A press release is an official announcement made by brands for intermediate exposure and coverage. Even though the world is practically living on the internet and there is a huge decline in print media, press releases are still relevant and used as an important marketing and advertising tool. In today’s competitive business scenario, effective communication is the most crucial and effective way to promote a business and maintain a positive image of the company.
Press releases are a functional tool to circulate news, engage with the media and general public, and share valuable information. If you are looking for something to share that needs public disclosure immediately and increase brand awareness then press releases are your best option. But which factors impact a press release price?The cost of writing and publishing a press release varies from $50-$5000 in this market. So let’s get into a comprehensive analysis of the factors that impact this cost.
Writing Cost of a PR:
i) Writing Experience and Expertise-
If you are hiring a writer to craft your business press release, then the cost will vary depending on the writer’s expertise and experience. Experienced and highly skilled writers will ask for higher costs due to their experience and track record of delivering successful and high-quality press releases previously.
ii) Length and Complexity of the Content:
Another factor that influences the cost of press release writing is the content’s length and complexity. The lengthier the press release is, the more complex it will be to write including in-depth research, extensive writing, and interviews.
iii) Turnaround Time:
Another factor that influences a press release writing cost is the turnaround time. If you cannot provide enough time to craft the content and you want it to be written and crafted in a short time, the cost will be higher.
Factors Affecting the PR Distribution:
One of the main factors that impact the distribution cost is where the press release content is being distributed. Agencies and companies usually have a strong distribution network where they publish press releases with the top-rated media and news outlets. Now the more these top-rated media outlets are involved, the higher the cost will be.
ii) Multiple Versions:
Another factor is how many versions of a press release you are publishing. A press release can be written and distributed differently for different social media platforms and publications. If you are trying to get serious media coverage through your press release, you may want different versions targeting trade publications, local media, bloggers, sales teams, etc. The more versions you would request, the higher the cost will be.
SEO or Search Engine Optimization is the deciding factor that places a company and its published content higher on the search engine results pages. This is connected to the brand’s increased visibility and reach as the higher the content ranks on the SERP (Search Engine Result Page), the more people will get to know about the company, increasing brand awareness. So when it comes to PR distribution, SEO factors decide how much it will cost.
iv) Media Kit:
Journalists and media outlet editors are extremely busy people so they appreciate content without researching much into it. In this scenario, a media kit works extremely well with all the leadership headshots, company history, and boilerplate among other important information. Working with a reputed professional PR distribution agency will not only distribute the PR content to their distinctive network, but they send customized media kits which impact its cost. The more well-crafted the media kit is, the higher the distribution cost will be.
v) Multimedia Cost:
Another factor that highly influences the distribution price is the opportunity to add multimedia to the press release. Written content that is distributed in a strong network may catch the attention of journalists and readers, but multimedia including pictures and videos will definitely catch the attention of readers even more. So the cost also depends on the multimedia addition to the written PR content.
Apart from these, the company value also is a determining factor when you are selecting a writing and distribution package.