Return on Investment (ROI)

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1 INDEPENDENT QUALITATIVE RESEARCH PAPER MEDIA ANALYSIS Global Media Analysts Asia Pacific North America South America UK/Europe Return on Investment (ROI) of Public Relations & Corporate Communication Jim R. Macnamara BA, MA, PhD*, FPRIA, FAMI, CPM CARMA International (Asia Pacific) Pty Ltd PO Box 671 Broadway, NSW, 2007 Australia Telephone: Facsimile: info@carma.com.au Web: Web: Copyright 2003 Macnamara, J. R. (2003)

2 Introduction Increasingly in well-managed companies and organisations accountable to their shareholders, members or taxpayers, as the case may be, management looks for a return on its investment in key areas of operations. Both private and public sector organisations now widely measure the results of their operations and activities with reporting systems including Key Results Areas (KRAs) and Key Performance Indictors (KPIs), Benchmarking, Balanced Score Card and various Return on Investment (ROI) metrics. Public relations has sought to position its function as intangible and, therefore, not subject to ROI expectations. This has been a mistake as it positioned PR and corporate communication as a cost centre rather than as a strategic investment and implied that communication activities could not show measurable results. The converse is the case, as this paper will argue. ROI has become the latest buzzword in modern management and, like many fashionable buzzwords, its precise meaning is unclear and its use widely confused. Contributing to the bottom line Return on Investment is seen narrowly in some companies and organisations as financial return termed the bottom line because it appears on the balance sheet. Financial returns are principally achieved and measured in terms of: Sales providing income; Profit (the ultimate financial measure in commercial enterprises); Share price gains adding to the capital value of public companies; and sometimes Other financial gains such as sponsorship funds secured, membership increases in organisations, etc. However, there are four reasons that financial return is not a realistic measure of PR and corporate communication: 1. Public sector organisations (governments and government agencies) and many associations, councils, commissions, hospitals, and other not-forprofit organisations do not have profit, sales or share value objectives and many do not seek sponsorships, donations or member subscriptions; 2. Even in commercial enterprises, financial returns (profit and share price gains) are a team effort. Many companies, in fact, actively stress their team approach. Rarely if ever can any one business unit or function claim credit for financial results. Even front line sales staff require the support of advertising and promotion, efficient distribution, R&D and quality manufacturing to produce good products and services to sell. To judge PR and corporate communication solely on financial return is no more realistic than evaluating HR, R&D, or the legal department on the basis of financial return generated. In reality, all contribute, but most do so as part of a team and part of the integrated operations of an enterprise; 3. Many marketing and corporate communication activities have specific campaign objectives not directly linked to sales or share value even though they may contribute to these ultimately (eg. internal employee communication, government relations, media relations, etc); 4. PR and corporate communication campaigns are often long-term and integrated with other forms of communication so that ultimate financial impacts are difficult or impossible to specifically attribute to any one form of communication. 2

3 The Triple Bottom Line & beyond Even in public companies and marketingdriven organisations, the importance of criteria beyond sales and share price ( the bottom line ) has been established by new thinking based on research by Charles Fombrun and others which proposes a Triple Bottom Line. This suggests that to succeed long-term companies and organisations need to address: Financial performance; Environmental performance; and Community performance. Being seen as a good corporate citizen (corporate social responsibility) and as environmentally responsible are now recognised as vital elements in a company gaining and maintaining permission to operate in modern societies. Numerous case studies exist demonstrating the importance of this wider focus beyond the financial bottom line eg. Nike attracted worldwide criticism and falling sales because of its sweat shop treatment of workers in developing countries (local communities) and a number of mining and oil companies have suffered major reputation and financial losses because of environmental mismanagement. It can be argued that, in fact, there is more than a triple bottom line. The importance of customers and employees suggest a Quintessential Bottom Line for business today involving: Financial performance (ie. satisfaction by shareholders, analysts, etc); Environmental performance; Community performance (including key external communities such as government, regulators; NGOs as well as local communities); Customer performance; and Employee performance. PR and corporate communication are called upon to influence and communicate in all of these areas important to long-term sustainable success. Accordingly, their contribution must be measured in more than direct monetary returns even in financiallyorientated public and private companies. What return on investment can PR provide? In order to succeed, companies and organisations need: Informed motivated employees; Supportive governments and government agencies such as regulators; Positive or at least constructive relationships with key NGOs (nongovernment organisations) such as consumer and environmental groups, professional associations, etc; Well informed and, ideally, positive financial and industry analysts; Balanced or, preferably, positive media coverage; Loyal shareholders; Informed consumers; and Supportive communities in areas where they operate. All of these are potential returns that can and must be gained through effective management of key stakeholder relationships. Public sector accountability Public sector organisations, NGOs and notfor-profit organisations also require important non-financial returns on their communication investment, such as: Wide awareness of policies, initiatives and actions; Participation in programs (eg. get fit, stop smoking, reduce violence, etc); Specific results such as motivating electors to vote, persuading travellers to 3

4 not carry contraband goods in breach of quarantine regulations, etc. to which these are achieved are the organisation s return on investment. Measuring outcomes not ouputs While the Return on Investment from PR and corporate communication can occur in multiple forms, two fundamental characteristics of any ROI measure are: 1. It must be an outcome, not simply an output; and 2. It must be aligned with overall objectives of the organisation. Outputs, as the terms suggests, are the materials and activities that PR and corporate communication produce and put out as part of communication campaigns such as news releases, brochures, newsletters, events, etc. Even media publicity is an output not an outcome despite what many PR reports claim. A mistake in many PR programs is to see outputs as a result. Management wants and expects outcomes. These may be awareness, attitudinal or behavioural. Typically they include having a good reputation; building brand equity; making profits; gaining government support; etc. Outcomes of PR and corporate communication campaigns may not necessarily be directly financial, but they should contribute to overall corporate objectives. How to measure PROI Because return on communication investment can be in multiple forms, methods of measuring ROI are also myriad and focus on financial returns only is narrow and short-sighted. The starting point and key determinant in measuring ROI is the organisation s objectives. If objectives are clearly established, then, in simple terms, the degree Because many activities contribute to overall objectives, disciplines such as PR and corporate communication need to have their own specific objectives. These must complement and contribute to overall objectives, but should be sufficiently different or discreet so outcomes are traceable to PR and corporate communication. If PR and corporate communication share broad objectives with advertising, direct marketing or other strategies, their ROI will not be able to be easily identified as it will be diffused within overall outcomes. A key to measuring ROI and both short-term and longer-term achievements is to break measurement into two stages which can be termed micro-measuring and macromeasuring. Micro-measuring refers to measuring results of specific activities such as events, product launches, media publicity, analyst briefings, etc. Micro-measuring of specific communication activities is important as a first stage to determine whether they have achieved their immediate (micro) objectives and whether they should be continued. An example of micro objectives and micro measuring is attracting 1,000 people to an event and gaining a 7/10 or higher satisfaction rating with the event. These measures will tell whether the event has been successful as an event, but they do not show what ultimate Return on Investment has been achieved. Macro-measuring refers to measuring overall awareness, perceptions, brand equity, sales, etc of the company or organisation. An important part of macro-measuring should be to identify the source (cause) of awareness, attitudes, sales leads, etc. This is not always easy, but it can be done through asking respondents where they heard information, or tracking specific messages communicated through PR and not present in advertising. If, for example, sales of a new 4

5 model car are up, and a customer survey reveals that favourable editorial reviews were one of the key sources of information that buyers cite as influencing them, then PR can be shown to have contributed to sales. Figure 1 gives an example of how micro and macro measurement can be applied to measure reputation. Macro measurement usually needs to be done at an senior marketing or corporate level and should be integrated to include tracking the effects of PR, sponsorships, events and other below-the-line communication as well as advertising. (A footnote observation is that too many research studies measure outcomes and conclude that advertising was the cause simply on the basis of correlation with advertising spend. Causal link requires investigation of all possible causes through well-constructed research.) The measurement methodologies for determining ROI of PR and corporate communication depend on the activity to be measured. Appropriate research methods need to be applied. Key methodologies for measuring ROI of various types of PR and corporate communication include: Media content analysis can measure media coverage qualitatively as well as quantitatively to determine key messages placed, target audiences reached, share of voice compared with competitors, etc. Content analysis, when rigorously undertaken, has descriptive, inferential and predictive capabilities ie. as well as describing what coverage appeared, it can make inferences about media interests and competitor strategies and predict likely shifts in awareness, attitudes and perceptions (although more specific audience research is required to measure outcomes more precisely); Surveys a major research tool to measure audience awareness, attitudes and perceptions; Focus groups a qualitative research method for gaining in-depth understanding of what audiences think and why; Interviews a key research method for learning about key stakeholders, particularly senior level people such as major business partners, government officials, analysts, journalists, etc; Web statistics a no-cost source of statistics to measure response to campaigns such as downloads of information, inquiries, registrations, etc. The following table gives some examples of measuring the Return on Investment (ROI) against objectives of PR and corporate communication at both macro and micro levels. (See Table 1) Conclusions 1. A tangible Return on Investment (ROI) of public relations and corporate communication can be established. 2. While, on occasions, this may be a direct financial contribution through increased sales or share price, sales and share price are influenced by a range of factors and causal link (whether PR and corporate communication caused them) can be difficult or impossible to identify. Furthermore, PR and corporate communication strategies are often employed to achieve non-financial objectives. Therefore, more than financial metrics need to be evaluated to determine ROI specifically attributable to PR and corporate communication. 3. If objectives are clearly established for PR and corporate communication (as they should be), ROI is best described as the achievement of those objectives, whatever they be. ROI may be a percentage increase in awareness, an increased level of support, a decline in complaints or criticism, improved 5

6 comments and recommendations by analysts, or a more motivated workforce. 4. The methodologies for tracking and showing ROI are therefore myriad, involving research tools such as surveys, focus groups, interviews, media analysis, etc and gap analysis to compare pre- and post-campaign levels and conditions Jim Macnamara is an internationally recognised authority on measurement and evaluation of public relations and corporate communication. He was a contributing author to the landmark International Public Relations Association (IPRA) Gold Paper on Evaluation in 1994 and is the author of nine books on media, PR and communication as well as numerous papers published in professional and academic journals. He holds a BA in journalism, media studies and literary studies; an MA by research in media studies; and a PhD in media research completed in early He is the founder and CEO CARMA International (Asia Pacific), part of the world s leading media analysis firm, and MASS Communication Group which specialises in consulting and training in communication research and measurement. 6

7 EXAMPLE OF MICRO AND MACRO MEASUREMENT OF PR AND CORPORATE COMMUNICATION Advertising Customer Relations Sponsorships CSR, etc PR/corporate comms Strategies / micro objectives A macro / overarching objective Build Brand Awareness Annual Perception Audit Stakeholder perceptions (eg. rating out of 10) % recall publicity, events, etc Awareness of key messages through PR MACRO Gain 6-10 favourable media articles per month (55 Fav target) Hold 3 well attended & well received community events per year (7/10+ Sat) Distribute effective community newsletter with local news MICRO Media Analysis Audience survey at Reader survey half events yearly Figure 1. Example of micro measuring and macro measuring PR & corporate communication 7

8 Table 1. SAMPLE ROI MEASURES FOR PR & CORPORATE COMMUNICATION OBJECTIVE PR ACTIVITY MEASURE 1 MEASURE 2 ROI To increase brand awareness Media publicity Media analysis to track brand messages in key media To increase consumer awareness of a product/service To motivate employees to deliver on company policies/vision To maintain shareholder support & attract investors To build relationships with key environmental & consumer organisations (1) Media publicity product & reviews (2) Trade shows/roadshow events (1) Internal briefings (2) Newsletter (3) Intranet Overall (1) Analysts briefings (2) Financial media publicity (1) Meetings with relevant groups (2) Establish an Advisory or Consultative Group Media analysis to track product publicity (favourability, share of voice, messages, etc) Survey of attendees to evaluate satisfaction & usefulness Survey/feedback form of attendees to evaluate message recall & acceptance Reader survey Web analysis of visits, pages accessed, downloads, etc Pre-campaign staff survey to identify awareness, support, etc Track analysts reports prebriefings Media analysis of financial press Feedback from meetings Attendance at meetings & participation in discussions Survey to identify perceptions & recall of key messages & identify where consumers gained information from Customer survey to identify where they drew information from & credibility/weighting of various sources Calculate cost of gaining prospects at events Employee survey of information needs & preferences on how to receive information Web survey / feedback form to evaluate usefulness of site to staff Post-campaign staff survey to identify awareness, support, etc & gap analysis compared to pre Track analysts reports postbriefings & compare Survey of shareholders & investors to identify most influential media % who recall editorial coverage/messages (awareness); inquiries generated by PR; etc % of customers who read product reviews and used that information in making buying decisions Cost per prospect versus cost per prospect from advertising/ other methods % increase in staff aware of and motivated to implement company policies/vision Identification of most costeffective communication & elimination of ineffective activities % increase in support for company policies & vision Increases in favourable reports & recommendations of influential analysts Awareness and support among key stakeholders % decline in criticisms or opposition % support for initiatives * The activities and the measurement methodologies shown in the table above are indicative and not the only approaches. Two possible measurement (research) methodologies are shown for each area. It is not necessary to do both, but triangulation confirms findings.

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