Tag Archive for: The Invisible Asset

It’s a common question,  “does PR actually work, or am I just paying for clips?”

That question exists because the industry spent years treating PR ROI as unmeasurable. That was convenient for a lot of agencies. It let them avoid being held to any number at all. I don’t run my business that way, and you shouldn’t evaluate an agency that way either.

Here’s what PR ROI actually is, the framework I use to measure it, and where to go next depending on what you’re trying to prove and to whom.

What PR ROI Actually Is

PR ROI is the return you get on earned media, measured against real business outcomes instead of vanity numbers. It isn’t an impression count. It isn’t a stack of clips. It’s what that coverage actually does: whether it moves search demand, investor confidence, retail interest, or revenue.

Ad ROI is simple because the mechanism is direct. You spend, you target, you measure clicks and conversions. PR ROI is harder to pin down because the mechanism is indirect. A story doesn’t have a buy button. Indirect doesn’t mean unmeasurable. It means you need a framework built for how earned media actually moves a business, not a framework borrowed from paid media. Measuring PR for CMOs doesn’t have to be a mystery.

The Three-Part Framework I Use to Measure PR ROI

Every campaign gets measured against four categories:

  • Visibility metrics: reach, audience alignment, and share of voice against named competitors, not just total impressions
  • Trust metrics: sentiment, narrative pentration, and the authority of the outlet running the story
  • Campaign mentions: direct website traffic, engagement lift, ROAs lift
  • Business impact metrics: marketplace share of voice, brand authority impact, retail mentions, and investor response

If a campaign doesn’t move at least one of these, I don’t report it as a win. That’s the whole point of a framework: it tells you when something didn’t work, not just when it did.

Why Most PR Measurement Fails

Three mistakes show up constantly when I audit how other agencies report PR ROI:

They count activity, not outcomes. A pitch sent isn’t a result. A clip isn’t a result. Activity-based reporting creates noise, and noise isn’t the same thing as authority.

They lean on Advertising Value Equivalency (AVE). Translating earned coverage into what the same space would’ve cost as an ad sounds like a number, but it isn’t tied to anything your business actually did. It’s a made-up currency.

They never set a baseline. Without knowing where share of voice, sentiment, or search demand stood before a campaign, you can’t credibly say what moved because of it.

How I Track PR ROI, Campaign by Campaign

I start with the end in mind. Before I send a single pitch, I already know the business outcome I’m working toward: a sales lift, a spike in search volume, investor interest, or a retail placement.

From there, every campaign gets tracked on four things: quality of coverage in outlets your actual buyer reads, engagement on owned channels, share of voice against named competitors, and sentiment. Every campaign ends with a results dashboard that ties coverage back to the goal I started with. If I can’t draw that line, I don’t call it a win.

The Data Behind It

UTM tracking and analytics integrations show exactly which placement drove a click, a sign-up, or a conversion. Nielsen’s 2024 research found earned media converts 10% to 50% better than paid advertising. And unlike an ad, coverage doesn’t disappear when the budget runs out: a backlink from a respected outlet keeps strengthening your organic search visibility long after the campaign wraps.

Go Deeper with PR’s Impact on Bottom Line with Brand Authority

For businesses in high-stakes circumstances like M/A or pre-IPO, I dig into this much deeper in my book The Invisible Asset

There I talk about translating already accepted methodologies of valuation into brand authority with real bottom line impact. I discuss the over reliance on product for company value and talk about how due diligence happens and where PR can rightfully take credit for improved outcomes in the boardroom. The book includes the link to an interactive calculator.

What Real Results Look Like

I don’t theorize about this. Here’s what it’s looked like in the field:

A wellness CPG brand preparing for an oversubscribed IPO: integrated media strategy that delivered a 300% increase in stock price at IPO, with 10B+ earned media impressions built over 3 years. Read the case study.

A public company in a regulated industry: omni-channel narrative placement built authority, awareness, and investor influence at the same time, landing 93% share of voice against competitors and 305 brand mentions across global outlets in 8 months. Read the case study.

A cannabis brand positioning for acquisition: narrative strategy that opened new markets ahead of an M&A exit, earning 985M in media reach over 6 months and a 291% increase in competitive share of voice. Read the case study.

See the full set in Avaans case studies.

Where to Go Next, Depending on What You’re Measuring

This is the framework. What you do with it depends on who you’re reporting to and what you run:

Where This Leaves You

PR ROI isn’t a mystery, and it was never actually unmeasurable. It just took most agencies not wanting to be measured. I built my business around the opposite bet: that the firms willing to show their math are the ones worth hiring.

If you want a second opinion on how your current PR spend is performing, get your assessment and I’ll walk through it with you.

 

The Invisible Asset, written by Avaans Media founder Tara Coomans, is the PR ROI framework that builds brand equity, drives valuation, attracts capital, and wins high-stakes moments. It’s built for CMOs defending budgets, CEOs preparing for a capital event, and operators in regulated categories. Get the book →

We used to live in the attention economy. Get eyeballs, get clicks, win. That world is gone. We’re in the trust economy now, and AI is the reason. But how should you build brand authority, and what is brand authority worth?

Scroll social media for five minutes and you’ll question almost everything you see. Real, staged, AI-generated, who knows. But run due diligence on a company, and something strange happens: people trust the AI’s answer. AI isn’t infallible. It’s just very good at contextualizing and weighting what other people, real third parties, are already saying about a business. It’s excellent at reading the room.

That shift is why brand authority is the thing deciding who gets chosen right now.

What Brand Authority Actually Is

Here’s the test I use, and it has nothing to do with follower counts or how many people “like” you.

Brand authority comes down to two questions. What does this brand do that no other brand does in quite the same way? And what do the audiences that matter most, customers, investors, acquirers, need to understand or believe to act? Where the answers to those two questions overlap, that’s your narrative territory. Everything else is tactics.

At Avaans, we run this exercise as the Fingerprint Strategy: a genuine audit of what makes a brand distinct, not the marketing positioning written to sound broadly appealing, but the actual operational or philosophical difference a sharp journalist or a sophisticated buyer would find genuinely interesting. It has to be real. You can’t build narrative on top of something you can’t defensibly own.

And the tell for whether it’s working isn’t engagement. It’s Share of Voice, how often people with no vested interest bring your brand into conversations you didn’t start. When your Share of Voice outpaces your actual share of the market, that’s a leading indicator of where market share is headed next.

A Clip Is Not an Asset

Most PR chases the wrong thing. A competitor lands a great placement, a peer company gets acquired at a number that makes everyone jealous, and the instinct is: what did they do, let’s copy it. That’s the wrong approach, and it’s one of the most consistent reasons authority never materializes.

Activity-based PR, pitching news hooks, chasing trends, responding to journalist requests with no strategic filter, produces coverage. But without an underlying thread, every placement is a standalone event. Coverage without coherence is just noise.

What is brand authority worth?A clip is what activity-based PR gets you. An asset is what you get when every piece of coverage is placed with intention, around the same narrative, in service of a specific business outcome. One evaporates. The other grows into something a buyer, an investor, or a journalist can recognize on sight.

Your Product Isn’t the Moat You Think It Is

Here’s something founders resist hearing: nearly every product-level advantage is copyable. Ingredients, code, formulations, most of what goes into building a product isn’t actually proprietary. Reverse engineering is real, and if your product succeeds, competitors show up. If your whole brand rests on what’s inside the product, you’ll hit a wall, either in the marketplace or later, when you’re trying to sell the business.

Brand authority is the architecture that separates you when the product itself no longer can. It’s a tangible, credible differentiator that holds up under competitive pressure and adds real value to the brand, independent of what’s in the box.

What is Brand Authority Worth

Ambiguity about “brand” is expensive. It’s the reason PR budgets get cut first when a company is looking for savings. The fix isn’t a better pitch for why brand matters. It’s an actual number.

Brands with strong authority command a 15 to 40 percent price premium in their category. That premium isn’t an accident. It’s the accumulated equity of every association the brand has built, trust, quality, cultural relevance, and a real share of it traces back to brand authority. When editorial coverage and third-party validation reach a buyer before they see your price tag, paying more feels obvious. That’s PR doing valuation work.

In an M&A deal, brand equity shows up as a line item under purchase price allocation. It’s why a buyer pays $50M for a company with $8M in EBITDA instead of the $24M a pure earnings multiple would suggest. The gap is brand.

We saw this directly with a pre-IPO wellness CPG client in a regulated category. The brand’s narrative was built with intention well before the raise. The company hit a 300% stock increase on an oversubscribed IPO and generated over 10 billion impressions. That kind of outcome doesn’t come from a single placement. It comes from a narrative built with the deal room in mind long before the deal existed.

Where to Start: Know Your Baseline

Skip the placement chase. The work is building narratives that actually strengthen the brand, and that starts with knowing where you stand right now.

Before you build anything, get a real baseline. What is your brand authority worth today, in the price a buyer would pay, the premium a customer will accept, the confidence an investor walks in with? I walk through five frameworks for answering that, royalty relief, price premium, customer acquisition savings, market share trajectory, and Share of Voice, in my book, The Invisible Asset. You don’t need all five frameworks. You need the one that matches where your company actually is right now.

Once you have that number, you can walk into that budget conversation with real methodology behind you.

Common Questions About Brand Authority

What is brand authority?
Brand authority is the credibility a company has earned through consistent, third-party validation, coverage, endorsement, recognition, that positions it as a trusted, defining voice in its category. It’s measured by Share of Voice, not follower count.

How is brand authority different from brand awareness?
Awareness means people recognize your name. Authority means people trust your point of view enough to act on it, pay a premium for it, or cite it when making a decision. A brand can be widely known and have almost no authority.

Can brand authority actually be measured?
Yes. Share of Voice relative to your total market is the clearest forward-looking indicator. Beyond that, brand equity frameworks like price premium and royalty relief translate authority into a specific dollar figure.

Why does brand authority matter for valuation and M&A?
Because buyers pay for it directly. Brand equity is assessed as a distinct asset under purchase price allocation in M&A transactions, and it’s a major reason acquisition multiples exceed pure earnings multiples.

Ready to Know What Your Brand Authority Is Worth?

Most companies find out what they left on the table after the deal closes. Start with an Assessment of your brand authority.

Related reading: Thought Leadership Isn’t a Deliverable. It’s a Practice.

 

The Invisible Asset, written by Avaans Media founder Tara Coomans, is the PR ROI framework that builds brand equity, drives valuation, attracts capital, and wins high-stakes moments. It’s built for CMOs defending budgets, CEOs preparing for a capital event, and operators in regulated categories. Get the book →

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