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Public Relations

By Allison Cowan, Cowan Corporate Communications

Today, the importance of controlling communication has never been greater. While the word "public" implies things like public affairs, community relations, investor relations, public press conferences, media events, internal communications and crisis communications, it also involves a lot of behind-the-scenes, non-public activity. Public relations includes everything from writing a press release to coordinating media contacts for an event or conference, securing credentials, lobbying for article placement, etc.

The news media is a powerful, influential information resource. You should feel comfortable engaging the media as a vehicle for your messages, just be aware that constraints of time and space, competition from other information sources, lack of timely data, hostile questions, misinformation and quotes taken out of context are all potential risks that must be managed.

Five Tips for Creating a Campaign

PR is a low-cost, high-impact way to build name recognition and generate sales. You can reach virtually any audience, and PR often confers greater credibility than advertising.

Here are five tips to creating your own successful PR campaign:

1. Tell a compelling story. Major media outlets receive hundreds, even thousands, of press releases daily. The fact that your bank is opening a branch at a particular location, for example, isn't especially interesting. Go beyond the ho-hum and tell a story that engages the media and your audience. How will your new branch benefit the community or your prospects? Decide what you want your audience to remember about your bank, and then create a story that communicates why your prospects should care.
2. Choose the right media. No matter what story angle you pursue or whom you're trying to reach, there's a media outlet that can help you achieve your goal. Your press list doesn't have to be long. Choose only media that reach your best prospects and feature editorial or advertising for the type of products and services you offer. For help building your list, visit the free searchable media database. And don't overlook online media, which can be extremely influential.
3. Tailor your pitch. As you build your press list, familiarize yourself with each of the media and the work of the specific journalists you're targeting, then tailor your release or pitch letter accordingly. Once you know the type of information or story ideas a media outlet or journalist is looking for, you can grab their attention by using the right statistics or newly released information as your hook. A home health care company, for example, might lead off with a headline relating the number of Americans who go to nursing homes each year that could use home health care instead.
4. Use media relations tactics. Effective PR takes dedicated attention over time to build relationships with the media. However you send your initial release, consider it just a knock at the door. For an effective media relations campaign, follow up by phone or email (depending on the preference of the media you're targeting) within a couple of days to make your pitch.
5. Make it easy to cover your bank. Have a complete press kit ready to send to the media that express interest in your story. This can include anything relevant, from markets served to company background. Just don't overload the kit and never include sales materials. Editors and journalists are notoriously short on time, so create ready-to-use materials such as tip sheets - “10 Ways to Save Money at Tax Time” or “7 Steps to a Secure Retirement.” Also, small newspapers often have holes to fill at press time and are happy to receive high-quality photos.

Begin your PR rollout just prior to launching your campaign, and maintain a well-targeted media relations campaign that reaches out with enough frequency to get you noticed. You're sure to win positive coverage for your bank.

What Constitutes News?

News can include a number of topics - an unusual or new board member, an outstanding customer, a merger or new business partner, a much-needed service, a metrics-related milestone or just a new hire to the team. Its significance and value to the media is entirely up to you. Be creative and innovative - if you feel an event is newsworthy, it probably is. It's important for you to take responsibility and think the initiative through. If you can convince a colleague or your boss that the story is interesting, chances are you will be able to convince the media that your story idea is worth pursuing and ultimately running or including in the publication's lineup or the station's news program. But you cannot assume the media will immediately latch on to your great idea! You will need to carefully craft your “pitch” to help them “see” all the strengths in your story idea. It's not hard or terribly involved. It requires conviction more than anything, and this is your bank, so who better to pitch its story than you?

In the context of community banking, what is considered news can cover a range of topics, so keep your ears and eyes open and frequently ask yourself the question, “Is this news?”

Potential News Topics:

1. Management additions/changes
2. New initiatives/programs
3. Metrics (e.g., loans increasing significantly, deposits rising)
4. Mergers or acquisitions
5. New services offered, etc.

Writing the Release

Create a press release template by printing "Press Release" on the bank's letterhead. Be sure to include the date at the top of the page.

• Put a headline in bold type on the left. The headline should be active tense, understandable, convey the main point of the story and make people want to read on. Keep it short - six or seven words.
• The lead paragraph (the introduction) expands on the headline. It concentrates on what has happened or will happen, who is involved and where. It conveys the whole story in a nutshell and its interest and relevance to the readership. Even if the rest of the press release were deleted, the lead paragraph communicates the essentials. This is what is known as an “inverted pyramid.” Tailor the introduction to the publication - a trade journal is attracted by what a new product can do for its business audience; a local paper is interested in local jobs, prestige or human interest.
• Subsequent paragraphs give the how and why - the explanation and development of the terse first paragraph or two - and the when.
• A quote from your executive or expert is essential.
• Keep everything tight and clear, with short sentences. Write the release like a newspaper report. Refer to your business in the third person - “it” not “we”.
• Write “End” and then provide a contact name with phone and email details. A “note to editors” can give background or more detailed information.

See Sample News Release

Identifying Target Media

The first step to getting media coverage for your business is to decide on your target outlets. Ask yourself who will be interested in your story:

• your local paid-for newspaper
• your local free paper
• your local council newspaper
• the free county magazine
• local radio and television
• trade, technical and professional magazines covering your type of business or expertise
• national newspapers
• consumer and lifestyle magazines
• national radio and television - but usually your local station will feed your story to the network if it's good enough

Get details of publications in directories such as Bacon's Media Guide—have a look online or in your local reference library.

Getting Coverage

Once you've written your press release, your aim is to get it covered by your target media organizations.

• Find out their copy deadlines.
• Send the release to the editor, news and features editors and possibly the reporter who might write the piece.
• Check if they'd like an email version. Newspapers and magazines might just cut and paste most of a well-written release.
• Check the release has been received and if further information is needed.
• Photographs can boost your chances of getting your story covered. Try to include at least a head-and-shoulders shot (or mug-shot) of the person quoted in the press release. Or get an agency to take a picture of the person at its premises. If you're lucky, a publication might send along a photographer.