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

Presentation given at PR Measurement Conference, Miami, February 2, 2017

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

  1. 1. SHOW  ME  THE  MONEY:  PR  MEASUREMENT   METRICS  THAT  IMPRESS  THE  C-­‐SUITE   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  
  2. 2. 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  
  3. 3. Technology: Healthcare: Professional Services:       SAMPLE  PAST  &  PRESENT     CLIENTS   @sandrafathi  
  4. 4. 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. 5. 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. 6. 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 PR  Metrics:  Measures  quanLty  or  quality  of  media   coverage  absent  of  business  or  markeLng  outcomes   Outdated  &  Inaccurate   Misleading  or  Devoid  of  Meaning   Incomplete,  Measures  Against  PR  not  MarkeLng  or  Business  Goals  
  7. 7. 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  
  8. 8. PR  MEASUREMENT   Four  Concepts  for  Discussions:     •  Lead  GeneraLon/Revenue  GeneraLon   •  Share  of  Voice   •  CompeLLve  Benchmarking   •  CorrelaLons   @sandrafathi   8  
  9. 9. PART  I:  LEAD  GENERATION/REVENUE   GENERATION  
  10. 10. 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  
  11. 11. 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  
  12. 12. 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  
  13. 13. 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  
  14. 14. 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  
  15. 15. PART  II:  SHARE  OF  VOICE  
  16. 16. 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  
  17. 17. THE  FORMULA       Number  of  ConversaLons  That   Include  Your  Company                              =    X  *  100  =  %  SOV   Total  ConversaLons  on  a  Topic   @sandrafathi   17  
  18. 18. ADVERTISING  CONCEPT   25%  SOV   75%  SOV   @sandrafathi   18  
  19. 19. SHARE  OF  VOICE  I   72%   28  %   Total  ConversaLons   Talk   About  Me   @sandrafathi   19  
  20. 20. SHARE  OF  VOICE  II   0%   20%   40%   60%   80%   100%   Q1   Q2   Q3   Q4   CompeLtor  C   CompeLtor  B   CompeLtor  A   Our  Company   @sandrafathi   20  
  21. 21. 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  
  22. 22. SOV:  SOCIAL  MEDIA  ANALYTICS   PLATFORMS   @sandrafathi   22  
  23. 23. SOCIAL  MENTION   @sandrafathi   23  
  24. 24. SIMPLE  EXCEL  FORMULA   @sandrafathi   24  
  25. 25. 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  
  26. 26. 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  
  27. 27. PART  III:  COMPETITIVE  BENCHMARKING  
  28. 28. 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  
  29. 29. 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  
  30. 30. 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  
  31. 31. EXAMPLE:  RADWARE   Network  Security  CompeLtors     @sandrafathi   31  
  32. 32. •  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  
  33. 33. 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  
  34. 34. 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  
  35. 35. 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  
  36. 36. 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  
  37. 37. 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  
  38. 38. 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  
  39. 39. PART  IV:  CORRELATIONS  
  40. 40. 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  
  41. 41. TYPES  OF  CORRELATION   Source:  MathisFun.com   41  
  42. 42. THE  FORMULA   42   Pearson’s  CorrelaLon:   @sandrafathi  
  43. 43. FUNCTION  IN  EXCEL   43  @sandrafathi  
  44. 44. CORRELATION  IN  EXCEL   44  @sandrafathi  
  45. 45. FUNCTION  IN  EXCEL   45  @sandrafathi  
  46. 46. SCATTER  CHART   46  @sandrafathi  
  47. 47. LINE  CHART   47  @sandrafathi   AcquisiLon  
  48. 48. MULTIPLE  DATA  SETS   48  @sandrafathi   0   500   1000   1500   2000   2500   3000   3500   4000   4500   Q1   Q2   Q3   Q4   Sales   Web  Traffic   Press  Coverage  
  49. 49. SPURIOUS  CORRELATION   49  @sandrafathi   Source:  TylerVigen.com  
  50. 50. 50  @sandrafathi   Source:  TylerVigen.com   SPURIOUS  CORRELATION  
  51. 51. 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  
  52. 52. 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  
  53. 53. THANK  YOU       Sandra  Fathi   President   Affect   @sandrafathi     web:  affect.com   blog:  techaffect.com   email:  sfathi@affect.com     Slides:  www.slideshare.net/sfathi  

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