Think about the last time you flipped through a magazine, or a newspaper. Can you tell me about an article you read? How about the ads in the magazine? Did you read the ad?
It’s one thing to tell your own story by placing an ad, but, an entirely different story when someone else tells it. Not in the sense of the story changes, but, its impact on uptake and absorption by your audience is significantly higher when someone other than yourself is singing your praises.
PR is the process of using your story as a way of promoting your business without paying for advertising. Essentially using company news, product developments, your opinion on the business sector and many other things.
In PR, the term for evaluating editorial written about your business is earned media. This is measured in column inches, and equivalent advertising value. Both terms measure exactly what they say. Column inches helps to measure how much has been said about your business. Equivalent advertising value is how much it would cost to put a similar sized ad in the magazine or newspaper, and is usually 3.5x the ad purchase dollar value. Why? Because when a journalist writes about your business or service it is done so from a non-biased perspective and as mentioned above is more valuable than placing an ad.