{"id":6944,"date":"2014-05-18T10:00:00","date_gmt":"2014-05-18T14:00:00","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=6944"},"modified":"2020-03-30T23:21:00","modified_gmt":"2020-03-31T03:21:00","slug":"truth-startups-press-strategy","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/truth-startups-press-strategy","title":{"rendered":"The truth about your startup&#8217;s press strategy"},"content":{"rendered":"<p style=\"text-align: left;\" align=\"center\">Press is a great way to build a brand. But for startups, it\u2019s not a sustainable way to build your\u00a0<i>business<\/i>. Every young company wants to be featured in \u201cGood Morning America,\u201d the New York Times, Inc., Fast Company, Forbes, Women\u2019s Health and more. These major publications and dozens more have featured our two companies, but we\u2019ve found that the results have not led to a shift in the metrics that are critical to growing our businesses.<\/p>\n<p style=\"text-align: left;\">Earning coverage from magazines, blogs and TV shows might give you a huge bump in traffic, but it\u2019s not as meaningful as getting in front of the right audience. For example, the popular app\u00a0<a href=\"http:\/\/codyapp.com\/\">Cody<\/a>\u00a0received press from several major tech publications like GigaOm and VentureBeat on their launch day. They saw a traffic spike, but it was short-lived and traffic soon returned to much lower levels, as shown in the graph below.<\/p>\n<p style=\"text-align: left;\">\u00a0<a href=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/chart-1.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7010 aligncenter\" alt=\"chart-1\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/chart-1.jpg?resize=468%2C102\" width=\"468\" height=\"102\" data-wp-pid=\"7010\" \/><\/a><\/p>\n<p style=\"text-align: left;\">For their longer-term marketing strategy, they regularly wrote articles for their own blog and for other websites in the fitness industry over a period of a year. You can see that their press bump (from the graph above) is now just a blip, while their content creation has paid off in spades.<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/chart-2.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7009 aligncenter\" alt=\"chart-2\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/chart-2.jpg?resize=468%2C102\" width=\"468\" height=\"102\" data-wp-pid=\"7009\" \/><\/a><\/p>\n<p>Most people consider the goal of press to be getting covered. We think that it needs to be part of a much bigger marketing mix. While strategies for scalable growth are different for every company, here are a few things that have worked for us:<\/p>\n<ul>\n<li><b>Blogging<\/b>. Just like Cody,\u00a0<a href=\"http:\/\/magoosh.com\/\">Magoosh<\/a>\u00a0initially built its brand and company by blogging. We became a thought leader in the test prep space, specifically for the GRE. We hired an expert tutor as our first employee, and he wrote one blog article a day for nearly six months. We didn\u2019t just focus on SEO (ranking well for search engines) \u2013 we focused on writing very high quality content so that we would build a relationship with our readers. Over time, more and more of our readers would come directly to our blog when looking for information about the GRE rather than searching on Google. We grew our traffic from 1,000 visitors\/month to 20,000 visitors\/month in four months using this strategy.<\/li>\n<li><b>Customer service.<\/b>\u00a0We both have focused on service as a way to scale; personalized service means repeat purchases for\u00a0<a href=\"http:\/\/modifywatches.com\/\">Modify<\/a>, and an awesome referral business for both of our companies. Many startups say they care about service, but we think amazing service should be part of your strategic marketing strategy. You\u2019ll provide better service if you think about the \u201creturn on investment\u201d of your customer interactions. You measure service ROI by using a\u00a0<a href=\"http:\/\/en.wikipedia.org\/wiki\/Net_Promoter\">Net Promoter Score<\/a>\u00a0or by tracking increase in word of mouth referrals. There are different ways to accomplish this. But in the end, you need to find out if customers would refer you to their friends. The answer has to be a definitive yes in order for service to be part of scaling.<\/li>\n<\/ul>\n<p>So, is press useless? Absolutely not! We think you should pursue press for a few reasons:<\/p>\n<ol>\n<li><b>Credibility with investors.\u00a0<\/b>While your customers might not be reading press about your company, potential investors will be. Press coverage helps you build a relationship with an investor before they even know you \u2013 for instance they may have read about you in TechCrunch. You can also reference company coverage as social proof that others think you are newsworthy.\u00a0<a href=\"http:\/\/www.becandid.co\/\">Candid<\/a>, a site that assigns a \u201cculture score\u201d based on current employees\u2019 opinions of a company, was able to meet many new investors after their public product launch.<\/li>\n<li><b>Credibility with retailers<\/b>. If you\u2019re selling a physical product, having press can mean a lot for retailers. Next to Modify\u2019s product, they can have photos of the various magazines we\u2019ve appeared in. Retailers need to convince a customer who is seeing the brand for the first time that it\u2019s a good investment \u2013 having imagery from Self, Shape, Vanity Fair and others has helped our watch sales. Having strong coverage was integral in Modify launching its\u00a0<a href=\"http:\/\/modifywatches.com\/pages\/mlb\">Major League Baseball watches<\/a>\u00a0in a dozen stadiums this season.<\/li>\n<li><b>Credibility with future hires.\u00a0<\/b>Future employees are often looking to work for a hot new startup, and they often read startup press. For Magoosh, getting press in education technology publications has helped attract candidates who otherwise may have never heard of the company.<\/li>\n<li><b>Customer base expansion.<\/b>\u00a0Modify appeared on \u201cGood Morning America\u201d twice. We considered the opportunities parts of our marketing spend; both times we sold at a loss, but we were able to acquire thousands of new customers. We\u2019ve been able to turn over 30 percent of those folks into repeat customers.<\/li>\n<\/ol>\n<p>One final thing: if you\u2019re going to pursue press, make sure to think about how journalists work. You can\u2019t just send them information and say, \u201cCover me!\u201d Turns out, they\u2019re people too. We recommend you take\u00a0<a href=\"http:\/\/www.bothsidesofthetable.com\/2011\/01\/23\/how-to-use-pr-firms-at-startups\/\">Mark Suster<\/a>\u2019s advice and think about press as a process. Build relationships and create value for the people covering you, and you\u2019ll get more \u2014 and more valuable \u2014 coverage.<\/p>\n<p><em>This post was co-authored by Bhavin Parikh, founder and CEO of\u00a0<a href=\"http:\/\/magoosh.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Magoosh<\/a>, which provides a convenient, fun, and effective way for students to prepare for standardized tests.\u00a0<\/em><\/p>\n<p class=\"finalnote\" style=\"font-size: 15px;\">The\u00a0<a href=\"http:\/\/yec.co\/\">Young Entrepreneur Council (YEC)<\/a>\u00a0is an invite-only organization comprised of the world&#8217;s most promising young entrepreneurs. In partnership with Citi, YEC recently launched\u00a0<a href=\"http:\/\/startupcollective.com\/\">StartupCollective<\/a>, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Press is a great way to build a brand. But for startups, it\u2019s not a sustainable way to build your\u00a0business. Every young company wants to be featured in \u201cGood Morning America,\u201d the New York Times, Inc., Fast Company, Forbes, Women\u2019s Health and more. These major publications and dozens more have featured our two companies, but [&hellip;]<\/p>\n","protected":false},"author":1181,"featured_media":7015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-6944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The truth about your startup&#039;s press strategy<\/title>\n<meta name=\"description\" content=\"Press is a great way to build a brand. 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