You've probably heard about it: the PR value or the media value. What exactly is it and how do you calculate it? Can you calculate it? What exactly does the outcome say? And why is there so much to do? We are happy to explain it all to you.
What is PR value or media value?
When we talk about media value, we mean the difference in costs between generating media attention yourself through, for example, a press release or purchase media attention, for example in the form of an advertisement.
The media value tells you what the value of your article would be if it had been an advertisement. This way you know how much it costs you to purchase the same media attention and at the same time how much you can save by writing an article yourself or by ensuring that a journalist mentions your brand, product or service in an editorial item.
Why is calculating the PR value important?
Nowadays it is very easy to share a message. The media landscape has changed enormously in recent years due to the expansion of all kinds of new online platforms. All these stages are constantly gaining new functions, creating multiple ways to share your message within one medium.
This offers many opportunities to put your message in exactly the right form and reach your target group. At the same time, it is also an increasing challenge to stand out in the large flow of information that everyone has to process every day.
It is therefore important to identify what pays off most when it comes to visibility, reach and impact. And what you can best invest in. By calculating the media value you gain insight into how successful a campaign is. It is also a way to compare campaigns with each other. In the latter case, always make sure that you measure with equal measures and calculate the PR value in the same way.
How do you calculate the PR value?
Suppose one page in a magazine costs €8,000 and your press release takes up a quarter of the page. In this case, the media value is $8,000 x 0.25 = $2,000. If you have your press release published, it will cost €2,000. If you place the press release yourself, you will actually save €2,000 or at least it will cost you less to provide the same media attention on the same page in the same magazine through your PR employee.
The different advertising rates of different media therefore largely determine the PR value. Examples from the media world show that it is never cheap to advertise and it is worth investing in a good PR campaign.
This is the simplest explanation and calculation of the media value, but in practice it is not always so black and white and easy to calculate.
Important considerations when calculating PR value
The example above gives you an indication of the media value, but it ignores a number of essential aspects. First of all, there is no one exact way to calculate media value. As a result, you can never express it entirely in monetary terms.
You must also take into account the reach of the medium, the position of your message in the medium, the position of the medium itself, the number of visitors to a website and the circulation of a magazine or newspaper.
In addition, it is important to keep in mind what your goal is with a campaign, who your target group is and where this target group is located. The latter is ultimately crucial. If you use the above formula, an article on the Volkskrant website may have a high media value. But if your target group does not read the Volkskrant, that value is suddenly much less high.
Therefore, always go where your target group goes, even if that target group is very specific and the associated medium is very small. For the most impact and the greatest reach, it's all about making it fit.
Sentiment has an important effect on the PR value
Moreover, you should certainly not forget or underestimate the sentiment of a publication, or how positively or negatively it is discussed. A positive review that is perhaps often shared and endorsed by others has more value and impact than an advertisement.
This type of word-of-mouth advertising has been proven to be effective. It is a form of social proof: if someone outside your organization recognizes and praises the quality or positive effect of your service or product, a certain skill or characteristic, it comes across as more trustworthy and credible.
This also plays a role if you use public relations manages to post an article. Unlike an advertisement, you do not pay to post something, but a journalist from a medium posts something because they believe in you and your message.
The other way around, however, is also true in this story: expressed in terms of amount, a publication may have a high media value. But if the content is negative, it will not bring you anything positive and may even be at the expense of your reputation, for example.
Another formula for calculating the PR value that is therefore often used is multiplying the advertising value by the sentiment.
Need help calculating the PR value?
Calculating the PR value gives you an indication of the success of a PR campaign and offers the opportunity to compare campaigns with each other. But don't be blinded by the classical definition and associated calculation.
Always keep an eye on the rates for an advertisement on a website, in a newspaper or in a magazine, the circulation or unique visitors per month of the medium, the sentiment of the publication and the purpose and target group of the campaign.
Are you still unsure or do you have a question about a specific case? Could you use some help with your PR? Then don't hesitate and call or email us! We are happy to think along with you. Based on our knowledge and experience, we know how to convert your strengths into a valuable contribution. Please feel free Contact with us!