Forbes' Alex Konrad | Startups and Media Pt 1

TL;DR

Early stage founders should approach media coverage strategically, focusing on their unique story and objectives to engage with the right reporters and outlets.

Transcript

welcome to gray matter greylock's podcast that shares inspiring stories from today's most important company builders i'm elisa schreiber marketing partner at greylock and today i'm very excited that we're joined by alex conrad senior editor at forbes and caitlin durkosh greylock's own head of communications alex is a senior editor at forbes coverin... Read More

Key Insights

• 💦 Personalization and demonstrating an understanding of the reporter's work can greatly increase the chances of catching their interest.
• ❓ Clear and concise messaging that addresses the why and relevance of the story is crucial in pitches.
• 🍵 Embargoes and exclusives should be handled carefully, with agreements and approvals in place to avoid miscommunication or breaking embargoes.
• 😊 Hiring a PR agency should be based on specific needs and clear expectations, with preference for consultants or boutique agencies that can align with the founders' goals.

Questions & Answers

Q: What prompted Alex Conrad to tweet about the misconception many early stage founders have about startup coverage?

Alex noticed confusion and unrealistic expectations among entrepreneurs regarding what journalists are looking for and the misconceptions about the newsworthiness of their startups. He wanted to offer some positive insights based on his experience advising early stage founders.

Q: What advice does Caitlin Durkosh give early stage founders when it comes to engaging with the media?

Caitlin advises founders to consider their specific goals, whether it's hiring, brand awareness, or announcing a new product. She encourages founders to have a clear understanding of their story and what makes them unique. Additionally, she emphasizes the importance of providing references and customer testimonials for credibility.

Q: How does Alex Conrad suggest founders identify the right outlet and reporter for their story?

Alex suggests founders think about their objectives and the type of coverage they are seeking. By researching and reading previous stories from reporters covering similar topics or stages, founders can identify the outlets and reporters that align with their story. Understanding the coverage style and context helps founders make informed decisions.

Q: What advice does Alex Conrad offer for a successful interview with reporters?

Alex suggests highlighting the passion behind the product or company to convey excitement. Having a well-prepared pitch deck and being comfortable with demonstrating the product or giving a clear product overview make for a more engaging conversation. Additionally, understanding the reporter's needs and providing relevant information to them will make the interview more valuable.

Summary

In this episode, Elisa Schreiber, Alex Conrad, and Caitlin Durkosh discuss communications and media strategy for early stage founders. They cover topics such as engaging with the press, pitching to reporters, the interview process, and hiring PR agencies.

Questions & Answers

Q: What prompted Alex to tweet about the misconception of startup coverage?

Alex tweeted about the confusion surrounding startup coverage and the unrealistic expectations of early stage founders. He wanted to clarify the difference between the coverage founders think they want and what they actually need. He also mentioned the survivor bias that skews their perspective.

Q: What advice does Caitlin give to early stage founders on engaging with the press?

Caitlin advises founders to first consider why they want press coverage, such as ramping up hiring or increasing brand awareness. She encourages them to think about what parts of their story they are ready to tell and if they have any significant news or milestones to share. For enterprise companies, she suggests having referenceable customers who can speak to the media about their experiences.

Q: How early is too early for a startup to engage with the press?

Alex explains that early stage entrepreneurs often consider everything they do to be newsworthy, but journalists need tangible evidence of momentum or technology to get excited about a company. Founders should focus on having enough substance to capture the attention of reporters and convince them of the value of their story.

Q: How can founders identify the right outlet and reporter for their story?

Caitlin recommends founders think about what they want to achieve with their announcement, whether it's hiring, brand awareness, or partnerships. Based on those goals, they can identify the appropriate outlet and reporter to target. Different types of media have different coverage criteria, so founders should research and match their story to the right fit.

Q: How should founders reach out to reporters with story ideas or introductions?

Alex suggests that the approach should align with the journalist's role and preferences. The personalization of the pitch is crucial, showing that the founder has done their homework and has a genuine reason for reaching out. Founders should also keep in mind the journalist's readers and consider why their story would be intellectually interesting or compelling.

Q: How does the interview process work with reporters, especially in the pandemic age?

Alex advises founders to convey their excitement about their product or idea, as well as the reasons why they are investing their time into it. He emphasizes the importance of establishing a personal connection and helping the reporter understand the technology or context behind the story. Caitlin suggests using slide decks as a guide during the interview and reading recent coverage from the reporter to understand their style and preferences.

Q: Should founders hire a PR agency and what factors should they consider?

Alex believes that many startups worry too much about press coverage and that it rarely determines the success or failure of a company. He suggests evaluating the specific needs of the company, whether it's a big product launch, building relationships, or just gaining publicity. Caitlin advises early stage founders to consider hiring boutique agencies or individual consultants who can provide targeted help without committing to long retainers.

Q: What are the potential risks of working with a PR agency?

Caitlin mentions that some agencies may promise coverage and underdeliver, leading to disappointment for the startup. It is important to manage the agency properly by providing them with updated information and setting realistic expectations. Additionally, founders should ensure that the agency reflects their values and has a good reputation among reporters.

Q: What outcomes should founders realistically expect from press coverage?

Alex reassures founders that press coverage should not be the determining factor for their success or failure. While coverage can amplify the good or bad aspects of a company, it should not drastically change its trajectory. Press coverage should serve as an amplifier and a means to inform readers, rather than a game-changer for the startup.

Q: How should founders handle rejection or disappointment in media outreach?

Caitlin advises founders to trust the recommendation of their consultant or PR agency, especially when it comes to the timing or suitability of coverage. It's better to rely on their expertise and not push for coverage from outlets that may not be the best fit. Rejections or disappointments should not be taken personally, as there may be various factors at play beyond the startup's control.

Takeaways

Engaging with the press requires founders to understand what coverage they actually need, rather than what they think they want. Personalization in pitches, being well-prepared for interviews, and managing expectations regarding PR agencies all contribute to better media outcomes. Founders should focus on building relationships with reporters and trust the advice of reputable consultants or agencies. Ultimately, press coverage should be seen as an amplifier rather than a determining factor for a startup's success.

Summary & Key Takeaways

• Alex Conrad, a senior editor at Forbes, and Caitlin Durkosh, head of communications at Greylock, discuss the importance of media strategy for early stage founders.

• Founders should consider their goals and available story elements before engaging with the press.

• Personalization, clear messaging, and a demonstration of relevance to current trends are key in pitching to reporters.

• Hiring a PR agency should be carefully considered, with an emphasis on aligning expectations and understanding the agency's role.