Earned Media Value (EMV) and Its Importance for Influencer Marketing Campaigns: Calculation Methods and Benefits
This guide will provide insights into how your brand can leverage earned media, as well as how influencer marketing can enhance your overall earned media strategy. First, it's important to understand the following terms:
Owned media : Refers to content that is created and published on a platform that your brand owns.
Paid media : Refers to any advertising or promotional content that your brand pays for.
Earned media : Refers to organic conversations and discussions about your brand that occur through third-party channels. This can include social media mentions, word-of-mouth recommendations, and press coverage.
Earned media value (EMV) : Refers to the estimated dollar value of all exposure generated from third-party channels.
Impressions : Refers to the number of times your content is viewed by viewers.
Engagements : Refers to the measurement of comments, likes, clicks, and shares on social media channels.
Engagement rate: Refers to a metric that compares engagement with reach or audience to measure the amount of interaction.
Cost per thousand (CPM) : Refers to the price a company pays for every 1,000 impressions an ad receives.
By understanding these key terms, you can better develop and execute an earned media strategy that leverages influencer marketing to drive greater exposure and engagement for your brand.
What is Earned Media Value (EMV)?
Earned media value (EMV) is a key metric that measures the estimated monetary value that a brand receives from its earned media, such as word-of-mouth recommendations and social media shares. EMV helps brands understand the impact of their influencer marketing campaigns and assess the return on investment (ROI) for their marketing efforts.
Influencer marketing has become an increasingly popular marketing strategy for brands, as it allows them to reach a large and engaged audience through social media and other online channels. By partnering with influencers who have a strong following and influence over their audience, brands can build trust and credibility, increase visibility, and drive sales.
The importance of EMV in influencer marketing lies in its ability to help brands measure the impact and effectiveness of their campaigns. By calculating the estimated value of the media exposure received through influencer marketing, brands can determine the return on their investment and make informed decisions about future marketing efforts.
EMV takes into account a variety of factors, including reach, engagement, and audience demographics, to calculate the estimated value of media exposure. It is a comprehensive and valuable metric that provides insights into the effectiveness of influencer marketing campaigns and helps brands make informed decisions about their marketing strategy.
In order to maximize the value of EMV in influencer marketing, it is important for brands to select the right influencers who align with their brand values, target audience, and marketing goals. Working with influencers who have a strong and engaged following, and who are able to effectively reach and engage with their audience, can help brands achieve a high EMV and maximize the impact of their campaigns.
In addition, it is important for brands to track and measure the performance of their influencer marketing campaigns, and to regularly review their EMV results to make informed decisions about their marketing strategy. This can include adjusting influencer selection, adjusting campaign goals and objectives, or adjusting the marketing budget to allocate more resources to the most effective influencer marketing campaigns.
In conclusion, earned media value is a crucial metric in influencer marketing that provides brands with valuable insights into the impact and effectiveness of their campaigns. By carefully selecting the right influencers, tracking and measuring performance, and regularly reviewing EMV results, brands can maximize the impact of their influencer marketing efforts and achieve a high return on investment.
How to calculate EMV?
Calculating earned media value is a critical component of influencer marketing success. While there is no single method for calculating EMV, the most commonly used formula involves multiplying impressions by cost per 1,000 (CPM) and an adjustment factor. CPM is a metric used in TV and PPC advertising, but can also be applied to social media.
To get an accurate EMV metric, it's important for brands to consider a comprehensive range of factors, including impressions, engagements, and media mentions. Social listening is also crucial for understanding audience sentiment towards a brand online.
By understanding how to calculate EMV, brands can better assess the ROI of their influencer marketing campaigns and optimize their strategies for maximum impact. As such, it's essential for marketers to incorporate EMV into their overall influencer marketing strategy to drive greater exposure and engagement for their brand.