Communications + Measurement = Clever investment
It has been 12 exciting months since I joined VMA Group and I’m still enjoying every minute of it. It’s great being in an organization that fully prepares you for your role, and the ride ahead, and really sets you up for success. I have clear targets and objectives – I know what I need to achieve and have the tools and support to make it happen.
We recently launched ‘The Pulse’, our Asia-focused research report into corporate and marketing communications, previewing the results at events in both Hong Kong and Singapore. We were fortunate to have Angela Sinickas, an expert in the area of Communications Measurement speak at the Singapore event. Earlier that day, she had conducted a one-day public workshop with 20 eager Communications professionals, ranging from Senior Executives to Head of Departments, which I had the privilege of attending too! Demonstrating the value and return on investment provided by our communications activities is a key consideration for all professional communicators today.
One of the most common questions that Comms professionals get asked is ‘What exactly do you do?’ Rather than telling them ‘I’ve researched and written five press releases in the last quarter’ and focusing on the activity, wouldn’t it be fantastic to be able to tell them ‘3 out of 10 of the new business leads that came in this month, worth a sales value of £20K, were generated from the press releases I wrote last quarter’. Now that makes more business sense and has a greater impact on your key stakeholders!
What are you currently measuring and what should you measure? Advertising Value Equivalency (AVEs) are commonly used as a measure of how much ‘money’ has been saved by the Comms function. However, bearing in mind that this does not generate ‘real money revenue’, it technically isn’t a truly effective method of measurement. Instead, focusing on changing the behaviour of potential clients, on their attitude and perception of your product will bring about more revenue growth. A simple questionnaire or survey on how new business leads were generated, coupled with close collaboration with the sales and accounts teams to understand how and when leads are converted, will provide a far more effective measure of your communication efforts. So, how much of the new business was brought about from the last press release you’ve written? Or how much more money have existing clients decided to spend and invest based on the marketing collateral you produced? How should you plan your communications to bring about an effective and measurable behaviour change?
If this has been a challenge for you or you’re keen to make your communication team part of that revenue generation chain, please do make contact, VMA Group are more than happy to send you more information and to meet to discuss further.
VMA Group, Singapore
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