Submitting press releases is one of the most under-utilized area of SEO. A lot of online marketers dismiss the idea of submitting a press release because  it can be costly and it requires extra effort. But the benefits of doing so can be huge.
There are many free and paid press release websites out there. The best ones include PRWeb and PRLeap. These websites distribute your news to other news agencies as well as keep a copy of it on their high PR website. Most of the established press release websites rank around PR 7-8 and getting even one link from their website is well-worth it.
Press releases can be powerful for you if:
1. You have a well-desgined website which is inviting to visitors
2. Have an adequate budget for weekly or monthly press releases
3. Have something news-worthy to talk about.
If you fulfill the above points, it would help you get valuable backlinks by submitting a press release. Press release prices range from $25-80 for basic service.
Also, you do not really need to write a press release yourself. There are many websites such as Elance, RAC, Guru etc, where you can find qualified people to write a press release for you.
In the rare occasion that the media really likes what you offer, you can get covered on TV and radio, so it is a venue well worth investing in.