You want to find out what the competition is up to, right? Is a press release a good tool for that? Absolutely!
Of course, there’s not a lot of information you can get from a press release. You already know the name of the company and you probably know their address and contact information. But the one really important piece of information you can gain from a press release is what the company has been up to lately. That’s important news.
Chances are, you won’t know about new developments until they go public. That’s when press releases are written. But the press release can give you some insight into a company’s thinking about a new development.
What you want to do with the press release is drop it into your clipping file. You should have one of these for every competitor you do research on. Anything related to that competitor goes into the clipping file. News stories, press releases, D&B information, stock market reports, brochures and annual reports, and anything else that gives you insight into the company’s operations. As new developments roll out, have someone be responsible for doing the research and collecting the information.