When it comes to making your brand a sensation in the market, choosing a PR plan to increase brand awareness is undoubtedly a good move, However, it’s imperative to make sure the campaign is profitable for you and pays off. For this purpose, there is a need to calculate a parameter called as return on investment, which is a financial ratio used to evaluate the efficiency of an investment, it gauges the amount of return on a specific investment in relation to the cost of the investment. By calculating the return on investment (ROI), you may discover whether your public relations campaigns have been profitable and learn which are the most cost-effective and high-yielding PR initiatives.
ROI In PR
Many startups that analyze the value of their PR campaign make the costly error of focusing just on-site visits or media mentions when gauging their performance, when the truth is that this data could mislead you into thinking your PR strategy is performing significantly better or worse than it is. ROI in PR reveals if a certain PR plan will be profitable in the short- or long-term. ROI in PR can be understood by taking two parameters into consideration. First is the gain in terms of money and second is the media gains earned. One shows the growth in sales revenue, while the other shows the reputation you built for your company through press appearances, which indirectly contributes to monetary gains of the brand.
You can monitor the following Key performance indicators to gauge the effectiveness of your PR and media outreach efforts:
- Website traffic: Regardless of the fact that many PR initiatives concentrate on social media platforms, in this effort you shouldn’t overlook your website. The volume of visitors there might reveal a wealth of information about the effectiveness of your campaign.
The tool that will be useful in this situation is Google Analytics where you may monitor the quantity of clicks and the frequency of visits to your website. You can use it to make sure your digital PR efforts are reaching the right people. The metrics to consider while assessing the performance of your website are qualified leads, page click through rates and bounce rate. By doing so, you’ll be able to determine how and from where your potential customers are visiting your website. All of these are crucial elements that affect how well a PR strategy performs.
- Search engine rankings: Whenever a page from your website shows in a SERP or a Google ad and whenever a user clicks on a page on your website from a Google ad or SERP, it reflects how good your PR campaign is doing. Search engine optimization is one of the key strategies used in digital PR to improve website ranks and manage the visibility of brand mentions in search results. You can stay one step ahead of the competition by keeping an eye on your search engine ranking and making sure that your PR campaign pays off.
The value of your PR strategy might not be immediately measurable, but if it is gaining popularity with major news outlets, you will eventually notice an improvement in SEO.
- Social media presence: Your posts will be more visible on social media channels if they have a higher level of engagement. With a PR strategy you try to grab the attention of your potential customers and monitoring the same is essential when it comes to calculating the efficiency or the rate of investment in PR.
The number of interactions visitors have with one of your social media posts is surely going to reflect the success of your PR campaign. When it delivers to you a good number of customers, which in a way leads to an increase in sales revenue and hence a profitable return on investment.
- Media presence: When calculating return on investment, it is imperative to monitor brand exposure through press consulting. The challenge nowadays is to track results quickly enough to meet modern demands while contending with intense competition in the market you are working in. You must make sure that the PR agency you are switching to is competent enough to help you in staying relevant in business and keeping your brand updated while maintaining the reputation and credibility of your brand. All these practices will help you in evaluating the return of investment on your PR campaigns.
Evaluation of ROI with the monetary gains:
Coming to the monetary gains that are necessary for a profitable return on investment is the increment in the sales revenue. For your PR effort to be deemed financially effective, it must have a positive ROI and according to this, the campaign must generate more revenue than it expended. It can be challenging to determine the return on investment for a public relations effort because of some obvious reasons like a proper estimate of the time your personnel spent working on the campaign and its financial equivalent or for that matter the total money spent on the campaign. But to determine whether your public relations effort is financially successful, you must calculate the return on investment (ROI).
So, with a proper PR strategy, a profitable return on investment can be achieved only if you have exposure to tracking your campaigns and how they are benefiting you. For you as a brand, an agency in Delhi thrives to help you in drawing more profit and leads while making you a leading name in your field, also enhancing the reputation of your brand. Leading PR Company in Delhi is currently in operation for the crucial purpose, with a goal to promote and reinterpret the value of a brand. All this explains how smart PR tactics can boost your company’s visibility and expose your brand to more potential investors with the aid of an effective PR campaign.