Decades ago, the way B2B tech firms measured the value of a piece of coverage in a newspaper or magazine was by working out the cost in column inches of running an advert in that space.
Advertising Value Equivalency – an Outdated Metric?
In today’s world, AVE (Advertising Value Equivalency) is no longer relevant. Times have changed and thankfully B2B tech firms are embracing new measurement opportunities afforded by technology. Not only has the internet changed our perceptions of the value of PR, but there are also many online platforms that can help to establish its true impact.
One of the key arguments against AVE has always been that PR is not advertising and as such should not be directly compared with it. AVE does not care about tone, audience, reach, quality or lasting effects for example. What’s more, how would you even begin measuring the AVE of any impact you have via social media?
So what can we do? Well, with PR the ‘value’ of coverage can mean many different things. At Essential we have discovered several ways to better understand and report the coverage we achieve than simply working out the AVE.
For starters, we share our coverage visually with clients and give them meaningful data on estimated reach, circulation and social shares. This is updated in real time as well which means clients can see their social engagement growing.
Tracking Website Traffic
As well as further reporting on social sharing and mentions, we also track traffic to our client’s websites as a result of both press coverage and social media, as this is a good indicator that the story has attracted interest from the target readership who are keen to learn more from the initial piece of coverage they’ve read. We also feel that obtaining coverage in the most relevant target media, journalist or blogger for a client should be considered as more valuable to the client, especially as the target media outlet may not write about their specific area of B2B tech that frequently.
We place great importance on our relationships with media outlets and their journalists. We send personal emails with relevant stories rather than spamming them and always respond quickly to their requests for comment or help as we know they’re often chasing a deadline. We carefully monitor our key journalists’ requests that they put out on social media and via other response platforms and reply to them directly via the same channel whenever we can help them.
Sometimes the value of our PR work lies in capturing the attention of a key reporter, who to date, hasn’t covered the client. We know that a simple mention in one article can open up the door to an interview or feature piece via that same journalist in the future. In the case of freelance journalists, we may be opening many doors as they often write for a number of titles.
Measuring PR Value is a Complex Task
It should be clear that measuring value is a complex task, and measurement can be tailored to reflect what the client is seeking to achieve. In a digital world, these new methods can give a clear view of the impact of PR work. Not only that, but they provide clients with a better understanding of how to develop and refine their messaging to ensure future success.
If you feel like you’re not achieving value from your PR efforts or your agency is not focused on the right metrics, then please get in touch.