Insight: Measuring PR Campaign Performance
Measuring PR Campaign Performance
Not too long ago, the yardstick for measuring the success of a PR campaign seemed so simple. Calculate the number of clippings you can generate, or number of times you can get your product or spokesperson on that one program everyone’s watching seems to do the trick. But, PR in today’s market is more complex. We have an explosion of media titles, from satellite TV with multiple channels, countless newspapers, euphoria of new magazine titles and not to mention the Internet. The fragmentation of target audience has reached a tipping point that you can’t simply focus on just one media, or one media channel to reach your audience. Your audience is now everywhere.
Therefore, a different set of KPIs is needed to measure a campaign success. Each KPI act as a second sight, an alternate view of the performance of the media relations effort. It may reveal strengths previously unknown, or loss factors that may have been masked.
1) DOLLAR VALUE RESULT (DVR)
By far the standard measurement test across the PR industry today is the dollar value result. It is simply the value of the media coverage based on the advertising rates of each media. It gives you a base level measurement on how each coverage is worth – if you were to advertise instead. Obviously, the higher the value, the more successful a campaign. But is dollar value result as a metric enough?
2) MEDIA COVERAGE INDEX (MCI)
Dollar Value Result may indicate the value of press coverage you receive, but it masks the breadth of such exposure. Today’s audience is no longer glued to the same channel, or to the same newspaper. In fact, they may not be glued at all considering the countless media options on display today. Suppose your entire dollar value is concentrated on a single source, or on publications that has little or no relevance to your target market, what good is that dollar value to your business?
Media Coverage Index gives you a metric that tracks how well you’re reaching a fragmented audience. With a media list agreed upon at the start, you can track how well your campaign is reaching that media list. A high index means that you’re successful in reaching a higher proportion of the media, while a low index means the breadth of your coverage is too narrow.
To take this further, the media list can be broken down into different tiers, with the top tier representing the media that is consumed by your key target market group. You can give that a higher weightage compared to media that may be less relevant, but still opens up access to your target market.
The end result is that you have a tool to measure how wide the reach of your PR campaign is. The wider the reach, the more exposure you’ll gain. And as we say, the more famous you are, the more successful you’ll be.
3) SHARE OF VOICE RANKING (SOV)
The last metric, perhaps the most important is Share of Voice. It’s important because it’s the only measurement that acts as a benchmark – against your competitors, your industry. It represents a tool that gives you a rather accurate picture on whether you’re a leader in your segment, or a laggard.
Share of Voice ranking is simply a rank measured against your closest competitor, and using the earlier metrics of DVR and MCI to see where you stand among your peers.
A low ranking may mean that you have issues with your product, or that you have little news angle to share. It shows that despite your best efforts, your competitors are doing better. Perhaps a change in strategy is required.
A high ranking on the other hand gives you confirmation on your strategy. It allows you to own the opinion space, to act as key thought leaders in your segment. It gives the impression of leadership among stakeholders, customers, even employees.
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Beyond this three quantitative metrics, don’t forget there are qualitative ones as well. The quality of the content of your coverage is equally important, albeit more subjective in terms of defining what constitutes “quality”. The value of these three quantitative measurements is that it gives you a common ground to benchmark against best practices and results of other campaigns, essentially a standard way to determine success or failure.
Do you have an insight into what metrics you are using to measure success? Share with us, and keep the search for excellence open and alive. Contact us at +60-3-22872255 or visit www.brandthinkasia.com
About BRANDTHINK
BRANDTHINK is Malaysia’s most imaginative agency that helps brands engage with customers through every imaginable touch-points, including Advertising, PR, Events and Interactive Marketing. We’re famous for our work with major clients in luxury, fashion, lifestyle and technology – having launched iconic brands and products in Malaysia and being the go-to agency for reaching the affluent consumer.
