"The number you have reached is no longer in service. Please check the number and dial again."
How many times have you heard that recently when calling a reporter you've worked with in the past? In a little more than six months, we've seen the demise of the Industry
Standard, Interactive Week (folded into eWeek), Business 2.0 (acquired by eCompany Now and renamed), and most recently Internet Week. Those remaining have shrunk significantly
from their telephone-book sized heft to no thicker than a well-fed newsletter. And it's safe to say that further consolidation and closures are on the way.
With fewer industry publications left standing and many of those with fewer pages to fill, the challenge of getting your company's story told is greater than ever. "Financial
and technology journalists are a lot less susceptible to promoting hype these days. Quite simply, they've been burned by the dotcom craze," says Internet World Features Editor
Caitlin Mollison.
"And that's not all: Look at Enron. That company was the subject of more positive stories than I can count before its bankruptcy. There's a lot more suspicion and distrust
among reporters about . . . grandiose claims being made by companies."
Dave Close, EVP with Schwartz PR (a Boston-based tech PR firm), has seen the change. "Reporters are less inclined to be swayed by claims like 'revolutionary,' 'breakthrough,'
'a paradigm shift,' - not that the best ones ever were swayed by them in the first place. Today's environment is hard-nosed: What does it do? Who is doing it? Prove it. For
companies that have the goods; however, it's actually a better press environment."
When asked to comment on the changing environment, one BusinessWeek reporter said, "There is zero-tolerance for pure hype. A year or two ago, I would have felt like a loser if
I didn't write about some cool new technology. Now it's all about fundamentals. It means the stories are more solid and we're actually contributing much more than we were when the
markets were flying."
Navigation Tips
So, how do you navigate this rapidly shifting terrain?
ROI Data
Return-on-investment information is critical. Identify and promote meaningful results. If your company's senior management is unwilling to release this type of information, or
can't find the time to collect the data you need, find a way to make it more enticing.
For example, enter an appropriate, credible industry award program. For one award program we flew to the customer site and spent two days collecting and drafting the
submission. The entry won, the customer was the hero, and we obtained compelling metrics that resulted in positive media and industry analyst coverage.
Reach out and touch someone...
With the closure and downsizing of so many media outlets, it's important to maintain close contact with targeted publications. Watch the masthead and the Web site and be ready
to brief new contacts as they emerge.
While in New York last month, I met with a reporter from a B2B magazine who was working on a story about a recent announcement we made. By the time the story was published a
few weeks later, he was no longer with the publication. We contacted his replacement and while working on a feature with him, he was let go.
What to do? Move on to his replacement, who picked up where his former colleague left off, changing the focus slightly to give it his own imprint.
It's also a good idea to maintain contact with reporters who were let go or who worked for pubs that went under. If they're good, they'll turn up elsewhere.
Two months ago I hired a recently dismissed business editor to work on a few case studies on a freelance basis. The benefit was two-fold: First, we received a well-written and
researched case study, ready to publish. Secondly, we kept an open line to a journalist who will re-enter the business press soon.
While this may appear to be a daunting environment, it offers countless opportunities for companies that offer substance and reality to the market. The backlash against
inflated dot com valuations will be with us for some time, and the range of technology publications will narrow further, but those that offer high-quality, hype free news will
always find an audience.
(Reid Walker, Director, Global Marketing Communications, GE Global eXchange Services, 301/340-5985, [email protected])
Reporters Turned Analysts?
A reporter from a major California daily newspaper, who asked not to be named, says that at her paper's business section, reporters are meeting regularly, "to see if there are
sections of companies' financial statements that we ought to be checking routinely on our own, becoming, in effect, financial analysts, so we don't believe the hype."
Real analysts are also feeling the squeeze - you may have seen the recent announcement from Forrester announcing a 22 percent reduction in its workforce. Watch for future
columns from Reid Walker covering how to deal with analysts in the technology field given the new pressures of today's environment.