Whether on Instagram, Facebook, Twitter, a blog or a YouTube video, marketing influence is one of those decision-making levers that are increasingly common but paradoxically difficult to measure. Or so it seems. In fact, there are well-established strategies and methods for measuring Earned Media Value in order to help you make the right decisions and determine the right KPIs.
Back to basics: What is Earned Media Value?
Earned Media Value (EMV) refers to the value of a brand’s media exposure on channels that the company does not directly control (and which are usually free). We are talking about blog articles, YouTube videos, social media influencers, but also comments and customer reviews on aggregation platforms such as Google My Business, Yelp or TripAdvisor.
EMV is directly related to marketing influence.
The more a brand has the ability to influence someone with a large audience, the greater the value generated will be. It is, therefore, a measure of trust and credibility, whether on B2B or B2C. A new form of word-of-mouth that can spread very quickly, both positively and negatively, and impact the Earned Media Value.
Earned Media Value thus complements other media exposure devices such as Paid Media (online or physical-medium advertising), Owned Media (the content created and generated by the brand) and Shared Media (the overall content shared on social media platforms). The combination of all these approaches forms the PESO model.
How to measure Earned Media Value?
Because it is not controlled by the brand, EMV is inherently volatile.
A concrete example: how to measure the impact of a picture shared by an Instagram influencer showcasing your product?
A simple method would be to consider the following scenario: if you stop all organic activity on social media, how much would you have to pay to achieve the same goals in Earned Media?
Measuring the Earned Media Value is, therefore, a unique and non-standardized combination that comprises several elements such as the number of views, likes, comments, shares, clicks, and so on.
Earned Media Value measuring involves two fundamental aspects: exposure and engagement.
Exposure is the number of people who have seen your brand through the work of content creators. The stronger this exposure, the more likely it is to result in a conversion, which is then characterized by an engagement.
Engagement is a voluntary action by a user which can consist of sharing, commenting and clicking on a link. These can then result in a purchase.
A variable can be assigned to each engagement measure. For example, a score or an amount in euros. The greater the effort made by the user, the higher the action’s score. If a like is monetized at €1, a share could be worth €2.5, a positive comment €4, and a click on a CTA €8.
It is also possible to use more traditional KPIs such as the number of views or engaged users compared to the total number of people within the community. Or by comparing one’s metrics with that of competitors, using third-party software capable of aggregating such public data.
Good practices for measuring your ROI
In order to optimize your ROI, marketing influence should be integrated into a global framework through different approaches and platforms. Although focusing on Instagram can be tempting, you shouldn’t neglect the other tools at your disposal (blogs, videos, Facebook, Pinterest, etc.). Each channel must have a message, an editorial line, and a specific goal.
Wanting to “increase brand awareness” is not a goal. It’s a wish.
Exposing your product to 5,000 prospects in two weeks or boosting your subscribers by 15% in three months are examples of concrete goals. Keep in mind that all goals must be SMART (specific, measurable, achievable, realistic, and time-bound).
Finally, don’t forget that there are tools that allow you to measure your EMV more specifically by analyzing the behavior of online prospects: retargeting, tracking pixels, branded links, CTA clicks, promotional codes, affiliate links… so many useful tools to integrate into your dashboard.
Because it is still relatively new in the marketing landscape, Earned Media Value usually raises many questions from marketing professionals. Though brand awareness or strength is difficult to measure, Earned Media Value is a very powerful lever within your marketing strategy, capable of measuring the conversion of prospects on your sales channel.
If you enjoyed this article and would like to know more, please contact us!