Why Every Team Needs to Understand Their Earned Media Value

Earned Media Value: How Brands Can Gain Exposure Without Breaking the Bank

In the competitive landscape of brand marketing, the quest for exposure often leads companies to pour significant resources into advertisements and public relations efforts. While this approach can yield results for those with substantial budgets, what about businesses operating on a tighter financial leash?

Fortunately, there are strategies available for brands to generate earned media value (EMV) without relying solely on paid promotions. By leveraging various tactics and engaging the entire team, companies can enhance their visibility and credibility in the market. In this article, we will delve into the concept of EMV, explore its significance beyond the marketing department, discuss methods for calculating its impact, and showcase real-world examples of successful EMV strategies.

What is Earned Media Value?

Earned media value (EMV) represents the estimated monetary worth of the publicity a brand receives through channels such as media coverage, social media mentions, shares, and word-of-mouth referrals, without incurring direct advertising costs. It is typically calculated by comparing the value of this organic exposure to the expenses associated with achieving a similar reach through paid advertising campaigns.

Channels Driving Earned Media Value

  • Public Relations (PR): Securing brand features in news outlets, magazines, TV, and radio through strategic outreach efforts.
  • Social Media Mentions and Shares: Organic conversations about the brand on platforms like Instagram, LinkedIn, and Facebook.
  • Influencer Marketing: Collaborating with influencers to promote products/services to their audiences authentically.
  • Word-of-Mouth: Recommendations and referrals from satisfied customers and brand advocates.
  • User-Generated Content (UGC): Content created by customers, such as reviews, testimonials, and unboxing videos.
  • Guest Blogging and Podcasts: Sharing expertise on external platforms to reach new audiences.
  • Awards and Recognitions: Industry accolades that enhance brand credibility and authority.

In essence, EMV occurs when individuals discuss a brand voluntarily, driven by genuine interest rather than financial incentives. This authentic engagement signifies real influence and fosters lasting brand connections.

Why Should Your Team Know Your Earned Media Value?

Earned media serves as more than just a vanity metric; it serves as a barometer of brand trust, customer engagement, and marketing effectiveness. Here are key reasons why your team should track and comprehend EMV:

Builds Brand Authority and Trust

Earned media plays a pivotal role in establishing trust between a brand and its audience. When a brand’s message is endorsed by third-party sources, it inherently gains credibility and authenticity. A prime example is Costco, renowned for leveraging earned media and word-of-mouth promotion to cultivate brand loyalty and achieve a substantial brand value.

Boosts Visibility and Referrals

EMV facilitates organic brand dissemination through shares, mentions, and referrals, leading to enhanced visibility and customer engagement. For instance, Coca-Cola’s significant referral traffic from social media platforms underscores the impact of organic reach on brand exposure.

Improves Strategy and Budget Allocation

Tracking EMV data enables brands to identify effective platforms, content types, and influencers, aiding in informed decision-making and resource allocation. By analyzing the impact of earned media, companies can optimize their marketing strategies for maximum value generation.

The Earned Media Value Formula

EMV empowers brands to quantify the value of unpaid publicity, offering insights into the impact of organic brand mentions. While various formulas exist for calculating EMV, the fundamental approach involves estimating the cost of achieving similar reach and engagement through paid advertising.

Alternative Ways to Measure EMV

  • Engagement-Based EMV Formula: Incorporates engagement metrics to provide a more comprehensive value assessment.
  • PR Value Formula: Utilizes the Advertising Value Equivalency (AVE) model to estimate the cost of securing equivalent ad space.
  • Influencer EMV Formula: Calculates EMV based on engagement rates and influencer pricing models to assess the value derived from influencer partnerships.
  • UGC EMV Formula: Evaluates EMV derived from user-generated content by considering engagement and reach metrics.

Selecting the appropriate EMV formula aligns with the brand’s objectives and aids in refining measurement strategies based on evolving data insights.

Earned Media Value in Action

To illustrate the practical application of EMV, consider a hypothetical scenario where a marketing manager aims to attract new visitors to an indoor rock climbing gym through a viral campaign. By orchestrating a compelling event and leveraging user-generated content, the gym garners significant organic exposure, resulting in substantial EMV.

3 Examples of Earned Media Value

  1. Barbie Movie Campaign: Warner Bros’ innovative marketing approach for the Barbie movie exemplifies the power of earned media in driving organic buzz and social media engagement.

  2. Duolingo’s Owl Mascot: Duolingo’s strategic alignment with popular trends and influencers, notably during the Barbie movie release, showcases the brand’s ability to leverage earned media for enhanced visibility.

  3. Semrush’s Global Marketing Day: Semrush’s successful execution of a virtual marketing conference demonstrates the impact of expert collaborations and engaging content in generating substantial earned media exposure.

Don’t Buy Attention — Earn It

While paid promotions offer immediate results, the enduring value lies in earned media. By focusing on creating compelling content and fostering genuine connections, brands can organically attract attention and build lasting relationships with their audience. Monitoring EMV, leveraging AI for brand tracking, and nurturing media relationships are essential steps in cultivating organic brand visibility and influence.

In conclusion, prioritizing earned media value over paid attention yields long-term benefits and establishes a foundation for sustained brand growth and recognition. By earning attention through authentic engagement and strategic promotion, brands can amplify their reach and impact in the market landscape.

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