How to create a trade media measurement system
It’s never been more important - or more difficult - to measure the success of trade media relations programs.
B2B marketers are adjusting on-the-fly to a media landscape where content (and presumably readers) is migrating from print to online and where the lines between professional and amateur journalism are no longer clear - or particularly relevant.
As much as possible, they want to use metrics to drive decisions about how these changes affect their marketing spend. The more effectively we can help them do that in regard to trade media relations, the easier it is for them to justify continued investments in those programs.
Unfortunately, simply counting the number of clips or column inches doesn’t give them the ammunition they need. And efforts to determine “advertising equivalence,” always somewhat suspect, are almost impossible to produce in today’s environment.
To further complicate the issue, the costs of monitoring and evaluating coverage have to make sense in the overall context of the program. If measurement gets too complex or cumbersome, it can consume resources that would be better spent generating coverage.
You can’t really explain a lack of trade media success to senior management by pointing out that too much time was spent monitoring and measuring the lack of success.
At Fahlgren Mortine, we’ve developed a relatively simple ten-point rating system that allows us to quickly and efficiently generate a qualitative media rating score for a particular client or a client and its key competitors. It’s not perfect, but it has proven useful at determining share of discussion and for driving continuous improvement. Here’s how to put a similar system in place for your program:
- Determine the universe. You likely already have a media list that you’ve created for your media relations program. These are the publications and outlets you are trying to influence so it makes sense to make this list your measurement universe. You may get clips from outside this group, but generally they don’t impact the share of discussion within your industry. (If they did, they would be on your media list.)
- Segment the list into tiers. Again, you have probably already done that as a way to ensure resources are allocated proportionally based on the reach and influence of the various media targets. Typically, two or three tiers are sufficient, with the most influential media being defined as tier one and less important outlets being defined as tier two or three.
- Define the scale. Within the 10-point scale, set a range for each type of placement that allows for objectivity and subjectivity. Objectivity, which will get you in the right part of the scale, will be based on publication tier and type of article. Subjectivity, which will allow you to assign the correct score, will be based on items such as tone, key messages, competitive presence and supporting images. For example, the 7 to 10 point range might be reserved for feature articles in tier one publications. A specific feature would then be assigned a score within that range based on other factors.
- Use a compilation of media monitoring tools. Monitor print and online coverage and rate each article as it comes in, first placing it in the range based on the defined tier for the publication and the type of coverage and then assigning a value within the range based on the quality of the coverage.
- Tabulate scores monthly or quarterly. If competitors are being monitored, this approach can be used to determine a rough measure of share of discussion. If competitors aren’t being tracked, it is still highly valuable in creating a qualitative rating score to monitor relative success and drive continuous improvement.
There are still some questions you’ll have to answer, based on your objectives and the specific media trends within your industry, including:
- Do print and online placements in the same publication get measured once or twice?
- Are blogs included in the measurement program?
- How do we measure placements that are simply news release postings?
- What is the value of a video placement compared to a print or online article?
- What role do social media mentions, such as tweets or comments on blogs, play in the measurement program?
These aren’t always easy questions to answer, but as long as you are consistent in how you address them, you can generate a meaningful measure of trade media relations success without spending all of your time and budget on measurement.
