Think about traditional media, news services, papers, current affairs programs, radio talkback, and their new media extensions. You've heard how important and influential the press is, but have you really stopped to think about that? Let's start with the point that the main place you hear about the tremendous influence of the media is in the media, and from commentators and consultants connected with the industry. The other thing that makes you realise the importance of the media is the reaction of your family, friends and employees when the story is about you or your company. You may also hear from suppliers, customers and other stakeholders.

But how real is this? All this should tell you is that those with a strong connection to you and your company will remember a story and react to it. But isn't it amazing how many want to contact you to talk about it. This happens because when we are passionate about a topic and have a direct connection, our mistrust of the media surfaces and we want to know the real story, getting the credible word from the CEO's mouth.

Here's an exercise for you. You already read a newspaper or online version of a news service. Write down now as many stories as you can from that newspaper or service from yesterday. You'll be amazed at how few you will come up with, and I can tell you having done this exercise with others, including PR professionals, that you're not alone.

Follow it with a second exercise. Read one local newspaper cover to cover for a week. At the end of that week ask yourself this question: Did this paper truly reflect the community in which I live? Did it really reflect my life and the lives of those I know?

We accept media stories at face value until they are challenged by someone "in the know" or who we have a relationship with. Once challenged, we tend to favour the new version of the story because we know that "media world" is a mythical place, not the community in which we live. Short term stories rarely do the damage we believe, and are usually made ineffective by a quick, straightforward response. The real impact is on those who are the focus of the story, not the broader community.

Some stories can be effective in the long term. If the same story is repeated over and over, we tend to accept it. So we know that all government organisations are full of bureaucracy, lazy workers and incompetence, if not corruption. We know this because the media has been repeating versions of this story for years. Those in government will accept an element of truth in these things, but not to the extent the rest of the community believes, and will also tell you there are many highly competent and passionate people working in government. Another example more recently is the Tiger Woods story because of its long running and sensational nature.

Media reporting of crises will have an impact, but that's usually because the crisis itself is having an impact. And if you have an exciting enough product launch, you may achieve some great results. Also, the media provides great daily ice-breakers and topics of conversation for your water cooler, local bar or pub.

But generally I would suggest that we overestimate the impact of the media pretty dramatically. You see this impact is another long running story we have read over and over in the media all of our lives. It has now got to the extent that you can hardly read a story about anything without having to plough through reams of guff about the media coverage and the "spin" tactics being employed. See for example the coverage of President Obama's health care legislation when it was being debated in the US or the daily coverage of the recent Australian election campaign.

The media is huge business made up of major commercial enterprises and government funded bodies, with a small smattering of local and specialist media. Part of their commercial success, just like part of your commercial success, has been the result of building up this wonderful reputation for influence.

But given your overall business strategy, how much time and what resources should you really be devoting to media?

Communication is important and traditional media provides a cheap and easy option, but it may not be that effective. When a story is brewing about your company, treat the media with respect and (usually) respond. But make sure you also do direct communication with your stakeholders, including your family and friends (personal stakeholders!). After all, these are the people who will remember the story for longer than 24 hours.

This blog was first posted on Geoff's Gobbledegook, Geoff's personal blog site provided through the International Association of Business Communicators Xchange blog program