How to Measure Earned Media Value (EMV)?

Measuring Earned Media Value (EMV) is a pivotal aspect of assessing the impact and effectiveness of your marketing and PR efforts. EMV refers to the calculated worth of the attention and exposure gained through non-paid channels like social media, word-of-mouth, press coverage, and more. The evaluation of EMV helps in quantifying the value generated from these organic engagements. Here’s an in-depth exploration of how to measure EMV:

Understanding Earned Media Value (EMV)

1. Quantifying Exposure: Earned Media Value measures the value obtained from media exposure that wasn’t directly paid for. It includes social media mentions, shares, likes, comments, PR mentions, influencer shout-outs, and more.
2. Calculating EMV: Various methods exist to compute EMV, often involving assigning a monetary value to each mention or engagement. For instance, you might assign a cost-per-engagement metric based on ad spend or industry standards.

Metrics and Techniques for Measuring EMV:

1. Social Media Metrics:

• Reach: The number of people who have seen the content.
• Engagement: Likes, shares, comments, and clicks.
• Sentiment Analysis: Evaluating the tone and context of mentions (positive, negative, neutral).

1. PR Mentions:

• Media Monitoring Tools: Utilize tools like Google Alerts, Mention, or Brandwatch to track online mentions in news articles, blogs, or forums.
• Backlink Analysis: Measure the SEO impact by analyzing backlinks generated from PR mentions.

1. Influencer Marketing:

• Influencer Reach: Measure the audience size of the influencer.
• Engagement Metrics: Track likes, comments, shares, and click-through rates from influencer campaigns.

1. Content Performance:

• Website Traffic: Measure the increase in traffic resulting from media exposure.
• Conversion Rates: Assess if the exposure led to higher conversions or sales.

Steps to Calculate EMV:

1. Assigning a Value: Decide on a monetary value for each type of engagement. This could be based on industry benchmarks or internal data.
2. Collect Data: Utilize tools and analytics platforms to gather data on mentions, engagements, and reach across various channels.
3. Compute EMV: Multiply the quantity of each type of engagement by its assigned value and sum up these values to get the total EMV.
4. Comparative Analysis: Compare EMV over time or against different campaigns to understand the effectiveness of your strategies.

Challenges in Measuring EMV:

1. Attribution: Determining which specific actions directly resulted from the earned media exposure can be complex.
2. Assigning Values: Deciding on the worth of each engagement can be subjective and may vary across industries or campaigns.
3. Data Accuracy: Relying on tools and platforms for data collection might lead to discrepancies or incomplete information.

Conclusion:

Measuring Earned Media Value involves a blend of quantitative analysis and qualitative assessment. It’s not just about the numbers but also about understanding the impact of exposure on brand perception, engagement, and conversions. By employing various metrics, tools, and methodologies, businesses can gauge the value derived from their organic marketing efforts, enabling them to refine strategies for greater success.