How to calculate the cost of good publicity - Step 1: find back of envelope
A few weeks ago I wrote a column in The Post casting doubt on claims that events in the city actually generate the money which they are purported to generate.
It was claimed, for example, that the Tory conference at the ICC would bring £20 million into the local economy. Still not noticed the boom in sales of Ferraris in the city? No, me neither.
I don't doubt that big events raise a company's/city's/person's media profile but I remain sceptical about the level of economic largesse.
My Deep-Throat in the city's PR community has confirmed my fears.
They claim that a well-known organisation calculates the value of media coverage thus:
1) Add up the number of column inches of coverage and which publications it appears in (including the web)
2) Find out the advertising rates per column inch for each publication.
3) Multiply the advertising rate per column inch with the number of inches of coverage achieved, to give the 'AVE' (Advertising Value Equivalent).
And here's the good bit:
4) Multiply the AVE by an arbitrary factor - say x3, but why not x10? - to give the "PR value" of the coverage achieved.
The joy of this is that it allows PR companies to charge fairly robust commission rates and scrummy bonuses.
Whether this methodology serves any purpose beyond feathering the nests of spin-doctors is another matter, however.
Older/Newer
« Poverty - the hot tourist attraction. | Fashion Roadkill »
0 TrackBacks
Listed below are links to blogs that reference this entry: How to calculate the cost of good publicity - Step 1: find back of envelope. TrackBack URL for this entry: http://blogs.birminghampost.net/cgi-bin/mt421/mt-tb.cgi/36777
Lifestyle authors
Richard McComb - Restaurant critic and columnist for The Birmingham Post
My postings |
My feed
Fiona Handscomb - Freelance arts/cultural writer and editor of What's On Stage/Midlands
My postings |
My feed
Jon Bounds - Digital consultant and creator of Birmingham: It's Not Shit
My postings |
My feed
Selina Jervis - Student and creator of fashion blog, "Flying Saucer"
My postings |
My feed
Pete Ashton - Pro-Blogger and creator of the “Created in Birmingham�? blog
My postings |
My feed
Nikki Aaron - English language teacher uncovering life in Beijing
My postings |
My feed
Brumcast Lite - A taste of the best of Birmingham's music scene by Brumcast creator Little Chris
My postings
| My feed
Sarah Gee - Young professional and founder of Indigo PR
My postings |
My feed
Jo Ind - Features writer and columnist for The Birmingham Post
My postings |
My feed
Andrew Cowen - Features writer and columnist for The Birmingham Post
My postings |
My feed
Simon Hadley - The Birmingham Post's picture editor
My postings |
My feed
Sid Langley - Freelance writer and cultural commentator
My postings |
My feed
Michael Mclean - Cinema manager at Birmingham Odeon
My postings |
My feed
Pint Sized - Searching the best ale in the West Midlands
My postings |
My feed
Latest Birmingham Post News blog
Birmingham Post staff and guest bloggers from the midlands give you their opinions on local and national news.
Latest Birmingham Post Business blog
Birmingham Post staff and guest bloggers from Birmingham and the midlands inform and entertain on all business matters.
Latest Birmingham Post Sport blog
Birmingham Post staff and guest bloggers from Birmingham and the midlands inform and entertain on all sporting matters.
Leave a comment