Congratulations, your company closed a funding round! After working on the deal for months, the executive team is eager to share this exciting milestone with the world. However, it’s important to understand that you can’t hastily issue a press release and expect the media to shower you with coverage. Achieving success requires careful planning and strategic execution.
Consider the following steps to maximize your announcement’s impact and attract high-value press coverage.
Go beyond dollar signs to boost press coverage
While the dollar amount may initially grab attention, the story behind the funding captivates audiences. Consider a reporter scrolling through countless funding pitches. What sets your story apart? What makes it worth their time and their readers’ attention?
A compelling story goes beyond the transactional nature of funding announcements. It dives into the heart of your company’s mission and vision, showing how this capital infusion is more than a financial boost. It’s a catalyst for driving meaningful change in your industry.
This is an opportunity to share any new messaging and what makes your company special. Who are the investors backing your company, and what does their involvement mean? Are they renowned figures in your industry who add credibility? Does the funding align with larger market trends or address market challenges? Highlighting impressive growth metrics and painting a clear picture of the opportunities ahead can reinforce the significance of your news.
Gather company facts
Providing basic company information is as important as telling a story. Reporters may not be familiar with your company or industry, so providing accurate information is essential.
To ensure smooth media interaction, anticipate the information reporters may request. Here are the details you should have ready in advance:
- Total Funding Raised: List each funding round, the year it took place, and the amount raised. Don’t overlook inside rounds or debt-to-equity conversions. Verify the accuracy of the information on platforms like Crunchbase. Reporters may reference these sources, so address any discrepancies proactively.
- Investors: Name all investors, identifying the lead investor and any new additions or changes to the board. Failing to acknowledge investors can lead to embarrassing oversights.
- Employee Count: Give accurate figures on your company’s total headcount. Avoid relying on estimates or outdated numbers from previous press releases.
- Financials: Align the executive team on addressing specific financial questions, such as revenue growth rate, valuation, and IPO plans. If certain details can’t be shared, have an alternative response ready.
- Competitive Landscape: Share a few competitor names to validate your market and give context to reporters.
- Product or Service Explanation: Instead of listing features, describe how your offerings solve problems and benefit customers. This adds depth to your story and clarifies your value proposition.
- Key Messages: Communicate your company’s core messages. Emphasize its significance within the industry, focusing on technological innovations, growth prospects, and goals.
- Utilization of Funds: Explain how you plan to use the raised capital, outlining strategies for continued growth and expansion.
- High-Quality Images: Take current pictures of the founder(s), CEO, and products. Professional photographs incorporating company branding enhance the visual appeal of your press coverage and convey professionalism.
Decide between news embargo and exclusive
Choosing between a news embargo and offering an exclusive depends on your objectives and the nature of your funding. Each approach has advantages.
If you want to maximize coverage volume, consider pitching the announcement under embargo to a select group of reporters who agree to post their stories at a specified time. This approach requires careful planning and preparation, with the press release ready to share with them as soon as you pitch.
Alternatively, offering an exclusive to one reporter may be more effective if you want a more detailed story or coverage in a top-tier outlet. Giving a single reporter the scoop can also help build a valuable relationship with the reporter. Once that story is published, remember that it’s acceptable to reach out to other publications that may still be interested in the news.
Note that some outlets have specific requirements or preferences. For instance, Bloomberg and Reuters typically cover only significant funding rounds — above $100 million depending on market conditions. Business Insider often requests the pitch deck to write an article, but make sure you remove any sensitive information before sharing. Understanding these preferences can help you tailor your approach to fit different outlets’ expectations and increase your chances of coverage.
Build a comprehensive timeline
It’s important to build a comprehensive timeline to align all parties involved. Set an announcement date, avoiding big holidays or other major news and events that could divert attention, and work backward from it to establish deadlines for each task.
In the first week, engage with stakeholders to create all necessary assets, such as the messaging, press release, blog, company FAQ, media list, social media content, customer communications, and photos. During the following week, focus on finalizing and approving all content. Start pitching media 10-14 days before the announcement to give reporters ample time to read the announcement, ask questions, and schedule interviews.
While pitching is underway, key spokespeople should practice interviewing to sharpen their skills and deliver messages. Interviews provide an opportunity to build relationships with reporters and establish yourself as a reliable source. Reporters interview company founders to gain insights into specific markets. Clear and concise communication with them can lead to future collaborations.
Coordinating with your lead investor during this time is also necessary so they can review and approve messaging. By working with investors, you can maintain a consistent message and receive their support throughout the announcement process.
Shine a spotlight on your funding
Gaining press coverage for a funding announcement involves more than issuing a press release on a wire service. It requires strategic planning and thorough preparation. By following the steps above, you can improve your chances of attracting valuable press coverage for your announcement.
Need help securing press coverage for your funding announcement? Reach out.
