If you are just getting started in measuring your performance, there are a few common mistakes and misunderstandings that are easy to make. Below are a few of the errors we see most often on the Vuelio Insights team and quick solutions to fix them, so you can be confident in the accuracy and reliability of your results:
While some companies still use AVE (Advertising Value Equivalent), it is now largely discredited and considered an outdated metric by many professionals and global communication trade associations. There are many reasons for this, but primarily, AVE is a restrictive metric that falsely implies the cost of advertising is reflective of its value.
Depending on your goals, purely quantitative measurement can sometimes distort results and provide limited insights — AVE being an example. It does not take into account the ROI or quality of coverage, such as the sentiment. All coverage is considered the same, which provides little opportunity for evaluation and effective strategy.
Vuelio Quick Fix: In order to provide a representative insight into how well you’ve achieved your goals, select a consistent set of both qualitative and quantitative metrics based on your specific performance targets.
Using Share of Voice as a Singular KPI
Share of Voice (SoV) is a highly popular metric of choice when measuring against competitors. However, as we have already discussed, a purely quantitative metric can sometimes provide a limited and inaccurate insight of your performance — high SoV is not necessarily a success and low SoV is not necessarily a failure.
For example, over the past six months, Virgin Atlantic had the lowest SoV compared to competitors, but the strongest ratio of positive coverage. On the other hand, while other airlines had a significantly higher volume of coverage, it was more than 90% negative or neutral in sentiment.
Another example could be that the competitor with the highest SoV has mostly passing mentions, whereas the lowest has a stronger proportion of headline mentions. These are just a few of many reasons why a single figure is not enough to achieve proper performance results and insights to improve future strategies.
Vuelio Quick Fix: Before reporting your SoV (or any other quantitative metric), explore how you can further segment the data from a qualitative angle. What was the sentiment? What were the media types? How many key speakers were mentioned? Was there a dominant location? Referring to your SMART KPIs will help you to pick the right questions and explore the right data in an efficient, relevant and targeted manner.
Not setting SMART KPIs
Before embarking on performance measurement, a common mistake we often see is a lack of specific planning. SMART KPIs allow you to outline your specific performance goals and align them with the most relevant metrics ahead of time, enhancing the insight and accuracy of your results. For example, if your goal is to increase awareness of a new animal welfare campaign by 30% in Scottish broadcast media, you know to segment your data by key messages, location and media type. If your KPIs are too broad, you could spend hours exploring how your goal has been achieved from a very broad perspective without producing any real specific and insightful data.
So, how do you create a set of relevant, efficient and effective metrics that are tailored to your goals?
Vuelio Quick Fix: Create a set of SMART KPIs for both overall performance and specific campaigns. Whereas the former may be measured and revisited on a monthly or quarterly basis, campaign KPIs may differ each time. When you have confirmed your SMART goals, plan which metrics you will use alongside this to measure your success.
TIP: What is SMART?
SMART stands for Specific, Measurable, Achievable, Relevant and Time-Bound. They are criteria to keep in mind when setting your KPIs to ensure they are realistic within the framework of time, tools and support that you have.
Lacking a specific search framework when measuring performance can drastically impact reliability and accuracy of results. For example, if you were measuring a campaign, do you want to filter by print, broadcast or online media? Are you looking for local or national coverage? Which competitors are you monitoring?
Things can change, but consistency is key for future benchmarking.
Vuelio Quick Fix: Apply specific and ongoing parameters to your analysis. Be sure to apply them to future benchmarking reports in order to accurately compare results.
KPI: Increase regional media presence of environmental spokesperson by 10% over the next six months, with a focus on sustainability messaging in the Somerset region.
- Somerset media outlets only
- Online and broadcast only
- Local news and political publications
- Mentions our new climate-action regime in the local area
Performance Metrics: Coverage volume, spokesperson quotes, prominence, industry type split, key message penetration
Be aware of not overloading reports with multiple types and styles of measurement. Doing so can quickly confuse and overwhelm C-Suite recipients and other viewers who may possess less knowledge on what each metric means.
Vuelio Quick Fix: Using a small and targeted array of metrics will help you to focus on the key messages you are trying to get across and ensure they are accessible to viewers. While it is important to apply both quantitative and qualitative analysis where necessary, it is not always essential to extrapolate every type of data possible from your figures. You can also source PR services that do this for you, for example, Vuelio provides an efficient metric known as ‘Impact’ Score which combines both qualitative and quantitative results into one.
Start with the basics
There are a few running themes throughout each of these points that should be factored in every time you measure your performance — consistency, relevance and a balance of both quantitative and qualitative analysis. If you are new to this, it can be easy to feel overwhelmed with so many new terminologies and processes. The most important thing is to not overcomplicate it in the early stages – start small and you will build your way up in no time.
Want to know more about how the Vuelio Insights team can support your PR and communications goals? Find out more.