4 Financial Services PR Tips to Build Media Relations

Home PR Insights 4 Financial Services PR Tips to Build Media Relations

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The financial world thrives on trust. Every decision and every investment hinges on a client's belief in an institution's strength and integrity. This is where media relations comes in as a benefit for financial services PR.

Media relations build bridges between businesses and journalists, crafting positive stories to reach the public, shaping public perception, and boosting reputation.

Building trust is paramount in financial services PR. Public relations strategies are essential for managing the narrative of these firms to build trust with the public, including customers, investors, and vendors.

Finance PRs effectively present businesses to the right audience by establishing strong media relations with financial journalists. These relationships allow PRs to pitch stories to the most relevant journalists and publications in their industry.

Without media relations, financial PR firms would not have a relevant platform to present businesses to the right audience.

So, connecting with the right journalists at the right time is crucial to achieving long-term PR success.

Let’s dive into the financial media landscape, the challenges of building media relations and how PRs can build and maintain media relations with financial journalists.

1. Understanding the US financial media landscape

Financial Services PR - Media Landscape

In the US, financial PR firms will want to be featured in some of the following top publications…

Understanding how to build media relations with financial journalists plays a key part in landing media coverage in these publications.

2. Challenges in building media relations

PRs often come across the following challenges…

A. Identifying the right journalists and media outlets in the US

Financial Services PR - Identify the right journalists in the US

In financial journalism, there is a wide range of topics to specialise in, and every publication has a huge team of journalists writing on different sections. This is where identifying journalists who are most relevant to your financial pitch can be challenging. 

However, if finance PRs have access to a high-quality media database with journalist search tools, finding the top 10 US financial journalists in specific publications and financial sectors is possible.

B. Inaccurate contacts in the media database

Financial PR firms - inaccurate contacts in the media database

The second challenge in building media relations is when financial PR firms use a media database with vast but inaccurate and outdated contact details of journalists.

Using an inaccurate media database prevents PRs from contacting the right journalists directly, which significantly decreases their chances of building media relations with these journalists.

Choosing a high-quality, over quantity, media database ensures you are contacting the right journalists who currently work in key financial publications and create newsworthy stories, which increases your chances of getting media coverage.

C. Establishing trust and rapport with journalists

In the media world, journalists are more likely to pick up stories from PRs they personally know and trust. 

If a PR’s first contact with a journalist is promoting their stories, that journalist is less likely to be interested. 

Finance PRs who build relationships with financial journalists increase the likelihood of journalists being interested in their PR pitch and generate media coverage. 

D. Gaining attention in a competitive media landscape

Making financial services PRs stand out from the crowd and get attention from key publications is another challenge in building media relations.

Thousands of PRs compete for a few spaces to publish their stories each week, so attracting attention in a competitive environment is challenging. 

This is where having and building close relationships with financial journalists comes in handy, especially if they work for the most popular financial publications.

3. How to build media relations with US financial journalists?

A. Develop a clear media relations strategy

To create a clear media relations strategy, outline the goal you want to achieve from your PR campaign. For example, connecting with financial journalists from The Wall Street Journal

Next, create a step-by-step guide on how to achieve that goal, including the following…

B. Identify and research key financial journalists and publications

You can use a high-quality media database, like Roxhill, to search for journalists by specific sectors, topics, keywords and publications, using our Journalist Search Tool.

For example, you can use Roxhill to search for financial journalists who write about specific topics from key publication in the US, which is how we curated our top 10 US financial journalists.

C. Build a media list

In the world of financial PR, a media list is a carefully built list of journalists, editors, and other media contacts who write about finance and topics relevant to your business.

However, finance PR must check if their media lists have the most up-to-date and accurate contact details of financial journalists. Otherwise, this will jeopardise their chances of developing media relations with key journalists and getting their stories covered.

Using the 5 steps to finding journalists’ contact details, including access to a highly accurate media database, are key to the success of a PR campaign.

D. Build long-term relationships with journalists

Financial Services PR - build long-term relationships with journalists

Building long-term relationships with journalists takes time, which is why PRs need to start sooner rather than later.

The first step is to make your first contact with the journalist, non-promotional. For example, you can offer to take them out for a coffee or lunch.

The next step is to build a rapport by asking the journalist questions about themselves, such as how their day was, what do they do and how did they get into journalism. 

Use this opportunity to get to know financial journalists and learn what stories will be the most relevant to them.

E. Offer exclusive stories or insights

Build trust with journalists by nurturing relationships and offering exclusive access to newsworthy stories and insights.

This strategy gives journalists the knowledge that they have exclusive access to these stories, motivating them to publish and bolstering media relations with financial PRs.

4. How to maintain media relations with financial journalists

A. Respond promptly to media enquires

Responding to journalists’ media enquiries and requests as soon as possible, this will help financial PR firms build a reputation of being reliable. It will strengthen media relations with financial journalists further. 

B. Pitch relevant and timely stories

Financial PR firms - pitch relevant and timely stories
By pitching stories aligned with current US affairs, financial PR firms become a valuable resource for journalists seeking content most relevant to their audience, saving them significant time.

C. Create compelling and newsworthy press release

The key is to provide clear and concise information, ensuring the press release is quick and easy to read for journalists.

The top tips to make the press release stand out is to…

  • Write a strong headline
  • Add key statistics
  • Add quotes to strengthen the financial PR’s story. 

If finance PRs has an expert to bring the press release to life, offer that expert for an interview.

D. Monitor media coverage

Financial Services PR - monitor media coverage

Media coverage is commonly monitored through media monitoring and analysis. The purpose of media monitoring is for financial PR firms to keep an eye on the reputation of financial businesses. 

Media monitoring involves observing articles, assessing public opinion and gauging reactions to press releases.

The key is to identify where a PR’s story is featured in news sites, broadcasts, social media and other digital media forms. 

Sharing positive stories and effectively managing crises for businesses will help build and maintain their positive reputations with the public. 

E. Address negative media coverage

Examples of negative media coverage are bad press, poor reviews and complaints, which can negatively affect a financial firm’s reputation with the public.

To address negative coverage, financial services PRs need to conduct crisis management which involves responding to this negative coverage promptly and professionally to avoid it escalating further.

Financial PR firms can address negative coverage by…

  • Keeping a calm reaction to address the situation.
  • If the firm is at fault, it is important to acknowledge and apologise.
  • Then provide a positive message by presenting the next steps to improve going forward and any good news about financial businesses.

F. Stay informed on industry news and trends

To maintain media relations with financial journalists, PRs need to stay informed about industry news and trends.

This can be done by watching the news or reading PR newsletters and key financial publications, such as The New York Times.

Keeping up with the news and trends helps finance PRs to anticipate and respond to the media needs of journalists. 

It is also a useful way to recommend newsworthy stories most relevant to journalists. 

Key takeaways

Using an accurate media database, like Roxhill, help financial PR firms to look for and contact the right journalists in key financial publications.

  1. Finance PRs need to make their first contact with journalists non-promotional.
  2. Start connecting with journalists by taking them out for a coffee and get to know each other.
  3. Once PRs have started to build a strong relationship with a journalist, they should pitch exclusive stories and continue to pitch newsworthy stories relevant to them.
  4. Use media monitoring to monitor how financial businesses are represented in the media.
  5. Financial PR firms need to address and counteract negative media coverage.
  6. PRs should keep themselves informed about industry news and trends to respond to journalists’ media inquiries promptly.
  7. These steps will help finance PRs to build and strengthen media relations with financial journalists, which will contribute to long-term PR success.

Build Rewarding Media Connections. Faster.

Roxhill's PR and Media Database Tools help you connect with the right journalist, at the right time, for impactful results.

HOW IT WORKS
Media Database - Roxhill Journalist Profiles

Build Rewarding Media Connections. Faster.​

Media Database - Roxhill Journalist Profiles

Roxhill's PR and Media Database Tools help you connect with the right journalists, at the right time, for impactful results.

HOW IT WORKS
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