First of all, we have to be honest. The Financial Times has an enormous reach. With +25 million UNIQUE DIGITAL USERS, you would think you couldn’t go wrong, right?
It’s not that easy to get coverage in Financial Times, or in its German equivalent, Handelsblatt. Since everyone wants to be seen in it, you need a breakthrough technology or other major story, woven together with significant market relevance to knock on the door. With the right givens, we could develop this kind of a story, but considering the publication’s own backlog, choosing an alternative medium could be much more effective for you.
Can you segment your target audience? In other words, it may well be that the very people you prefer to reach are not interested in reading the content you want to get across.
Let’s say you need an additional 10 customers per month, and we plan to arrange an interview in a medium to reach this goal. With a 3% conversion rate on your website and a 2% click-through rate (or subsequent Google search), you would only need 16,650 contact points (readers).
You might obtain better results by selecting an industry-specific medium. Its editor might even be grateful to us for coming up with your story. This could be a trade magazine or a regional paper.
It’s indispensable that we know in advance exactly the publication that “owns” the target group you seek. The Financial Times readership may not be efficient, let alone effective.
As if media diversity weren’t complex enough, you have competitors (if not, well, you have no market, they say!).
Drawing from your market analysis, we should also know who the #others are, what they offer, what they communicate, and where.
What can we learn from analysis:
We know which media may be appropriate for any particular industry. This saves time in media research, BTW. If a competitor has already appeared frequently in a certain medium, attention please, then the fit was probably good.
We find out when the competition has communicated in the past, which in turn helps with editorial planning. We don’t want to react to a competitor’s presence, but proactively set your stake in the ground (ideally before the competition *evil smiley*).
The most rewarding result of a competitor analysis is when we find that there are gaps in the #others presence or that they completely overlooked certain media.
We always talk about media. But what do we mean?
Media are all channels that are owned by others; the owners profit by informing or entertaining larger groups of people (so called earned media). Excluded from this are, for example, company newsletters, direct email campaigns or internal website news pages (so called owned media).
Media may be:
Magazines, daily newspapers, news portals (online-offline), but also social media channels and influencers.
It’s nothing new anymore. Via social media, numerous individuals have gradually achieved a reach that could compete with a medium-sized daily newspaper.
The peculiarity: After journalism has to deal more and more with the topic #fakenews, influencers enjoy very high credibility.
For us as a PR agency, influencers are treated almost exactly like journalists. They have a lot of content to produce, and don’t always have enough time to do it. Still, the stories they tell have to be a good fit for their followers. That’s exactly what we’ve been doing for 25 years.
Analysis of the competition
What are the #others doing?
Where, how often and how successfully?
Analysis of the media
Which media have the best cost/benefit ratio, offer the best chance of accepting a story and are “owned” by your target group.