If you’re puzzled by the tangible impact of social media mentions or influencer marketing on your brand, it’s time to get to grips with Earned Media Value (EMV).

This metric goes beyond mere vanity metrics to provide a numeric snapshot of your brand’s visibility through non-paid channels.

By the end of this guide, you’ll know exactly how to calculate Earned Media Value and why it should be a cornerstone of your social media marketing strategy.

What Is Earned Media Value (EMV)?

Earned Media Value (EMV) is essentially the dollar worth assigned to your brand’s visibility achieved without direct payment. That includes social media mentions, customer testimonials, press coverage, and search engine results. Why does this matter?

Because this is a tangible representation of public sentiment and organic reach. Unlike merely counting ‘likes’ or ‘shares,’ EMV converts these engagements into a quantifiable value, making it easier for you to understand how your brand is resonating with the audience.

Historical Context

EMV isn’t a new-fangled concept. In traditional marketing, companies used similar measures to gauge the value of word-of-mouth or editorial mentions in print media. However, as the marketing landscape has shifted towards digital, so too has the application and importance of EMV. Knowing your EMV can put you ahead in a fiercely competitive digital space.

Why It’s Not Just Another KPI

It’s easy to dismiss EMV as another key performance indicator (KPI) in a sea of metrics. However, EMV’s real strength lies in its ability to encompass multiple forms of engagement and interactions in one consolidated number. Unlike metrics that focus solely on reach or engagement, EMV gives you a panoramic view of your brand’s overall digital health.

Integrating EMV Across Platforms

We live in a multi-platform world, and limiting your EMV calculations to just one platform can offer a skewed view. So, how can you capture a 360-degree view of your brand?

Different Channels, Different Values

Each social platform, be it Facebook, Instagram, or LinkedIn, has its own user behaviors and engagement levels. A ‘share’ on Facebook might not hold the same value as a ‘retweet’ on Twitter. Therefore, your EMV should be a composite score that reflects the nuances of each platform.

Analytics Tools to Use

Various analytics tools like Google Analytics, SEMrush, and HubSpot provide detailed insights that can help you in calculating EMV. These platforms often have built-in features that can track engagements, conversions, and even assign a monetary value to these actions.

Semrush Media Monitoring tool

The Importance of EMV in Your Marketing Strategy

Now, let’s tackle the real question: Why should you care about EMV? To put it simply, EMV can significantly influence your decision-making processes.

Informed Resource Allocation

Knowing your EMV can guide you in allocating your marketing budget effectively. For example, if your EMV on Instagram is significantly higher than on LinkedIn, that’s a clear signal to focus more resources on Instagram.

Long-Term Brand Health

A consistently high EMV is usually a good indicator of brand loyalty and customer satisfaction. If your customers are regularly talking about your brand and interacting with your content, they’re likely to stick around, and their lifetime value as a customer increases.

How EMV Complements Other KPIs

While EMV is potent, its true value shines when you use it alongside other KPIs.

Correlation with Engagement and CTR

A rising EMV often correlates with increased engagement and higher click-through rates (CTR). For instance, if your EMV goes up by 10%, you might also notice an uptick in CTRs, implying your content is highly resonant with your audience.

EMV and ROI: The Financial Perspective

EMV also plays a pivotal role in calculating the Return on Investment (ROI) of your marketing campaigns. A higher EMV generally means that your organic reach is strong, which can offset your customer acquisition costs and improve ROI.

Calculate Earned Media Value: Your Step-By-Step Guide

Earned Media Value

Calculating EMV isn’t rocket science, but it does require a methodical approach.

Here’s how you can calculate earned media value:

Identifying Key Metrics

To begin, you’ll need to identify which types of engagement are most valuable for your brand. This could include likes, shares, mentions, and even page views.

Assigning Monetary Values

Once you’ve pinpointed your key metrics, the next step is to assign a monetary value to each. The value can vary based on the platform and the nature of the engagement.

The Math Behind EMV: earned media value formula

Now, you simply multiply the count of each engagement type by its assigned value and sum it all up.

Earned media value formula example:

EMV=(Facebook likesĂ—$0.10)+(Twitter retweetsĂ—$0.20)+(Instagram commentsĂ—$0.15)EMV=(Facebook likesĂ—$0.10)+(Twitter retweetsĂ—$0.20)+(Instagram commentsĂ—$0.15)

Establishing Benchmarks: How to Gauge Your EMV

EMV doesn’t exist in a vacuum; it should be contextualized against industry standards or your past performance.

When is EMV “Good” or “Bad”?

A high EMV is generally several times greater than your paid media spend. This indicates your share of voice in the digital conversation is strong and your campaign successful.

If you’re consistently hitting these numbers, you’re on the right track. Conversely, a “bad” EMV is one that closely matches or falls below your ad spend, signaling a need for re-evaluation.

From a client’s standpoint, a robust EMV indicates not only campaign success but also aligns with broader business objectives. Including EMV in client reports can add an extra layer of credibility and trust.

Conclusion

Understanding and applying Earned Media Value can revolutionize your approach to digital marketing. It’s not just about crunching numbers; it’s about deriving actionable insights that can shape your marketing strategy for the better. So, dive in, start calculating, and let EMV guide you to smarter, more informed decisions that can ultimately boost your bottom line.