Any function in the business world runs on implementing projects, measuring their success, and making strategic adjustments to ensure enhanced metrics and determine the return on investment.
Marketing is no different, and given its tremendous spend in the U.S., which peaked at $197.47 billion last year alone, measuring ROI is critically vital. The challenge for most CMOs and directors of public relations is how to both accurately and congruently quantify and qualify the investments they have made.
Unlike the advertising function that can more easily track return on investment to sales, tracking public relations activities is often more complex, yet yields abundant data-rich information that can drill down deeper than basic advertising metrics. The value is enormous as marketing leaders can identify the traditional metrics of reach and impressions, as well as track engagement and sentiment, and both behavioral and attitudinal drivers.
Since the inception of public relations, measurement has often included dedicating the time of a junior team member to physically track stories to determine reach, the number of column inches, or minutes on air.
But given the evolution of the media landscape and the sheer volume of outlets across traditional, digital and social media channels, it can be a monumentally time-consuming effort for an in-house team to undertake. In fact, becoming an in-house measurement team also requires a plethora of paid subscriptions totaling thousands of dollars annually to bypass paywalls and access coverage. Similarly, manual research and tabulation also compromise the integrity of the final reports as many opportunities may be inadvertently missed.
Perhaps the single most helpful tool in determining the reach of public relations efforts is a media monitoring service that provides professional tracking and measurement tools.
With so many providers offering a dizzying array of services, it’s hard to know where to start to ensure the best possible service for a company’s needs.
Begin by recognizing where you play, or more specifically, the markets you’re in, the audiences you are trying to reach and any specific trends and numbers you are tracking.
Your answers to the questions above will help guide you in determining the best tracking tool for your business.
It is important to note that the field of measurement is often confusing, with monitoring companies selling a full range of services. While the thought of measuring every Tweet or news story repost in real-time can be intoxicating for measurement gurus, it can often lead to more complex and more costly services than most companies truly need.
Once you figure out what you need to track, you will have a better understanding of how to convey your needs to the various monitoring services available. A quick primer to help guide you as you begin your research journey:
| Cons | Annual plans can range anywhere from $15,000-$35,000 and up annually. Packages can be customized to include print, online, broadcast, social media and podcast monitoring. There are opportunities to negotiate costs based on the type of package that’s needed. |
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Operates proprietary technology to capture content from all corners of the globe, across news, social media, print, broadcast, and podcasts and scans:
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| Cost | Annual plans that begin at $7,200 per year according to Prowly Magazine. |
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| Cost | Annual plans that begin at $5,000 per year for unlimited TV, radio, print and digital monitoring and reporting. Adding social media monitoring increases the price to $6,500 per year. Costs are negotiable and bulk-enroll option for agencies looking to group cost clients is available. |
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Access to:
Most detailed specialized dashboards that analyze results and benchmark performance across metrics in real-time Unlimited customizable searches and in-depth analytics for brand and competitors Special rates for nonprofits |
| Cons | While offering one of the most comprehensive services available, the product may be too hefty for clients needing basic services |
| Cost | Variety of plans for different tiers of coverage: $195 per month ($2,145 per year) for a solo plan
$295 per month ($4,345 per year) for an agency plan
$995 per month ($10,945 per year) for an agency plus plan
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| Cons | Variety of monthly or annual plans for different tiers of coverage: Bronze: $99 per month ($1,089 per year)
Silver: $199 per month ($2,189 per year)
Gold: $499 per month ($5,489 per year)
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With an abundance of tools, measuring a company’s PR ROI is easier and more insightful than ever, and is a more budget-friendly tool than dedicating a full-time junior employee’s $40,000 annual salary to counting clips.
But, given the massive scale and ubiquitous scope of media today – from print and broadcast to millions of online social media entries and podcasts – measurement is a complex process of research, analysis, and reporting. Despite its complexity, it’s a vital tool in determining the impact of the messaging and the influence of your PR efforts on the bottom line. If you need support for your PR measurement goals in the new year, reach out to us at 480-305-2017 or info@rmimpr.com.