What Is EMV And Why Is It Important For Your Influencer Marketing Campaigns?
Marketers have long utilized the idea of earned media value (EMV) to quantify what can appear like abstract worth to those outside the business and to demonstrate the return on investment (ROI) of marketing.
We’ll examine what EMV means to modern businesses, how to calculate EMV, some crucial factors to consider, and unique considerations for influencer marketing campaigns in this blog.
What Is EMV?
Earned media is media exposure that is earned rather than purchased or owned. This basic distinction separates earned media from advertising (paid media) and branding (owned media).
EMV concentrates on the instances when your brand is discussed on unaffiliated websites, on TV, radio, on social media, or on other channels. If it’s important to your company, it can also contain more specialized analytics like forum posts and reviews. It operates by putting monetary values on various actions and efforts undertaken on social media and other marketing platforms but on which you weren’t actually charged.
Decoding The Difference Between Paid, Owned, And Earned Media
When a business pays money for advertising on a third-party platform, that is known as paid media. These are some examples of paid media:
1) Google ads
2) Social media ads
3) TV and print advertisements
Owned media is any channel that the company owns.
Owned media examples include:
3) Organic social media posts
Earned media is a free third-party promotion that is obtained through paid and owned media efforts.
Earned media examples include:
1) News articles
2) Organic social media mentions of your brand/product
3) Word-of-mouth endorsements
4) Customer reviews
Earned media is still extremely important, so don’t confuse it with paid and owned media when reporting.
How To Calculate EMV?
It’s crucial to keep in mind that there isn’t a single, universal method for determining earned media value. However, the following is the closest thing any marketers have to a standard EMV formula:
Cost per 1,000, or CPM, (Impressions) * (Adjustment Factor)
Only CPM, a statistic used in TV/PPC advertising, is the only variable in the formula above that has any reliable metrics. Although they can convey a lot of uncertainty, adjustment variables give marketers the ability to adjust value accuracy.
Brands must consider impressions, engagements, and the effect that posts have on media mentions when evaluating EMV metrics on social media. Social listening is essential for determining online audiences’ general perceptions of a brand.
Did you know? When someone recommends your products or services or mentions your brands, you can expand your audience while also increasing brand awareness. Read 8 Proven Influencer Marketing Strategies To Boost Sales
Metrics For Measuring EMV
A media monitoring tool can be used to measure the development of three main sorts of indicators that, when combined, provide a comprehensive picture of your earned media value (EMV). Here is a synopsis of each one.
One of the most crucial indicators that you should monitor is sentiment analysis. It aids in your comprehension of the emotions your brand evokes in consumers.
A media monitoring tool can be very helpful in avoiding such errors because it is very difficult to check and evaluate every mention. The sentiment of each mention will be automatically determined by such a program to be good, neutral, or negative.
As a result, it is possible to narrow your attention to opinions that are pertinent to the perception of your brand and spot any adverse ones when they arise.
Engagement metrics shed light on the target audience’s response to earned content and its perceived value.
Engagement is an important statistic for earned media value. Much more beneficial than content that reaches a large but indifferent audience is content that is targeted at a smaller audience but is more engaging.
3. Share of voice
Share of voice (SOV) depicts your position in the market and compares you to your rivals. It has the potential to contextualize the outcomes of an earned media campaign and determine whether or not it produces results that are acceptable.
Benefits Of EMV In Influencer Marketing Campaigns
Influencer marketing is now more widely acknowledged as a valuable marketing tactic in and of itself as well as a powerful way to supplement conventional advertising. The industry’s expected value in 2022 was around $16.4 billion.
EMV is one of the most widely used KPIs in the industry, with 75% of businesses regularly tracking the ROI of their influencer marketing campaigns. Influencer marketing needs EMV for these given reasons:
1. Helps in introducing fresh marketing efforts-
Marketing professionals can demonstrate to colleagues the ROI of their work by computing EMV. EMV can be used to assess the effectiveness of marketing campaigns and support the argument for brand-new initiatives by providing concrete financial value for a specific campaign.
2. Develop trust with your audience-
People are far more likely to trust earned media than sponsored advertising. One of the most useful resources marketers may have is genuine brand champions’ endorsements. You can quantify this value and implement a data-based earned media strategy by calculating EMV.
3. Reach new audiences-
Impressions that go viral can be a particularly powerful approach to connecting with people you wouldn’t otherwise be able to. This is due to filtering bubbles, which make it challenging for businesses to penetrate new markets, being frequently created by the sorting and ranking algorithms that determine who sees what online. Viral content spreads quickly and unpredictably through social media, allowing you to reach vast audiences of prospective customers you would not have previously considered.
Although the value of earned media is hard to measure, you shouldn’t be deterred from using this kind of material in your marketing plan.
Earned media can hold an audience’s attention, provide value, and boost credibility. If you use a media monitoring tool, set reasonable objectives and goals, and keep an eye on the news, you’ll soon see that EMV is nothing to be concerned about.
Vavo Digital, a leading influencer marketing agency, recognizes the importance of influencers in promoting products and services across all industries. We’ll help you build relationships with influential people who are already producing high-quality content to help spread your brand’s message.
Do you want to learn more about influencer marketing and how it can help your brand? Please contact us at email@example.com and we will respond as soon as possible!