5 PR measurements for Fast-Growing Companies
Here’s a question we get asked a lot, in the quick, nimble world of hyper-growth companies how do we measure PR? One of the first questions a prospective PR should ask is “how will you measure success?” PR agencies ask this in a variety of ways. As a modern boutique PR firm, the A-Team at Avaans Media always ask about future goals. This is critical to can tie results to meaningful business objectives. We also ask this question because results drive our PR pricing, which is built around your objectives, not ours.
We know we measure PR a little differently than most of our competitors, but we think it’s incumbent on modern PR firms to stay ahead of the PR measurement. Every year since 2010, PR professionals meet in Barcelona and set the Barcelona Principles as a framework for measuring the effectiveness of PR and communication. We based our PR measurement philosophy on these modern PR measurement principles: Barcelona Principles 3.0. These 5 PR measurements for fast-growing companies provide insight into how we work and provide a roadmap for PR success, no matter what your objectives.
It takes up to seven months to develop trust, so it’s important to stay consistent but also nimble.
DETERMINE THE “WHY” BEHIND PR
The “why” driving purpose for PR is critically important to identify. There may be a 5-year goal in mind, or a sales goal for the next year. Goals for hyper-growth brands may be dynamic and far-reaching. Having long-term and short-term goals as a fast-growing company is perfectly acceptable.
For example, if your “why” is capital infusion by venture capital, understanding how VC’s use PR coverage is a vital component of the strategy. Alternatively, a different strategy would be in place for a company preparing for an IPO. And if a company wants to improve revenue growth, the PR strategy for that would be different as well.
Most importantly, you share those goals openly and regularly with your professional PR team. As goals change, so should the PR strategies and tactics. It’s important PR efforts reflect both positioning for today and tomorrow. The “Why” is where the communication strategy is built and it’s a critical piece to PR success. Once you determine your overall “why,” a top PR agency will then know what levers to pull for a quality PR campaign
PR MEASUREMENT IS ABOUT QUALITY, NOT QUANTITY
Huge massive PR dashboards with hundreds of KPIs might look impressive, but realistically, they aren’t helping anyone, especially fast-growing companies. Your PR KPIs should reflect 3-4 metrics that reflect the goals of the company. As a CMO, this is your chance to share your own goals with the PR agency so they can support your objectives in every way possible. If you need a huge win – tell us! Let us help you. If you’re unsure, why your PR firm is measuring a specific KPI, ask. You’d like to measure something different, say so. If you highlight a particular PR measurement in investor, board, or CEO presentations, we want to know that. A modern PR agency is going to build measurements around long-term goals, as they change, share them. PR measurement should include outputs, outcomes, and potential impacts for fast-growing companies.
DATA and EMOTIONAL INTELLIGENCE TELL THE PR MEASUREMENT STORY BEST
Your PR measurement should include data points, but it should also include context and insight. Data without insight is practically meaningless for hyper-growth brands. PR data and the importance of that PR measurement will have different meanings against, social, cultural, and corporate contexts. Splashing numbers across a page is the simple part. Modern PR measurement requires emotional intelligence to surface real insights and actionable strategies. When there are radical changes, your PR firm should dive deeper to provide meaningful insight and assure correct changes were made proactively and the KPIs reflect the insight and analysis.
PR MEASUREMENT IS HOLISTIC
Why silo PR, one of the most important strategies for fast-growing companies? Modern PR includes SEO considerations, social media, paid media, and earned media, online and offline. Insist that your modern PR firm collaborate with other agencies and departments or at the very least that they keep one another informed of campaigns and their goals. As a CMO, it’s also critical that you share the OTHER KPIs you measure in advertising, social media, and owned media so the communication measurement incorporates the entire picture. The insights other agencies have can inform the emotional intelligence and insight to your PR measurement.
TRANSPARENCY & INTEGRITY MAKE FOR SMARTER GOALS
Everyone understands SMART objectives (specific, measurable, attainable, realistic, time-bound), but modern PR agencies are adding ETHICAL and REVOLUTIONIZING to make objectives SMARTER. PR professionals have professional ethics set forth by organizations like PRSA. Journalists also have a set of professional ethics. But those ethics are only the beginning because modern PR agencies should consider digital ethics (security, disclosure) as well as social and cultural ethics, such as diversity, equity, and inclusion. PR measurement should always be contextural and advance both the brand AND society. These modern-day ethics aren’t only for purpose-driven brands, they are for all stakeholders who care about the brand. It’s more critical than ever that modern PR firms incorporate SMARTER goals and outputs that enhance brand value over short-term bursts which may actually hurt a brand’s reputation. Never has emotional intelligence been more important to PR goals and measurement.
We know PR measurement will remain as dynamic as your fast-growing business, customers, and culture. These five goals for hyper-growth brands provide guidance and help you achieve real success with PR. At Avaans Media, we’re committed to being best-in-class for providing PR measurement with genuine insights that apply to your business. Contact us today for a meaningful discussion about PR measurements for today’s business goals.