Just a few weeks ago, on September 17, the Federal Reserve cut interest rates by a quarter-point, constituting the first rate cut of the year. In its wake, a deluge of commentary and punditry overtook print, broadcast and social media, as subject matter experts across a wide range of industries got their takes in about the Fed. This is far from new or surprising, of course. Nearly all Fed decisions are accompanied by a bevy of coverage and commentary, even when the Fed decides to do nothing. When the Fed does something like cutting rates, the aftermath is fertile ground for public relations professionals to get their clients’ opinions published.
However, the sheer volume of others trying to do the same thing represents a challenge for PR practitioners. How can PR pros cut through the noise of all the other experts to make their clients’ voices heard? It is no small feat, but PR pros can follow a few best practices to help make their message stand out.
- Get your message out quickly
Sometimes PR is a marathon. When it comes to the Fed, it’s a sprint. To stand out from the competition, PR professionals should get their message out quickly before the media and larger public is fully inundated with other messages. This can be difficult, as experts and PR pros cannot sacrifice accuracy or insight on the altar of speed. Preparation is key. PR pros can encourage their clients to prepare remarks for each likely outcome so that they are ready to go as soon as possible. - Lean on your experts
While PR pros are experts on media strategy, their clients are the true subject matter experts. Ultimately, it is the clients’ perspectives that the media is interested in, so PR pros should take the time to help their clients develop their messages. By doing so, PR pros can provide thoughtful, well-considered perspectives rather than firing from the hip, which makes the overall message more attractive to our partners in the media. - Think small
Whenever the Fed makes a decision, the first and most common commentary reflects the broadest implications of the decision. Unless your expert has some unique qualifications or experiences regarding monetary policy, the odds are that providing broad-strokes opinions about Fed activity will not stand out. Instead, PR pros should encourage their clients to think about how what the Fed does will affect their particular industry, be it banking, credit union, mortgage, etc. By doing so, you are more likely to make an impact with your exact audience by providing valuable analysis.
It is always a good idea to use recent events to share your clients’ perspectives, and Fed decisions are no different. When there is a Fed meeting, PR pros are often very eager to share their messages, but without doing so carefully. PR pros end up mostly just spinning their wheels. By moving quickly, utilizing their clients’ expertise and thinking about industry-specific implications, PR pros can make the most of the moment and effectively share their clients’ messages.