Decent exposure: how financial institutions--including small community banks--can compete more effectively for coverage in the local news media.

• Author: Bernstel, Janet Bigham
• Position: Media Coverage

Whenever I see on TV some poor soul swarmed by a mob of microphone swinging media reporters, I think of the lines from my son's favorite book, "Bugs!" Substitute "press" for "bugs" and you get the idea:

Yup, loathe 'em or adore bugs There's no way to ignore bugs Of course, as a (press) card-carrying member of that species, I know that gathering facts while racing against deadlines is no picnic. Technological advancements have improved some aspects, but mostly it has just cranked up the deadline pressure. In a warp-speed world of interconnectivity, the insatiable 24-hour news cycle must be fed.

On the other hand, those very deadlines can be used by financial institutions to their advantage. Reporters are always looking for experts to help them create great stories, quickly.

So rather than "ignore 'em," let the press know your institution is very approachable, and you may reap a fortune in brand and reputation building. This holds tree for all sizes of financial institutions. With a little work, even a community bank in a small media market can garner its fair share of coverage.

"Getting mentioned in the media is a much more powerful and less expensive marketing strategy than advertising," writes Lisbeth Wiley Chapman in her book, "Get Media Smart! Build Reputation, Referrals & Revenues with Media Marketing." "Positive news coverage costs little more than your time and effort and is a powerful testimonial to your expertise."

Many large financial institutions have full-scale media departments to spin their message to the world. But even a community bank with limited resources can create a strategy that delivers regular coverage. Before you churn out a plethora of press releases, though, take the time to investigate the media and its needs. The local press is one of your best bets for starting to beef up coverage.

"Banks get covered a lot because of community involvement," says Chapman, a veteran public relations specialist. "So make sure you publicize what you do, but first read the publications and address story ideas to the reporter who writes on a similar topic."

That's the approach of Andrew Edson, president of public and investor relations consultancy Andrew Edson & Associates, Inc, New York. "In the small town I may be dealing with the business reporter whose beat covers a myriad of topics," explains Edson. "Before I approach and try to get a meeting, I do my research on what makes them tick, or what types of stories they write."

Finding a dedicated business section or full-time business reporter is less likely in smaller, community-oriented media outlets. For one thing, community newspapers usually operate with limited staffing and undersized budgets.

"We don't have anyone that covers banking full time--you're not going to find small town papers that do," explains Ken Cogburn, business editor, Scripps Treasure Coast Newspapers in Stuart, Fla. "But we do have a freelance...