Three Ways to Measure ROI 1. Audience Response We can assume that direct mail and advertising have about a 1% response rate and that editorial PR carries more weight with a potential audience that blatant advertising based on most of the marketing research available. Most sources agree that if an editorial piece has at least a 2-sentence mention of a company or product, PR has a 2-5% immediate response rate of potential buyers if there are no barriers to action and that 20% of potential buyers will consider the company or product next time they are looking for its category. The trick? How do you determine the number potential buyers? Look at their advertising data for demographic information and the usability and price of your product – How affordable is it? Who is likely to use it? How many of those people actually read this magazine (not just total circulation)?
2. Compare it to Advertising You can often justify spending or not spending on PR if you look at how much a display ad or commercial in a given media would cost. When budget season rolls around, look at how much PR you got and how much the same advertising would have cost. If you can measure how effective your advertising was, use that as your control measurement for PR costs.
3. Use Your Gut There is NO universally accepted way to measure the ROI of a PR campaign. Try changing just one factor at a time to see how it effects sales, but there are so many factors outside of your control, it really comes down to what’s in your gut!
To learn more about this author, visit Sarah Waffle's Website.
Like this article? Share it with your friends
|
|
Sarah Waffle
(Visit Sarah's Website)
At No Retainer PR, we believe in helping
small- and medium-sized companies get the
most out of their PR budgets by using our
public relations, press release, and
marketing services when they need it, not
paying us month after month just to say
they have a PR firm. With access to over
25,000 journalists at more than 17,000
media outlets, we can make sure the news
you need gets to the publications or
broadcasters you want to reach. We'll
even write your release for you so you can
feel confident it gets the attention your
news deserves. We'll have real, live,
phone conversations with editors and
journalists in your target segment with
most of our packages and we can help you
design and implement complete marketing
plans. Visit www.NoRetaine
rPR.com for more information. Mention
Evan Carmichael for 10% off.
|
|
|
|
Sarah Waffle's
Complete
List Of
Public-Relations
Articles
|
|
If you enjoyed this article, get Sarah Waffle's Complete List of Public-Relations Articles For FREE!
|
|
|
|