PR Measurement – that actually makes sense
Today, PR professionals experience more pressure on documenting how their work contributes to specific goals for the business. That requires a sophisticated and operational way of measuring PR. This is accomplished with Hypefactors.
Referring to our previous post about AVE versus Barcelona Principles – the argument is that none of these alternatives is both a sophisticated and operational relevant PR measurement method. Therefore, Hypefactors have replaced AVE with ’Hypefactors Value’. The Value is calculated from a unique measurement algorithm based on 10 different parameters and presents an operational and sophisticated way for businesses to measure their PR.
How to make it operational
Operational PR measurement should recognize the importance of negative PR, measuring outcomes instead of outputs, and also be transparent and valid.
The Barcelona principles reject the AVE model as the advertising cost, does not reflect the value of PR. This is easily demonstrated by negative PR. Not all mentions are adding value to your brand, what about the negative effect of earned media? This is not included in the AVE model. Sentiment analysis illustrates the negative effect of PR. Furthermore, successful sentiment analysis is quite complex, and understanding the underlying tone of the text can be quite difficult. Hypefactors` systems are based on a statistical approach (machine learning) that attempts to learn what positive, negative, or neutral sentiment means, in order to identify the tone of the article. Read more about sentiment analysis.
Reaching goals and measuring outcomes
What Barcelona principles highlights are the importance of reaching goals and measuring the outcomes instead of output. The output of your communication work is not necessarily the same as the outcomes. When communicating, it is not the message that should be measured, but the result of the message expressed by consumers. This is exactly what Hypefactors focuses on. In addition to measuring outcomes, these outcomes should also be measured against the overall business goal, in order to keep their budget and reach their target. The Hypefactors value calculates the financial value of your PR and by setting your targeted key performance indicators (KPIs) you can see if you have reached your final goal.
Measurement and evaluation should be transparent, consistent, and valid. Hypefactors` sophisticated AI-driven algorithm calculates the value of your media coverage based on different relevant media parameters. The way we measure our Hypefactors value includes the number of impressions, type of mention, type of media, size of media, in addition to sentiments evaluation, and other parameters. How extensive is the article and is the mention exclusively about your brand? Who is the target group of the magazine and are they relevant to you? Decide which medium that are more relevant for your brand. The relevance and extent of the exposure of your brand are evaluated and affect the Hypefactors Value.
What is the value of your social media?
When referring to earned media, the focus is not only on journalistic writing in newspapers and online, what about social media? More consumers are using social media as a new platform for both mentions, recommendations, and reviews for your products. So how do you discover what people say about you in the media? With Hypefactors, you have the opportunity to discover all media platforms and monitor both print, online, and social media and therefore manage your overall reputation.
Hypefactors lets you compare markets, benchmark, and keep your PR strategy on track in an easy and operational manner. Improve your reputation with the right PR measurement. Hypefactors focuses on giving you the correct value of your PR.