LAS VEGAS -
"'Free' coverage in the media has a value three times the cost of an advertisement," said Phoebe Wall Howard, president of Howard Consulting in Fresno, Calif. "And know that if you are not utilizing the press, your competitor is."
Howard, who led an educational session at the recent CUNA Marketing and Business Development Council conference here, said the key to getting this type of coverage is in developing a relationship with your local media.
One of the first steps: improving the content and timing of press releases. She suggested every release be written in a conversational style-as if talking with a friend or spouse. It should have a single sentence stating a credit union is a not-for-profit financial institution, and e-mail is the preferred distribution method. "Make sure there is contact information at the bottom of each e-mail. Develop a dialog with a reporter," she said.
Releases should not be issued late in the afternoon, she said, because most media outlets have long since set their coverage plans for the day. Instead, have the release waiting in a reporter's e-mail inbox when he or she arrives at work.
Very important, she added, keep releases to one page. "Even if Jesus Christ himself comes to your credit union, a press release should be one page," she said to a roar of laughter.
The exception: when there is a serious problem at a CU. Instead of avoiding comment on the situation, Howard recommends putting out a comprehensive statement at least two or three pages long. "Then there is no way someone can be misquoted."
According to Howard, the same people are quoted in the news media over and over again because reporters are familiar with these people, know how to reach them, and are confident of getting a quote in time to meet their deadline. She said a person from a CU can become a quotable source, if the groundwork is done in advance. For starters, she suggested, get to know the business editor of the local newspaper. Then, introduce yourself to the staff.
"Any time there is a story on a financial topic in the newspaper, on the radio or on television, send an e-mail to the reporter suggesting an angle for a follow-up story," she added.
Many community events represent opportunities for someone from a CU to be heard by the public. CUs also can host events and seminars, she said.
"Don't be afraid of the Spanish-speaking media," she added. "Even if no one on the credit union's staff speaks Spanish, everyone on staff at Spanish media is bilingual. This is important because in most markets, Spanish media gets better ratings than all the English stations combined."
