Even though it is the digital age of the internet and technological advancement with new emerging marketing trends; the importance of press releases still remains high across every other industry. Even in 2020 and 2021 when the world was suffering from the widespread effects of the global pandemic; a lot of new brands emerged and gained exposure from the market with the help of press releases.
Just like any other marketing strategy, the PR strategy and the budget for distribution are also fixed beforehand to stay ahead in the game. Usually, the press release cost is quite reasonable than any other marketing strategy such as sponsored promotion, advertisements, video marketing, and many others. However, the price for the service can vary based on what kind of service you are availing of and from where. There are also a few driving factors for the PR price that make sure how effective the service is going to be. So, if you are new at this; check out the following aspects of PR that sets the price for the press release service.
How Much Does a Press Release Cost?
As said earlier, the price of a press release can range from very low to very high based on various factors, For example, you can get a press release done at $5 to $10 if look for it on the websites where freelance writers can be found. However, you will be losing the quality and efficiency in this. Obviously, you can not expect a professional writer to do it for you for a marginal price as the content proves to be highly fruitful after distribution.
Getting a press release from a professional writer or a team of professional writers can cost you around $250 to $500 based on the packages of professional websites. The agencies can charge even more when the distribution is included in the package. The professional agencies are required to maintain an effective distribution network that consists of top-tier news sites and media platforms. As a result, the price of packages increases with the number of guaranteed distributions.
The premium packages for press releases are costlier as they are comprised of add-on features, analytics, news monitoring, consultation, and many other elements. So, in a nutshell; there is no fixed price for a press release. Based on your budget and requirements, you can avail of a PR package that suits your needs.
Press Release Writing Service, Is it a One-off or Flat Rate?
There are many ways to hire an agency of PR writer for the purpose and most people tend to hire them in two ways, One-off and Flat Rate. A one-off rate is considered a press release per content but it can be also availed of as a flat rate per year, per quarter, or season.
It is recommended to hire a press release writer on a retainer basis which is rather expensive for a few but offers a great deal of benefit. It is cost-effective in the long run and also allows the writer to have a better understanding of your company, as well as its motivations and inclinations according to the market and the industry. Therefore, they will end up providing you with the exact PR content that truly represents your brand and helps to embrace it.
Diversified Distribution Method and PR Kits
To reach the target audience more effectively, the PR agencies follow diversified distribution methods and that is a key factor for enhancing the price of the press release. Make sure a press kit is included in the package that helps to provide all the necessary information regarding your company that journalists can look for. Press kits can reduce the hassle for both you and the journalist while improving the path of PR distribution.
It is more important for cases when you are unable to hire an agency for distribution and take things into your own hands by personally pitching to the journalists and reporters from the niche. A press kit can help to improve your PR content while making it more convenient for PR professionals, journalists, and distribution service providers. In modern days, you can also distribute a press release to business magazines, news sites, bloggers, radio stations as well as social media platforms. You can also craft different versions of the press release based on the avenues you are targeting.
Distribution for Press Release Distribution
There are usually 3 tiers of press release pricing when it comes to distribution and except for the premium services, the first two tiers are perfect for small-scale businesses, enterprises, and startup companies. Some of the agencies also offer free PR services for first-timers. The services usually cost around $100 to $300 based on the distribution sites. However, it only takes place over a few limited news and media platforms, so do not expect much. The services with add-on features can go up from $499 to $999 and therefore, emerging companies should not purchase a premium package that costs a lot.
Press Release is an Investment
Since PR works more like a marketing tool, most companies are too reluctant to consider it a future investment that can help boost the growth and sales of a company. It is a medium of information that is trusted by all; not only customers and journalists but also for the stakeholder group of your company that includes stockholders, partners, investors, and many others who need to stay updated with company development regularly.
A proper press release investment can cost between $500 to $2500 based on the writer and the method of distribution. Consider it as a business investment that offers better results in the future.
One PR Campaign = Thousands of Dollars of Coverage
An effective press release campaign can help to boost the future sales for your company which a thousands of dollars of coverage. Even though this is a reasonable option, its long-lasting effects make it a fair and worthy investment for all kinds of businesses.
Concluding Thoughts
They say, “You get what paid for” and it is true in the case of press release services as well. However, that does not mean you should your push your budget for it. Plan a PR strategy with the help of the experts and embark on a PR plan that suits both, your budget and requirements.