In startup PR there is a lot of talk about giving an exclusive to such and such publication around a key piece of news.
Of course, the act of giving the news exclusively to one reporter or publication is an integral part of a good PR strategy and a great tactic to resort to in certain situations, which I discussed at length in my previous article. However, it’s not always the best strategy and can sometimes even be a really bad idea. So ….When is it a good idea NOT to give an exclusive to a reporter?
Your business is at an early stage and you are still building your company’s brand
Go broad when no one knows you yet! In the early days of your startup, media outreach is not just a game of coverage, but also, and arguably even more importantly, it’s an important relationship-building exercise. When you prepare for your first-ever media announcements, it gives you a chance to engage with key reporters and publications and initiate a relationship with them, which can contribute to your brand visibility down the line, regardless of whether you secure coverage.
If for instance, you raise €1 million in seed funding, a good strategy is to share the news under embargo to a broad range of chosen publications, so that they become familiar with your brand and business. For a small seed round, some reporters (and perhaps the majority) will turn the news down, but this is still a great way to get your name out there and raise awareness amongst journalists. In a few months, you might go back to the same reporters with a larger round, or a product launch, and at that stage, you won’t be starting your media outreach from scratch, publications will already have some level of familiarity with your company.
You have big news to announce and you know it will appeal to dozens of outlets
Why share the big news with one reporter only? The most obvious scenario in which not to give an exclusive is when you have major news to announce and you already know that the information will be of interest to several publications. In this case, letting only one publication break the news will reduce the potential amount of coverage you secure. For example, when Apple unveils its new iPhone annually, the company knows it will secure coverage from the New York Times and Wall Street Journal, down to smaller hardware publications. I doubt they would give this news as an exclusive, knowing the broad appetite there is When other publications discover the headline, it’s already considered old news to them and while they might have covered it in normal circumstances, they might not, if they see that a competing publication was given preferential treatment and got the info first.
When you don’t have big enough news
When no one bites the lure, time to sprinkle wider. You’ve tried to offer an exclusive and it didn’t work. In this case, offering the news very broadly under embargo is a great alternative. If the market has signalled that the news is not strong enough for a publication to commit to covering it as an exclusive, aim for lower-tier publications, which are specialized in your field and have less readership. They will be less competitive, and hence, you should face less pushback when pitching them the news.
You promised several reporters that you’d share the news with them under embargo
Like with any relationship you care about, don’t go back on your word! Nothing will annoy a reporter more than promising them some exclusive news, and then going and giving it to another reporter first. If when you announced your Series A funding round, you had conversations with several journalists about, circling back to them when you are closing your Series B round, you’ve set expectations with more than one publication. This is a classic case for not doing an exclusive, but rather going back to those reporters with the news under embargo. Remember, PR is a long-haul game and it’s all about relationships, rather than the short-term gratification of a nice article. You want to sustain these relationships over time and favour them over short wins.
