Companies are missing out on press coverage because they are not embracing digital communication techniques, say financial journalists.

According to respondents to the Digital Trends Survey, conducted by financial PR firm Broadgate in March 2009, 16% of respondents said they were open to receiving company news through relevant social media sites such as Twitter, Linkedin or Facebook, with half of those preferring Linkedin as a delivery method. This is more than double the number who wanted to receive press releases via commercial newswires.

“Companies have the opportunity to communicate directly with customers,” said Roland Cross, director at Broadgate. “Some companies may be alarmed at the transparency and scrutiny this brings – but at the very least they need a digital and social media strategy in place.”

That view is compounded by the finding that companies are failing to maintain simple information on their website: more than 50% of journalists complained they find it difficult to locate information they need while more than 60% said press release sections were not being updated frequently enough. Perhaps as a result, more than 40% of journalists writing financial services news stories use blogs and online forums for research.

“In an era when news is immediate, the industry needs to embrace new communication channels and ensure that they are equipped for the faster news cycle, not just to communicate with journalists but to supply information for their customers as well,” said Cross.