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No, a sponsored cryptocurrency press release is not an alternative to editorial coverage, says PR Pro
Press release distribution services, or newswire for short, have been a staple of the marketing industry for years, used by thousands of businesses as a go-to option for getting the word out.
Recently, cryptocurrency-focused distribution services have gained a lot of popularity in the blockchain space, presenting themselves as a “cheaper” way for projects to gain exposure through sponsored press releases during the dark days of crypto winter, when marketing budgets they were limited.
This article is part of CoinDesk’s Web3 Marketing package. Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
The latest period of cryptocurrency stasis, which lasted from the end of 2021 until mid-2023, meant that most projects could not afford the luxury of spending thousands of dollars to promote themselves, and therefore the idea of a press release distributed to dozens of websites with a single click were interesting.
But is this shotgun approach really the most effective method for gaining PR and building the credibility and trust your project so desperately needs?
Anyone who knows how press release distribution actually works will understand why using them is often a bad idea.
While press release distribution services have partnered with dozens of cryptocurrency news outlets and can secure sponsored labeled placements on these websites, the quality and credibility of such coverage is questionable at best.
With these services, press releases are generally simply “syndicated,” meaning that while they will indeed be published by dozens of news sites, including those focused on cryptocurrencies, they will often end up being published in a non-editorial “backyard” section . of the website that gets far fewer eyeballs. The actual content will simply be a duplicate version of the original press release, without editorial review, analysis, opinions or unique interpretations of what is happening. Just a sponsored press release, with the regulatory requirement to disclose that it is basically just paid advertising, generating neither the credibility nor trust that projects seek.
Here’s an example of what it looks like on one of the most popular cryptocurrency news sites. In this case, that’s a real shame because a $15 million funding round is actually a newsworthy story and could have easily been picked up by an editorial reporter. But because it’s distributed automatically, publishers will see little point in writing a one-off article when it’s already been published. In my opinion, the company that chose the path of paid distribution made a big mistake, but it is not the only one to make such a mistake. There are numerous examples of noteworthy stories in the cryptocurrency industry that have suffered a similar fate.
But aren’t these releases also being distributed to a broader group of crypto journalists, you might ask? Surely someone will want to pick it up and cover it editorially, right?
If you’re looking for compelling coverage of your news on a reputable and perceived trustworthy site, then a direct pitch to an experienced journalist is the way to go. When your news is covered by a real journalist, it creates a sense of authenticity, conveying the idea that your story deserves readers’ attention.
A media proposal involves communicate directly with a journalist or editor to convince them that you have an authentic story that people actually want to read. The actual pitch is really just a short message that’s meant to pique their interest in your news and encourage them to write about it. It can be an effective tool for marketers, who understand that journalists are very busy and receive dozens of similar proposals every day. Therefore, their presentations are usually very concise and direct, highlighting key news points and explaining why they are interesting. They will also be tailored to the specific journalist or publication in question, demonstrating why their audience should care.
Compared to a bland list of syndicated headlines, an intriguing, personalized pitch is a million times more likely to grab journalists’ attention. And since readers will know it was written by a journalist, the resulting story will create much more credible PR.
That said, it’s important to realize that not every story deserves a straight pitch. Self-promotional company announcements without any news, such as airdrops, non-fungible token (NFT) launches, token sales, and listings, will likely not interest journalists as they are barely noteworthy. So if you absolutely must get the word out, then it might be worth trying a press release distribution service for such an announcement, or taking the owned media itinerary.