HANOI, Vietnam, Aug. 2, 2022 Savvycom, Vietnam’s leading digital transformation and software development company, and Insider, a Unicorn Martech platform for individualized customer experiences, inked a strategic partnership combining Savvycom’s in-depth technological knowledge in fintech, healthcare, and e-commerce with Insider’s world-class customer analytics solutions to accelerate APAC enterprises’ top-line growth. 

This strategic partnership between two tech-driven organizations is expected to open up opportunities for integration across platforms, not only to enable business growth through understanding customer data but also to increase operating margin and create agility and adaptability, particularly for the APAC region in various digital-pioneer industries such as fintech, healthcare and e-commerce. 

With more than 70% of customer interactions digitalized, APAC organizations are under increased pressure to transform rapidly. The Thailand Digital Transformation Survey Report 2022 pointed out that successful companies will avoid returning to normalcy by permanently shifting their mindset and ways of working.  

Insider and its comprehensive platform plays a vital role in managing data and optimizing user experiences with updated technologies, such as real-time 1:1 personalization with users, automated AI/ML technology to help understand, 360-degree user profile data, forecast and build omni-channel customer journey. These innovations assist businesses in conversion rates optimization and engagement for sustainable growth. 

Meanwhile, Savvycom’s deep expertise in technology consulting and implementation, acquired through an extensive range of service delivery for large regional enterprises including SCG (Thailand), CLP (Singapore), CPR Vision (Hongkong), and VinGroup (Vietnam), is taking advantage of its digital core strengths.  The company focuses on digitizing processes and supporting cloud-based infrastructure transitions to match business needs and attributes to improve business operations through efficient and accurate decision-making. 

Van Dang, CEO of Savvycom said, “Digital technologies and a data-centric mindset have unlocked significant opportunities for healthcare and financial services to drive new operating models centered on engaging experiences. As global and local enterprises seek to transform their businesses digitally, we bring them optimal and scalable solutions with our expertise and profound understanding of data from the unicorn start-up Insider.” 

“The technological unity between Insider and Savvycom provides a wide 360-degree view of users and personalized user experiences across multiple platforms,” added Insider’s SEA Regional Director, Jack Nguyen. “This partnership will help Insider go above and beyond its standard capability, building on an already impressive résumé of over 100 leading enterprises in Vietnam and over 800 around the globe, while assisting enterprises in capturing the latest and greatest trends in tech, getting one step closer to sustainable growth.” 

As a showcase of commitment, Savvycom and Insider will be hosting a series of seminars and workshops to enhance digital work in five areas, including ecosystem, organization, team, leaders, and individuals. The cooperation represents a significant step forward, empowering both companies to better resolve the market’s needs.

Today, we are pleased to welcome aboard Mr. Lăng Vĩnh Tường (Alex) as our new Managing Director – effective from August 1st, 2022.

Graduated initially from the Posts and Telecommunications Institute of Technology with a bachelor’s degree in Software Engineering, Alex has been active in the tech industry for more than 14 years, working his way in various positions from an ordinary employee to a respected leader in Vietnam’s Leading Information Technology Companies. It is without a doubt, Alex will bring a wealth of practical knowledge to this vital role proven by his exceptional track record of growing businesses and delivering strategic transformation. 

As Managing Director, Alex will be our representative in providing customers with Digital Transformation Consulting Services and state-of-the-art Software Solutions. We strongly believe his presence in our senior leadership team will propel Savvycom to our strategic goals towards 2030 of being among the top 10 leading Digital Technology companies in ASEAN while delivering world-class digital transformation solutions made by Savvycom. 

The interest in Blockchain is growing among experts of different business domains, especially Fintech ones. Such an interest results in more innovative software solutions appearing on the market. Moreover, prominent lending models like peer-to-peer (P2P) payments are enriched with new features.

We’ll talk more about P2P payments and DeFi systems as a way to transfer them. Furthermore, you will find out the advantages of DeFi lending and borrowing platform development, the creation stages you should pass through, and many other essentials.

Working Model of DeFi Lending

The lending process has been existing since the birth of money relationships. From those times, two traditional types of loans, such as collective and investment property one, turned into a peer-to-peer (P2P) lending model.

One of the P2P distinctive features is that it allows borrowers and lenders to collaborate through an online P2P platform instead of applying to banking establishments as traditional mediators in such relationships. As a result, both parties receive their benefits. Borrowers can quickly access the required funds without banking bureaucracy and investors have simple access to direct funding with better terms and a higher interest rate.

The Internet has significantly changed the scope and possibilities of P2P lending relationships: lending companies have got an opportunity to create online marketplaces that can serve as mediators during borrowers’ and lenders’ collaboration. The transaction is based on the borrowers’ credit histories as well as the underlying assets (if any) that support the loan.

Blockchain technology has put significant adjustments into the fintech sphere. Thus, the developers can use Blockchain to solve the problems concerning the existing banking systems, and DeFi lending platform development is one of the efficient solutions of such type.

The DeFi lending and borrowing platform development means creating a system equipped with a set of financial tools helpful for users to access funds without the necessity to collaborate with banks, exchanges, or brokerages. All the activities, such as lending/borrowing, cryptocurrency trading, interests earned in saving-like accounts, etc., will be performed with the help of the Blockchain-based smart contracts. One of the most distinctive features of DeFi is that it’s free from centralized management, which typically controls transactions made.

These systems function as follows:

• Launching the process, the borrower puts up the crypto assets as a security.
• The platform offers loans based on automated smart contracts use.
• The borrowers have a distinct interest rate to pay, and the lenders receive that interest.

Working on the basis of the DeFi lending protocols, such platforms simplify the P2P cooperation between their users. Moreover, the DeFi platform benefits borrowers and lenders: the first ones can get a loan as usual, and lenders can earn money by giving crypto asset loans in collateral. DeFi also offers high interest rates for long-term investors.

Furthermore, the Decentralized Finance platforms are easy to use: everybody can become a borrower, having signed up and linked their digital wallets to start using a platform. That’s why its popularity grows, as well as its market, which reached $159.24 million, according to TheNewsCrypto. So, the DeFi lending/borrowing platform development is in demand now, and we’ll find out why.

Who Can Benefit From DeFi Lending and Borrowing Platform Development

DeFi borrowing platform development is a powerful tool to change the future of the fintech industry. The financial services are rendered in digital form — more secure, entirely open, transparent and accessible. Decentralized finance lending enables borrowers to obtain assets without the use of mediators. A lender can use a decentralized platform to stake their coins, and a borrower can take out a loan directly.

Let’s talk more about the most common benefits from DeFi use.

Cost-effective operations worldwide. Due to the absence of intermediaries, DeFi offers to users minimal or no operational costs for the services rendered, as well as the beneficial currency exchange. Such an advantage can be widespread around the world since the DeFi protocols and platforms are dispersed among the worldwide available blockchains.

Easiness of a service rendering. Blockchain allows every user to securely operate funds without a third-party institutions’ assistance. It is available thanks to the decentralization principle, which gives a simplified access to financial services for everybody, democratizing the fintech industry.

Network data transparency. The DeFi system data is opened for public monitoring; so, the information about the Blockchain network activity is accessible for everybody. DeFi solutions also use cryptographic algorithms to authenticate the validity of data before it is recorded. Such transparency can demonstrate that a company operates honestly, attracting additional investors.

Improved market efficiency. Operating with DeFi crypto assets makes lending and borrowing automatic. It can cut costs, speed up financial flows and increase the option number.

Complete funds control. Users have ultimate control over their earnings and how it is used. For instance, DEXs and DeFi trading platforms allow you to trade whenever you want and choose your own partners for trading. Centralized platforms, on the other hand, require you to deposit your assets before trading and trust the exchange to keep them safe.

DeFi system composability. The DeFi apps and protocols can exchange data without a signup required. Due to that, the DeFi solutions can be assembled like LEGO details. That’s why they are sometimes called Money LEGO.

Decentralized financial platforms help users gain total control over their funds and transparently manage them without any effort. Let’s find out what features such a useful system needs, and how to create one in a DeFi lending/borrowing platform development company.

Features That DeFi Platform Should Support

Planning the decentralized finance platform development, one of the first things you should do is to create a feature list for an upcoming platform. We’ll talk more about the basic features you should include to your perfect DeFi solution with the help of DeFi lending/borrowing platform development services.

Borrowing and lending are necessary to compensate for the collateral ratio, cryptocurrency assets as well as demand and supply ratio. Keep in mind that lending and borrowing operations are the very things customers would join your platform, so you have to duly care about their proper functioning.

Flash loans let customers pay back loans, take it out with no collateral to manage smart contract-automated transactions or execute arbitrage transactions.

Crypto wallets should be provided for proper depositing of customers’ assets. You need to have several ones or a branded crypto wallet possessing additional value for DeFi system users. Moreover, it should support a variety of tokens and stable coins.

Fiat on-ramp feature enables users to exchange fiat money for traditional crypto (usually called fiat currencies, while others are called non-fiat ones). Moreover it gives an opportunity for newbies to start their activity on platform regardless even with no cryptocurrency assets.

Governance should be provided to users for getting rights to vote on future system’s upgrades.

Customer dashboard should be reinforced with self-explanatory and seamless controls for convenient user administration.

You can also care about liquidity pools implementation and security features realization and ask a DeFi lending/borrowing platform development company to include them in the solution’s functionality. Advanced features that can be provided may include yield swaps, credit delegation, staking and so on.

How to Build a DeFi Lending Platform

Regarding the increase of the DeFi lending platforms’ popularity among the fintech institutions, there are a lot of entrepreneurs that want to develop such a platform for their business. We’ll tell you about the typical DeFi crypto lending platform development. The typical Cleveroad software creation lifecycle is given as an example for more clear understanding of the subject.

After a first contact, brief aim discussion and protecting your app idea by Non-Disclosure Agreement (NDA) signing, it’s a high time to pass through pre-sale activities.

Discovery Phase

The purpose of our discovery phase is to gather your requirements, like DeFi protocols and functionality to include, third-party services to integrate, and platforms to use — web preferred. You should also think about rates and fees for the future platform and what Blockchain to choose. If you doubt, the experts can consult you due to these questions and help you choose the required technology frameworks or prioritize functionality as to ROI expectations.

Moreover, our professionals research project requirements, complete required paperwork, mitigate any hazards, and arrange meetings to address business goals and user/tech requirements. They also review the list and advise which features to remove or keep to launch faster — but the final decision is yours.

At this stage, our team also prepares a rough estimation, the team composition for the project, and writes a specification. Our designers create visual concepts and design the main page (if it’s a web product) in different styles, colors, and wireframes. You revise them and pick the most appropriate version.

Design and Development

UI/UX designers work on a prototype before coders go to work. It’s built on the wireframes that were developed during the discovery phase of DeFi lending platform development services. The team starts with only a design concept and then builds the UI for a product screen by screen in different variations. We also generate a style guide with all of the information that designers and developers could want, such as colors, gradients, and font.

This is one little tip to consider: the future DeFi platform should be flexible enough to host more features that would be added later. Then, the UI/UX designers check the results of their work with dapp developers to ensure that everything prepared is technically ok.

After you’ve approved our work, the UI/UX designers hand over the project to the developers. They work, according to Scrum methodology as a part of the Agile development model, in sprints — 2-week intervals for completing an intended part of project work. Each of the sprints starts with planning a work scope and ends with a discussed project part delivery.

The developers should also care about DeFi protocols implementation predefined earlier on the discovery stage. It can be the following ones:

• Aave is a well-known open-source lending protocol that has switched from the DeFi P2P lending concept. Customers can borrow money without a collateral lock for a limited period, alter rates, and take advantage of a variety of other benefits.
• Dharma is a DeFi lending protocol enabling users to perform borrowing or lending DAI or USDC at different interest rates.
• Compound is an open source DeFi protocol allowing users to earn interest and borrow assets against collateral on the Ethereum network. You don’t need to verify your identity using Compound; moreover, you can give or borrow money without a restriction.

Testing Phase

QA engineers examine the functionality generated during each sprint and work on a project until it is released. They test both the backend and the frontend and then provide reports for software engineers to use in bug fixing. After the completion of the sprints, they also conduct regression and stress testing to understand how the system would perform under high stress.

Release

The team is ready to deploy the product after regression testing and resolving all QA concerns. Developers must create hotfixes if serious issues are discovered.

On the day of the release, we move the web project to the live server or, if it is an app, we assist with its publishing on marketplaces. When you’re satisfied, the team gives you the project materials, such as:

• Project requirements (the document link)
• Design (Invision/Zeplin link)
• Change request/project plan/risk register (link to the doc)
• Source code, etc.

Support and Maintenance Phase

Our collaboration does not end after your DeFi platform is released. We may keep working on it to make numerous modifications based on user input and maintain your solution with new features and upgrades. It is gained with the help of error correction, code optimization, and other operations.

We described a typical DeFi project workflow; however, you should understand that you need to find a competent software development provider to make a DeFi platform development seamless and obtain a profitable end product.

Choosing a Vendor For DeFi Lending/Borrowing Platform Development Services

Collaboration with a skilled software development vendor knowing all the ins and outs of the Blockchain technology implementation into your software will be beneficial for your project development. Keep in mind that finding a partner for productive DeFi lending and borrowing development services will be easier if you stick to the points described below.

Select A Proper Cooperation Model

Looking for a software provider, the client should understand how to build the future relationships with the tech partner. IT cooperation models are the very things to establish communication between client and vendor.

We explain the most common cooperation models typically offered by Cleveroad.

Time & Material

The IT professionals can estimate the scope of a project and start working without being acquainted with the precise workloads. The project workflow as to Time & Material contract is the following:

• The demo is prepared, tested and sent to customers along with checklists, sprint reports and other documents.
• Customers look through the documents and give feedback.
• The specialists analyze the obtained feedback and discuss it while planning the next sprint. Moreover, they prepare a list of changes needed by clients, document them and make time estimations each modification would take.

Change requests sent during the current sprint are addressed to the next one. A work bill is submitted only for the DeFi borrowing platform development we’ve completed.

The distinctive features of Time and Material cooperation model:

• It’s especially cost-efficient for large projects with changing needs.
• Each sprint is planned transparently, being discussed with the client in detail.
• The T&M workload is flexible: you can easily manage the work scope of your team.

Fixed Price

A fixed-price contract means a one-time payment for well-defined scope of work and deadlines, along with comprehensive estimates and project requirements. However, to ensure suitable end outcomes, clients may communicate their clear vision of the product with developers.

What is beneficial in a Fixed Price Model?

• Specific criteria and deadlines; workload is planned and calculated ahead of time.
• Customers with restricted budgets, MVPs for startups, and small projects with limited scope will highly appreciate this model.

Dedicated Team

A dedicated team approach is a good option for complex and large projects. You may simply scale up your internal departments with more employees, or put up an agile team for a new project or software update. The vendor company in turn, will provide you with a substantial technical competence, a large pool of skilled personnel, and a non-disclosure agreement (NDA) signing per your request.

However, keep in mind that the provider assists only in organizational issues; and you have to control the DeFi borrowing platform development process and its administration.

Why pick a Dedicated Team Collaboration:

• Get total control over dedicated team developers, workflows, and well-established communication protocols with complete transparency.
• A specialized team may be scaled up and down as needed and incorporated into current development procedures.
• It’s simple to distribute resources, and obtain essential technical competence at a low cost.

Decide What Region is the Best For Cooperation

App development cost is one of the most disturbing issues for entrepreneurs when they need software creation for their business. If the in-house team’s services are too expensive to pay for, the companies may pay attention to outsourcing cooperation. Country choice is essential to make this cooperation a long-term one.

Below we’ll list the main criteria you should consider selecting an outsourcing region.

Differences in culture and language with your future partner will be a serious obstacle if you won’t do serious homework. First off, especially considering offshore outsourcing, you need to make sure whether the personnel properly speaks English, writes, and understands it.

Moreover, the cultural issue should also be precisely investigated. The customs and traditions of each region are unique, so you should deeply research the habits and lifestyle to avoid any unpleasantries. Bear in mind that you should also care about understanding each other on a business level.

Hour zones should be highly appreciated while selecting an offshore destination. If your hour zone differs from your partner’s one for a few hours, it typically won’t be a problem. However, such a difference would be a problem if it isn’t overlapped: for instance, if you are from Estonia, and plan to work with a tech partner in China, the time difference is 6 hours. It means they end their working day while you’re just starting it.

A pool of tech talents is a significant benefit outsourcing gives to clients. Such benefit becomes available as some countries graduate top-quality IT specialists with perfect hard skills due to the exceptional education. However, you should remember that the perfect specialists you should look for must have a combination of hard and soft skills (e.g., flexibility).

Low pricing may draw your attention to certain geographic places, but this should not be the deciding element in your selection. Instead, consider service quality to be the most critical component in any outsourcing success formula, and make no concessions on it. Make sure you choose a nation that is recognized for its high quality standards and reputation for producing diligent specialists.

Finding a proper outsourcing destination while looking for a DeFi lending/borrowing platform development company is a question of a successful and productive cooperation that will fulfill your business needs. Don’t think you’ll gain your purpose having conducted a brief online research of the outsourcing region. Apart from the above defined points, your research should contain the country’s economic situation, IT infrastructure or legislation.

Evaluate Their Expertise

If your objective is to produce a robust and durable software that achieves desired results, you realize that your IT partner’s technical competence is critical. But such a check would be difficult if you’re a non-tech person. In this case you should find a technical pro (among your colleagues, as a variant) and ask them to check the following points:

Check client reviews

Almost every IT company website offers their customers’ feedback about completed work in collaboration. You can go deeper, looking through a company’s list of customers and directly contacting them. Moreover, you can visit such reputable platforms as Clutch, or ITFirms: they frequently publish ratings of the best IT companies along with reviews from clients. This way, you’ll get a more broad picture of the vendor you want to collaborate with.

Study their website

Look beyond the client feedback on the company website. Go to the portfolio section to carefully learn about the projects they worked with, complexity of the developed software and business domains it’s related to. Furthermore, don’t hesitate to look through their corporate blog to know more about their technological base.

Pay attention to their questions

An ideal partner will be involved and even brave enough to question your judgment and ideas – all in the project’s best interests. The chosen staff must be able to see issues before they get too serious, offer helpful advice, and suggest alternate options.

Ask them in turn

You can also interrogate them in the interview to know more about their activity (especially the DeFi lending/borrowing platform development). We’ve prepared a list of the common questions that can be offered to your potential tech partner:

• How deep is your tech experience?
• What is the size of your team? What kind of specialists do you have onboard?
• Are you capable of delivering a product over the whole development cycle?
• How likely are you to advise a friend or partner about your business?
• How does information travel throughout your company? Do you leverage mentoring?

The IT outsourcing model offers all these points to your attention. You can find a reflection of all the described criteria in it, and develop a project profitably for your business.

DeFi Borrowing and Lending Platform Development Services From the Domain Experts

Borrowing and lending DeFi platform development is quite a complex and challenging task requiring a skilled vendor’s assistance. Cleveroad is the appropriate one, and we’ll tell you why right now.

This professional software development service provider, headquartered in Estonia, offers IT products for online payments simplification, financial analytics collection, as well as secure banking solutions and legal compliance. Being for 10+ years on the market, we have been providing our clients with mobile solutions for established businesses, and turnkey digital products.

Working with us, you will get:

• DeFi lending and borrowing platform development services to create a top-class Fintech product perfectly fitting your business and meeting your company requirements and needs
• Fast project development flow with no bureaucracy
• Initial estimations for the project from our Sales Managers
• In-depth consultations with our Business Analysts, Project Managers or other required professionals
• A team of agile-oriented and certified specialists that will completely meet your project requirements and easily integrate into the current workflows
• Accurate input requirements collection to correctly identify a workload from early stages
• Qualitative support, maintenance and ads services after release for our customers, etc.

Mobile banking is undoubtedly one of the most fast-growing industries on the market, where new trends appear every year aiming to simplify the process of sending and receiving payments. And with the heavy influences of the COVID-19 pandemic, mobile banking has received more attention than ever.

What is A Mobile Banking App?

Before discussing the top 07 mobile banking trends, it is reasonable to clarify one crucial thing – what exactly is a mobile banking app? In my experience, many people have difficulty finding the differences between mobile banking and fintech apps since this difference is not apparent. So allow us to point out a few types of apps covered by the mobile banking category: 

• Payment systems that help to carry out transactions online (for example, Paypal). 
• Autonomous mobile banking apps help manage personal accounts, transactions, bill payments, etc. 
• Analytical financial apps also provide personal financial analytics, category management of expenses, etc. 
• Crypto or Stocks Investing apps (for example, Coinbase, Binance, Robinhood). 

07 Top Trends Of Online Banking 2022

Now that the basics have been cleared out let’s look at the trends of mobile banking as they are now. 

1. User-Centric Experience 

 

It is no secret that during the last 15 years or so, all user-targeted services have undergone a revolution. The leading role in such services has shifted to users rather than the quality of service itself.

You do not have to build a super tech-savvy and complicated service to become a user’s favorite. Succesful Businesses nowadays gravitate towards a mobile banking app with convenient, including services that will allow users to complete their banking purposes efficiently, fast, and even have fun from time to time.

And in order to achieve this simplicity and smoothness, you need to follow the user-centered or user-centric approach. This is especially important when your target audience is Generation Z and Millenials, whose data is often more valuable than gold. 

2. Open Banking API

Another trend disrupting the industry for the last few years is open banking. This unique technology allows a bank to share its banking information via APIs (Application Programming Interface) to third parties (startups), who can use them to develop new fintech products, like financial analytics apps. 

Open banking API is currently on a break as many countries, like EU countries, India or US, are introducing open API regulations to streamline this process. Yet, many countries are only on the way to introducing open banking into their legislation. Anyway, this mobile banking trend is expected to shape the industry for years ahead.

3. AI And Machine Learning

There can never be an article about trends without AI and Machine Learning. The thing is that both these technologies are popular among all tech industries, and online banking is no exception. 

Both machine learning and AI allow developers to bring more customization to mobile banking and help to provide a better customer experience, which is the most important thing, as we mentioned earlier. For example, you could use AI on the front-end technologies to mimic live employees via chatbots, voice assistants, or personal recommendations.

4. Big Data

Big Data is a technology that allows the collecting and processing of large amounts of personal user information. Similar to AI and ML, this is widely used for marketing, sales, or enhancing user experience. 

While a mobile banking app tracks users’ activities in an app, by utilizing Big Data, the system may easily spot if something unusual happens. For example, if a significant amount of money has been cashed or deposited – or any other unusual behavior for a particular user. 

5. No Code/Low Code Development

This one is probably a gold mine for early-seed fintech startups. Especially, when you have limited time and budget for development, the best thing to do is build the simplest version of the product. In other words, a minimum viable product. No code/low code programs help you make a product’s MVP quickly and cost-efficiently and push the product to the market as soon as possible.

6. Personalization

Personalization is a less apparent mobile banking trend but no less critical. Today it is not enough to build a mobile banking app that functions well. Making an app specifically for a particular group of people is also essential. For example, a particular group that uses your app can be gamers, athletes, or animal lovers. Giving them something as simple as a corresponding wallpaper could be a smart way to increase users’ loyalty.

7. Gamification

User experience is the key to loyalty. Properly designed and deployed gamification elements make the user experience more exciting and smoother. Gamification makes banking an enjoyable experience of plays, wins, and rewards for, let’s say, taking a loan or making a deposit. You can start your gamification integrations by introducing achievement badges and reawards.

Fun facts: The History Of Online Banking

Here is a brief history of the most breakthrough developments in online banking. 

1983 

The first form of online banking appeared in 1983 when the Bank of Scotland allowed customers to connect to television via telephones and pay bills. Back then, the only functionality available to users was for them to access their profiles and review their private accounts.

1996 

This was when banking made a big step forward. The first actual internet bank appeared at this time – Atlanta Internet Bank. The bank paid higher than average interest rates for not having physical bank branches. 

2007 

This year became the distinguishing moment for online banking, as it signified a new stage in the history of communication. Apple launched its legendary iPhone, which influenced a lot of industries. Notably, it heralded the shift from internet banking to mobile online banking. Quick payments and instant access to accounts gained much traction among users. Since then, the online banking industry and mobile users are increasing yearly. 

Online Banking Now 

After that, online banking went through colossal development. In 2010 it reached its peak when online banking officially grew faster than the internet itself! It was already evident that the industry needed more tech solutions to keep up with user requests. 

And this is how we came to be with mobile banking today – a fast-paced industry that integrates almost all the high-end technologies. As a result, today, it takes more than just an excellent product to make users like your product. It is less about the product itself but more about the user experience.

It’s official: in-house teams are becoming less vital for businesses. Modern companies are open to hiring outsourced development teams. In fact, they often delegate some projects to freelancers, not only other companies. Outsourcing helps them save costs, time, and stay productive.

On the other hand, outsourcing may bring some troubles — language barrier, timezone issues, and poor management. In this post, you’ll learn the pros and cons of nearshore software development and ways to deal with possible issues.

What Is Nearshore Software Development?

Nearshore outsourcing means that you delegate software development or certain tasks to companies located in geographical proximity to your country. When you hire a nearshore company, the difference between you and the contractor should be from 1 to 3 hours. This way, you have minimal time difference and no communication barriers with a contractor.

Besides, personal visits are no longer an issue. For example, a flight from Berlin to Tallinn takes two hours. So, if you’re hiring a team from Central Europe it’ll take you a day or two to take a plane to Estonia, discuss a project with the development team, and return back home.

Why Consider Nearshore Software Services

Despite obvious advantages, nearshore outsourcing may not suit every company. Underneath, I’ve spelled out the indicators telling that your company should consider nearshore outsourcing.

Budget Limitations

If you’re on a budget, nearshore software outsourcing is a great option for cutting some expenses as there may be no affordable providers in your region.

On the contrary, if you’re not limited in budget for hiring software engineers, you may want to consider expanding an in-house team with more talents. In any other case, nearshore software development companies will be the right choice.

Plans for the Future

Sometimes it’s better to have your own team of developers. If you’re planning to build several applications, teamwork gained during the first project can play a vital role throughout the development process. However, a single project doesn’t require you to keep a full team under the roof of your office. A nearshore development team can build an application and maintain it as long as you need. So, there’s no need to spend costs on office rent and salaries.

Location

Among all of the outsourcing approaches, nearshore development depends on your position the most. While choosing an outsourcing company, you should take into account the number of qualified specialists in the country.

For example, if you’re an entrepreneur from Norway and looking into outsourcing, you’d be better off hiring an Estonian nearshore team rather than some Indian or Philippine offshore company. The reason is that Estonia is only an hour ahead of Norway, while India is 5 hours, and the Philippines 7 hours.

Lack of Developers

When working on a huge and fast growing project, chances are you’ll need more developers. Nearshore outsourcing is a good option in this case. You can delegate a part of the project to an outsource company for taking the load off your main team. Outsourcing was key to the success of some well-known companies. I’ll cover some examples later on.

Advantages of Nearshore Software Outsourcing

As you can see, nearshore software outsourcing has great potential and can be a way out for a number of companies. So it’s high time to outline the advantages of nearshore software outsourcing.

Cost-Effectiveness

That’s not a secret that businesses apply outsourcing methods to cut expenses. What’s more you don’t have to hire developers, pay wages, rent an office, and provide employees with hardware and software. Due to the fact that common outsourcing countries are developing ones, the pricing can be significantly lower than in developed countries.

Closer Collaboration

Another advantage of cooperation with a nearshore software company is a short distance between both of you. With the development of technologies, the world’s becoming smaller and you can solve most of the problems via phone. But sometimes your physical presence may be required, so there’s no other choice but to book a flight to your partner. However, Western European entrepreneurs can take a flight to Central European associates in 2-3 hours.

In addition, nearshore companies are a great option for those who want to hold meetings or arrange online conferences often.

Similar Regulations

While building an application, you will face some regulations you have to comply with. For example, if you are focused on the European market, you’ll have to follow the GDPR (General Data Protection Regulation). There’s another set of rules for residents of California called CCPA (California Consumer Privacy Act). Remember: make inquiries if the company knows how to comply with the required policies!

Before drawing up a contract you have to make sure that company knows how to follow the rules defined by your region. Violating CCPA and GPR can lead to heavy fines, so take this point very seriously.

Minor Timezone Difference

Alongside geographical location comes a difference in the timezone. If you ever heard about offshore development, then you should know that the time gap may become a problem. Clients from the USA often can’t get in touch with Project Managers from India or the Philippines.

When the clock shows 9:00 AM for the US citizens, Indians are already leaving their working places because it’s 6:30 PM for them. Thus, communication issues may happen.

Things are completely different with nearshore software development services. Washington, DC, is only two hours ahead of Mexico city. Difference is even less for Сentral and Western European countries with the difference in time with Kyiv of only one hour. Thus, you can hold online conferences in a suitable time for both sides, and you won’t experience jet lag after long flights.

Experienced Talents in No Time

Actually, this advantage can be applied to any outsourcing type, but still. The point is you don’t have to spend weeks looking for qualified talents among all of CVs. These actions require you to have an HR department.

The nearshore software development means that the provider already has a team of nearshore software developers who have worked on multiple projects together. It kills two birds with one stone: communication between team members and working experience.

If you need more programmers for development of additional features, nearshore software companies will allocate more talents as you scale.

Disadvantages of Nearshore Software Services

Despite all the positive sides of nearshore software development, there are some drawbacks as well. But, nothing can be flawless, right?

Offshore Outsourcing Is Cheaper Than Nearshore

Leaving all the negative points of offshore aside, it still provides the lowest rates. Depending on your location, you can still find affordable options that can match the price of an average, but this will rather be an exception than a rule. So, if there are no cheap providers in your region, you should think about hiring an software development company.

Lack of Companies

If nearby countries aren’t IT-oriented, you’ll be able to hire an experienced offshore software development company.

Sure, any country has its software development companies, but the quality that no-name companies deliver will be quite different from well-known outsourcing destinations like Estonia or India. That’s why it’s better to choose an offshore company with a number of reviews than a questionable nearshore provider.

Periodic Monitoring

That’s a common flaw for outsourcing. Since you’ve hired a remote group of developers, you have to get in touch with a contractor from time to time. Luckily, it’s relatively easy to hold meetings with nearby countries. At Savvycom, we always arrange our conferences on the time appropriate for our customers. However, if some issues require your physical presence, flights can still be exhausting and time-consuming.

Top Favorite Examples of Outsourced Software

Outsourcing is a universal practice. Even the world-leading companies hire outsourcing companies to save funds and properly distribute the load on in-house developers.

Skype

Back in the days when Skype was taking its shape, founders used a nearshore software development model for backend and website. Features we love the most, like video conferences, message, and file transferring were actually developed by the Estonian group of developers. This approach made Skype the primary tool for business and personal conferences over the world.

Slack

Another outstanding example of nearshore outsourcing is Slack. This software simplified corporate messaging for a number of companies, but it lacked an attractive design. So, it was decided to hire a Canadian design company for creating a logo, web, and mobile app design. Now Slack is considered to be the app that feels, looks, and sounds different. The combination of delightful design and useful features resulted in a global revenue of $401 million.

Opera

Opera originated as an internal project of the Norwegian telecommunication company — Telenor. Soon after the release in 1994, it became a standalone project with its own company and rights. The most interesting thing is that Telenor didn’t focus the efforts of the main office on this project. Opera was written in C++ by developers from 24 different locations all over the world. Telenor used outsourcing to cut the losses in case of failure. But it turned out quite the opposite, Opera became one of the top-rated web browsers in the world.

It’s clear that nearshore software services reached far into the IT industry. The advantages of nearshore development are too significant to ignore. The only thing you have to do is to find a reliable provider that’ll fulfill your expectations.

Savvycom Expertise

Savvycom is an experienced software development company with headquarters in Central Europe, Estonia. Our competence comprises delivering top-quality software solutions to startups and all-scale businesses using cutting-edge technologies for 10+ years.

We provide IT-related services and digital products creation from scratch. They help our clients optimize workflow productiveness, overcome companies’ internal challenges, and obtain competitive benefits. By choosing us, our partners are ensured with a row of benefits:

• Free initial project estimation with no hidden payments or additional fees from our Sales Managers
• Three flexible cooperation models suitable for every case: dedicated team, fixed price, time & materials
• Rapid software architecture process’s elaboration
• Product quality assurance and control at every creation phase

There are piles of things you should remember, creating a product from scratch: deadlines, staff management, tech peculiarities of the project, etc. Everything will be easier if you use offshore outsourcing software development. There’s no need for a significant emphasis on running the project and doing other things when you outsource a portion of duties to specialists.

Offshore software development is quite popular these days. The stats prove it: the worldwide IT outsourcing market is expected to obtain $425.19 billion in revenue from 2021 to 2026. Statista indicates that IT outsourcing services market profit will reach $413.72 billion by the 2021 year-end. According to Deloitte, the most visible and reachable benefits (due to outsourcing popularity in 2021) were cost reduction, operational effectiveness, and consistency.

This article will show you whether outsourcing software development (offshore especially) is suitable for your company. You’ll also know more about offshore development advantages. Then we’ll tell you how to avoid common pitfalls while selecting and working with an offshore software development company and more necessities.

What is Offshore Software Development: Essence and Types

When growing your business, software can help you unlock efficiencies, market your business more effectively, and discover key trends you can use to progress. However, with so many different types of software on the market today, it can feel impossible to know where to begin.You need to make sure you choose software that aligns with your business goals and activities. The last thing you want is to end up with many different tools, which don’t iterate with one another and only cause confusion for your workforce.

With that being said, continue reading to discover more about excellent SaaS software to help growing businesses.

Pitch

There is only one place to begin, and this is with Pitch, which is an online slideshow maker. There are many different instances whereby you may need to give a compelling presentation to your audience, for example, if you are pitching a new idea, attempting to track investors, or giving training to new employees.

When delivering a presentation, it is imperative to make sure it is clear, cohesive, and on-brand. This is exactly what Pitch helps you to achieve. There are many different presentation templates so you can quickly and easily create a stunning presentation. You also have the option of creating your own from scratch.

You can also embed and integrate different features so that you and your team can create powerful presentations without having to go through a time-intensive process. This includes adding charts, video clips, or photo slides from the likes of CSVs, Google Sheets, Chartmogul, and much more.

No matter what type of business you run, having a sleek and seamless presentation tool that you can rely on is imperative to take your business to the next level.

Buffer

Next, we move on to Buffer, which is a social media scheduling tool. Again, it does not matter what business domain you operate in, there is no denying that social media is imperative for businesses today. This gives customers the opportunity to get closer to your brand than ever before.

However, for this to be the case, you need to be consistent with your approach. You need to make sure you are posting on a regular basis so that your audience does not lose interest. Nevertheless, it is not as if you can simply sit at your desk on social media at all times. This is where Buffer comes in, as you can schedule your posts ahead of time.

Buffer works effectively with social media websites such as Instagram, Pinterest, LinkedIn, Twitter, and Facebook. It has a clean and user-friendly interface, which helps users navigate the platform with ease. 

Another amazing feature of Buffer is its Chrome and WordPress integrations. Android and iOS are also supported, meaning you can schedule posts via your smartphone as well. 

You will need to pay extra for products like Buffer Analyze and Buffer Reply, where you can view social media analytics and manage your social conversations. These elements are highly recommended, as they give you insights into your campaign so that you can keep growing.

Avast

Avast Business is an excellent online security and antivirus platform for businesses, giving you access to a number of different tools such as anti-spam, email protection, firewall, and antivirus tools. There are also a number of tools for your servers.

A lot of small businesses do not feel like they need to invest in security tools like this. However, that could not be further from the truth. The threat of a data breach is a very real one in the current day and age. All businesses are at a serious threat of a data breach, no matter how big or small.

After all, hackers are constantly looking for businesses they can exploit and steal data from. While the big businesses may be more lucrative, they are also a lot harder to breach in most cases because they have invested thousands of dollars in security. Many small businesses, on the other hand, do not invest in security at all. Make sure your small company does not fall into this category!

Hubspot 

Marketing is something that all businesses need to focus on if they want to grow and progress. Hubspot is an excellent platform for this. It provides a number of different tools for social media advertising, marketing, sales, and content management. 

This platform extends way beyond establishing your own website and amending the content. You can leverage a broad toolkit that helps you to enhance conversions in many ways. This is why it is the top pick for so many businesses.

You can make the most of content hosting, split testing, communication amongst your sales team and customers, and you can set targets and goals, which can all be tracked using the analytics software. With Hubspot, you are always learning so that you can make intelligent decisions that will drive your business forward.

There are a number of integrations you can make the most of, such as Microsoft 365, Google Workspace, and Salesforce. 

Slack

We are sure that you may have heard about Slack before. Slack is an instant messaging communications platform used by many teams worldwide, especially remote teams.

Like most of the best software tools on the market today, the idea behind Slack is a very simple one; it offers real-time messaging in desktop clients, mobile apps, and web browsers. Team members can either chat in groups or one-on-one. You can also create channels based on certain topics, such as products, finances, and sales.

What is so impressive about Slack is the ability to bring a simple idea to life in a very intuitive manner, with a responsive and slick interface, as well as a whole bunch of shortcuts, plug-ins, and integrations to keep the conversation flowing. You will not want for features, as everything you need is there in one place, from video calling to file transfers. 

While there is a free version of Slack, you will not get access to many features, with conversations disappearing after two days. However, it does give you a feel for the app, and a lot of small teams do decide to rely on the free version. With the more premium tier, you will get around-the-clock support and unlimited messages. 

Asana

If you have a team to manage and handle a number of projects simultaneously, Asana is a great choice. Asana helps you to figure out what you should be working on at any given moment in time, giving you the best chance of ensuring everything is ready for the deadline in question.

There are a number of different reasons why Asana is such a great choice. Yes, it has some excellent features but it also packages them in a beautiful and effective manner. The interface is accessible and elegant, meaning that your team should have no trouble using it. It also works effectively across the web and mobile apps without missing a beat. 

Another impressive element of Asana is the manner in which it integrates with other tools. Examples here include all of the big names, such as Salesforce, Gmail, Slack, and Dropbox. 

Sage Accounting

Last but not least, we cannot talk about essential SaaS software without mentioning some form of accounting software, and the prime choice is certainly Sage Accounting. Sage Accounting instantly impresses with its gimmick-free and clear pricing policy, so you know exactly what you are paying and what you will get in return. There is also a 30-day free trial so that you can try it before you buy. 

You can get a number of different modules that can help you to manage the finances of your growing business. This includes project tracking, multiple currency support, detailed reports, cash flow forecasting, smart bank feeds and reconciliation, handling and submitting tax online, invoices, quotes, and much more. All of this is available via your mobile app or desktop. 

Sage Accounting is easy-to-use, with a professional and stylish appearance. Should you run into any sort of issues, there are lots of video tutorials and detailed web help available. You can also get in touch with the support team, as 24/7 email and telephone support is provided. 

If you are not quite ready to go for one of the top accounting plans, you can always start off with the Accounting Start. This does not include support for vendor bills, estimates, or quotes, and cash flow forecasts are not available, yet this should be sufficient for start-ups.

Grow your business with SaaS software

So there you have it: some of the top SaaS software on the market today that can help you to grow your business. We hope that the tools that we have mentioned above will help you to unlock greater efficiencies and take your business to the next level.

It is a given that every year, business trends change. Now, to adhere to these industrial transformations, businesses need to change the way they operate. On average, business process management can cost anywhere between $250,000-$500,000. It all depends on the industry you are in and the type of business you own. Expenditures related to corporation operations tend to double every decade and a half. Therefore, it is safe to assume that these increases in business process management expenses can significantly impact your bottom line. 

The best way to minimize such expenses is to adopt relevant technology. Lacking adequate business process management infrastructure can directly impact your competitiveness. Even smaller players can get ahead of you in business if they adopt state-of-the-art tech and you don’t. But where do you start? How can software help your business process and cut costs simultaneously?

Here in this article, we will find an answer to this omnipresent question. Let us discuss the 7 ways adopting the right software can help you manage your business more efficiently while reducing overall management costs.

1. Minimize SaaS management challenges

Assuming that you are in the technology business, it is a given that you need to utilize multiple Software as a Service (SaaS) products on an everyday basis. With so many software programs and applications to manage, it can often become a headache for managers. This is where Saas management vendors come to your rescue.

With SaaS vendor management software, you can fulfill three critical functions in your business:

1. Have quick and easy interactions with multiple vendors. The best part about a vendor management software is that it facilitates real-time communication and helps strengthen your vendor relationships.
2. Easily assign tasks to the vendors and efficiently manage the overall process. These software also serve as great platforms for collaboration.
3. Ensure the vendors adhere to the payment terms as defined by the industry standards. 

However, before you select a vendor management platform, you need to consider the following points:

1. Decide on the numbers of active users for the app
2. Know how much you need to pay for subscription
3. Keep track of the renewal dates 
4. Make sure you know the owner of the app to have direct communication in case of any discrepancy 
5. Ensure you know the compliance status of the platform
6. Check on the onboarding, offboarding, security, and privacy policies 

2. Respond to your customers’ evolving demands

Who can deny the importance of businesses being responsive to their customer demands? In this era of hyper-competition, the more accurately you respond to your customers’ demands in a timely manner, the better are your chances to enhance your brand presence and improve visibility.

It often becomes difficult for business owners to come up with wise decisions as far as the financial future of a company is concerned. This can be done by collecting and tracking the right data and metrics. And we all know that manual gathering of data takes time and it takes even more time and labor to make a sense of the data at hand. However, things are not to be so difficult.

Today, businesses can rely on automated business process management practices to ensure accurate data collection. With automated processes in place, you can keep a track of each transaction done on your web portal, manage invoices, generate customer profile reports, etc. As it stands, automated business process management tools can help an organization to get rapid access to precise data in real time. Now, based on this data, you can manage your projects with an aim to meet your customers’ evolving needs and demands. 

Also, with the right AI technology, you can detect fake reviews, allowing you to focus only on customer feedback that matters.

3. Facilitate cross-departmental collaborations

Do you know how a small business becomes bigger with time and yet doesn’t lose its productivity? It all depends on the smoothness of inter-departmental collaboration within the organization. When all your staff and their respective departments work together to reach a common organizational goal, it helps everyone to stay on the same page.

This is where software for business process management can significantly help. Communication is the key to being successful in business. Certain business process management tools help you collaborate with multiple departments and keep everyone informed about the recent project development news.

This way, if one department makes a necessary change to your product’s functionality, other departments also get to know the whereabouts in real time. This allows them to respond accurately and devise business strategies accordingly.

In contrast, if your employees don’t have any idea regarding what’s going on in other departments, it would result in lower productivity and effectiveness. All of a sudden, you might find that your workforce is working hard, but towards a vague goal with no clear vision. That’s the last thing you would want.

Business process management software, as it stands, enables effective communication within teams, which can lead to better employee coordination and productive collaboration.

4. Streamline customer service

Currently, we are living in the age of customer service. Today, there is hardly any business that doesn’t have a dedicated customer support team, ready to listen to their customers’ queries and solve them. 

However, managing a customer service team can be quite expensive. Well, with business process management software, such is not the case anymore. It’s quite understandable that customers these days demand prompt responses and quick service. Using an automated business process management tool, you can satisfy these customers’ expectations.

You can unify all aspects of your customer service department; customer service, marketing, and order processing, by bringing all these operations on a single platform, i.e. business process management software. This way, you can better utilize your resources and time, while providing a long-lasting, seamless customer experience (CX).

Moreover, with automated customer support technology at your disposal, your business can handle more contacts. Consequently, these software programs can help you free up support staff to concentrate on more important tasks, like providing high-quality service to those in actual need.

An automated software welcomes guests and directs them to appropriate departments depending on their queries, thus saving time. Besides, these software programs can work 24X7. This ensures that your customers never have to wait to speak to your agents, irrespective of the time of the day.

5. Better compliance and process transparency

Today, most businesses operate with the goal of global expansion. Thanks to the convergence of the technological world, businesses can easily expand their operations worldwide, catering to the demands of a global customer base.

However, with expansion comes compliance requirements. Different countries in the world have some distinct sets of compliance rules that businesses must follow to operate successfully in those regions. For instance, the European Union (EU) has different data collection guidelines compared to the United States.

Failing to adhere to these guidelines will not only harm your business reputation but would also put your existence in jeopardy. With business process management software, you can ensure better compliance and overall process transparency.

In case of everchanging compliance requirements in your country, all you need to do is a simple modification to the software’s logic and everything else will be taken care of. This would help businesses to streamline their internal operations and simultaneously ensure transparency.

6. Improve employee satisfaction

One sure way to increase your employee satisfaction is to deploy automated business process management software. These programs enable you to automate the most tedious jobs, which otherwise could affect the morale of your employees, leading to hampered productivity.

If the routine tasks could be automated, your skilled employees can make the most out of their talent by focusing on tasks that require problem-solving. The more your employees feel their talents are better utilized, the more they tend to be satisfied at work.

7. Get access to measurable results

Most business process management software comes with certain built-in features, such as reporting tools. These features enable business owners to keep an eye on the ongoing development in various departments within the organization. Not only do they allow you to keep a track of key metrics but they also save your staff time as they don’t require updating spreadsheets manually anymore. 

Neither do they require you to hop to and fro between your website and the Google Analytics dashboard. All of the metrics are available on a single platform, enabling business owners and managers to make better decisions.

Final word

As you can see, using specialized software to streamline your business processes can boost your organizational productivity, improve employee collaboration, reduce operational costs, and increase customer satisfaction. However, it is also a given that not all software programs will work wonderfully for every type of business.

You must make an informed decision to get maximum benefits. In this regard, it’s worth researching your options based on predetermined vendor selection criteria. Using the right software is all you need to stay ahead of your competition. We wish you all the best in your future business endeavors.

Let me guess! After a long process, from conceiving an idea of researching the app costs to hiring your team of developers, your dream app has finally come to life. Then Congratulations! You’re now halfway through the journey!

According to Business of Apps, around 143.6 billion apps were downloaded in 2021. Unfortunately, some (if not many) of these apps will soon fall into oblivion, no matter how brilliant they are. If you don’t want your precious brainchild of an app that takes you months of hard work to go unnoticed among thousands of other apps, then make sure that you do a fantastic job promoting it. Getting media attention to your new app with a press release is a great way to start.

A press release is a cost-effective and commonly used tool for companies to generate media coverage. In this article, we will find out easy steps to writing an awesome press release, how to submit & distribute your press release effectively, and learn from the proven examples from big brands. 

1. What’s a Press Release?

“A press release is an official statement delivered to members of the news media for the purpose of providing information, creating an official statement, or making an announcement directed for public release. Press releases are also considered a primary source, meaning they are original informants for information.” – Wikipedia

In short, a press release (sometimes known as a news release) is a concise document that informs the press and other media sources about something noteworthy you’ve done. It’s usually provided to journalists and editors, who might utilize the information to generate a news story.

2. When Should I Write An App Press Release?

As defined above, press releases are used to let the public know of major company announcements. There are numerous opportunities for writing app press releases and distribute them on the wire. Here are some examples:

App launches	Industry firsts	Sharing original research findings
User acquisition milestones	Winning awards	Partnerships

What News is Press Release Worthy & What Isn’t?

It’d be a complete waste of time writing and sending a release that is not newsworthy. Ch

anges happen to your company from time to time but unless they have a particularly significant impact, they do not require a news release.

Below are a few points to consider before you decide your news’ press worthiness:

3. How To Write A Perfect Press Release?

3.1. Press Release Format

1. “For Immediate Release” and Contact Information are at the top.
2. Summarizing the news in the title and italicized subheading.
3. News location and news peg in the opening line.
4. Adding context and additional information in two to three paragraphs.
5. Bulleted facts and/or figures.
6. Description of your company at the bottom.
7. Three-pound symbols (###) at the end to signify the end of the release.

You should format a press release in a straightforward, newsy manner so that a journalist who might write about it can envision it as an article on their news site.

Here are the fundamental components that each press release should include: 

• Your contact information is located in the upper left corner.
• The heading “For immediate release” is on the top right corner.
• A headline that quickly sums up the announcement.
• Your company’s location is stated in the press release’s first sentence.
• A quick bio about your company at the end of your press release.

You might also want to add “###” or another symbol to let the journalist know the release is over. In the past, this stopped harried journalists from waiting or turning the page for more information when there was nothing else. However, this custom is still followed and held in high regard today.

Next, move on to the press release’s body:

• The first paragraph should state the announcement along with some background information about your company and what it does.
• The next two to three paragraphs should explain the “why” behind this announcement using quotes from a company representative or business executive.
• The last paragraph should be an “About Us” section explaining what your company is and the products/services it offers.

In this example, a fictional advertising company called Catbrella Inc. issues a press release to announce that it has just attracted its 10th Twitter follower after two years of paid social media efforts.

3.2. How to Write a Press Release: Step-by-Step

Source: Prowly

Writing a press release to announce significant business news can help businesses grow, but doing it properly is equally crucial. Here is a step-by-step guide on writing a press release like the one above.

Write a catchy headline

It’s time to put your announcement into words so that you can share it with your followers, industry, and community.

The headline is the first step in preparing your press release for success, just like when writing the ideal blog post title. You only have one line to work with, which can be intimidating, but carefully choose your words to create an alluring headline.

The following advice will help your headline stand out:

• Use action verbs
• Be specific
• Keep it short 

Most importantly, make it enjoyable: Take the time to write a compelling headline. Keep in mind that reporters receive dozens, if not hundreds, of releases each day.

On the other hand, consumers constantly see hot news on their timelines. Therefore, your headline must be captivating enough to draw them in.

Convey the news value to the press

Give readers a reason to care about your press release if you want it to be newsworthy. 

Using the reverse pyramid formula when writing your press release is an excellent way to ensure this: The order goes from the most important to the least.

While the mission of the first paragraph is to explain what, who, when, and where (what the news is about, who is involved, when and where it happened), the second paragraph of your release should cover the why (why it is important). 

Reporters only need the facts that will enable them to convey your story to someone else from a position of authority; they don’t have much time to sift through details and fluff background information.

After these sections, there shouldn’t be any additional, crucial information covered because the readers might skip it.

Offer a tempting quote

After you’ve set the scene, it’s time to bring your details to life with a quote that reporters can use to contextualize your announcement and illustrate how it affects the given industry, customer base, and landscape.

Quotes from key stakeholders in your enterprise such as your executive team, project leaders, or those directly impacted by your announcement are ideal.

Citing important figures and authorities emphasizes how vitally important your development is. The selected quote should shape your narrative and highlight the announcement’s main point.

Don’t feel pressured to quote all 25 people involved in the acquisition or ask everyone in your office for their opinion. Select one or two spokespeople, and focus the quotes around their distinct viewpoints.

Provide valuable background information on the subject

When writing this last paragraph, remember that the reader should already be familiar with the crucial information they require regarding your announcement.

Here, provide details that strengthen your story, such as unique or noteworthy ways your company developed the project or announcement at hand. Or, if appropriate, discuss the potential future implications of your announcement.

Utilizing newsjacking is yet another effective way to enhance the value of your press release. Relating your press release to a current event increases its value to the journalist and reader.

Summarize the “who” and the “what” in a boilerplate

In case you’re still wondering what to expect when writing this type of content, let’s take a look at the major benefits of press releases.

Reporters frequently complain on Twitter about press releases that fail to adequately describe what the company does or what the announcement is actually about. 

Describe what your business does in simple, straightforward language and attach a link to your company’s website.

If you cite data, include a reference link to the data source, make sure to give each name in the release the associated title and company as well. 

Ask a coworker to read the release without context so you can remain truthful on this front, then ask them to report back the details. Get back to the drawing board if they forget the who, what, or why.

4. Basic Rules For Writing An Awesome Press Release

Here are some key things to keep in mind when writing press releases for maximum media coverage.

4.1. Newsworthy Content

A survey by Muck Rack and Zeno Group revealed that only 3 percent of journalists in the world reported relying heavily on press releases for finding new story ideas, as opposed to a remarkable 49 percent who claimed to “not rely on them at all”.

It appears that your press release might as well go unnoticed like hundreds of other stories being pitched to the busy journalists, so before all else, make sure you have a story that piques their interest. Having a shareable story that’s likely to be picked up – that’s half the battle.

4.2. Target Audience in Mind

Knowing who your audience is will help you make informed decisions on organizing ideas or what types of material you use to support your points. Putting yourself in the audience’s position allows you to finely adjust your content to their interests, thus increasing the odds of your earned media coverage.

However, one crucial thing to consider is the interest alignment of your own target audience and your publication’s audience. If the magazine chooses to publish your story, then it will also be viewed by its audience. This means that your press release has to bring value to the audience of your publication as well.

4.3. Write in Third Person

The standard writing approach for press releases is writing in the third person. Use third-person pronouns as if you’re telling someone else’s story. Only use the first person for quotes from actual people.

4.4. Keep It Short & Simple

The ideal length of a press release is around 400-600 words. Write it too short, and you might leave out important points in your story. On the other hand, if your article is too long, chances are the readers won’t finish it.

Resist the temptation to include every piece of information possible. Things like your company background or other additional details can be included in the boilerplate at the end of your article.

4.5. Keep Your Reader Interested

Emphasize what your company has done (or is doing) instead of focussing on its future plans. Try to use the present tense to vividly describe the situation and instill a sense of excitement.

4.6. Avoid Redundancies & Clichés

As mentioned above, a press release should be succinctly written, so every word in your writing must be there for a reason. Redundancies and clichés unnecessarily prolong your report without adding any value. When editing your article, look for the redundant phrases you might have overused and replace them with new, creative ideas. 

Online cliché and redundancy checks like ProWritingAid or Cliché Finder can be of great help.

4.7. Back It Up With Statistics

Your release should be a presentation of facts rather than a series of biased remarks. Use relevant statistics to support your claims. Select interesting statistics if possible. These statistics should come with proper citation to ensure their credibility.

4.8. Include Imagery   

Images help readers visualize what the release is talking about. Points to consider when selecting a picture are its relevance to the main content, quality, size, and ownership (if it does not belong to your company). You might even want to go as far as to create your own infographic that supports your writing. According to the Muck Rack and Zeno Group survey, 49 percent of journalists said they would be more interested in a press release if it contained an infographic.

4.9. Don’t Forget Your Boilerplate and Contact Details

Add your business boilerplate at the end of your release, briefly describing your company within a short paragraph. You can also include your company’s highlights such as recent awards, unique cultures, or social impact if possible. Then put in your contact information if the journalists want to get in touch with you or simply want to check your credibility.

5. Press Release Examples To Learn From Big Brands

Here are creative press release examples from Apple, Google, and Microsoft that you can’t ignore.

5.1. Apple

Service Launch Press Release from Apple

What can we learn from this press release?

• The headline gives an overall “definition” of the new service.
• The introduction provides all the key points of the whole press release.
• Apple includes a video that highlights the new service of their product.

5.2. Google

Acquisition Press Release from Google

What can we learn from this press release?

• The headline is straight to the point.
• Relevant quotes from company executives are added throughout the story.
• The whole press release is short and concise.

5.3. Microsoft

New Partnership with OpenAI Press Release from Microsoft

What can we learn from this press release?

• The headline covers every key point.
• The major agreements are presented in bullet points, which makes it clear and easy to follow.
• It explains the context of the partnership and provides a relevant picture and quotes.

6. How To Submit & Distribute Your Press Release

Now that you’ve done writing your press release, it’s time to move on to the next step: Submitting it to outreach such as journalists, bloggers or influencers.

Basically, there are two main ways to submit your press release:

• Self-submitting
• Using a press release distribution service.

6.1. Self-submitting to Media Outlets or Influencers

This method is often used by startups or small companies running on a budget and wanting to save money.

If you choose to submit your story this way, you’ll have a lot on your plate. But don’t worry, we will walk you through this process step by step.

Create a List of Outlets to Submit Your Press Release

Look for news sources that are relevant to the message of your story and your target audience. These sources might include a newspaper, a magazine, a radio station or a television channel, either in your local area or in geographic areas where you wish to do business.

You can find other sources of news online via Facebook groups, blogs, Instagram accounts, and other informal groups. Look up the influential figures in your field including noted bloggers and industry leaders. Whatever sources you choose, make sure you have the name of the media agency, the name and title of the person of contact, their email address or phone number.

Research Submission Guidelines

It’s very important to closely follow the submission guidelines, as there’s a good chance that the publication won’t accept incorrectly formatted releases. Submission guidelines are normally found on the website of the news publications. There you will see what kind of topic the news organization is interested in as well as the content and format requirements of the release. You will also know if your submission will be edited or not.

If you can’t find the submission guidelines, try to directly contact the journalist working for the news agency.

Submit the Press Release

Submit your release according to the guidelines to the contact you’ve found in step one. Your release should be submitted via email as far in advance as possible, from at least a couple of days to a few weeks before the appearance of your coverage.

Your submission email should include the following parts:

• Subject line: State the topic or simply use the headline of your release topic. There’s no need to use “press release” in your subject line.
• Greeting: Greet the recipient by his/her name.
• First paragraph: Introduce yourself and your business.
• Second paragraph: Shortly talk about your announcement and that you’re writing to send a press release.
• Third paragraph: Call to action. Ask the recipient to do something in response.
• Closing: Say “Thank you” and offer to provide further help.

Make sure to include your contact details at the end of your email.

Follow-up

Follow up with a call or a voice message to your contact, informing them that you’ve sent them a release and adding relevant information that might pique their interest.

6.2. Using A Press Release Distribution Service

If you want to spare yourself the trouble of researching all the outlets for your press release and reaching out to the publication, this method is the right choice for you.

With this method, all you have to do is to look for a reliable PR distribution agency who’s gonna do all the work for you.  However, this will cost you a certain amount of money if you work with a paid distribution agency.

You can also opt for free distribution services, but those typically offer limited exposure. Remember, your goal is to gain as broad media coverage as possible.

Some reputable press release distributors include:

• Newswire
• PR Newswire
• Business Wire
• GlobeNewswire

7. Tips for Publishing Press Releases

Here are some suggestions you can follow to get the maximum distribution effects.

7.1. Reach Out to Specific Journalists

Focus on a few journalists who have experience covering your industry (and company, ideally) and send them personalized messages rather than blasting a press release to every journalist you can find an email address for.

Connect the dots. Explain how your writing relates to theirs.

7.2. To Avoid Competition, Don’t Publish Your Release On The Hour

Sending your press release to journalists under embargo the day before it goes live will give them time to develop a story around it.

The phrase “under embargo” means that until the date you specify, they aren’t permitted to disclose the information in the press release.

7.3. Send the Release to Top Journalists The Day Before

Avoid posting your press release on the hour (e.g., 1 p.m., 3 p.m., or 5 p.m.) if you’re using a distribution service like PR Newswire or Business Wire.

The reason? As most businesses schedule their releases to go out on the hour, it is more likely to get overlooked if your release also goes out on the hour.

Try choosing a more distinct time instead (e.g., 1:12 p.m., or 3:18 p.m., or 5:22 p.m.).

7.4. Share Your Media Coverage

Even if everything goes as planned and the media publishes your press release, your work is not yet done.

You can release a “second wave” of distribution by sharing the specific stories that news outlets produce based on your press release to maintain the buzz.

Sharing the news on your digital channels like social media and email is also a wise choice to bring awareness to your announcement.

8. How To Build On The Success Of A Press Release

You’ve successfully got your press release accepted by a news agency, but your work is not done yet. Now it’s time for you to make the most of your success.

• Share this good news with your employees. Letting them know of important announcements like this first will boost their morale and build up team spirit.
• Publish the news on your blog and social channels, enriching it with more valuable content and images, infographics, videos, etc.
• Inform your partners or clients via email or newsletter.
• Spread the news far and wide by featuring in a major publication. Include the publication’s logo on your homepage, under a “featured in” banner, then talk about this in any outbound marketing such as upcoming newsletters.
• Build a relationship with the journalists or publications that agreed to feature your release, starting with a thank you email.
• If a journalist wrote up your press release into an article, send them a brief thank you email. This is an excellent way to start building a relationship. They may use you as a source for expert comment or offer you a guest article spot in the future.
• Keep a list of the publications and journalists that featured your press release so you know where to focus your efforts for future media pitches.

9. Why Would You Still Send A Press Release in 2022?

9.1. Affordability

Press releases are often written by the public relations department within a company. Then the company will have to pay press release distribution expenses to send its story news to journalists or media influencers. But this expense is still a lot more affordable than other forms of paid advertising and publicity, making a press release an overall inexpensive PR option.

9.2. Chance to position yourself as an expert

A well-written press release covered by leading publications will increase your credibility and help you be recognized as an authority in your field. Once you’ve established yourself as an expert, your reliability will enhance brand awareness among your target audience and will likely draw in more customers.

9.3. SEO advantages

As you work on your press release, you will have the chance to optimize your content to fulfill the Search Engine Optimization requirements. By adding relevant tags and keywords, you’ll increase the visibility of your content. In addition, as your press releases are published by several media outlets, you’ll get high-quality backlinks to your website.

9.4. Content distribution across multiple channels

Press releases can be distributed via both print and online mediums, ensuring your brand’s media coverage. People can see your story in the local newspapers and magazines or via direct mail. You can also distribute your press releases via social media and email marketing by uploading them to your website or blog. Exploring all these channels is an effective way to maintain your media presence and engage your target audience.

9.5. Chance to attract investors

Press releases showcase your company’s expertise and accomplishments, which can spark investor interest and might, later on, attract lucrative sponsorship to your business. A compelling story with a clear description of how you benefit your customers can help you grab the attention of prospects and investors alike. Read the our review at Fixthephoto.com to understand more about Savvycom – Your Trusted Tech Partner.