show me the money: pr metrics that impress the c-suite
TRANSCRIPT
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
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
Technology: Healthcare: Professional Services:
SAMPLE PAST & PRESENT CLIENTS
@sandrafathi
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
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
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Outdated & Inaccurate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
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
PR MEASUREMENT
Four Concepts for Discussions:
• Lead GeneraLon/Revenue GeneraLon • Share of Voice • CompeLLve Benchmarking • CorrelaLons
@sandrafathi 8
PART I: LEAD GENERATION/REVENUE GENERATION
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
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
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
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
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
PART II: SHARE OF VOICE
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
THE FORMULA
Number of ConversaLons That
Include Your Company = X * 100 = % SOV Total ConversaLons on a Topic
@sandrafathi 17
ADVERTISING CONCEPT
25% SOV
75% SOV
@sandrafathi 18
SHARE OF VOICE I
72%
28 %
Total ConversaLons
Talk About Me
@sandrafathi 19
SHARE OF VOICE II
0%
20%
40%
60%
80%
100%
Q1 Q2 Q3 Q4
CompeLtor C
CompeLtor B
CompeLtor A
Our Company
@sandrafathi 20
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
SOV: SOCIAL MEDIA ANALYTICS PLATFORMS
@sandrafathi 22
SOCIAL MENTION
@sandrafathi 23
SIMPLE EXCEL FORMULA
@sandrafathi 24
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
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
PART III: COMPETITIVE BENCHMARKING
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
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
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
EXAMPLE: RADWARE
Network Security CompeLtors
@sandrafathi 31
• 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
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
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
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
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
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
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
PART IV: CORRELATIONS
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
TYPES OF CORRELATION
Source: MathisFun.com
41
THE FORMULA
42
Pearson’s CorrelaLon:
@sandrafathi
FUNCTION IN EXCEL
43 @sandrafathi
CORRELATION IN EXCEL
44 @sandrafathi
FUNCTION IN EXCEL
45 @sandrafathi
SCATTER CHART
46 @sandrafathi
LINE CHART
47 @sandrafathi
AcquisiLon
MULTIPLE DATA SETS
48 @sandrafathi
0 500 1000 1500 2000 2500 3000 3500 4000 4500
Q1 Q2 Q3 Q4
Sales
Web Traffic
Press Coverage
SPURIOUS CORRELATION
49 @sandrafathi Source: TylerVigen.com
50 @sandrafathi Source: TylerVigen.com
SPURIOUS CORRELATION
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
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
THANK YOU
Sandra Fathi President Affect @sandrafathi
web: affect.com blog: techaffect.com email: [email protected]
Slides: www.slideshare.net/sfathi