PR toolkit We ve made PR work for us by keeping things fresh, clear and relevant to journalists we re talking to. Luke Lang, Co-Founder and CMO - Crowdcube PR Toolkit I Version: January 2016
Overview PR is a great way of reaching lots of potential investors quickly without the expense of advertising. But with more and more companies crowdfunding, and it becoming a more established form of finance, getting high quality editorial coverage requires planning. What follows doesn t guarantee you coverage in your perfect magazine or website, but it will help you standout and significantly increase your chances. Why PR? Well-written, unbiased editorial from respected journalists is seen as independent and therefore more credible than paid advertising. It also marks you out from your rivals. Indeed, research claims it is 50% easier to sell to someone who has read positive things about the company in a good outlet. Editorial is not only very powerful, it should be free - if you have to pay for editorial, the title probably isn t that well respected. Even taking into account the cost of hiring a PR person or using a news distribution service, gaining coverage in your targeted media will nearly always be cheaper than buying advertising. Can you really expect to get editorial for your business? Yes if you have a clear, compelling story and pitch it well to the right people (just like your Crowdcube campaign). Each day, journalists and editors receive hundreds (thousands if they re on a major title) of emails and phone calls offering news, stories, article ideas and interviews. They are drowning in information. For your approach to get attention it must be interesting, topical and stand out from the rest. 2
Your Message Before you think about who you want to talk to, agree on the what. And just like your overall Crowdcube campaign promotion, for PR to work you need to have an agreed set of key messages that are used consistently. The key messages are the things you most want your target audience to know, think, remember and do (they should be the same across your entire campaign). They ll be different for every company, but as a general rule messages should be clear and concise, no more than a sentence long, with each one covering a separate point. Five is a good number; if you have loads people won t remember them. 1. What you do, who for and the unique value you add (to help people understand your idea) 2. Why you re in/entering the market you are (to show the potential) 3. A key fact or belief that demonstrates your experience or motivations (to show you can execute the idea) 4. Why you re raising and what you ll do with the funds (so people know where the money s going) 5. A fact or statistic that illustrates why your time is now (to add urgency) Always approach key message development with healthy scepticism and from your audience s perspective, rather than only thinking about what you want to get across. What will they be interested in? What s important to them? What are their objectives? What keeps them awake at night? Why should they care? We need to point out here that on its own, the fact that you re crowdfunding won t be enough to gain coverage, you need to bring in other angles and build the piece up - whilst not losing the critical story of raising investment via Crowdcube. Think about Innovation: What are you doing that s innovative and will make a real difference? Be honest with yourself if taking this approach as journalists are naturally sceptical and will filter out waffle. Piggybacking: Has there been a story in the media that relates to your product? For example, a soft drinks company might talk about people cutting back on alcohol in January or top drinks for summer parties. Research: Have you or a third-party released verifiable research that illustrates the value of your business or product? For example, a tech business might reference a report on growth in their sector. Remember: Just like all the other activity you undertake to promote your Crowdcube campaign, your PR activity needs to be compliant. So don t go around stating something as fact if it hasn t been formally approved by Crowdcube. 3
Using examples to validate what you re saying will bring your messages to life and build credibility with journalists (and, in turn, your target audiences). Think about Genuine case studies - One of our users achieved. Scenarios - A typical member of our community will Granny facts - Our new brewery will produce enough beer to fill a Hard facts - KPMG recently stated that Top tip: Never be tempted to make up or embellish a real story someone will spot the error and point it out, damaging your reputation. Teresa Horscroft, MD Eureka Communications, Crowdcube s PR agency Who to approach Once you know your core messages, you need to ensure you target the right people at the right publishers. Depending on who you think will invest in your campaign, think about the following: Audience Media Example Local consumers Local or regional news brands, radio or websites Manchester Evening News, www.bristolpost.co.uk National consumers National news brands, national radio The Guardian, Classic FM Specialist consumer Dedicated magazines and websites, bloggers Horse & Hound, Eat Like A Girl, www.singletrackworld.com, www.intercom.io Trade Specialist B2B titles Drapers, Morning Advertiser, The Lawyer Retail Investors Specialist titles, dedicated sections of national titles Investors Chronicle, ThisIsMoney, What Investment, Shares Magazine, Daily Telegraph, FT 4
Which reporter to target? If you have established relationships then make the most of the them. If you don t, you ll need to start building them quickly. Some publications have a small reporting team. For these the editor may be your best bet. However for other publications, take the time to look at what you are targeting and who is the most appropriate reporter. Also check which journalists cover your sector and those that may have written about crowdfunding before (Google is your friend). This way, you can tailor your approach and content to individual journalist at specific media titles and make their lives easy. Do your homework. Check out what your targets are writing about, now and in the last year. You want to be able to augment what they ve covered or suggest something new that will add value to the readership rather than repeat what s already been covered. Be clear about what you re offering. Everyone prefers exclusive content, so if you have a major piece of news (for instance) you need to select one title that you ll offer the story to ahead of the press release going out. But do have backup editors as the first choice may not respond and allow sufficient time so that you ve still got space to pitch elsewhere. Top tip: Target just one reporter per publisher, so pick carefully; avoid the spray and pray approach. Becca Lewis, PR and Communications Manager, Crowdcube 5
The Release Your Press Release is an announcement written in the third person (using it rather than we ), which is designed to stimulate journalists to write about you and your work. Every release needs to have real news value: always apply the so what? test. Get into a sceptical mindset and consider the story objectively looking for the angle that would appeal to their readers. Use a short, punchy headline to briefly summarise the story in as few words as possible and excite interest. If needed, you can expand on this by using a single sentence sub-head. Then tell the whole story in the first paragraph, as many journalists stop reading after that. Use 50-100 words maximum to cover your key messages plus when / where it s happening. Expand the story in the following paragraphs, making it interesting and informative. Remember your audience keep it relevant to the readers of the publications you re targeting. Put the least important information at the end and leave out unimportant stuff altogether. Weave in a quote from your most senior spokesperson as well as a third-party (e.g. customer, investor, partner, industry body). Keep paragraphs short and to the point (two to four short sentences). The whole release should be no longer than two pages of A4. Don t forget to: Advise if images or graphics are available and link to any relevant reports or more information) Include links in your copy (e.g. to your website) Include a company boilerplate at the end a short paragraph that summarises who your company is and what it does Include contact details, so journalists can contact someone for more information Include your social media links to encourage the media to follow you Send the press release to your target journalists as personalised emails; never bulk email journalists, make them feel special. Paste the text of the release in the body of the email rather than sending it as an attachment which the journalist has to click to open. Top tip: We ve seen otherwise great releases fall down because they didn t mention Crowdcube. People need to know where they can invest Michael Wilkinson, Michael Wilkinson, Head of Equity Investment, Crowdcube 6
Dealing with the media Journalists, just like the rest of us, are busy and you ll increase your chances of coverage if you make their life easy... Be objective: Write objective copy that will entertain or tell their readers something they don t know. Editors won t accept what they see as thinly veiled or direct sales puff. If they have to re-write lots of your copy they ll probably just move on. Making contact: Phone calls can be disruptive to journalists who may be writing a story, so if you re planning more than a press release, we recommend an email pitch to start with, unless you know them. Keep it short. Summarise your idea or offering in a few sentences. Think of a snappy subject line. Focus on benefits and what the title s readers will find useful or interesting, not what you think is fascinating like the latest features on your gizmo. Responding to requests: Be quick. If someone asks for more information give it to them quickly (make sure you answer their question). A rapid response significantly increases the chances of you getting coverage. Top tip: Treat the press like VIP customers. Respond quickly. Keep your promises and only say what you re happy to see in public. And never stalk them on Twitter. James Roberts, Head of Communications, Crowdcube The role of photography, images and infographics Images are often overlooked when preparing a PR programme but they are essential in attracting interest and telling your story as they bring everything to life. If you re quoted in a feature and the editor lets you send a photo, then it will give your comments more impact; readers eyes are always drawn to a great picture and editors know this. 7
What next? Ready to set the world alight? If you ve already read our Business Plan and Financial Forecasts Standards guides and have those documents ready, start your pitch application at www.crowdcube.com/my-pitch Contact the team for more information: If you ve already submitted your application and have any queries, please call us and we ll put you through to the right person. support@crowdcube.com Want the full guide to promoting your pitch? Read our full guide at www.crowdcube.com/pitch-promotion 01392 241 319 Crowdcube The Innovation Centre University of Exeter Rennes Drive Exeter EX4 4RN www.crowdcube.com @crowdcube /crowdcube Please note: The information in this note is intended to be general information and is not comprehensive. Crowdcube Capital Limited is unable to provide any financial, legal or tax advice and this document is not to be relied upon as such. We recommend that independent advice is taken from an appropriate professional in relation to the corporate documents of an investee company and the crowdfunding process. 8