As the crypto community gets crowded, hiring a blockchain PR agency may be the best solution for you and your business. However, Marketing and public relations are intangible drivers of value for any organization, which makes it difficult to measure results.
You simply don’t know how much of your budget is being spent well or which part of your campaign is having the most impact. But with a few digital tools and sophisticated metrics you can figure out if your blockchain PR agency is living up to its paycheck.
Here are some of the ways you can measure success in this opaque industry:
Modern PR isn’t just about getting your name out there, it’s about creating a narrative and translating that into a community that supports your mission. With this in mind it’s important to track not just the number of followers and impressions your digital posts get, but also the level of engagement and interactions.
Measuring the number of likes, comments, retweets, and shares across social platforms is one way to measure success. Another way is to see how many people on a mailing list respond to an email blast or express their support for the movement you and your team are trying to launch.
A critical measure for any marketing or PR professional is the return on investment or ROI. The most basic way to measure the ROI is through the conversion rate, or the ratio of people who actually take action to the number of people who see a piece of content that prompts the action.
For example, if over 100,000 people see a blog post, but only 1,000 sign up for the new platform or download the app painstakingly created by your company, the conversion rate is 1%. Tracking this rate is a critical element of the PR monitoring process.
Not only is the level of engagement important, but also the tone. Negative publicity could do serious, long-term damage to your company’s brand so tracking the ratio of negative to positive comments and interactions will give you an indication of whether your agency is deploying the right strategy for your business.
Several online tools, ranging from Hootsuite to Brandwatch, allow you to monitor every brand mention on social platforms and analyze the general sentiment around your business. Building this metric into your PR strategy is now an absolute necessity.
Despite the scale of social platforms and open networks, mainstream media is still the platform for brands who seek credibility and traditional exposure. Mainstream media coverage is important for nearly every type of business because your average customer could be a grandmother hooked onto Fox News or a business person who relies on Bloomberg for critical decision making.
Measuring the level of mainstream exposure your brand gets is a convenient measure of success for your PR agency.
You cannot improve or adjust what you cannot measure, which is why it’s essential that your team implement a monitoring process to track the progress of your PR and marketing agencies.