In the era of dotcoms and millionaire 20-year-olds, seemingly everyone is getting rich with a startup.
But if you or a potential client is thinking about launching while doing your own PR, here's a quick quiz to test whether he, she or you are ready.
1. Your company is a few weeks away from a formal launch and your Web site going live. A reporter is egging you on to commit to a launch date. Do you give her a firm date and be sure you're up and running by then? If not, how do you secure the reporter's curiosity so that she'll be interested when you do go live?
If you answered yes, you'd better be absolutely sure your Web site WILL be live or you'll effectively be asking people to visit an empty store. Develop a fresh story line that enables you to get back to them when you are sure about the Web site going live. Otherwise, the downside is just too big.
2. You're strategizing about your launch campaign. While you're confident you've got cutting-edge technology and the business model to sell it, what else could make a major difference in whether you get good press?
Think personalities and a story involving them that can bring your company to life. That may sound easier than it is. Sometimes you have to delve deeply into the founders' motives and the sequence of events that led to the idea for the business.
3. The reporter knows you've got competition and asks you to compare your product to theirs. How should you respond?
Acknowledge the competition and maybe even tip your hat to their efforts so far. But never, ever, be the first criticize your opponents. Defend yourself against others criticizing you but don't throw the first stone.
4. You're preparing to launch a new service and turn on your Web site. You think you've got a story line that will appeal to several journalists. But they are VERY competitive and the first placement will likely turn off other journalists. How do you make sure you get the most bang out of all the relevant media?
One of two approaches should work. (1) Prioritize the journalists beginning with the one that delivers most of the audience you're trying to reach. If you're willing to give an exclusive, establish realistic prerequisites that the journalist should abide by. A really good story, even if it's an exclusive, should be hard for anyone to pass up. (2) Alternatively, give every strategically important journalist a fair shot at the same time. But make sure they know you're being democratic and leave it to them how quickly they want to write about you.
5. A competitor has just launched and thus grabbed the "first-mover" advantage. How can earned media stories help you overcome this disadvantage?
This puts a premium on your strategy, value proposition, a story line that brings the value prop to life and the founders' ability to articulate it. Crystallize every part of your marketing strategy to distinguish your technology on all of these fronts. And comb the competition and their story line(s) for opportunity gaps and move quickly to seize them. Be careful not to volunteer direct comparisons.
6. A lot of technology and strategic marketing pieces are coming together in the development of your Web-based product and you're anxious to launch. But not everything is ready. Do you execute a "soft" launch with a few initiatives spread over two months or so? Or do you wait and conduct a "hard" launch with lots of fanfare compressed into one or a couple of days?
Each, potentially, can pay enormous dividends but they also entail certain risks. Generally, you should soft-launch if you need to communicate to investors, customers and strategic partners that you're moving forward, especially if the space is evolving quickly and competitors are complicating your marketing strategy. A hard launch makes more sense if timing is less of concern.
7. A journalist has written a lengthy feature about your new company but got a few major facts wrong. How do you react?
Very carefully. Journalists seldom make egregious errors, but they can happen. Quickly take stock of why it happened. Were you clear enough explaining your business model? Did you perhaps say something that strayed too far afield? Be sure your own house is in full order and then contact him and point out the discrepancies.
8. The invitations went out and the catered food has been ordered to feed what you hope will be a curious pack of technology journalists at your scheduled launch announcement tomorrow. But a major strategic partner suddenly has pulled out and takes with it a key part of your value proposition. What do you do?
If the pullout leaves a critical void, bite the bullet and quickly notify journalists that the event won't happen tomorrow as scheduled. You'll be asked but you're not obligated to say why. Be prepared with an explanation that diffuses what some reporters might see as a story and tell them you'll be in touch when a new date is set and apologize for any inconvenience.
9. During an interview, you insist that something needs to be off the record. The reporter never agrees but you volunteer it anyway. How confident can you be that the information you provided will stay out of his story and any future coverage?
Any confidence should be short-lived. Volunteer information only and fully on the record. Don't assume something is off the record unless the journalist has expressly agreed to keep it that way.
10. After thinking about these and many other possible detours on the road to a successful launch, how can you be confident a PR firm is worth your investment in conducting an aggressive, targeted media campaign for your company or product launch? And just what kind of investment should that be?
You should be convinced that their grasp of media relations, understanding of your business, ability to execute efficiently and their commitment to results easily outweigh doing it on your own. Consider having a prospective PR firm draft a one-page press release that launches your product. Then ask them to give an elevator speech pitching your product because that's what they'll be doing over the phone. You could also ask them to ID the 10 most important journalists to pitch and the best way to reach them.
This quiz is reprinted with the permission of Jim Pierobon of Potomac Communications Group (www.pcgpr.com). He can be reached at [email protected] or 202/466-7391.