Which Business Announcements Warrant a Press Release?
Press releases are a powerful tool for businesses to communicate with the media and the public. However, not all business announcements warrant a press release. In order to use press releases effectively, it’s important to understand when they are appropriate and when they are not.
One of the most common reasons for a press release is to announce the launch of a new product or service. This is particularly true if the product or service is innovative or fills a gap in the market. A press release can help build excitement and generate buzz around the launch. For example, when Apple launches a new iPhone or MacBook, it typically issues a press release to announce the new product. This generates a lot of media coverage and helps build anticipation among consumers.
Another common reason for a press release is to announce a significant company milestone. This could include reaching a sales goal, opening a new location, or celebrating an anniversary. A press release can help position the company as a leader in its industry and generate positive coverage. For example, when Starbucks opened its 25,000th store in 2019, it issued a press release for the business announcement of the milestone. This generated a lot of media coverage and helped reinforce Starbucks’ position as a leading coffee retailer.
Partnership business announcements
If a company enters into a new partnership, such as a joint venture or strategic alliance, it can be a good reason to issue a press release. This can help build credibility and generate interest in the partnership. For example, when Amazon partnered with JPMorgan and Berkshire Hathaway to launch a new healthcare company, it issued a press release to announce the partnership. This helped position the new company as a major player in the healthcare industry.
Publicly traded companies are required to release their financial results to the public on a regular basis. This can be a good opportunity to issue a press release to highlight the company’s performance and provide context for the results. For example, when Tesla releases its quarterly financial results, it typically issues a press release to announce the results and provide additional commentary. This helps investors understand the company’s performance.
If a company or individual receives industry recognition, such as an award or certification, it can be a good reason to issue a press release. This can help build credibility and generate positive coverage. For example, when Google was named the best place to work in 2020 by Glassdoor, it issued a press release to announce the recognition. This helped reinforce Google’s position as a top employer.
Changes in leadership
If a company experiences a change in leadership, such as a new CEO or board member, it can be a good reason to issue a press release. This can help provide context for the change and position the company for the future. For example, when Uber appointed Dara Khosrowshahi as its new CEO in 2017, it issued a press release to announce the appointment. This helped reassure investors and customers that the company was moving in the right direction.
If a company launches a new charitable initiative or partners with a nonprofit organization, it can be a good reason to issue a press release. This can help generate positive coverage and position the company as socially responsible. For example, when Nike launched a new social impact initiative, it issued a business announcement for the initiative and provide details on how it would work. This helped reinforce Nike’s commitment to social responsibility.