Marketing a brand through the social media platform has been a popular way of marketing for some time.
Many brands have been chasing influencers with thousands of followers and high engagement numbers for marketing collaboration.
Some may also provide reviews and feedback on the brand’s Facebook account which can be viewed by millions of users.
But, how is earned media value (EMV) related to influencers?
That is a good question.
PR professionals know of the importance of EMV and are constantly evaluating if their efforts to promote such products or services paid off.
Though some would argue on the effectiveness of EMV as a valid marketing metric, it is worth to note that it is still a useful tool for the status of your brand in the market.
To understand how to measure EMV on Facebook, let’s quickly go over the:
- What is EMV
- Why EMV is important
- How to Measure EMV
What is EMV?
Earned Media Value (EMV) is the calculation of brand recognition gained through PR & Marketing. EMV also has 2 important criteria:
- You did not pay for this (advertising)
- It does not come from your media channels (blogs, social posts, referrals, social posts, influencer marketings, reviews)
This may sound promising, but there are instances where earned media value (EMV) can be hard to control as a marketing tool.
For example, when someone on any social media posts a picture of them wearing merchandise from Target.
In this case, Target has indirectly earned media exposure as the post was not a part of the brand’s marketing strategies.
Despite the uncontrolled aspect of the earned media exposure, marketers still opted to try and measure the value.
Why is EMV important?
The main goal of pursuing EMV as the measuring tool is to determine the degree of social exposure that the brand has gained in the market.
Similar to public relations, this formula focuses on the online mentions of any brand on social media and how the consumers respond to the brand.
This response is one of the main factors of EMV as the consumers’ interactions on social media will be calculated to produce the calculation.
As the content and responses gained its audience online, the brand would be able to decide its target consumers and build its credibility through comments and reviews of satisfied consumers.
Word-of mouth of happy consumers is one of the persuasive ways for the public to rely on when they need to choose a brand.
Thus, identifying the brand’s advocates is important and engaging with them can be fruitful in the future.
Happy consumers will give satisfying reviews online, and this is an authentic earned media.
The Importance of EMV: Example
The simplicity of EMV in calculating and producing the impact of media exposure on your brand has proven to be the main factor for it to be used by marketers.
The number gained allows the brand to compare their status online with competitors and some would use the earned media value (EMV) as the standard practice in their business.
The formula is seen to have better ROI compared to traditional marketing tactics which also lead to the brand to gain better credibility in the market.
This cost-effective tool aims to apply two main methods in gauging the success of the brand’s marketing strategy.
Using “target coverage” and “repeat the plan”, the content produced should be interesting and engaging so that it would reach the target users.
If the content appears to be relevant to the public, then it can be repeated for future use.
But, changes in the online and the business world are inevitable…
Because of that, the formula needs many frequent adaptations in its implementation.
As sharing is caring, the idea of “share of EMV” is a concept used by brands in engaging with potential consumers.
Standardized numbers of media earned from user’s reviews and responses online are an option by competing brands to determine the effect of the value earned.
Though earned media value (EMV) allows the brands to analyze their social engagement successfully, the most important thing is to identify the purpose of the brand and what it should achieve.
How to Measure EMV?
As you gather the mentions and reviews of your brand online, these interactions are your earned media.
The word-of-mouth of your loyal advocates on how happy they are with your brand provides the chance for your brand to earn more media exposure on the social media platform.
There are a few ways to count the value of the mentions and comments from social media users.
1. Based on Consumers’ Impressions
The number of comments online is compared by those who think or talk about the brand to those who took an action like buying your product or services.
Either way, this method will inform your target consumers’ awareness of your brand.
2. Based on Media Earned
Identify the frequency of earned media and the quality of the value gained. These details will be compared with the sales revenue to see the ROI status.
3. Based on Target Influence
Measure the target audience’s feedback on your brand and see their changes or comments towards your brand.
This is meant to observe whether the exposure of the content of your brand online has affected your potential users in any way.
Disclaimer When Using EMV
Despite the positive aspects of how EMV helps brands and marketers to gauge their value from the comments or reviews in the social media, there are few setbacks to be considered if you opt for EMV.
As the value of the earned media depends mostly on the coverage of your brand online, there is no benchmark on how to evaluate the value.
In the sense, the comments or mentions will always be calculated based on how you establish your presence online.
You may need to consider the current trends on social media and which platform you should focus on.
Not to forget that certain brands may even violate their stated objective just to chase the high media value online.
Free Tool To Calculate EMV
Many tools are available online for you to calculate EMV.
One such tool can be found here.
Conveniently, it is simple and free. All you need to do is insert the numbers required.
These numbers are:
- Number of followers
- Number of impressions
- Number of views of the video
- Number of likes
- Number of comments on your brand’s Facebook account.
The free tool would generate the value according to the figures that you have provided.
The same process goes to other social media platforms like Snapchat, Instagram stories and Youtube.
This simple method enables brands to analyze their EMV conveniently.
Yet, there are other tools that floating around online for you to choose from.
Benefits of EMV
Many are unaware of the importance of earned media, both brands, and consumers.
Still, informed brands look forward to comments and reviews from their target audience on the social media platform.
Engaging with potential consumers is what you can do to increase your brand’s awareness among future users.
There are few benefits of why earned media should be one of your marketing tactics.
Gained Credibility for Brands
Brands with higher EMV are said to offer quality products or services to their consumers.
Thus, the brand’s credibility among the target audience on Facebook, for instance, would increase as consumers rely mostly on word-of-mouth suggestions in buying decisions.
Earned Media Amplifies Brands to Different Consumers
Increasing comments and talks online about your brand will subsequently boost your media value.
Online discussions about a brand create numerous impressions hence the growing impact of earned media would benefit you in the long run.
Brands Have a Stronger Status
Loyal advocates or faithful consumers play the most important role here.
Their reviews about how your brand fulfills their purpose would linger online and reach the target audience.
Earned media ensure the staying power and you can be relevant in the market for a long time.
Content about your brand created by the loyal users would continuously gain more exposure and reaffirm the brand’s status.
Again, social engagement is a significant aspect for the brand to reach its target audience.
Not all brands have realized the significant value of EMV in strengthening their status online.
Although its functions and impacts differ from paid marketing strategies, earned media is yet another effective method that should be adopted by marketers.
You can plan your goal and the tactics to be used to engage with the potential users.
If you worry that you are doing it the wrong way, there are agencies that can help in deciding your priority and how to earn more media exposure through social media like Facebook.
Looking for more information regarding marketing using social media? Do check out the following!