Yesterday we announced a game-changing partnership between TrendKite and Business Wire. This is exciting for us, and for the PR industry as a whole, and let me tell you why. There are a few things that are broken in the communications world today. One missing key link is measuring the business impact of your communications to and through news outlets. Teaming up with Business Wire, the world’s largest distribution network, allows us to uniquely deliver the business impact of our joint customers’ reach.
PR has been plagued for decades with substitute metrics to show impact because there was an inability to quantify and tie outreach, coverages, and the resulting influence to bottom line tangible business results. PR isn’t alone in this, marketing was there not too long ago. John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Today, that’s humorous to marketers because much of that gap has now closed with attribution methodologies and technology, but PR is largely still guessing.
In absence of reliable measurement, PR was forced to rely on output metrics: releases sent, impressions, total mentions received. This is, in fact, where most press release metrics are today. They measure outputs like the number of distribution points delivered, potential reach, or the number of placements and repostings. Outcome metrics like organic pick-up, leads, conversions, and sales have historically been much harder to attribute to PR outreach, and so have been shied away from by PR professionals.
The brilliance of this partnership is, for the first time, our customers will now be able to begin moving to these output metrics. This relationship allows us to measure the full derivative organic coverage and business impact including influenced website visits, conversions, or even sales resulting from our customers’ wire distributions and outreach. Business Wire’s status as the industry leader, combined with their measurably superior results and their understanding of the earned media landscape, made them the natural partner for us and our customers.
The future is bright for PR. This partnership is a huge step forward toward that future with much more to come.
About the Author
Erik knows what it takes to run a business and lead a team. On any given workday, you will find him making sure the company is operating successfully, collaborating with colleagues and—above all—ensuring TrendKite’s customers are happy. He is an expert in social media marketing, big data, and lean startup/customer development. Before leading TrendKite, he ran Product for Sprinklr after the merger with social analytics firm Dachis Group. He ran the SaaS business and built and brought to market Dachis Group’s flagship social analytics platform that enables brands to optimize their paid, owned and earned tactics through the lens of earned media. Erik studied at the University of Texas at Austin in the Plan II Honors Program. When he’s not at work managing one of Austin’s fastest growing startups, you’ll find him working out, perfecting a martial arts move or cheering his kids on at their sporting events.More Content by Erik Huddleston