How to Create a Balanced Media Scorecard
A scorecard is any framework that tracks real-time performance against established objectives—a bridge between what you are doing and where you are going. The applications for such a framework are manifold and diverse. There are few facets of business for which clear oversight and direction are so crucial, however, as for media communications. Too many teams invest time and resources into winning coverage without regard to a long-term destination simply because they do not have a framework to guide them.
A balanced media scorecard incorporates both end goals—trailing indicators—and real-time progress—leading indicators—into a single, quantified model. These indicators are weighed and balanced to convey the real value of every action, and allow you to dedicate your resources to the coverage that makes a difference. What follows is a straightforward four-step guide to building such a balanced media scorecard.
1. Define SMART Objectives
Your objectives are the most important aspect of your scorecard. Goals must be concrete in order to provide a reference point you can measure your progress against. If your objectives are akin to “grow SOV” or “feature in tier-1 media,” no scorecard will be able to measure how far you are from achieving them.
Instead, each goal should be SMART—specific, measurable, achievable, relevant, and time-bound. Instead of “growing share of voice,” your goal may be to “increase SOV relative to our top five competitors by 10% year-on-year,” and even then you must still decide precisely how SOV will be defined. You may have multiple goals and multiple metrics within each goal, but every objective should be quantifiable and measurable.
2. Select Leading Indicators
Now that you have your trailing indicators—your SOV, for instance—you must find and select correlated metrics that can predict your progress. Without these leading indicators you will never know whether you are reaching your goals in real time. Unlike the laggardly trailing indicators, leading indicators should be measured on a monthly basis.
If your trailing SOV metric is to be based on media appearances, you may choose to monitor both your total amount of monthly clippings and those that fall within a predefined list of tier-one outlets. That way you know how much momentum you are gaining from smaller publications while also measuring the proportion of end-goal outlets in your coverage book from month to month.
3. Add Weight and Balance
At this point your scorecard should be tracking all the trailing and leading indicators you need to guide you to your goals. Not all coverage is created equal, however, and juggling a half-dozen different numbers in order to capture that nuance can be more distracting than helpful. Turning your media scorecard into a balanced media scorecard thus requires one more step: synthesizing your diverse metrics into an informative, digestible figure.
The easiest way to do this is to devise a point system that aligns with the relative utility of each accomplishment in reaching your objective. You may, for instance, attribute:
6 points to a full-length feature in a tier-one outlet
4 points to a quote or mention in a tier-one outlet
3 points to a quote or mention in a respected trade publication
1 point to a quote or mention in a syndicated reprint or low-tier publication
These points can then be tallied into a monthly total that indicates how much real value has been won by the team’s efforts. Doing so prevents you from unwittingly chasing quantity over quality and sacrificing the end goal to a short-term metric. The same weighting process can be repeated with trailing indicators to ensure that more resources are dedicated to the most important objectives.
You can now compile the points and objectives into an accessible dashboard that can tell you at a glance whether you are on track to achieve your goals. You should also break down your points into practical segments—coverage type, trade verticals, etc.—that will help you to adjust your strategy and reallocate resources where needed.
Bottom Line
Without a holistic overview of your progress and goals, working to advance your media presence can be an entirely futile endeavor. Misdirected time, energy, and resources are all but guaranteed. By taking the time to compile a balanced media scorecard, however, you can ensure that every effort is measured against the outcomes that matter most.
Be sure to check out our other blogs on useful and interesting public relations topics, like how digital content optimization can enhance your owned content.