4 Steps for Turning Measurement Into Money
Everyone’s talking about PR data and measurement. But is that where the money really is? Not exactly.
The money’s found in what you do with the data. For instance, how are you measuring your PR program? What data is being fed to analytics or other measurement software? How are the findings used? Are they put to good use?
1. Feed the Beast
When it comes to the laws of supply and demand, the PR measurement beast need never go hungry. Data is abundant and available for the picking from about as many sources as you’d like.
The question, however, is the quality of the food being given to the beast. What you get out of a measurement program is only as good as what’s put in. So give the beast the best. No table scraps, greasy potato chips or Twinkies allowed.
2. Learn About Measurement Models
A number of measurement “beasts,” or models, exist. Learn about them before deciding which ones to feed. Compare them against each other. See what insights are gleaned through an integrated approach.
Modeling tends to be either rules-based or algorithm-based. The first is a familiar one; it’s found in Google Analytics and similar software. It’s ideal for measuring campaigns and programs in a more or less isolated manner.
Algorithms, which include regression and probability modeling, can account for more factors. They’re essential once your brand reaches a certain threshold of revenue or size. They can scale in a way that rules-based modeling cannot.
3. Ask Questions
Once you have your “beasts” in place and are feeding them the best data, it’s time to evaluate yourself. You’re getting good data, but what are you doing with it?
Data must lead to insights and action to have value to the organization. Data is not where the money is; insights and action are.
To get to that point, view every model critically. Start with the simpler models such as single touch and position based. Ask questions of the data they produce. Take that same mindset with you when you move to the more complex modeling found with probability and regression.
4. Deliver Value
Turn insights into action. For example, change a single output and assess the impact on outcomes. What happens if emails are sent more frequently? What’s the result of increased word of mouth? The effect of a particular influencer?
Use the resulting data to better align your PR program with business-wide objectives. Show that data at the next stakeholder meeting. Let the results speak for themselves. They’ll get you invited to the next meeting and the one after that.
So focus on where the money in PR measurement really is: actionable insights and action.
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