diminishing your profits over time. However, there are ways to maintain a consistent flow of information to customers without risking your profitability in the process.
In this blog, we share tips to help you reduce your press release costs so they remain profitable for business.
Understanding Press Release Cost
When it comes to press releases, costs can vary. Hiring a professional writer or a PR agency to craft a well-written press release is typically the first expense for most. In general, professionals charge based on:
- Their expertise
- The complexity of the topic
- Time required to create a compelling piece
Many services charge based on the number of words in your press release. Some have a base price for a certain word count and then charge extra for additional words. For example, a service might have a package that includes 300 words and then a per-word fee for anything beyond that.
Conversely, some services offer a fixed price regardless of the word count. This can be beneficial if you have a longer press release. Or if you want to avoid unexpected costs due to word count changes during the editing process.
Once the press release is written, it often goes through rounds of editing. This ensures accuracy, clarity, and conformity to the desired style. Editing can be done in-house or outsourced to an editing service, incurring additional costs.
Sometimes, your press release might need extra things like images, videos, infographics, or search engine optimization (SEO). These supplementary services can contribute to overall costs as well.
If you want a package that covers everything and includes press release distribution, you might find a better deal with a bundled price. For instance, a package that includes writing, distribution to specific media outlets, and images or videos. These packages often have a set price depending on the services included.
Setting a Budget for Press Releases
Your budget should match your business goals. Start by determining how much you can spend on press releases without compromising other essential areas. You want to balance expenses to get the most value.
Compare what different press release services provide within your budget range. Don’t just look at the price tag. Pay attention to everything you’re getting for that price. Check if they offer distribution to the right channels, professional writing, multimedia support, or additional promotional services.
Sometimes a higher upfront cost can mean better visibility or a wider reach for your press release. If a higher-priced service offers added benefits that could positively impact your business in the long run, consider taking advantage of it. Remember, a cheaper service might save money upfront but may lack the reach or quality needed to make a significant impact
Be wary of hidden charges when exploring your options. Some services might have additional fees for revisions, distribution to specific media outlets, or extra features. Take note of all potential charges to see if you can actually afford it.
Check reviews and testimonials from previous clients. This can give insights into the real value and effectiveness of the press release service. Helping you make a more informed decision.
After sending out a press release, monitor its impact. Look at website traffic, sales figures, or any uptick in inquiries or media mentions. This data helps determine if your investment was worthwhile.
As your business grows, consider services that allow customization and scalability. Your needs might change over time, so a service that can adapt or offer tailored packages can be more cost-effective in the long term.
Maximizing Cost Efficiency in Press Release Creation
If you’re not quite ready to hire writing professionals, there are other things you can do to maximize your press release budget. Here are some things you can do without breaking the bank.
To write press releases yourself without compromising quality, consider using online guides and templates to structure your content effectively. Many platforms offer free resources that guide you through the process.
Make sure your story is clear and direct. Use simple language and avoid jargon to make it easy to read by anyone. It’s generally best practice to follow a standard press release structure:
- Headline
- Dateline
- Introduction (who, what, when, where, why)
- Body paragraphs expanding on the key points
- A compelling closing paragraph
Focus on the main point or announcement you want to convey without too much fluff. Avoid unnecessary details that might distract readers from your main message.
If you have an in-house team, collaborate! Pool skills and resources to handle press releases internally. By assigning roles based on skill, you can streamline your press release creation process without relying on external services.
Additionally, consider working with freelancers for specific tasks. Hiring freelancers on a project basis can be more budget-friendly than full-service agencies. You can outsource individual components such as writing, editing, or design to freelancers who specialize in these areas. Reducing overall costs while maintaining quality.
Cost-Saving Methods for Press Release Distribution
You can save money not only on writing your press release but also on distributing it. Here are a few alternative cost-saving methods you can use:
Distribute on Social Media
Social media platforms are gold mines for press release distribution without spending a penny.
Choose the right platforms based on your audience. LinkedIn is ideal for professional news. While Twitter’s brevity can attract attention. Facebook allows for detailed posts, and Instagram thrives on visual content.
Encourage engagement by asking questions, running polls, or prompting discussions. You can also encourage your audience to share the post with their networks.
Partner With Influencers
Identify influencers or thought leaders in your industry whose audience aligns with yours. Reach out to them and propose a collaboration.
Some might request payment. Others might be willing to collaborate for free if they find your content valuable and relevant to their audience.
Influencers often appreciate valuable content to share with their followers. You can offer them an exclusive preview of your press release or an interview opportunity. Keep in mind that, in return, they can amplify your message by sharing it with their engaged audience.
When they endorse your press release, it adds credibility and authenticity to your message. Their audience is more likely to pay attention because they value the influencer’s opinion.
Engage With Online Communities
Seek out forums, discussion boards, or online communities that cater to your industry or target audience. Platforms like Reddit, Quora, or specialized forums related to your niche can be goldmines.
When appropriate, share your press release within these platforms, ensuring it aligns with the community’s rules and guidelines. Avoid overly promotional content and focus on offering something valuable to the community.
Repurpose Your Press Release Content
Take your press release and transform it into various formats to reach different audiences and platforms.
If your press release covers a topic that can be discussed in more depth, consider creating a podcast episode. This allows for a conversational approach and engages auditory learners.
Extract snippets, quotes, or compelling statistics from your release to create attention-grabbing posts for platforms like Instagram, Twitter, or LinkedIn.
Maximizing the ROI of Your Press Release Campaigns (Without Sacrificing Quality)
Always define what success looks like for your campaign. Whether it’s increased website traffic, brand visibility, or sales. Having clear goals helps measure your return on investment.
Choose distribution channels wisely. Focus on platforms or media outlets that align with your target audience. Don’t just send it everywhere-be selective.
After releasing your press release newswire, actively monitor your metrics to gauge its performance. Check for spikes in visits following your release. You should also track the number of media pickups or mentions your release receives across different platforms.
Create reports summarizing the impact (and outcomes) of your press release campaign. Examine the gathered data, pointing out what worked well and where there’s room to get better. Use your findings to guide future campaigns. So you can refine your approach for a better ROI over time.
The Best Press Release Distribution Services for Small Businesses
With over 23 years of sending press releases, eRelease stands out as the go-to distribution service for small businesses. As the exclusive nationwide partner of Cision PR Newswire, we ensure your release reaches the widest audience, maximizing your press release cost in the process.
We partner with journalists, bloggers, and influencers to help you get the word out. Our detailed reports keep you up to date on your release’s performance. So you never have to guess what’s working and what’s not.
Contact us today to explore press release services that fit your budget. Remember, stay savvy with your press release expenses to maximize impact without overspending.