We started Memo out of the belief that earned media does not get the credit it deserves. PR and communications professionals spend significant time and energy to secure earned attention, yet when they do, they’re left without the proper data and tools to prove the value. That is until now.
Memo Readership Value (MRV) offers a simple, straightforward way of assigning a dollar value to your PR results. In years past, the PR industry relied on AVE to demonstrate return but this flawed approach takes your hard-earned media coverage and equates it with the cost of buying similar media space through advertising. Ultimately, it creates an inaccurate and often over bloated view of the value of an article. Memo MRV is much more precise because we use article-level readership data straight from publications, and take into account the various channels readers discover articles through. Our methodology reveals how just one of the press articles you secure can be worth as much as $60k..
When your company’s marketing team wants to drive traffic to a piece of content (e.g. a website or blog post), they run ads on channels like Google Search, Facebook, LinkedIn, website banners, or wherever else that your target audience can be reached. Every time someone clicks on one of those ads, the marketing team pays a cost-per-click (CPC) rate. The cost to drive someone to a piece of content is determined by the ad channel, the brand's industry, and the target audience (it's more expensive for a financial services company to reach CFOs on LinkedIn than for a mass apparel company to reach 18-54 year olds with website banner ads).
With MRV, you get an apples-to-apples comparison between the paid engagement your marketing team delivered through digital ads and the earned engagement secured through your PR efforts. Our MRV methodology takes readers who landed on an article from different channels (e.g. through organic search, from a Tweet, via a newsletter, etc) and calculates what your marketing team would have to pay on that channel for each reader (the cost-per-click). The total sum is the article's MRV:
In the example above, an article received 21,871 readers. The 12K readers who discovered the article through search were each assigned a $3.86 cost-per-click rate (based on the brand's Google Ads rate), the 1K readers who discovered the article were assigned a $1.97 CPC (based on the brand's Facebook ad rate), and so on. All of this combined generated an MRV of $60,091 for the article.
When put into paid media terms, MRV can be enormous–and it's just the beginning. While MRV doesn't account for all the additional ways earned media drives value – active engaged time with a message, brand awareness, purchase consideration, etc – it provides a monetary baseline that pushes the industry much closer to understanding the value of earned media.
MRV is more than just a dollar value for your earned media - it can also fuel a more data-driven approach to PR strategy and storytelling. With Memo readership data and MRV, companies can answer questions like “what messaging is resonating in my industry?” and “what campaigns drive the most value for my brand?” In the below MRV analysis for a consumer electronics brand, 565 articles generated over $12 million in MRV during a one-month period. Product reviews and event coverage drove the highest MRV, allowing the company's communications team to link their results to budget spent on product samples and event promotion. And while product roundups received less coverage, the high average MRV of each placement pointed to an opportunity to expand their presence in these placements:
Through MRV, communications professionals finally have a clear and accurate way of valuing the brand engagement that earned media coverage generates. Savvy communicators are using Memo MRV to uncover key insights around which types of press drive the most value and more accurately report how PR is impacting their brand.
Memo is the only platform that uses data directly from publications to help companies upgrade their approach to earned media measurement and drive more effective storytelling. Powered by accurate readership data, Memo’s platform has dramatically changed the insights brands have at their disposal to make data-driven PR decisions. With Memo, companies can more fully understand the real value of earned media, measure exactly how many people read their coverage and surface insights to drive future PR performance. Memo is proud to work with leading brands to help fuel winning communication strategies including Walmart, Google, Johnson & Johnson, Charles Schwab, Kroger and more. For more information on Memo, please visit memo.co.
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