After months of patiently waiting, you just received word from your CEO that the multi-million dollar deal with a Fortune 50 company has been signed. You've finally got all the ingredients you need for a business press exclusive. Or do you?
Pitching a news-driven exclusive to one of the big U.S. business publications (Forbes, Fortune, BusinessWeek, The Wall Street Journal, The New York Times, CNN, etc.) can result in tremendous coverage. Reporters may be willing to devote more time and energy to the story and give it more space and prominence, because their competitors aren't getting an advance break at the story.
What are the ingredients for business press exclusive success?
Should you or shouldn't you?
When considering a business press exclusive, weigh the pros and cons. Make a list. Check it twice to see if your strategy is correct. What should you think about?
- Is the story truly business-press worthy? Carefully read and understand your target publications to decide. A news-driven exclusive in Fortune will take on an entirely different form than one in The Wall Street Journal. Understand the differences.
- Can you get widespread coverage of the announcement without an exclusive?
- Will exclusivity help secure a larger article?
- Do you understand the legal and financial implications of certain types of disclosures?
- Will an exclusive story in the right media outlet generate positive "follow-on" interest from other publications?
- Will offering an exclusive with one publication damage your company's relationship with another publication?
- Can you be sure there is no chance another publication will "scoop" your media target and damage the exclusivity?
- Are you certain you can line up third-party interviews (e.g. the Fortune 50 customer) to speak with the reporter?
- Are your executives onboard with the exclusive strategy?
- Do you understand the pros and cons of pitching a specific reporter?
If the pros outweigh the cons, you may be ready for the next step.
Anticipate the reporter's questions before you pitch
Make sure you've considered every question the reporter may ask you when you pick up the phone to pitch the story. Remember, validation is key.
- How much money is at stake?
- How big is the market?
- Are industry or financial analysts available?
- Is this the first deal of its kind?
- Can the reporter interview the customer?
- Who can authenticate the strategic importance of the story?
- Can you hold the release for a certain date to coincide with the news?
Add some spice to the pitch
To successfully sell your exclusive, consider spicing up your pitch with a few additional ingredients in addition to the straight-forward news:
- Tension – is there any controversial spin or intrigue behind the news you can impart to the reporter?
- Competition – how are you impacting a key competitor? Does this news provide a significant advantage over competitors?
- Topical story linkage – does the story map into any current business or consumer issues, topics or trends? Reporters love macro story linkage.
- Personalities – does the spokesperson have a reputation or resume that will enhance the newsworthiness of the story? Is there a personal anecdote or human interest angle to make the story more compelling to the average business reader?
- Graphics – are there any interesting images (or in the case of broadcast, B-roll) to enhance the story?
With these elements in place, you stand a better chance of creating interest in your exclusive.
Make a plan
Build in enough lead time to account for any situation. Never pitch two competing business books at the same time. If media target #1 bites, you'll need enough time to line up all the necessary interviews and reporter requirements. If media target #1 says "no thanks," you'll need time to pitch to your #2 media target.
Always make a backup plan that includes 3-4 additional media targets and/or the decision to forgo the exclusive for broader distribution. You should give yourself a deadline for negotiating the exclusive and move to Plan B if the deadline you've imposed passes by. You should give the reporter a deadline for responding to your pitch.
Conclusion
The most important part of negotiating a successful exclusive is the ability to deliver on your promises. This means not only providing all the necessary background information and resources, but also making sure the story is not leaked to any other media outlet and the news release distribution coincides with the publication date of the news story. This crucial step will solidify your relationship with the reporter, build trust and credibility and result in a significant exclusive news story.
