In today’s dynamic marketing landscape, the creator economy has firmly established itself as a driving force. As brands continue to channel significant resources into influencer marketing, the need for robust evaluation tools to assess campaign performance becomes paramount. One of the most prevalent Key Performance Indicators (KPIs) used in influencer campaigns is Earned Media Value (EMV), yet it often remains shrouded in misunderstanding. In this in-depth discourse, we will unravel the essence of EMV, its significance, and how brands can harness its potential within their reporting strategies.
Earned Media Value, abbreviated as EMV, serves as a pivotal metric within the realm of influencer marketing. It serves to quantify the value inherent in social media content. EMV assumes the role of a yardstick for measuring the engagement garnered by third-party-generated content relating to a brand. This third party might encompass influencers, but the scope of EMV extends to content from publications, retailers, and other brands as well.
The concept of EMV revolves around attributing the value of engagement to all brands mentioned in a particular post. For instance, envision a lifestyle influencer sharing their ensemble on Instagram, accompanied by tags of Coach, H&M, and Benefit Cosmetics. In the event that this post incites an engagement amounting to $500k EMV, all three brands – Coach, H&M, and Benefit – would collectively accrue $500k EMV from this single endeavor.
This intricate calculation and quantification of EMV is facilitated through the pioneering technology of Tribe Dynamics, a subsidiary of CreatorIQ. Their innovative approach has led EMV to emerge as the industry standard for measuring the performance of social media marketing efforts. When synergized with additional EMV metrics like share of voice, influencer community size, and EMV retention, Earned Media Value stands as a robust tool for evaluating the impact of influencer marketing initiatives while also providing a benchmark for brands within their competitive landscape.
Before delving into the mechanics of calculating EMV, it is crucial to grasp why this metric holds such a pivotal role within the realm of social media marketing.
In stark contrast to the metrics that underscore paid advertising, EMV casts a wide net that encompasses all forms of earned media. This entails any content discussing a brand that does not originate from the brand itself. Notably, influencer endorsements and user-generated content, such as customer reviews, exemplify forms of earned media that possess the potential to translate into tangible sales conversions.
What sets earned media apart is its innate authenticity in the eyes of consumers. Recommendations from peers or experts wield far greater influence over purchasing decisions than paid advertisements. As earned media predominantly reflects the impartial perspective of content creators, it becomes a cornerstone in building and bolstering a brand’s reputation.
Furthermore, as the creator economy continues its ascent, influencer marketing assumes an increasingly integral role in a brand’s trajectory. Robust influencer programs are tantamount to amplifying the volume of earned media, subsequently augmenting a brand’s Earned Media Value.
Calculating Earned Media Value entails more than a mere input of a brand’s name into a calculator; instead, it involves a multi-dimensional approach driven by Tribe Dynamics’ proprietary algorithm. This algorithmic framework is underpinned by three pivotal factors: platforms, audience engagement, and creators. Each facet contributes distinctively to the intricate process of EMV calculation.
Platforms: The varied content platforms are inherently dissimilar, prompting Earned Media Value to account for the platform on which a post is disseminated. For instance, a YouTube video discussing a brand would garner a higher baseline EMV than a tweet, owing to the additional effort required for video creation and consumption. Tribe Dynamics’ influencer marketing software comprehensively monitors EMV across platforms encompassing Instagram, YouTube, TikTok, Facebook, Pinterest, Twitter, websites, and blogs.
Audience Engagement: The bedrock of a post’s EMV performance rests on audience engagement—measured through likes, comments, and shares that ensue post-publishing. Focusing on engagement, in contrast to conventional metrics like reach or impressions, provides a more accurate reflection of content’s societal relevance. EMV elevates content not merely on passive scrolling but when it stirs viewers to interact with the creator’s message.
Creators: As a holistic measure of earned media efficacy, EMV takes into account content from four distinct types of third-party creators: influencers, brands, retailers, and publications. While influencer content predominates due to its pivotal role in influencer marketing, content originating from retailers, publications, or other brands also contributes to the brand’s EMV. Although the algorithm doesn’t directly factor in a creator’s audience size, a larger following typically translates to heightened opportunities for engagement, consequently amplifying EMV figures.
With a comprehensive understanding of Earned Media Value’s dynamics, the subsequent step is to explore its integration within a brand’s social media marketing strategy.
Synergizing Metrics: EMV’s true potency surfaces when coupled with other related metrics such as influencer community size and share of voice. This amalgamation of metrics offers a holistic perspective, enabling effective tracking of an influencer marketing program’s evolution over time.
Benchmarking Brand Impact: EMV provides an avenue for benchmarking the impact of individual posts, influencers, products, and campaigns on brand visibility and reputation. For instance, when Kosas unveiled its Brow Team collection, the brand identified creators driving high EMV to spearhead the launch promotion, while meticulously monitoring the campaign’s overall EMV to gauge its triumph.
Competitive Insights: EMV extends its utility to not only monitoring internal programs but also benchmarking against competitor brands. The interactive Top 10 Leaderboard and periodic reports provided by CreatorIQ offer insights into the top-ranking brands within various verticals and markets, empowering brands to comprehend their stance in the competitive landscape.
Pioneering Benchmark: Earned Media Value emerges as the cornerstone metric for benchmarking performance within the creator economy and the broader arena of social media marketing. Armed with a robust foundation in EMV and its correlated KPIs, brands gain the ability to construct a panoramic representation of their influencer marketing achievements. This data-driven approach empowers brands to make informed decisions, refine their strategies, and pave the way for sustained expansion.
In a marketing landscape fueled by creativity and connectivity, the influence of the creator economy reigns supreme. As brands increasingly align with influencer marketing, Earned Media Value stands as a linchpin for evaluating the impact and success of these initiatives. Through an in-depth exploration of EMV’s essence, its calculation nuances, and strategic integration, brands can harness its potential to cultivate lasting growth, amplify brand reputation, and navigate the ever-evolving contours of the digital age.