Many business owners gloss over the idea of a media database solution because they assume it's cost-prohibitive for small and medium-sized businesses.
That's unfortunate, because although media databases can be expensive, there are ways to make them more affordable for the average business owner.
If you're looking for a Cadillac media database package at rock bottom prices, you're going to be disappointed. But if you're willing to make a few compromises, the benefits of a competent media database are within your reach.
Here are a few tips for buying media databases that will help you save money while still getting access to a great media database:
- Share licenses. When you buy a media database package, you are purchasing a license to access the provider's online database. Additional licenses are available at a rate that is still substantial, but usually lower than the cost of the first license. Rather than buying licenses for everyone on your marketing or PR team, why not share a single license? Your access will be limited to one person at a time, but it could reduce your media database costs by hundreds (even thousands) of dollars.
- Downsize expectations. Another easy way to reduce the cost of media database access is to downsize your expectations. Would it be nice to have access to a media database containing detailed information about millions of media contacts around the world? Sure, but you probably don't need that if you're just trying to stir up publicity for your regional dry cleaning chain. If you can live without expensive features – do it.
- Negotiate. Just like you, media database providers live in a competitive business environment. Whenever possible, they will negotiate to avoid losing a client to a competitor based on price alone. Do your research to gain an understanding of the features and pricing structures for all of the major media database providers, then use the information you gather to negotiate lower prices with your favorite provider.
- Use a PR firm. If you're thinking about hiring a PR firm, don't waste your money on media database solution. Any PR firm that is worth their salt already has access to one or more of the top media contact databases.