The C-suite and Boards of financial services companies are looking for digital-driven innovation and measurable business outcomes from their investments in PR. A positive profile article in the Australian Financial Review can be helpful, but what impact can we measurably point to?
As a data-driven person, I like to have confidence that communication strategies work and the rise of digital PR allows us to do just that.
If you’re wondering what we mean by digital PR, read Christina Lu’s blog about “How to use Digital PR to generate high quality leads for financial services”.
So, how do you get started with your digital PR program?
In all the conversations I’ve had with our clients’ clients as part of our buyer persona development work (see how we did this for Heffron), visiting websites is always part of the buyer’s/ investor’s decision-making process.
Likewise, buyers/ investors turn to Google for answers relating to how they can solve their problem or to learn more about a company they are considering doing business or investing with.
Therefore, you will want your website to put your best digital foot forward and to be discoverable in search.
Assess your website on how it rates across the following:
2. Identify what metrics matter\
I like to think of metrics in terms of being either windscreen i.e. forward indicators, or rear view mirror indicators. You will want a mix of both and they should be interconnected.
For example, the number of likes/shares/comments on a social post may be a forward looking windscreen indicator of how many people land on your website (and you know your website conversion stats and therefore can predict business-related metrics like new business enquiries or PDS downloads).
If you know social engagement drives website traffic which in turn drives revenue growth, then tracking social engagement is important. If there’s no discernible correlation, social engagement could be just a vanity metric. You’ll need to figure that out.
Similarly, tracking the impact on website traffic correlating to coverage in various media outlets and the topics covered can provide useful insight. For a funds management client of ours, we saw no uptick in website traffic from coverage in the Daily Telegraph despite that newspaper having huge reach. However, coverage in an online new media outlet with a smaller audience significantly spiked the client’s website traffic. For another client in the lending space, the Daily Telegraph drove a tonne of interested people to them. There’s no “one size fits all” approach, you’ll need to find what works for your brand.
As a start, consider which of the following website metrics help you predict the success of your digital PR efforts:
We have a host of other metrics we select for our client’s performance dashboards. Get in touch if you would like to discuss what might be best suited to you.
Once you’ve identified the metrics that matter to your brand, you will want to set benchmarks to reach and goals for what uplift your digital PR program should deliver.
Here are some possible benchmarks to consider:
In terms of goals for your digital PR efforts, think along the following lines:
Again, the list is long but your brand will need a dashboard that is right-sized for you so drop us a line if you would like to know more.