For small businesses, the cost of press releases can be prohibitive. The pricing sheet for the basic releases of some major wire services average $400 – $600 for pertinent info with a word count restriction and limited area lists. Of course, there are many options that a business can add on but they do cost extra; I.E. higher word count, logos, photos, website links, video, additional target media lists, etcetera. A social media release gives an additional advantage to companies seeking visibility. Yes, the major wires have caught on and also offer the social media release tools but the cost is high.
A social media release will include background info, downloadable materials such as  photos & video, urls, and social media icons to share your information. Social media releases allow companies to improve their search engine optimization and improve conversation between company and audience. The tool itself will not promote the product/service/event but will enhance the chance of being read by your end user and potential customer. The key to any release, whether traditional or social, is to write specifically for your audience.

Read the release tips from Brian Clark of copyblogger
I’ve learned one important thing about press releases. A great press release is not something that prompts a journalist to write an article; rather, a great press release is published as an article. While that may be an abstraction outside of the most time-strapped of reporters, many times the better your press release, the more of it ends up verbatim in the resulting article.So stop writing press releases, and start writing news stories. Not sure how to start? Let’s role-play a bit.
You are the reporter, and you are writing an article, because that’s yourjob. What is it about this random company, blog, or event that makes for a great news piece?

What’s the story, the hook, the angle? How can this piece advance yourcareer as a journalist? Why in the world would anyone other than the attention-seeking schlep possibly care?

If you can’t figure those things out, don’t write the article, and don’t send the release. It’s that simple, because an actual reporter will cast an even more jaundiced eye at your pitch.

Read the entire article, How to Use The Modern Press Release
Resources for cost effective releases:
PR Webdirect
Pitch Engine