Offering a reporter an exclusive story is a time-honored agreement in which a company or PR firm offers a piece of noteworthy news or interview exclusively to one publication or media outlet to publish. But with the current shift in the media landscape coupled with the rise of social media significantly increasing the demand for real-time information, are exclusives still relevant?

In my 10 plus years in PR, I’ve offered many exclusives to select reporters with whom I’ve had long-term trusted relationships. However, today’s media climate is vastly different and reporters are under enormous pressure to keep up with the insatiable need for on-demand news and information. It makes me wonder if an exclusive story is an attractive commodity as it once was. If so, have the rules surrounding securing exclusive stories with media changed?

The verdict? Exclusives are alive and well as are the best practices in securing these gems.

Eric Fischgrund, a senior account executive with Beckerman says offering an exclusive to a reporter requires a great deal of trust with that individual. “Technically, no phone call or e-mail exchange is ‘off the record.’ PR professionals should do their due diligence with the reporters that they are considering, and work hard to identify a reporter with a proven track record of honoring such a commitment.”

Fischgrund has successfully pitched and secured exclusive stories in variety of publications including Reuters, GreenTech and The New York Daily News.

Exclusives not only have the potential to benefit an organization, a truly newsworthy exclusive can also benefit a reporter or news organization.

“Exclusives are very much still relevant, at least in my ultra-competitive financial services news world,” said Lori Pizzani, an independent financial reporter. “A news organization could potentially win recognition and praise if I can run with an exclusive piece of news or an interview. That can then translate into additional subscriptions, revenue and ad sales for the publisher and/or recognition of the quality reporting.”

So what are the keys to successfully securing an exclusive story?

• Build a trusted network of reporters – It’s important to know who you’re working with (both on the PR side as well as media). Do they have a track record for honoring embargos and exclusives? Are they transparent about information they will or will not disclose? Are they respectful of deadlines and embargo dates?

• Make sure you have a newsworthy story – Make sure the story you are pitching is compelling enough and has the necessary elements to help the reporter bring the story to life. What may be newsworthy for one company isn’t particularly newsworthy within the broader spectrum of news.

• Be transparent with the terms of the agreement – Honoring an exclusive or an embargo is an important commitment for both PR professionals and reporters. Failure to respect such an agreement usually results in a negative way for both parties. Be transparent and outline the terms of the exclusive including what information you will and will not be able to offer, embargo dates and times, etc. In today’s world, it is essential you agree on the specific time (e.g. 9 p.m. Eastern Time) that the story will be published.

I’m glad to know that exclusives are still relevant in today’s media climate as I think they can be a fantastic way to drive meaningful coverage for a company or service. In addition, exclusives can be a great way to build long-term relationships with media.