Because angel grouping is a relatively new sport, a huge majority of potential angels don't even know it exists -- let alone what a good time it is! Thus, recruiting new group members is often a cold sale for executive directors.
For some recruiters, the sale is much easier. Any businessman in the Boston area who reads the paper knows about the Common Angels. Los Angelinos know about Tech Coast, and the Keiretsu Forum has great visibility as well. Groups like these have people lined up for miles to join their ranks.
Why?
Press releases.
Every time these groups sneeze, they write a press release. Nearly every day I get a Google Alert or two about them. "So-and-so joins board at Common ,,," "Keiretsu Forum invests in such-and-such a company ..." and on and on.
Does this mean that these groups are making better investments, or experiencing higher returns? Not necessarily. But they definitely have no trouble attracting new membership -- and quality dealflow, for that matter. Everyone knows who they are.
The press release is a simple, inexpensive way to get publicity and become a valuable resource to the local media, thus making it much easier to find new members.
Without a doubt, your group should send out a press release every time you close a deal. You should also write a release when
- a group member speaks at an event
- a portfolio company hits a milestone
- a group member takes a position, either board or C-level, with a portfolio company
- your group sponsors an event
- group leadership changes
- ... you get the picture
Some of these press releases should not be sent out via traditional paid methods -- PR Newswire, BusinessWire, etc. If you send out too many releases on these wires, you become a press release spammer to major news sources. In addition, angel groups with small marketing budgets may not be able to afford the $500 price tag on each distribution, especially when there is guarantee that it will be published.
For the "lesser" news stories, send out your release on one of the free press release services -- PRWeb, PRLeap, Free-press-release.com, etc. Releases sent out on these sites are indexed by Google and, if you word them right, can end up in the top results for key search terms.
In the early days of FundingUniverse.com, when marketing budgets were very small, we had an intern write a press release every day and distribute it on the free sites. It landed us stories in the Robb Report's Worth Magazine, Connect Magazine, and WSJ's Startup Journal.
Give it a shot and let me know how it goes.
