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Fortune is the most responsive target for PR pros pitching funding news, according to a new study from public relations management platform Propel.
Fortune responded to more than a quarter (25.64 percent) of funding pitches that came its way in the first half of 2022, far outpacing the average response rate of six percent. The Wall Street Journal came in at second with a 16.46 percent rate, and Techcrunch took third at 12.12 percent.
On the other hand, several platforms (Business Insider, NBC, Coin Telegraph and the New York Times) did not respond to any funding news pitches.
The study also showed that Bloomberg was the platform that received the most pitches for funding news, with the Wall Street Journal, Business Insider, TechCrunch and NBC Universal following.
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The six percent average for responses to funding pitches considerably tops the overall PR pitch average of 3.33 percent, which represented a 12 percent drop from last year. However, as Propel found in an earlier study of overall responses to PR pitches, one secret to higher success rates is keeping a close eye on the length of both pitches and subject lines.
Funding news pitches with subject lines running from six to nine words had a better chance of success (6.9 percent) than those with a length of 10 to 15 words. However, more than 65 percent of pitches sent came in at a longer length. The average overall pitch length was on the wordy side as well, with 44 percent of pitches coming in at between 500 and 999 words, despite the fact that those with a length of 50 to 149 words had the best response rate (15 percent).
Propel’s study was based on 3,000 funding pitches that were sent during the first half of 2022.
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