In today’s digital era, where approximately 328.77 billion GB of data is generated daily, identifying and assessing the impact of your media presence can be a daunting undertaking for any organisation. However, media monitoring provides a structured approach to connect press coverage and PR campaigns with tangible business outcomes. Joe Hamman, Director of Novus Group, discusses steps that companies must consider when measuring the effectiveness of their PR efforts.
“At the end of last year, the global PR market size surpassed $107 billion with forecasts that it will grow nearly 6% annually for the next four years,” says Hamman. “Understanding the ROI from media engagements is therefore crucial for refining strategy and ensuring that every communication effort aligns with business objectives. Companies are competing against each other internationally and need relevant insights to best differentiate themselves.”
Step 1: Set clear objectives
Before launching a campaign, it is vital to define what success looks like. Is the business aiming to enhance brand awareness, manage its reputation, or achieve another specific goal?
“Setting clear objectives is the first step in a media monitoring strategy. This allows businesses to establish relevant key performance indicators (KPIs) to measure their success,” says Hamman.
Whether it is tracking the volume of media mentions, the sentiment of coverage, or audience engagement levels, having defined metrics is essential.
Step 2: Use an effective media monitoring tool
Selecting the right tool is crucial for effective media monitoring. For example, Novus Group’s comprehensive media monitoring covers over 4,500 print publications, 190 broadcast sources, and major social media platforms, ensuring comprehensive reach.
“Our tools allow companies to measure various KPIs such as reach, impressions, engagement, and sentiment analysis,” explains Hamman.
For example, Ad Value Equivalency (AVE) can be a controversial but insightful metric when used correctly.
Step 3: Analyse the data and reports
Data is one thing, but understanding what it means is something else entirely. Novus Group specialises in customising reports that sift through the noise to present meaningful insights.
“Our reports help companies understand how their media coverage influences public perception and business strategies,” says Hamman. “This includes not only performance overviews but also comparative and competitor analyses, providing a clear picture of where a company stands in its industry landscape.”
Step 4: Refine and adjust according to findings
The final step involves making data-driven decisions. Being able to review the outcomes of their monitoring efforts empowers a company to refine its strategies.
“Adjusting an organisational approach based on comprehensive data and insights is key to staying ahead in a rapidly changing media landscape,” says Hamman. “This iterative process ensures that media strategies are always aligned with business goals.”
Determining the ROI of media efforts requires a blend of the right tools, clear objectives, thorough analysis, and continuous refinement. Media monitoring is not just about tracking coverage but about understanding its impact on a business and using those insights to drive better decisions.
To learn more about how Novus Group can assist in transforming media data into actionable business insights, contact us today.