If you want to demonstrate that the media coverage you generate is related to business results, an updated metric is available to help you do just that. A new white paper published by the Institute for Public Relations Commission on PR Measurement & Evaluation entitled, “Media Cost Weighting: A New Paradigm,” demonstrates the superiority of the Media Cost Weighting metric with four rigorous case studies. The conclusion is it works far better than other quantitative metrics, including impressions—the de facto industry standard. Critics of the metric claim it is just “ad value equivalency” (AVE) in sheep’s clothing. AVE is essentially the old-fashioned practice of assigning a “value” to a news story by equating it to advertising costs, with the implication that the news story is “equivalent” to an ad in terms of probable audience impact.
Weighted Media Cost: the Holy Grail of Metrics
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