What Is a Press Release?
A press release is a piece of news or information that companies send out to inform the public about something noteworthy or of material significance. Press releases are often handled by a company’s public relations(PR) department. (source)
Over the last few months, I’ve seen this topic brought up a number of times;
When will the DAO start doing press releases?
And I think people are right for thinking about this–in fact, I’ve been thinking about it too. Press Releases are a powerful communication tool for many good reasons:
- Can be used for multiple purposes.
- Can help us improve our image.
- Can enhance the effectiveness of our marketing plans.
- Creates a channel through which we reach a wider audience.
- Gives us Instant exposure for what we consider to be important.
- Offers readers(and journalists) a level of convenience.
- Gives us more ability to steer and manage our own narrative.
- Gives us the opportunity to refine our messaging.
- Engages potential customers.
- Helps distribute our content across more channels.
- May potentially help with SEO.
- Gives the media a foundation to build their stories from.
In today’s world, press releases are not as standard as they used to be. In many cases, a handful of relationships with great journalists is enough. The questions we should be asking though, is, what’s right for MakerDAO?
- Should we do press releases at all?
- What kinds of press releases should we do?
- Who owns them, who is involved in producing them?
My personal view:
- Yes, I think the benefits are many and it almost feels like a no-brainer. The one thing I hope for is that we develop healthy criteria for what we put out so that we don’t create noise. I am curious to hear views against press releases.
- What makes the most sense to me:
Crisis Communications Press Release (for when shit hits the fan),
Product Launch Press Releases (for when PSMs, FlashMint Modules, etc come out),
Product Improvement Press Releases(similar to above),
Merger, Acquisition & Partnership Press Releases (for major news, not for smaller partnerships and integrations)
- I think one CU should “own” the process for coordinating, publishing, and distributing Press Releases and should collaborate with other CUs to put it all together. With my current view on the MakerDAO comms landscape(see below), I think Content Production should own this and work with the DAO to get it right. Also, given that the GovComms scope includes Emergency Communications Support, we can specifically own the Crisis Communication Press Releases since we would already be involved in coordinating comms around crisis events.
At time of posting, MakerDAO does not have a “Public Relations” Core Unit. Instead, it has:
And is on its way to having:
On the horizon:
- ??? unclear beyond the above.
Public Relations at Maker, I sense, will be a group effort between teams and not solely owned by any-one team. PR already bleeds into Marketing teams pretty often in traditional companies, so the fact that it would be embedded across all our communication teams makes sense to me.