show me the money: pr metrics that impress the c-suite

53
SHOW ME THE MONEY: PR MEASUREMENT METRICS THAT IMPRESS THE CSUITE Sandra Fathi President Affect @sandrafathi web: affect.com blog: techaffect.com email: sfathi@affect.com Ragan PR Measurement Conference Miami, February 2, 2017 Slides: www.slideshare.net/sfathi

Upload: sandra-fathi

Post on 13-Apr-2017

200 views

Category:

Business


0 download

TRANSCRIPT

Page 1: Show Me the Money: PR Metrics that Impress the C-Suite

SHOW  ME  THE  MONEY:  PR  MEASUREMENT  METRICS  THAT  IMPRESS  THE  C-­‐SUITE  

Sandra  Fathi  President  Affect  @sandrafathi    

web:  affect.com  blog:  techaffect.com  email:  [email protected]    

Ragan  PR  Measurement  Conference  Miami,  February  2,  2017  

Slides:  www.slideshare.net/sfathi  

Page 2: Show Me the Money: PR Metrics that Impress the C-Suite

ABOUT  ME  

•  Sandra  Fathi  •  President,  Affect  •  Public  RelaLons,  Social  Media,  MarkeLng  

•  Council  of  PR  Firms,  Board  Member  •  PRSA  Past  PosiLons:  

–  Tri-­‐State  Chair  –  NY  Chapter  President  –  NY  Chapter  Board  Member  –  Technology  SecLon  Chair  

2  @sandrafathi  

Page 3: Show Me the Money: PR Metrics that Impress the C-Suite

 Technology: Healthcare: Professional Services:  

   

SAMPLE  PAST  &  PRESENT    CLIENTS  

@sandrafathi  

Page 4: Show Me the Money: PR Metrics that Impress the C-Suite

MEASUREMENT  &  METRICS  

 

Measurement Objectives 1.  Proving value of public relations activities

2.  Proving ongoing improvement in performance

3.  Securing headcount/budget for programs

4.  Demonstrating ROI compared with true business metrics

Holy Grail:

PR = Sales @sandrafathi  

Page 5: Show Me the Money: PR Metrics that Impress the C-Suite

5  

PR  MEASUREMENT  

Sample  Business  Metrics  •  Market  PenetraLon  •  Market  Share  •  Lead  GeneraLon  •  Revenue  •  Cost-­‐Savings  

Sample  MarkeLng  Metrics  •  Traffic  to  Website  •  Downloads  •  RegistraLons  •  Lead  GeneraLon  

Measure  what  maXers  to  the  C-­‐Suite  In  a  language  they  understand  –  and  value  

@sandrafathi  

Page 6: Show Me the Money: PR Metrics that Impress the C-Suite

6  

MEASUREMENT  MISTAKES  

•  Ad  Value  Equivalency  (AVE):  EsLmated  value  if  it  were  a  paid  adverLsement  in  the  media  outlet  

 

•  Vanity  Metrics:  Metrics  designated  by  the  pla`orm  but  are  absent  of  meaning  out  of  context  (i.e.  Tweets,  Follows,  Likes,  Shares  etc.)  and  in  business  

 

•  TradiLonal  PR  Metrics:  Measures  quanLty  or  quality  of  media  coverage  absent  of  business  or  markeLng  outcomes  

Outdated  &  Inaccurate  

Misleading  or  Devoid  of  Meaning  

Incomplete,  Measures  Against  PR  not  MarkeLng  or  Business  Goals  

Page 7: Show Me the Money: PR Metrics that Impress the C-Suite

MEASUREMENT  &  METRICS  

 

Sample  PR  Key  Performance  Indicators  (KPIs): 1. Scores: Indices/scoring mechanisms to track valuable outcomes/results

•  Quantity: sheer volume of media hits

•  Quality: score for Tier 1,2,3, score for feature, prominent, mention

2. Correlations: Between outputs, outcomes and business results.

•  Track events with lead generation (online, email, phone, events)

•  Track PR/social events with Web traffic

3. Check Boxes: Meeting specific, finite objectives

•  # of articles/month

•  # of articles in target industries/vertical markets

•  # of press releases per year

•  # of members/attendees/downloads/registrations (hard numbers)

@sandrafathi  

Page 8: Show Me the Money: PR Metrics that Impress the C-Suite

PR  MEASUREMENT  

Four  Concepts  for  Discussions:    

•  Lead  GeneraLon/Revenue  GeneraLon  •  Share  of  Voice  •  CompeLLve  Benchmarking  •  CorrelaLons  

@sandrafathi   8  

Page 9: Show Me the Money: PR Metrics that Impress the C-Suite

PART  I:  LEAD  GENERATION/REVENUE  GENERATION  

Page 10: Show Me the Money: PR Metrics that Impress the C-Suite

HOW  MARKETERS  ARE  MEASURED  

CMO  Mandate  •  Branding  &  PosiLoning  •  Lead  GeneraLon  •  Customer  AcquisiLon  &  Cost  •  Referral  Rate  •  Website  (Traffic,  AcLons,  Leads,  SEO)  •  Conversion  Rates  •  Revenue  GeneraLon  •  ROI  on  MarkeLng  Spend  

10  

CMO-­‐PR  IntersecLon  •  Market  PercepLon/Market  

Share  of  Mind  •  Lead  GeneraLon  •  Website  (Traffic,  AcLons,  

Leads,  SEO)  •  Revenue  GeneraLon  •  ROI  on  PR  Spend  

Page 11: Show Me the Money: PR Metrics that Impress the C-Suite

THE  CHALLENGE  

•  CMO:  350  Leads  per  quarter  to  reach  bonus  •  Increase  occupancy  rates  in  18  NYC  Regus  properLes  •  Develop  mulL-­‐faceted  program  to  reach  objecLve  •  Isolate  results  to  demonstrate  ROI    

11  

Page 12: Show Me the Money: PR Metrics that Impress the C-Suite

STRATEGY  &  TACTICS  

•  Change  PosiLoning:  AXract  Entrepreneurs/Start-­‐Ups  •  Content  CreaLon  •  Create  Dedicated  Social  Media  Channels  •  Strategic  AdverLsing/Paid  Placements  •  Aggressive  PR  TacLcs  •  Partnerships,  Events,  On-­‐Site  Visits  •  Sweepstakes/Contest  •  Change/Implement  Sales  Tracking  Methodology  

12  

Page 13: Show Me the Money: PR Metrics that Impress the C-Suite

SALES  TRACKING  

•  Dedicated  1-­‐800  •  Change  All  Lead-­‐Capture  Mechanisms  

to  Allow  for  PR  Programs      (Phone,  On-­‐Site,  Web,  Salesforce)  

•  Tracking  Links,  Landing  Pages,  Microsite  

•  PR-­‐only  PromoLons  &  Coupon  Codes  •  RegistraLons,  Downloads,  Trials  

13  

Page 14: Show Me the Money: PR Metrics that Impress the C-Suite

90-­‐DAY  RESULTS  

•  732  Customer  Leads  Generated  •  935  Contest  RegistraLons  •  6400  Unique  Web  Visitors  to  Microsites/Landing  Pages  •  11%  Increase  in  Overall  Web  Traffic  for  NYC  •  $1.067  Million  in  Revenue  (New  Contracts)  Generated  •  114%  Increase  in  Year-­‐Over-­‐Year  Results  

14  

Page 15: Show Me the Money: PR Metrics that Impress the C-Suite

PART  II:  SHARE  OF  VOICE  

Page 16: Show Me the Money: PR Metrics that Impress the C-Suite

DEFINITION  

Share  of  Voice:    

Comparing  your  crucial  performance  metrics  against  those  of  compeLtors  or  the  market.      •  You  have  to  measure  something  •  What  you  measure  needs  to  be  analyzed  proporLonately  

against  compeLtor  data  (or  market  data)  to  establish  market  share  

@sandrafathi   16  

Page 17: Show Me the Money: PR Metrics that Impress the C-Suite

THE  FORMULA  

   Number  of  ConversaLons  That  

Include  Your  Company                              =    X  *  100  =  %  SOV  Total  ConversaLons  on  a  Topic  

@sandrafathi   17  

Page 18: Show Me the Money: PR Metrics that Impress the C-Suite

ADVERTISING  CONCEPT  

25%  SOV  

75%  SOV  

@sandrafathi   18  

Page 19: Show Me the Money: PR Metrics that Impress the C-Suite

SHARE  OF  VOICE  I  

72%  

28  %  

Total  ConversaLons  

Talk  About  Me  

@sandrafathi   19  

Page 20: Show Me the Money: PR Metrics that Impress the C-Suite

SHARE  OF  VOICE  II  

0%  

20%  

40%  

60%  

80%  

100%  

Q1   Q2   Q3   Q4  

CompeLtor  C  

CompeLtor  B  

CompeLtor  A  

Our  Company  

@sandrafathi   20  

Page 21: Show Me the Money: PR Metrics that Impress the C-Suite

KEEP  IN  MIND  

•  Share  of  voice  should  be  defined  for  a  period  of  Lme  (finite  start  and  end).  

•  Share  of  voice  is  oren  most  useful  when  limited  to  a  single  pla`orm  or  

medium.  For  example,  business  press  coverage  or  TwiXer.  

•  Share  of  voice  can  be  overwhelming  if  trying  to  look  at  too  large  a  

segment  or  industry.  Try  choosing  SOV  among  top  compeLtors  or  in  key  

interest  areas.    

@sandrafathi   21  

Page 22: Show Me the Money: PR Metrics that Impress the C-Suite

SOV:  SOCIAL  MEDIA  ANALYTICS  PLATFORMS  

@sandrafathi   22  

Page 23: Show Me the Money: PR Metrics that Impress the C-Suite

SOCIAL  MENTION  

@sandrafathi   23  

Page 24: Show Me the Money: PR Metrics that Impress the C-Suite

SIMPLE  EXCEL  FORMULA  

@sandrafathi   24  

Page 25: Show Me the Money: PR Metrics that Impress the C-Suite

ONLY  PART  OF  THE  STORY  

•  Doesn’t  consider  sources  (exclude  self  produced/owned  media)  

•  Doesn’t  consider  quality,  only  quanLty  (Is  NYT  blog  same  as  obscure  geek’s  tweet?)  

•  Don’t  accept  the  data  blindly  –  human  verificaLon  is  required  with  any  tool  

@sandrafathi   25  

Page 26: Show Me the Money: PR Metrics that Impress the C-Suite

OTHER  APPLICATIONS  &  CONSIDERATIONS  

ConsideraLons:  •  Apply  senLment  or  tonal  filters  (posiLve/negaLve)  •  Apply  qualitaLve  measures  (by  Ler  or  by  type)  

ApplicaLons:  •  Industry  trends/hot  topics  (i.e.  SOV  on  cloud  security)  •  Specific  products  or  services  •  Broken  down  by  geographic  or  demographic  parameters  (i.e.  

SOV  in  18-­‐25  market)  

@sandrafathi   26  

Page 27: Show Me the Money: PR Metrics that Impress the C-Suite

PART  III:  COMPETITIVE  BENCHMARKING  

Page 28: Show Me the Money: PR Metrics that Impress the C-Suite

DEFINITION  

CompeLLve  Benchmarking:    

The  conLnuous  pracLce  of  comparing  a  company’s  pracLces  and  performance  metrics  against  the  most  successful  compeLtors  in  the  industry.    •  You  measure  processes  and  results  •  You  must  idenLfy  a  ‘benchmark’  or  indicator  that  will  be  a  unit  of  

measure  to  compare  •  The  desired  outcome  is  to  understand  which  processes  lead  to  

greater  success  (best  pracLces)  in  order  to  improve  your  company’s  performance  

@sandrafathi   28  

Page 29: Show Me the Money: PR Metrics that Impress the C-Suite

COMPETITIVE    BENCHMARKING  

•  IdenLfy  my  compeLLve  set  for  comparison  •  Choose  my  units  of  measure:  press  coverage  •  Set  parameters:  top  20  business  and  trade  •  Define  a  Lme  period:  6  months  •  Choose  a  tool  (news  monitoring  service)  or  begin  manual  

research  

@sandrafathi   29  

Page 30: Show Me the Money: PR Metrics that Impress the C-Suite

EXAMPLE:  RADWARE  

ObjecLve:      •  Build  &  Maintain  Radware’s  PosiLon  as  a  Thought  Leader  on  Security  •  Maximize  Radware’s  Overall  Public  RelaLons  Results  

 

Strategy:    •  Compare  and  Contrast  Radware’s  Press  Release  Output  with  Top  3  Security  CompeLtors  

•  Analyze  Results  •  Apply  Best  PracLces  and  Lessons  Learned  to  Radware  to  Improve  Overall  Performance  

@sandrafathi   30  

Page 31: Show Me the Money: PR Metrics that Impress the C-Suite

EXAMPLE:  RADWARE  

Network  Security  CompeLtors    

@sandrafathi   31  

Page 32: Show Me the Money: PR Metrics that Impress the C-Suite

•  Analysis  of  press  release  strategy  and  resulLng  coverage  over  6  month  period  

•  Specifically  as  it  relates  to  relevant  products  or  business  units  •  Only  in  top  20  business  and  industry/sector  publicaLons  

METHODOLOGY  

@sandrafathi   32  

Page 33: Show Me the Money: PR Metrics that Impress the C-Suite

RADWARE  PRESS  RELEASES  

Security  43%  

ADC  27%  

Both*  12%  

Other*  18%  

Press  Releases  

*  ‘Both’  includes  releases  related  to  both  security  and  ADC,  ‘Other’  includes  non-­‐product  releases  (e.g.  company  news,  financial  announcements  etc.)  

Press  Releases  

Security   14  

ADC   9  

Both   2    

Other   6  

@sandrafathi   33  

Page 34: Show Me the Money: PR Metrics that Impress the C-Suite

SECURITY  COMPETITORS  

14  23   28  

10  

84  

164  

68   68  

0  20  40  60  80  

100  120  140  160  180  

Radware   Arbor   Imperva   Prolexic  

Press  Releases  

ArLcles  

PRESS  RELEASES  VS.  NUMBER  OF  ARTICLES  

@sandrafathi   34  

Page 35: Show Me the Money: PR Metrics that Impress the C-Suite

SECURITY  COVERAGE  BY  TYPE  

0  

100  

200  

Radware   Arbor   Imperva   Prolexic  

Other  

Report  

Commentary  

AXack  

AcquisiLon  

Product   Customer   Partner   AcquisiLon   AXack   Commentary   Report   Other  

Radware     8     9     6   0   28     22     11   2    

Arbor     19     1   1   18     29     44     52   0  

Imperva     2     1     1     0     8     18     19   19    

Prolexic     0     0   0   0     43     2     14     9    

@sandrafathi   35  

Page 36: Show Me the Money: PR Metrics that Impress the C-Suite

COVERAGE  BY  QUALITY  

0  20  40  60  80  

100  120  140  160  180  

Radware   Arbor   Imperva   Prolexic  

MenLons  

Features  

35%  

65%  

31%  

69%  

34%  

66%  

54%  

46%  

FEATURE  VS.  MENTION  

@sandrafathi   36  

Page 37: Show Me the Money: PR Metrics that Impress the C-Suite

SECURITY  CONCLUSIONS  

•  Radware  is  #2  in  overall  SOV  but  the  quality  is  not  as  strong  (more  menLons  vs.  features)  

•  Leading  customer  and  partner  conversaLons  (ValidaLon)  •  Good  job  at  Story  Hijacking  (responding  to  security  

hacks)  but  room  for  improvement  (ValidaLon)  •  CompeLtors  winning  at  report  coverage  and  

commentary  (Opportunity!)  

@sandrafathi   37  

Page 38: Show Me the Money: PR Metrics that Impress the C-Suite

CONSIDERATIONS  

•  Good  for  understanding  what  worked  but  not  necessarily  ‘how’  it  worked  

•  Costs  for  research  may  outweigh  benefits  of  insights  •  Once  you’ve  idenLfied  the  ‘best  pracLces’  you  may  or  may  

not  be  able  to  replicate  them  •  Consider  non-­‐compeLtor  companies  to  benchmark  •  Do  you  want  to  ‘emulate’  or  ‘innovate’?  

@sandrafathi   38  

Page 39: Show Me the Money: PR Metrics that Impress the C-Suite

PART  IV:  CORRELATIONS  

Page 40: Show Me the Money: PR Metrics that Impress the C-Suite

DEFINITION  

CorrelaLon:  A  mutual  relaLonship,  or  interdependence,  between  two  or  more  

things.    •  In  the  absence  of  being  able  to  prove  ‘causality’  you  may  be  able  to  

demonstrate  a  ‘correlaLon’  to  demonstrate  the  impact  of  a  PR  or  markeLng  program  

•  A  correlaLon  is  posiLve  when  the  values  of  both  variables  increase  together  

•  A  correlaLon  is  negaLve  when  the  value  of  one  variable    increases  while  the  value  of  the  other  variable  decreases  

@sandrafathi   40  

Page 41: Show Me the Money: PR Metrics that Impress the C-Suite

TYPES  OF  CORRELATION  

Source:  MathisFun.com  

41  

Page 42: Show Me the Money: PR Metrics that Impress the C-Suite

THE  FORMULA  

42  

Pearson’s  CorrelaLon:  

@sandrafathi  

Page 43: Show Me the Money: PR Metrics that Impress the C-Suite

FUNCTION  IN  EXCEL  

43  @sandrafathi  

Page 44: Show Me the Money: PR Metrics that Impress the C-Suite

CORRELATION  IN  EXCEL  

44  @sandrafathi  

Page 45: Show Me the Money: PR Metrics that Impress the C-Suite

FUNCTION  IN  EXCEL  

45  @sandrafathi  

Page 46: Show Me the Money: PR Metrics that Impress the C-Suite

SCATTER  CHART  

46  @sandrafathi  

Page 47: Show Me the Money: PR Metrics that Impress the C-Suite

LINE  CHART  

47  @sandrafathi  

AcquisiLon  

Page 48: Show Me the Money: PR Metrics that Impress the C-Suite

MULTIPLE  DATA  SETS  

48  @sandrafathi  

0  500  1000  1500  2000  2500  3000  3500  4000  4500  

Q1   Q2   Q3   Q4  

Sales  

Web  Traffic  

Press  Coverage  

Page 49: Show Me the Money: PR Metrics that Impress the C-Suite

SPURIOUS  CORRELATION  

49  @sandrafathi   Source:  TylerVigen.com  

Page 50: Show Me the Money: PR Metrics that Impress the C-Suite

50  @sandrafathi   Source:  TylerVigen.com  

SPURIOUS  CORRELATION  

Page 51: Show Me the Money: PR Metrics that Impress the C-Suite

CONSIDERATIONS  

•  Use  correlaLons  cauLously  and  don’t  trust  the  math  blindly  •  The  visuals  oren  tell  a  story  as  well  •  Remember  that  correlaLon  is  not  causality,  it  can  only  help  as  

an  indicator  or  potenLally  predict  probability  •  Data  is  sLll  beXer  that  your  opinion  

51  @sandrafathi  

Page 52: Show Me the Money: PR Metrics that Impress the C-Suite

FINAL  THOUGHTS  

•  In  measurement,  speak  the  language  of  the  C-­‐Suite  •  Excel  is  sLll  the  best  dashboard  for  data  visualizaLon  •  Don’t  be  afraid  to  learn  that  you  are  wrong  •  Don’t  be  afraid  to  change  direcLon  •  Use  the  data  to  gain  execuLve  support    

–  Strategy  –  Resources  –  Headcount  –  Budget  

52  @sandrafathi  

Page 53: Show Me the Money: PR Metrics that Impress the C-Suite

THANK  YOU      

Sandra  Fathi  President  Affect  @sandrafathi    

web:  affect.com  blog:  techaffect.com  email:  [email protected]    

Slides:  www.slideshare.net/sfathi