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you're a vc, stop spending money on pr + following: francis zierer

where VCs go to market

Author

Rachel Mackey
October 17, 2024

VC Marketing: The Hot Take This Week

During my consulting jaunt with different VCs over the last year, the question of PR comes up a lot. It comes up nearly as much as maintaining a presence on X does, and we all know my feelings about that.

The question is: as a VC, do I need to work with a PR firm as a part of my marketing strategy?

In my humble opinion, the only time it’s a yes is for a major crisis management situation. Otherwise, it’s always a no- especially for emerging managers.

For one thing, it’s expensive. A lot of what you’re buying when you work with a PR firm is their media connections, which are undoubtedly incredibly valuable. That being said, VC is a relationship business, and building relationships with reporters is something you can and should do on your own.

Additionally, what we see from typical press releases often doesn’t feel genuine or original. I’ve been thinking about writing on this topic for awhile, and then Axios AM landed in my inbox with this gem from Adweek: Press Releases Have Become Way Too Hyperbolic.

In 2017, PR Newswire’s database recorded 7,704 instances of the word “thrilled” in U.S. press releases. By 2023, that number had surged to 19,730. During the same period, mentions of “passion” in U.S. press releases rose by 54%, “industry-leading” nearly doubled (increasing by 98%), and “pioneering” saw a 151% increase.

Why? The rise in repetitive boilerplate language is likely due to the use of Gen AI to write releases. Also, people tend to respond strongly to sensationalism on social media, which could be another contributing factor. And yes, I know, press releases are just one piece of the larger PR pie- but the data is certainly interesting.

I’ll leave you with this: the same study shows 83% of PR professionals use social media to promote their press releases. This makes sense. My advice? If you’re already on social media putting in some effort, stay focused on that, and ramp it up into a meaningful thought leadership strategy.

❝

The risk of too much corporate cheer is that it turns off the very people it’s trying to win over: journalists. They don’t trust it. And if they don’t trust it, chances are they aren’t going to cover it.

Paul Hiebert

Follow for Hot Tips 💅🏽

This week I’m following Francis Zierer. Francis writes a newsletter called Creator Spotlight that I really love. In a recent edition, he wrote an essay on what it means to be a creator, and why the answer matters. Check it out here.

Tell Me What’s Going On 👩🏽‍💻

The WordPress vs. WP Engine drama, explained. The hook: The core issue is the fight between WordPress founder and Automattic CEO Matt Mullenweg and WP Engine, which hosts websites built on WordPress. In mid-September, Mullenweg wrote a blog post calling WP Engine a “cancer to WordPress.”

Startup investor ranks have fallen another 25%—can they come back to life? The hook: The remarkable dip in VC players signals that a significant consolidation of the venture market is underway.

Backing Repeat Founders: Trading On Volatility In Venture Capital. The hook: To outperform in venture capital, you must go beyond pattern-matching — to identify outliers, whether the founder is experienced or not.

Tell Me Where To Be 🤝

Denver

LA

Austin

Chicago

That’s all for now. See you next week!

Have a recommended follow or event? Want to sponsor this newsletter? DM me.