Is AVE the best way to measure a PR mention’s worth?

Imagine getting a 100,000 INR advertisement for free. Sounds too good to be true, right?Let’s say your eco-friendly water bottle company scores a full-page feature in a popular lifestyle magazine. Normally, this coverage would cost you 100,000 INR . But here’s where it gets interesting: your PR team managed to get your product featured editorially — without the direct cost of advertising.

This isn’t just good luck; it’s the power of effective public relations. The monetary value of this editorial coverage is what we call Advertising Value Equivalent (AVE). In this case, the AVE is 100,000 INR, meaning your PR efforts gave you the visibility equivalent to what 100,000 INR spent on advertising would have offered.

Why does this matter for your business? AVE helps quantify the effectiveness of your PR activities, showing not just the reach but the actual financial value of your media coverage. Let’s dive deeper into how AVE works and why it’s crucial for measuring the ROI of your PR strategies.

What did the users have to say?

Wizikey recently conducted interviews with industry leaders, including WebEngage, PGI, Good Glamm, and Digit Insurance. The common feedback from these users was clear: they no longer wanted to rely solely on metrics like Article Reach or the number of readers, but rather sought a more comprehensive understanding of the potential advertising value of their media coverage.

Introducing the AVE Calculation in Wizikey

In response to this user demand, Wizikey is excited to announce the integration of a new AVE chart in the Share of Voice tab. This feature will allow users to visualize the AVE for their brand and competition on a month-over-month basis, with the option to toggle between INR and USD.

The Methodology: A Tiered Approach

Wizikey’s AVE calculation follows a tiered approach, where the value assigned to each article is determined by the publication’s tier. 
This tiered system is based on the following guidelines:

• Micro Niche Websites (reach (<100K) per month): 25,000 INR per article
• Niche Websites (reach (100K – 250K) per month): 50,000 INR per article
• Authority Websites (reach (250K – 1Mn) per month): 100,000 INR per article
• Popular Websites (reach (>1Mn) per month): 200,000 INR per article
  
  It’s important to note that this AVE calculation is only applicable to feature stories and not industry stories or other mentions.

How is it going to help you?

Wizikey’s AVE calculation is like giving brands and agencies a superpower!
It turns the spotlight on the monetary value of their media buzz.
This is the data-driven magic they need to tweak their strategies, outshine the competition, and make sure every dollar they spend is working its hardest.As the digital landscape continues to evolve, the need for innovative tools to measure the success of PR efforts has never been more crucial. Wizikey’s introduction of the AVE calculation is a significant step towards empowering brands to unlock the full potential of their public relations strategies and drive tangible business outcomes.

Ready to make smarter, more informed PR moves? Wizikey is here to help you nail it!