Want to change the value public relations & marketing delivers? Measure it differently!
Chances are you’re measuring the return on your investment based on awareness. You’re also likely relying on awareness to deliver commercial value. The PR industry likes it that way.
The problem with using awareness to measure the value of PR is that it doesn’t add up. That’s like using the distance flown to calculate the chances of landing at the right airport. Based on the traditional PR measurement model the further you fly the more likely you are to successfully reach your destination. We know that makes no sense. The only way to arrive at the right destination is know your destination and plot the right flight plan – and follow it.
Commercially Valuable Outcomes
Early-stage and small businesses need to be able to measure the tangible impact of PR on their ventures. In order to measure the value you need to quantify a commercially-valuable outcome.
The quickest way to achieve commercial goals is through building strong relationships based on mutual benefit. Most entrepreneurs don’t know who the key people are for achieving a specific business outcome.
Public relations is about building and maintaining mutually beneficial relationships with the people that matter most to a venture. Rather than awareness, entrepreneurs should focus on building key strategic relationships. Relationship strength with these people can be benchmarked and measured. It also allows you to accurately calculate the likelihood of them taking a specific commercially-valuable action.
Change the way you measure public relations and marketing
If you want to change the value that public relations and marketing delivers to your business you need to start measuring it differently. Forget about awareness and instead focus on relationship strength that results in commercially valuable actions. Understanding the strength of key relationships will also allow you to build strategies that are more likely to deliver the outcomes your business needs.