It’s a hot topic.
And it’s a debated one.
What is Earned Media Value (EMV)?
Is it just a soft metric?
And is there any real value in it? 🤔
You can’t blame the sceptics.
After all, it sounds like a gimmick, right?
One of those things marketers (myself included) say.
Something to make their results sound more impressive.
Or to convince you that something was a success.
When, in reality…
Said thing they did went terribly.
And they need to justify it (been there!) 🙋♂️
The reality is far from it.
And brands the world over are taking it into consideration.
As marketing shifts to being more brand-centric than ever before.
Marketing teams are having to demonstrate their EMV.
Branding efforts, historically, have not been easy to measure.
Making it increasingly difficult to attach a monetary value to the work companies are doing.
And even MORE difficult to win over executives and get sign off on new programs.
So, with that said…
Let’s get into it.
What is Earned Media Value?
Earned Media Value is the monetary value of the reach, engagement, and exposure of your content on third-party sites such as LinkedIn as a result of your marketing efforts.
EMV allows you to attach a quantitative value to the results you’ve driven without paying for promotion or placement.
In a nutshell, the EMV is what this WOULD have cost you had you driven the same results via paid advertising methods.
For example, let’s say the cost-per-click for a sponsored Linkedin post is $7.
If an employee shares a link to your latest blog post on LinkedIn (for no fee) then the EMV of that activity is $14.
How Do You Calculate EMV?
This is what usually raises eyebrows.
It sounds bizarre at first, but…
There is no standardized and universally-agreed way to calculate EMV.
However, there’s a perfectly good reason for this 👌
EMV will vary depending on the type of program you’re trying to attribute a numerical value to.
Each will have a desired outcome (e.g. clicks, impressions, re-shares) and a hard metric you’ll use to calculate the EMV.
Let’s look at the example I used above.
If the cost-per-click for a sponsored LinkedIn post is $7, and an employee generates 2 clicks by sharing a piece of your content, then the EMV of this activity is $14.
Similarly, if the cost-per-impression on a display ad is $10 for 1,000 impressions, and a company Tweets this content (for no fee) and gets 4,000 impressions, then the EMV of this exposure is $40.
The EMV of Employee Advocacy
EMV and employee advocacy go hand in hand.
If you’ve launched (or are launching) an employee advocacy program.
Then you’re going to need to know how to calculate the EMV from your employees’ activity 👏
ESPECIALLY if you need to demonstrate the projected ROI to your CMO!
Your employees can amplify your content in a way that typically far exceeds the reach of the company’s total followers and will generate heaps more engagement…
So, naturally, you’re going to want to work out the monetary value of it if you want to really understand its success.
A simple formula for working out the EMV looks like this 👇
Avg. LinkedIn CPC (hard metric) x Clicks Generated by Employees (soft metric) = EMV.
“If the cost-per-click for a sponsored LinkedIn post is $7, and an employee generates 2 clicks by sharing a piece of your content, then the EMV of this activity is $14.”
Now, you’re not expected to work this out yourself…
DSMN8’s employee advocacy tool comes with a built-in analytics suite that shows you (in real-time) everything from total shares to employee audience size, and, of course, EMV! ⬇️
Employee advocacy, for many companies, is a totally untapped channel.
It’s so effective because you already have the means to generate results… Your employees! 🙌
All you really need is a tool to centralize and encourage this activity.
Your employees will do the rest!
Check out our client success stories here to see how companies the world over are using employee advocacy to increase brand awareness in the most authentic way, with results that would rival a six-figure marketing budget! 🔥
And if you’re new to employee advocacy and are curious to know the ROI you could expect from a program of your own, try our free-to-use employee advocacy ROI Calculator here.