Start Your Own Business (86 page)

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Authors: Inc The Staff of Entrepreneur Media

BOOK: Start Your Own Business
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Evaluate an ad’s cost-effectiveness, too. Consider the CPM. A cheaper ad is no bargain if it doesn’t reach many of your prospects.
chapter 31
 
TALKING POINTS
 
How To Promote Your Business
 
 
 
 
 
P
aid advertising isn’t the only way to spread the word about your business. In fact, one of the best ways to get your business noticed does not have to cost you a dime. We are talking about public relations.
 
TIP
 
Find out the time frame in which the media you are interested in work. Magazines, for instance, typically work several months in advance, so if you want to get a story about your business in the December issue, you may need to send your idea in June.
Public relations is a broad category, spanning everything from press releases and networking at chamber of commerce meetings to sponsoring contests or holding gala special events. This chapter will show you the basics of public relations and give you plenty of ideas to get started. And ideas are what it’s all about, because when it comes to public relations, you are limited only by your own imagination.
Getting Publicity
 
Just what is public relations? And how does it differ from advertising? Public relations is the opposite of advertising. In advertising, you pay to have your message placed in a newspaper, TV or radio spot. In public relations, the article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films your company as a result of information he or she received and researched.
Publicity is more effective than advertising, for several reasons. First, publicity is far more cost-effective than advertising. Even if it is not free, your only expenses are generally phone calls and mailings to the media.
Second, publicity has greater longevity than advertising. An article about your business will be remembered far longer than an ad.
Publicity also reaches a far wider audience than advertising generally does. Sometimes, your story might even be picked up by the national media, spreading the word about your business all over the country.
Finally, and most important, publicity has greater credibility with the public than does advertising. Readers feel that if an objective third party—a magazine, newspaper or radio reporter—is featuring your company, you must be doing something worthwhile.
Why do some companies succeed in generating publicity while others don’t? It’s been proved time and time again that no matter how large or small your business is, the key to securing publicity is identifying your target market and developing a well-thought-out public relations campaign. To get your company noticed, follow these seven steps. You’ll notice that many are similar or identical to steps you went through when developing your marketing plan.
1.
Write your positioning statement
. This sums up in a few sentences what makes your business different from the competition.
2.
List your objectives
. What do you hope to achieve for your company through the publicity plan you put into action? List your top five goals in order of priority. Be specific, and always set deadlines. Using a clothing boutique as an example, some goals may be to:
• increase your store traffic, which will translate into increased sales
• create a high profile for your store within the community
3.
Identify your target customers
. Are they male or female? What age range? What are their lifestyles, incomes and buying habits? Where do they live?
4.
Identify your target media
. List the newspapers and TV and radio programs in your area that would be appropriate outlets. Make a complete list of the media you want to target, then call them and ask whom you should contact regarding your area of business. Identify the specific reporter or producer who covers your area so you can contact them directly. Your local library will have media reference books that list contact names and numbers. Make your own media directory, listing names, addresses, and telephone and fax numbers. Separate TV, radio and print sources. Know the “beats” covered by different reporters so you can be sure you are pitching your ideas to the appropriate person.
 
AHA!
 
When considering media that can publicize your business, don’t forget the “hidden” media in your community. These can include free publications for singles and seniors, for tourists, for local companies’ employees, and for social or charitable organizations like the Junior League.
5.
Develop story angles
. Keeping in mind the media you’re approaching, make a list of story ideas you can pitch to them. Develop story angles you would want to read about or see on TV. Plan a 45-minute brainstorming session with your spouse, a business associate or your employees to come up with fresh ideas.
If you own a toy store, for example, one angle could be to donate toys to the local hospital’s pediatric wing. If you own a clothing store, you could alert the local media to a fashion trend in your area. What’s flying out of your store so fast you can’t keep it in stock? If it’s shirts featuring the American flag, you could talk to the media about the return of patriotism. Then arrange for a reporter to speak with some of your customers about why they purchased that particular shirt. Suggest the newspaper send a photographer to take pictures of your customers wearing the shirts.
 
AHA!
 
Sending out publicity photos with your press release or kit? Make them fun, different and exciting. Editors and reporters see thousands of dull, sitting-at-the-desk photos every year. Come up with a creative way to showcase something photogenic about your business ... and make it stand out from the pack.
6.
Make the pitch
. Put your thoughts on paper, and send them to the reporter in a “pitch letter.” Start with a question or an interesting fact that relates your business to the target medium’s audience. For instance, if you were writing for a magazine aimed at older people, you could start off “Did you know that more than half of all women over 50 have not begun saving for retirement?” Then lead into your pitch: “As a Certified Financial Planner, I can offer your readers ten tips to start them on the road to a financially comfortable retirement ...” Make your letter no longer than one page; include your telephone number so the reporter can contact you.
If appropriate, include a press release with your letter (see “Meet The Press” on page 553). Be sure to include your positioning statement in any correspondence or press releases you send.
7.
Follow up
. Following up is the key to securing coverage. Wait four to six days after you’ve sent the information, then follow up your pitch letter with a telephone call. If you leave a message on voice mail and the reporter does not call you back, call again until you get him or her on the phone. Do not leave a second message within five days of the first. If the reporter requests additional information, send it immediately and follow up to confirm receipt.
MEET THE PRESS
 
T
hink of a press release as your ticket to publicity—one that can get your company coverage in all kinds of publications or on TV and radio stations. Editors and reporters get hundreds of press releases a day. How to make yours stand out?
 
 
First, be sure you have a good reason for sending a press release. A grand opening, a new product, a record-setting sales year, a new location or a special event are all good reasons.
 
Second, make sure your press release is appropriately targeted for the publication or broadcast you’re sending it to. The editor of
Road & Track
is not going to be interested in the new baby pacifier you’ve invented. It sounds obvious, but many entrepreneurs make the mistake of sending press releases at random without considering a publication’s audience.
 
To ensure readability, your press release should follow the standard format: typed, double-spaced, on white letterhead with a contact person’s name, title, company, address and phone number in the upper right-hand corner. Below this information, put a brief, eye-catching headline in bold type. A dateline—for example, “Los Angeles, California, April 10, 2010—” follows, leading into the first sentence of the release.
 
Limit your press release to one or two pages at most. It should be just long enough to cover the six basic elements: who, what, when, where, why and how. The answers to these six questions should be mentioned in order of their importance to the story to save the editor time and space.
 
Don’t embellish or hype the information. Remember, you are not writing the article; you are merely presenting the information and showing why it is relevant to that publication in hopes that they will write about it. Pay close attention to grammar and spelling. Competition for publicity is intense, and a press release full of typos or errors is more likely to get tossed aside.
 
Some business owners use attention-getting gimmicks to get their press releases noticed. In most cases, this is a waste of money. If your release is well-written and relevant, you don’t need singing telegrams or a bouquet of flowers to get your message across.
 
If you have the money to invest, you may want to try sending out a press kit. This consists of a folder containing a cover letter, a press release, your business card, and photos of your product or location. You can also include any other information that will convince reporters your business is newsworthy: reprints of articles other publications have written about your business, product reviews, or background information on the company and its principals. If you do send out a press kit, make sure it is sharp and professional-looking and that all graphic elements tie in with your company’s logo and image.

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