Hearts & Minds: How and when to comment on breaking news

Journalist in-boxes are filling up with emails offering quotes and thoughts on the car finance story. They will continue to do so for a while as the implications of the legal decision sink in.

When a major news story breaks there is a tendency for companies to wish to get involved. In some respects, they are right – it is an opportunity to be highly visible, especially if, in a case like the car loans, they are on the right side of an industry that is taking a media battering. But it comes with caveats attached. Best approach it like this.

First, ask yourself why do you want to put your head above the parapet? Have clear objectives in mind, key stakeholders you want to reach and reassure by speaking. Don’t just talk for the sake of it.

At this point it is worth bearing in mind how busy the journalists covering this issue will be. They are flat out, filing and updating. It’s a moving story and is changing constantly. They will want to know the political, official reaction and short-term and longer-term consequences. Remember as well, that in consumer stories like this, most of the coverage is skewed towards the customer. It will fall heavily on the side of the ordinary person. In the business sections there should be more balance and also in the trade press, but it will come after the human interest.

In truth, the reporters will have their ‘go to’ people already lined up. News organisations keep lists of pundits they can call for instant analysis and opinion. They will be the folks the hacks are proactively messaging. They tend to be academics, past-practitioners or here, lawyers, personal finance campaigners and experts. Some enjoy high profiles and make their living from being that ‘champion’.

Are you really that close, do you know what you’re talking about, do you actually have something useful to add? Not to say, please note, but to add. Be honest now. If the answer is no, do not waste your time.

Because it boils down to this: how relevant is what you’re saying? With motor finance, the focus is entirely on the court verdict and its ramifications. In the newsrooms that is all they’re interested in – anything else is superfluous and will be ignored. One last golden rule too: be quick.

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.